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

						Shares		Value
COMMON STOCK – (98.75%)
	COMMUNICATION SERVICES – (13.57%)
		Media & Entertainment – (13.57%)
				Alphabet Inc., Class C  *			285,205	$	33,266,311
				Meta Platforms, Inc., Class A  *			73,003		11,614,778
					Total Communication Services				44,881,089
	CONSUMER DISCRETIONARY – (11.11%)
		Retailing – (11.11%)
				Amazon.com, Inc.  *			191,743		25,875,718
				JD.com, Inc., Class A, ADR  (China)			130,966		7,792,477
				Naspers Ltd. - N  (South Africa)			7,553		1,067,136
				Prosus N.V., Class N  (Netherlands)			30,543		1,992,472
					Total Consumer Discretionary				36,727,803
	FINANCIALS – (52.48%)
		Banks – (21.58%)
				Bank of America Corp.			169,036		5,715,107
				Danske Bank A/S  (Denmark)			249,240		3,485,446
				DBS Group Holdings Ltd.  (Singapore)			766,591		17,492,339
				JPMorgan Chase & Co.			69,274		7,991,449
				U.S. Bancorp			315,867		14,908,923
				Wells Fargo & Co.			496,775		21,793,519
									71,386,783
		Diversified Financials – (23.47%)
			Capital Markets – (2.80%)
				Bank of New York Mellon Corp.			213,034		9,258,458
			Consumer Finance – (10.65%)
				American Express Co.			29,823		4,593,338
				Capital One Financial Corp.			278,854		30,626,535
									35,219,873
			Diversified Financial Services – (10.02%)
				Berkshire Hathaway Inc., Class B  *			110,207		33,128,224
									77,606,555
		Insurance – (7.43%)
			Life & Health Insurance – (3.77%)
				AIA Group Ltd.  (Hong Kong)			636,220		6,391,876
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)			1,036,590		6,092,079
									12,483,955
			Property & Casualty Insurance – (3.66%)
				Markel Corp.  *			9,320		12,089,345
									24,573,300
					Total Financials				173,566,638
	HEALTH CARE – (9.42%)
		Health Care Equipment & Services – (6.46%)
				Cigna Corp.			52,849		14,552,501
				Quest Diagnostics Inc.			49,962		6,823,310
									21,375,811
		Pharmaceuticals, Biotechnology & Life Sciences – (2.96%)
				Viatris Inc.			1,008,645		9,773,770
					Total Health Care				31,149,581

1

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

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (1.39%)
		Capital Goods – (1.39%)
				Owens Corning							49,583	$	4,598,327
								Total Industrials					4,598,327
	INFORMATION TECHNOLOGY – (9.15%)
		Semiconductors & Semiconductor Equipment – (6.38%)
				Applied Materials, Inc.							85,366		9,047,089
				Intel Corp.							332,359		12,067,955
													21,115,044
		Technology Hardware & Equipment – (2.77%)
				Samsung Electronics Co., Ltd.  (South Korea)							193,370		9,153,196
								Total Information Technology					30,268,240
	MATERIALS – (1.63%)
				Teck Resources Ltd., Class B  (Canada)							183,722		5,399,590
								Total Materials					5,399,590
						TOTAL COMMON STOCK – (Identified cost $268,230,878)							326,591,268
SHORT-TERM INVESTMENTS – (1.17%)
				StoneX Financial Inc. Joint Repurchase Agreement, 2.25%, 08/01/22, dated 07/29/22, repurchase value of $2,365,443 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.00%, 08/15/22-07/20/52, total market value $2,412,300)						$	2,365,000		2,365,000
				Truist Securities, Inc. Joint Repurchase Agreement, 2.25%, 08/01/22, dated 07/29/22, repurchase value of $1,513,284 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 0.00%-4.00%, 09/15/29-06/01/52, total market value $1,543,260)							1,513,000		1,513,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $3,878,000)							3,878,000
					Total Investments – (99.92%) – (Identified cost $272,108,878)								330,469,268
					Other Assets Less Liabilities – (0.08%)								251,058
							Net Assets – (100.00%)					$	330,720,326
	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, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (99.11%)
	CONSUMER DISCRETIONARY – (1.19%)
		Retailing – (1.19%)
				Prosus N.V., Class N  (Netherlands)			31,530	$	2,056,859
					Total Consumer Discretionary				2,056,859
	FINANCIALS – (97.92%)
		Banks – (45.10%)
			Banks – (42.82%)
				Bank of America Corp.			205,431		6,945,622
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			127,031		4,305,080
				Danske Bank A/S  (Denmark)			340,478		4,761,346
				DBS Group Holdings Ltd.  (Singapore)			330,686		7,545,708
				DNB Bank ASA  (Norway)			216,427		4,269,189
				Fifth Third Bancorp			132,719		4,528,372
				JPMorgan Chase & Co.			68,822		7,939,306
				M&T Bank Corp.			21,565		3,826,709
				Metro Bank PLC  (United Kingdom)*			295,258		294,656
				PNC Financial Services Group, Inc.			48,651		8,073,147
				Truist Financial Corp.			28,518		1,439,303
				U.S. Bancorp			232,560		10,976,832
				Wells Fargo & Co.			213,677		9,374,010
									74,279,280
			Thrifts & Mortgage Finance – (2.28%)
				Rocket Companies, Inc., Class A			415,838		3,958,778
									78,238,058
		Diversified Financials – (34.13%)
			Capital Markets – (14.85%)
				Bank of New York Mellon Corp.			192,809		8,379,479
				Charles Schwab Corp.			90,131		6,223,546
				Julius Baer Group Ltd.  (Switzerland)			175,258		9,062,599
				State Street Corp.			29,496		2,095,396
									25,761,020
			Consumer Finance – (12.13%)
				American Express Co.			47,108		7,255,574
				Capital One Financial Corp.			125,465		13,779,821
									21,035,395
			Diversified Financial Services – (7.15%)
				Berkshire Hathaway Inc., Class B  *			41,287		12,410,872
									59,207,287
		Insurance – (18.69%)
			Life & Health Insurance – (1.08%)
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)			319,000		1,874,775
			Property & Casualty Insurance – (16.18%)
				Chubb Ltd.			64,916		12,245,754
				Loews Corp.			103,345		6,019,846
				Markel Corp.  *			7,567		9,815,459
									28,081,059
			Reinsurance – (1.43%)
				Everest Re Group, Ltd.			6,676		1,744,773

3

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

										Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
				Reinsurance – (Continued)
					Greenlight Capital Re, Ltd., Class A  *							101,438	$	729,339
														2,474,112
														32,429,946
									Total Financials					169,875,291
							TOTAL COMMON STOCK – (Identified cost $160,915,677)							171,932,150
SHORT-TERM INVESTMENTS – (0.73%)
					StoneX Financial Inc. Joint Repurchase Agreement, 2.25%, 08/01/22, dated 07/29/22, repurchase value of $775,145 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.00%, 08/15/22-07/20/52, total market value $790,500)						$	775,000		775,000
					Truist Securities, Inc. Joint Repurchase Agreement, 2.25%, 08/01/22, dated 07/29/22, repurchase value of $495,093 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 0.00%-4.00%, 11/15/27-09/01/47, total market value $504,900)							495,000		495,000
							TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,270,000)							1,270,000
						Total Investments – (99.84%) – (Identified cost $162,185,677)								173,202,150
						Other Assets Less Liabilities – (0.16%)								286,145
								Net Assets – (100.00%)					$	173,488,295
	*		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, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (98.84%)
	COMMUNICATION SERVICES – (11.64%)
		Media & Entertainment – (11.64%)
				Alphabet Inc., Class C  *			104,004	$	12,131,027
				IAC Inc.  *			32,222		2,207,207
				iQIYI, Inc., Class A, ADR  (China)*			249,981		954,927
				Liberty Media Corp., Liberty Formula One, Series A  *			68,811		4,265,594
				Liberty Media Corp., Liberty Formula One, Series C  *			42,652		2,890,526
				Meta Platforms, Inc., Class A  *			51,381		8,174,717
				Vimeo, Inc.  *			53,302		296,359
					Total Communication Services				30,920,357
	CONSUMER DISCRETIONARY – (21.63%)
		Consumer Durables & Apparel – (0.95%)
				Fila Holdings Corp.  (South Korea)			108,188		2,537,065
		Retailing – (20.68%)
				Alibaba Group Holding Ltd., ADR  (China)*			77,254		6,904,190
				Amazon.com, Inc.  *			64,931		8,762,438
				Coupang, Inc., Class A  (South Korea)*			150,257		2,597,944
				Delivery Hero SE  (Germany)*			85,394		4,119,949
				JD.com, Inc., Class A, ADR  (China)			205,498		12,227,131
				Meituan, Class B  (China)*			321,240		7,206,489
				Naspers Ltd. - N  (South Africa)			20,978		2,963,906
				Prosus N.V., Class N  (Netherlands)			155,597		10,150,369
									54,932,416
					Total Consumer Discretionary				57,469,481
	CONSUMER STAPLES – (1.22%)
		Food, Beverage & Tobacco – (1.22%)
				Darling Ingredients Inc.  *			46,793		3,241,819
					Total Consumer Staples				3,241,819
	FINANCIALS – (40.61%)
		Banks – (19.32%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			142,102		4,815,837
				Danske Bank A/S  (Denmark)			870,164		12,168,633
				DBS Group Holdings Ltd.  (Singapore)			746,736		17,039,281
				Metro Bank PLC  (United Kingdom)*			523,889		522,820
				Wells Fargo & Co.			382,901		16,797,867
									51,344,438
		Diversified Financials – (13.74%)
			Capital Markets – (5.17%)
				Julius Baer Group Ltd.  (Switzerland)			234,462		12,124,041
				Noah Holdings Ltd., Class A, ADS  (China)*			91,911		1,599,251
									13,723,292
			Consumer Finance – (2.62%)
				Capital One Financial Corp.			63,376		6,960,586
			Diversified Financial Services – (5.95%)
				Berkshire Hathaway Inc., Class B  *			52,599		15,811,259
									36,495,137
		Insurance – (7.55%)
			Life & Health Insurance – (7.55%)
				AIA Group Ltd.  (Hong Kong)			1,035,890		10,407,218

5

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	July 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)					1,643,275	$	9,657,590
											20,064,808
						Total Financials					107,904,383
	HEALTH CARE – (6.27%)
		Health Care Equipment & Services – (3.40%)
				Cigna Corp.					32,845		9,044,199
		Pharmaceuticals, Biotechnology & Life Sciences – (2.87%)
				Viatris Inc.					786,270		7,618,956
						Total Health Care					16,663,155
	INDUSTRIALS – (1.42%)
		Capital Goods – (1.42%)
				Owens Corning					40,725		3,776,837
						Total Industrials					3,776,837
	INFORMATION TECHNOLOGY – (13.31%)
		Semiconductors & Semiconductor Equipment – (5.11%)
				Applied Materials, Inc.					49,261		5,220,681
				Intel Corp.					229,936		8,348,976
											13,569,657
		Software & Services – (0.55%)
				Clear Secure, Inc., Class A  *					57,922		1,466,585
		Technology Hardware & Equipment – (7.65%)
				Hollysys Automation Technologies Ltd.  (China)					623,481		9,832,296
				Samsung Electronics Co., Ltd.  (South Korea)					221,483		10,483,929
											20,316,225
						Total Information Technology					35,352,467
	MATERIALS – (2.74%)
				Teck Resources Ltd., Class B  (Canada)					247,337		7,269,234
						Total Materials					7,269,234
					TOTAL COMMON STOCK – (Identified cost $267,171,725)						262,597,733
SHORT-TERM INVESTMENTS – (0.69%)
				StoneX Financial Inc. Joint Repurchase Agreement, 2.25%, 08/01/22, dated 07/29/22, repurchase value of $1,107,208 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.00%, 08/15/22-07/20/52, total market value $1,129,140)				$	1,107,000		1,107,000
				Truist Securities, Inc. Joint Repurchase Agreement, 2.25%, 08/01/22, dated 07/29/22, repurchase value of $708,133 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 3.50%-4.90%, 06/01/31-04/01/45, total market value $722,160)					708,000		708,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,815,000)						1,815,000

6

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

			Total Investments – (99.53%) – (Identified cost $268,986,725)		$	264,412,733
			Other Assets Less Liabilities – (0.47%)			1,260,260
				Net Assets – (100.00%)	$	265,672,993
	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, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (96.36%)
	COMMUNICATION SERVICES – (4.87%)
		Media & Entertainment – (4.87%)
				Baidu, Inc., Class A, ADR  (China)*			40,569	$	5,540,508
				iQIYI, Inc., Class A, ADR  (China)*			325,669		1,244,056
					Total Communication Services				6,784,564
	CONSUMER DISCRETIONARY – (29.70%)
		Consumer Durables & Apparel – (2.88%)
				Fila Holdings Corp.  (South Korea)			170,987		4,009,734
		Retailing – (26.82%)
				Alibaba Group Holding Ltd., ADR  (China)*			61,850		5,527,535
				Coupang, Inc., Class A  (South Korea)*			197,756		3,419,201
				Delivery Hero SE  (Germany)*			44,320		2,138,278
				JD.com, Inc., Class A, ADR  (China)			117,204		6,973,638
				Meituan, Class B  (China)*			257,670		5,780,401
				Naspers Ltd. - N  (South Africa)			45,229		6,390,243
				Prosus N.V., Class N  (Netherlands)			109,993		7,175,392
									37,404,688
					Total Consumer Discretionary				41,414,422
	FINANCIALS – (38.19%)
		Banks – (22.82%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			237,263		8,040,843
				Danske Bank A/S  (Denmark)			487,659		6,819,569
				DBS Group Holdings Ltd.  (Singapore)			451,090		10,293,128
				DNB Bank ASA  (Norway)			322,679		6,365,091
				Metro Bank PLC  (United Kingdom)*			314,840		314,198
									31,832,829
		Diversified Financials – (6.07%)
			Capital Markets – (6.07%)
				Julius Baer Group Ltd.  (Switzerland)			138,218		7,147,259
				Noah Holdings Ltd., Class A, ADS  (China)*			75,643		1,316,188
									8,463,447
		Insurance – (9.30%)
			Life & Health Insurance – (9.30%)
				AIA Group Ltd.  (Hong Kong)			693,090		6,963,228
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)			1,021,746		6,004,841
									12,968,069
					Total Financials				53,264,345
	HEALTH CARE – (3.52%)
		Pharmaceuticals, Biotechnology & Life Sciences – (3.52%)
				Novartis AG, ADR  (Switzerland)			29,471		2,529,496
				Roche Holding AG - Genusschein  (Switzerland)			7,165		2,378,812
					Total Health Care				4,908,308
	INDUSTRIALS – (6.01%)
		Capital Goods – (6.01%)
				Ferguson plc  (United Kingdom)			35,152		4,422,076
				Schneider Electric SE  (France)			28,675		3,965,862
					Total Industrials				8,387,938
	INFORMATION TECHNOLOGY – (10.88%)
		Semiconductors & Semiconductor Equipment – (1.65%)
				Tokyo Electron Ltd.  (Japan)			6,700		2,306,096

8

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

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (CONTINUED)
		Technology Hardware & Equipment – (9.23%)
				Hollysys Automation Technologies Ltd.  (China)							384,686	$	6,066,498
				Samsung Electronics Co., Ltd.  (South Korea)							143,782		6,805,942
													12,872,440
								Total Information Technology					15,178,536
	MATERIALS – (3.19%)
				Teck Resources Ltd., Class B  (Canada)							151,395		4,449,499
								Total Materials					4,449,499
						TOTAL COMMON STOCK – (Identified cost $151,130,388)							134,387,612
SHORT-TERM INVESTMENTS – (3.50%)
				StoneX Financial Inc. Joint Repurchase Agreement, 2.25%, 08/01/22, dated 07/29/22, repurchase value of $2,979,559 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.00%, 08/15/22-07/20/52, total market value $3,038,580)						$	2,979,000		2,979,000
				Truist Securities, Inc. Joint Repurchase Agreement, 2.25%, 08/01/22, dated 07/29/22, repurchase value of $1,906,357 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 0.00%-4.00%, 09/15/29-04/01/45, total market value $1,944,120)							1,906,000		1,906,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $4,885,000)							4,885,000
					Total Investments – (99.86%) – (Identified cost $156,015,388)								139,272,612
					Other Assets Less Liabilities – (0.14%)								192,016
							Net Assets – (100.00%)					$	139,464,628
	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, 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)
	July 31, 2022 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of July 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	$	44,881,089	$	–	$	30,920,357	$	6,784,564
Consumer Discretionary		33,668,195		–		30,491,703		15,920,374
Consumer Staples		–		–		3,241,819		–
Financials		140,104,898		142,067,018		45,984,800		9,357,031
Health Care		31,149,581		–		16,663,155		2,529,496
Industrials		4,598,327		–		3,776,837		–
Information Technology		21,115,044		–		24,868,538		6,066,498
Materials		5,399,590		–		7,269,234		4,449,499
Total Level 1		280,916,724		142,067,018		163,216,443		45,107,462
Level 2 – Other Significant Observable Inputs:
Common Stock*:
Consumer Discretionary		3,059,608		2,056,859		26,977,778		25,494,048
Financials		33,461,740		27,808,273		61,919,583		43,907,314
Health Care		–		–		–		2,378,812
Industrials		–		–		–		8,387,938
Information Technology		9,153,196		–		10,483,929		9,112,038
Short-Term Investments		3,878,000		1,270,000		1,815,000		4,885,000
Total Level 2		49,552,544		31,135,132		101,196,290		94,165,150
Level 3 – Significant Unobservable Inputs:
Total Level 3		–		–		–		–
Total Investments	$	330,469,268	$	173,202,150	$	264,412,733	$	139,272,612

*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, 2022, the aggregate cost of investments and unrealized appreciation (depreciation) 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
Cost	$	272,368,864	$	162,677,767	$	271,188,378	$	159,188,119
Unrealized appreciation		76,578,148		22,606,881		41,468,609		13,409,851
Unrealized depreciation		(18,477,744)		(12,082,498)		(48,244,254)		(33,325,358)
Net unrealized appreciation (depreciation)	$	58,100,404	$	10,524,383	$	(6,775,645)	$	(19,915,507)

11