DAVIS GLOBAL FUND	Schedule of Investments
	July 31, 2021 (Unaudited)

						Shares/Units		Value
COMMON STOCK – (95.30%)
	COMMUNICATION SERVICES – (16.15%)
		Media & Entertainment – (16.15%)
				Alphabet Inc., Class C *			24,428	$	66,063,572
				ASAC II L.P. *(a)(b)			35,352		36,137
				Baidu, Inc., Class A, ADR (China)*			198,410		32,541,224
				Facebook, Inc., Class A *			113,320		40,375,916
				Fang Holdings Ltd., Class A, ADR (China)*			23,014		223,236
				IAC/InterActiveCorp *			142,840		19,610,503
				iQIYI, Inc., Class A, ADR (China)*			1,030,900		11,504,844
				Kuaishou Technology, Class B (China)*			15,490		219,459
				Liberty Media Corp., Liberty Formula One, Series A *			281,860		11,685,916
				Liberty Media Corp., Liberty Formula One, Series C *			372,925		17,501,370
				Vimeo, Inc. *			231,900		10,389,120
					Total Communication Services				210,151,297
	CONSUMER DISCRETIONARY – (24.92%)
		Retailing – (24.92%)
				Alibaba Group Holding Ltd., ADR (China)*			321,920		62,835,565
				Amazon.com, Inc. *			11,020		36,670,042
				JD.com, Inc., Class A, ADR (China)*			949,365		67,290,991
				Meituan, Class B (China)*			1,351,229		37,383,686
				Naspers Ltd. - N (South Africa)			232,390		44,760,998
				Prosus N.V., Class N (Netherlands)			428,310		38,029,976
				Quotient Technology Inc. *			872,710		9,477,631
				Vroom, Inc. *			747,530		27,688,511
					Total Consumer Discretionary				324,137,400
	CONSUMER STAPLES – (2.38%)
		Food & Staples Retailing – (1.39%)
				Missfresh Ltd., Class B, ADS (China)*(a)			3,519,779		18,036,757
		Food, Beverage & Tobacco – (0.99%)
				Darling Ingredients Inc. *			186,740		12,898,132
					Total Consumer Staples				30,934,889
	FINANCIALS – (36.25%)
		Banks – (18.84%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			478,120		15,844,897
				Danske Bank A/S (Denmark)			3,190,350		55,962,127
				DBS Group Holdings Ltd. (Singapore)			3,158,594		70,890,323
				Metro Bank PLC (United Kingdom)*			2,202,002		2,938,353
				Wells Fargo & Co.			2,164,260		99,426,105
									245,061,805
		Diversified Financials – (10.61%)
			Capital Markets – (2.86%)
				Julius Baer Group Ltd. (Switzerland)			451,500		29,875,708
				Noah Holdings Ltd., Class A, ADS (China)*			190,210		7,342,106
									37,217,814
			Consumer Finance – (5.40%)
				Capital One Financial Corp.			434,830		70,312,011
			Diversified Financial Services – (2.35%)
				Berkshire Hathaway Inc., Class B *			109,930		30,592,420
									138,122,245

DAVIS GLOBAL FUND – (CONTINUED)	Schedule of Investments
	July 31, 2021 (Unaudited)

							Shares		Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (6.80%)
			Life & Health Insurance – (6.80%)
				AIA Group Ltd. (Hong Kong)				4,382,180	$	52,499,432
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)				4,097,650		35,934,816
										88,434,248
						Total Financials				471,618,298
	HEALTH CARE – (3.58%)
		Health Care Equipment & Services – (0.88%)
				Cigna Corp.				50,160		11,511,219
		Pharmaceuticals, Biotechnology & Life Sciences – (2.70%)
				Viatris Inc.				2,494,260		35,094,238
						Total Health Care				46,605,457
	INDUSTRIALS – (1.80%)
		Commercial & Professional Services – (0.03%)
				China Index Holdings Ltd., Class A, ADR (China)*				249,769		422,110
		Transportation – (1.77%)
				DiDi Global Inc., Class A, ADS (China)*				236,160		2,434,809
				DiDi Global Inc., Class A, ADS (China)* (a)				2,171,148		20,519,954
										22,954,763
						Total Industrials				23,376,873
	INFORMATION TECHNOLOGY – (10.22%)
		Semiconductors & Semiconductor Equipment – (4.72%)
				Applied Materials, Inc.				271,020		37,923,829
				Intel Corp.				435,310		23,384,853
										61,308,682
		Software & Services – (0.89%)
				Clear Secure, Inc., Class A *				234,720		11,602,209
		Technology Hardware & Equipment – (4.61%)
				Hollysys Automation Technologies Ltd. (China)				1,796,296		27,088,144
				Samsung Electronics Co., Ltd. (South Korea)				481,790		32,880,256
										59,968,400
						Total Information Technology				132,879,291
					TOTAL COMMON STOCK – (Identified cost $933,235,835)					1,239,703,505
PREFERRED STOCK – (3.43%)
	INDUSTRIALS – (3.43%)
		Transportation – (3.43%)
				Grab Holdings Inc., Series F (Singapore)*(a)(b)				2,398,770		25,019,171
				Grab Holdings Inc., Series G (Singapore)*(a)(b)				1,881,391		19,622,908
						Total Industrials				44,642,079
					TOTAL PREFERRED STOCK – (Identified cost $21,986,292)					44,642,079

DAVIS GLOBAL FUND – (CONTINUED)	Schedule of Investments
	July 31, 2021 (Unaudited)

Principal

Value

SHORT-TERM INVESTMENTS – (1.68%)

Nomura Securities International, Inc. Joint Repurchase Agreement,

0.045%, 08/02/21, dated 07/30/21, repurchase value of $9,501,036

(collateralized by: U.S. Government agency mortgages and obligation in

a pooled cash account, 0.00%-3.375%, 11/15/22-04/15/32, total market

value $9,691,020)

9,501,000

StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 08/02/21,

dated 07/30/21, repurchase value of $10,030,042 (collateralized by: U.S.

Government agency mortgages and obligations in a pooled cash

account, 0.00%-9.00%, 07/31/21-08/15/56, total market value

$10,230,600)

10,030,000

Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 08/02/21,

dated 07/30/21, repurchase value of $2,375,010 (collateralized by: U.S.

Government agency mortgages in a pooled cash account, 2.00%-2.50%,

07/01/36-01/01/51, total market value $2,422,500)

2,375,000

TOTAL SHORT-TERM INVESTMENTS – (Identified cost $21,906,000)

21,906,000

Total Investments – (100.41%) – (Identified cost $977,128,127)

1,306,251,584

Liabilities Less Other Assets – (0.41%)

(5,350,720)

Net Assets – (100.00%)

1,300,900,864

ADR: American Depositary Receipt

ADS: American Depositary Share

Non-income producing security.

(a)

Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Board of Directors. The aggregate value of restricted securities amounted to $83,234,927 or 6.40% of the Fund's net assets as of July 31, 2021.

(b)

The value of this security was determined using significant unobservable inputs.

Please refer to “Notes to Schedule of Investments” on page 6 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.

DAVIS INTERNATIONAL FUND	Schedule of Investments
	July 31, 2021 (Unaudited)

						Shares		Value
COMMON STOCK – (99.00%)
	COMMUNICATION SERVICES – (4.99%)
		Media & Entertainment – (4.99%)
				Baidu, Inc., Class A, ADR (China)*			63,185	$	10,362,972
				Fang Holdings Ltd., Class A, ADR (China)*			14,160		137,352
				iQIYI, Inc., Class A, ADR (China)*			839,890		9,373,172
				Kuaishou Technology, Class B (China)*			5,840		82,740
					Total Communication Services				19,956,236
	CONSUMER DISCRETIONARY – (31.43%)
		Consumer Durables & Apparel – (3.76%)
				Fila Holdings Corp. (South Korea)			331,450		15,041,678
		Retailing – (27.67%)
				Alibaba Group Holding Ltd., ADR (China)*			148,090		28,905,687
				JD.com, Inc., Class A, ADR (China)*			479,080		33,957,190
				Meituan, Class B (China)*			335,611		9,285,159
				Naspers Ltd. - N (South Africa)			101,420		19,534,664
				Prosus N.V., Class N (Netherlands)			176,162		15,641,560
				Trip.com Group Ltd., ADR (China)*			129,590		3,360,269
									110,684,529
					Total Consumer Discretionary				125,726,207
	CONSUMER STAPLES – (1.40%)
		Food & Staples Retailing – (1.40%)
				Missfresh Ltd., Class B, ADS (China)*(a)			1,097,439		5,623,718
					Total Consumer Staples				5,623,718
	FINANCIALS – (36.72%)
		Banks – (21.82%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			386,410		12,805,627
				Danske Bank A/S (Denmark)			1,338,430		23,477,484
				DBS Group Holdings Ltd. (Singapore)			1,275,880		28,635,382
				DNB Bank ASA (Norway)			1,043,462		21,383,604
				Metro Bank PLC (United Kingdom)*			712,490		950,747
									87,252,844
		Diversified Financials – (5.88%)
			Capital Markets – (5.88%)
				Julius Baer Group Ltd. (Switzerland)			291,900		19,314,993
				Noah Holdings Ltd., Class A, ADS (China)*			109,270		4,217,822
									23,532,815
		Insurance – (9.02%)
			Life & Health Insurance – (9.02%)
				AIA Group Ltd. (Hong Kong)			1,782,300		21,352,326
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)			1,679,130		14,725,325
									36,077,651
					Total Financials				146,863,310
	INDUSTRIALS – (11.87%)
		Capital Goods – (8.93%)
				Ferguson PLC (United Kingdom)			88,012		12,343,779
				Schneider Electric SE (France)			139,350		23,357,436
									35,701,215
		Commercial & Professional Services – (0.47%)
				China Index Holdings Ltd., Class A, ADR (China)*			1,116,608		1,887,068

DAVIS INTERNATIONAL FUND – (CONTINUED)	Schedule of Investments
	July 31, 2021 (Unaudited)

									Shares		Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (CONTINUED)
		Transportation – (2.47%)
				DiDi Global Inc., Class A, ADS (China)*						145,740	$	1,502,579
				DiDi Global Inc., Class A, ADS (China)* (a)						886,296		8,376,561
												9,879,140
								Total Industrials				47,467,423
	INFORMATION TECHNOLOGY – (12.59%)
		Semiconductors & Semiconductor Equipment – (4.23%)
				Tokyo Electron Ltd. (Japan)						41,300		16,910,770
		Technology Hardware & Equipment – (8.36%)
				Hollysys Automation Technologies Ltd. (China)						693,546		10,458,674
				Samsung Electronics Co., Ltd. (South Korea)						336,650		22,975,027
												33,433,701
								Total Information Technology				50,344,471
						TOTAL COMMON STOCK – (Identified cost $340,699,398)						395,981,365
PREFERRED STOCK – (2.18%)
	INDUSTRIALS – (2.18%)
		Transportation – (2.18%)
				Grab Holdings Inc., Series F (Singapore)*(a)(b)						549,889		5,735,342
				Grab Holdings Inc., Series G (Singapore)*(a)(b)						286,316		2,986,276
								Total Industrials				8,721,618
						TOTAL PREFERRED STOCK – (Identified cost $4,236,680)						8,721,618
					Total Investments – (101.18%) – (Identified cost $344,936,078)							404,702,983
					Liabilities Less Other Assets – (1.18%)							(4,720,049)
							Net Assets – (100.00%)				$	399,982,934

	ADR: American Depositary Receipt

	ADS: American Depositary Share

	*		Non-income producing security.

	(a)		Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Board of Directors. The aggregate value of restricted securities amounted to $22,721,897 or 5.68% of the Fund's net assets as of July 31, 2021.

	(b)		The value of this security was determined using significant unobservable inputs.

Please refer to “Notes to Schedule of Investments” on page 6 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.

DAVIS GLOBAL FUND	Notes to Schedule of Investments
DAVIS INTERNATIONAL FUND	July 31, 2021 (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 Directors. 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 Directors at its next regularly scheduled meeting covering the period in which the fair valuation was determined. Fair valuation methods used by the Funds may include, but are not limited to, valuing securities initially at cost (excluding commissions) and subsequently adjusting the value due to: additional transactions by the issuer, changes in company specific fundamentals and changes in the value of similar securities. Values may be further adjusted for any discounts related to security-specific resale restrictions.

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 Directors. 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.

DAVIS GLOBAL FUND	Notes to Schedule of Investments – (Continued)
DAVIS INTERNATIONAL FUND	July 31, 2021 (Unaudited)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of July 31, 2021 in valuing each Fund’s investments carried at value:

	Investments in Securities at Value
	Davis Global		Davis International
	Fund		Fund
Valuation Inputs
Level 1 – Quoted Prices:
Common Stock:
Communication Services	$	210,115,160	$	19,956,236
Consumer Discretionary		324,137,400		125,726,207
Consumer Staples		12,898,132		–
Financials		471,618,298		146,863,310
Health Care		46,605,457		–
Industrials		2,856,919		39,090,862
Information Technology		132,879,291		50,344,471
Total Level 1		1,201,110,657		381,981,086
Level 2 – Other Significant Observable Inputs:
Common Stock:
Consumer Staples		18,036,757		5,623,718
Industrials		20,519,954		8,376,561
Short-Term Investments		21,906,000		–
Total Level 2		60,462,711		14,000,279
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services		36,137		–
Preferred Stock:
Industrials		44,642,079		8,721,618
Total Level 3		44,678,216		8,721,618
Total Investments	$	1,306,251,584	$	404,702,983

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the nine months ended July 31, 2021. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at July 31, 2021 was $23,241,228* and $4,540,593* for Davis Global Fund and Davis International Fund, respectively. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges.

	Beginning Balance November 1, 2020		Cost of Purchases		Net Change in Unrealized Appreciation (Depreciation)*		Net Realized Gain (Loss)		Transfers into Level 3		Transfers out of Level 3**		Ending Balance July 31, 2021
Davis Global Fund
Investments in Securities:
Common Stock	$	36,183	$	–	$	(46)	$	–	$	–	$	–	$	36,137
Preferred Stock		97,166,481		–		26,615,279		–		–		(79,139,681)		44,642,079
Total Level 3	$	97,202,664	$	–	$	26,615,233	$	–	$	–	$	(79,139,681)	$	44,678,216
Davis International Fund
Investments in Securities:
Preferred Stock	$	26,297,091	$	3,800,007	$	6,012,812	$	–	$	–	$	(27,388,292)	$	8,721,618
Total Level 3	$	26,297,091	$	3,800,007	$	6,012,812	$	–	$	–	$	(27,388,292)	$	8,721,618

* Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on securities still held at July 31, 2021, may be due to investments no longer held or categorized as Level 3 at period end.

** During the period ended July 31, 2021, certain securities fair valued at $79,139,681 and $27,388,292 for Davis Global Fund and Davis International Fund, respectively, transferred out of Level 3 because observable market data became available for the securities.

DAVIS GLOBAL FUND	Notes to Schedule of Investments – (Continued)
DAVIS INTERNATIONAL FUND	July 31, 2021 (Unaudited)

Fair Value Measurements - (Continued)

The following table is a summary of those assets in which significant unobservable inputs (Level 3) were used by the Adviser in determining fair value. Note that these amounts exclude any valuations provided by a pricing service or broker.

	Fair Value at		Valuation	Unobservable		Impact to Valuation from an
	July 31, 2021		Technique	Input(s)	Amount	Increase in Input
Davis Global Fund
Investments in Securities:
Common Stock	$	36,137	Discounted Cash Flow	Annualized Yield	1.366%	Decrease

Preferred Stock		44,642,079	Market Approach	Transaction Price Discount for Uncertainty	$13.03 20%	Increase Decrease

Total Level 3	$	44,678,216
Davis International Fund
Investments in Securities:
Preferred Stock	$	8,721,618	Market Approach	Transaction Price Discount for Uncertainty	$13.03 20%	Increase Decrease

Total Level 3	$	8,721,618

The significant unobservable inputs listed in the above table are used in the fair value measurement of equity securities, and if changed, would affect the fair value of the Funds’ investments. The transaction price inputs are attributable to private securities and include assumptions made from private transactions. The “Impact to Valuation from an Increase in Input” represents the change in fair value measurement resulting from an increase in the corresponding input. A decrease in the input would have the opposite effect.

Federal Income Taxes

At July 31, 2021, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Davis Global		Davis International
	Fund		Fund
Cost	$	997,221,956	$	353,431,115
Unrealized appreciation		381,766,632		84,659,601
Unrealized depreciation		(72,737,004)		(33,387,733)
Net unrealized appreciation	$	309,029,628	$	51,271,868