DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF	January 31, 2023 (Unaudited)

						Shares		Value
COMMON STOCK – (99.63%)
	COMMUNICATION SERVICES – (14.46%)
		Media & Entertainment – (14.46%)
				Alphabet Inc., Class C  *			281,518	$	28,115,203
				Meta Platforms, Inc., Class A  *			148,984		22,194,146
					Total Communication Services				50,309,349
	CONSUMER DISCRETIONARY – (8.96%)
		Retailing – (8.96%)
				Amazon.com, Inc.  *			189,265		19,518,899
				JD.com, Inc., Class A, ADR  (China)			130,379		7,761,462
				Naspers Ltd. - N  (South Africa)			7,518		1,453,522
				Prosus N.V., Class N  (Netherlands)			30,406		2,455,139
					Total Consumer Discretionary				31,189,022
	FINANCIALS – (54.08%)
		Banks – (21.64%)
				Bank of America Corp.			179,962		6,385,052
				Danske Bank A/S  (Denmark)			248,121		5,169,245
				DBS Group Holdings Ltd.  (Singapore)			499,491		13,674,201
				JPMorgan Chase & Co.			73,762		10,323,730
				U.S. Bancorp			336,285		16,746,993
				Wells Fargo & Co.			490,352		22,982,798
									75,282,019
		Diversified Financials – (24.04%)
			Capital Markets – (3.29%)
				Bank of New York Mellon Corp.			226,804		11,469,478
			Consumer Finance – (11.01%)
				American Express Co.			31,746		5,553,328
				Capital One Financial Corp.			275,248		32,754,512
									38,307,840
			Diversified Financial Services – (9.74%)
				Berkshire Hathaway Inc., Class B  *			108,782		33,887,769
									83,665,087
		Insurance – (8.40%)
			Life & Health Insurance – (4.38%)
				AIA Group Ltd.  (Hong Kong)			636,220		7,194,150
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)			1,036,590		8,051,922
									15,246,072
			Property & Casualty Insurance – (4.02%)
				Markel Corp.  *			9,929		13,989,762
									29,235,834
					Total Financials				188,182,940
	HEALTH CARE – (10.77%)
		Health Care Equipment & Services – (7.02%)
				Cigna Group			52,165		16,519,091
				Quest Diagnostics Inc.			53,190		7,897,651
									24,416,742
		Pharmaceuticals, Biotechnology & Life Sciences – (3.75%)
				Viatris Inc.			1,073,868		13,058,235
					Total Health Care				37,474,977

1

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF - (CONTINUED)	January 31, 2023 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (1.96%)
		Capital Goods – (1.96%)
				Owens Corning							70,686	$	6,831,802
								Total Industrials					6,831,802
	INFORMATION TECHNOLOGY – (7.12%)
		Semiconductors & Semiconductor Equipment – (4.88%)
				Applied Materials, Inc.							90,889		10,133,214
				Intel Corp.							242,622		6,856,498
													16,989,712
		Technology Hardware & Equipment – (2.24%)
				Samsung Electronics Co., Ltd.  (South Korea)							156,212		7,780,956
								Total Information Technology					24,770,668
	MATERIALS – (2.28%)
				Teck Resources Ltd., Class B  (Canada)							182,895		7,919,353
								Total Materials					7,919,353
						TOTAL COMMON STOCK – (Identified cost $266,955,186)							346,678,111
SHORT-TERM INVESTMENTS – (0.39%)
				StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 02/01/23, dated 01/31/23, repurchase value of $790,094 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.25%-9.50%, 02/15/23-09/20/70, total market value $805,800)						$	790,000		790,000
				Truist Securities, Inc. Joint Repurchase Agreement, 4.29%, 02/01/23, dated 01/31/23, repurchase value of $582,069 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-7.00%, 01/01/30-01/01/53, total market value $593,640)							582,000		582,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,372,000)							1,372,000
					Total Investments – (100.02%) – (Identified cost $268,327,186)								348,050,111
					Liabilities Less Other Assets – (0.02%)								(74,262)
							Net Assets – (100.00%)					$	347,975,849
	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, 2023 (Unaudited)

						Shares		Value
COMMON STOCK – (99.19%)
	CONSUMER DISCRETIONARY – (1.35%)
		Retailing – (1.35%)
				Prosus N.V., Class N  (Netherlands)			31,530	$	2,545,897
					Total Consumer Discretionary				2,545,897
	FINANCIALS – (97.84%)
		Banks – (47.66%)
			Banks – (45.59%)
				Bank of America Corp.			205,431		7,288,692
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			127,031		4,059,911
				Danske Bank A/S  (Denmark)			320,330		6,673,616
				DBS Group Holdings Ltd.  (Singapore)			330,686		9,052,950
				DNB Bank ASA  (Norway)			209,180		3,911,575
				Fifth Third Bancorp			235,648		8,551,666
				JPMorgan Chase & Co.			68,822		9,632,327
				M&T Bank Corp.			21,565		3,364,140
				Metro Bank PLC  (United Kingdom)*			285,372		487,595
				PNC Financial Services Group, Inc.			48,651		8,048,335
				Truist Financial Corp.			69,290		3,422,233
				U.S. Bancorp			232,560		11,581,488
				Wells Fargo & Co.			213,677		10,015,041
									86,089,569
			Thrifts & Mortgage Finance – (2.07%)
				Rocket Companies, Inc., Class A			415,838		3,913,036
									90,002,605
		Diversified Financials – (32.69%)
			Capital Markets – (14.38%)
				Bank of New York Mellon Corp.			192,809		9,750,351
				Charles Schwab Corp.			39,758		3,078,064
				Julius Baer Group Ltd.  (Switzerland)			165,055		10,587,340
				State Street Corp.			40,966		3,741,425
									27,157,180
			Consumer Finance – (11.91%)
				American Express Co.			43,233		7,562,749
				Capital One Financial Corp.			125,465		14,930,335
									22,493,084
			Diversified Financial Services – (6.40%)
				Berkshire Hathaway Inc., Class B  *			38,796		12,085,730
									61,735,994
		Insurance – (17.49%)
			Life & Health Insurance – (1.31%)
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)			319,000		2,477,897
			Property & Casualty Insurance – (14.47%)
				Chubb Ltd.			47,522		10,810,780
				Loews Corp.			95,382		5,864,085
				Markel Corp.  *			7,567		10,661,752
									27,336,617
			Reinsurance – (1.71%)
				Everest Re Group, Ltd.			6,452		2,256,200

3

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT FINANCIAL ETF - (CONTINUED)	January 31, 2023 (Unaudited)

										Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
				Reinsurance – (Continued)
					Greenlight Capital Re, Ltd., Class A  *							98,042	$	965,713
														3,221,913
														33,036,427
									Total Financials					184,775,026
							TOTAL COMMON STOCK – (Identified cost $157,808,214)							187,320,923
SHORT-TERM INVESTMENTS – (0.72%)
					StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 02/01/23, dated 01/31/23, repurchase value of $779,093 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.25%-9.50%, 02/15/23-09/20/70, total market value $794,580)						$	779,000		779,000
					Truist Securities, Inc. Joint Repurchase Agreement, 4.29%, 02/01/23, dated 01/31/23, repurchase value of $574,068 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-6.00%, 07/01/28-02/01/53, total market value $585,480)							574,000		574,000
							TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,353,000)							1,353,000
						Total Investments – (99.91%) – (Identified cost $159,161,214)								188,673,923
						Other Assets Less Liabilities – (0.09%)								177,728
								Net Assets – (100.00%)					$	188,851,651
	*		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, 2023 (Unaudited)

						Shares		Value
COMMON STOCK – (99.84%)
	COMMUNICATION SERVICES – (12.39%)
		Media & Entertainment – (12.39%)
				Alphabet Inc., Class C  *			87,326	$	8,721,248
				IAC Inc.  *			27,034		1,527,421
				iQIYI, Inc., Class A, ADR  (China)*			209,887		1,406,243
				Liberty Media Corp., Liberty Formula One, Series A  *			57,765		3,678,475
				Liberty Media Corp., Liberty Formula One, Series C  *			35,823		2,536,268
				Meta Platforms, Inc., Class A  *			95,108		14,168,239
					Total Communication Services				32,037,894
	CONSUMER DISCRETIONARY – (21.35%)
		Consumer Durables & Apparel – (1.23%)
				Fila Holdings Corp.  (South Korea)			100,216		3,165,318
		Retailing – (20.12%)
				Alibaba Group Holding Ltd., ADR  (China)*			64,856		7,147,131
				Amazon.com, Inc.  *			98,295		10,137,163
				Coupang, Inc., Class A  (South Korea)*			126,158		2,130,809
				Delivery Hero SE  (Germany)*			73,422		4,438,864
				JD.com, Inc., Class A, ADR  (China)			137,773		8,201,627
				Meituan, Class B  (China)*			269,640		6,028,039
				Naspers Ltd. - N  (South Africa)			17,616		3,405,857
				Prosus N.V., Class N  (Netherlands)			130,637		10,548,314
									52,037,804
					Total Consumer Discretionary				55,203,122
	CONSUMER STAPLES – (1.03%)
		Food, Beverage & Tobacco – (1.03%)
				Darling Ingredients Inc.  *			40,222		2,666,316
					Total Consumer Staples				2,666,316
	FINANCIALS – (42.71%)
		Banks – (18.93%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			119,309		3,813,116
				Danske Bank A/S  (Denmark)			748,165		15,586,945
				DBS Group Holdings Ltd.  (Singapore)			501,736		13,735,661
				Metro Bank PLC  (United Kingdom)*			439,849		751,539
				Wells Fargo & Co.			321,484		15,067,955
									48,955,216
		Diversified Financials – (13.51%)
			Capital Markets – (5.66%)
				Julius Baer Group Ltd.  (Switzerland)			201,577		12,930,019
				Noah Holdings Ltd., Class A, ADS  (China)*			89,751		1,698,986
									14,629,005
			Consumer Finance – (3.81%)
				Capital One Financial Corp.			82,696		9,840,824
			Diversified Financial Services – (4.04%)
				Berkshire Hathaway Inc., Class B  *			33,576		10,459,595
									34,929,424
		Insurance – (10.27%)
			Life & Health Insurance – (10.27%)
				AIA Group Ltd.  (Hong Kong)			870,490		9,843,191

5

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	January 31, 2023 (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)					2,151,775	$	16,714,347
											26,557,538
						Total Financials					110,442,178
	HEALTH CARE – (5.41%)
		Health Care Equipment & Services – (2.23%)
				Cigna Group					18,257		5,781,444
		Pharmaceuticals, Biotechnology & Life Sciences – (3.18%)
				Viatris Inc.					676,033		8,220,561
						Total Health Care					14,002,005
	INDUSTRIALS – (1.31%)
		Capital Goods – (1.31%)
				Owens Corning					35,024		3,385,070
						Total Industrials					3,385,070
	INFORMATION TECHNOLOGY – (12.08%)
		Semiconductors & Semiconductor Equipment – (3.15%)
				Applied Materials, Inc.					41,362		4,611,449
				Intel Corp.					124,790		3,526,566
											8,138,015
		Software & Services – (0.59%)
				Clear Secure, Inc., Class A					48,621		1,526,213
		Technology Hardware & Equipment – (8.34%)
				Hollysys Automation Technologies Ltd.  (China)					608,881		11,349,542
				Samsung Electronics Co., Ltd.  (South Korea)					205,163		10,219,216
											21,568,758
						Total Information Technology					31,232,986
	MATERIALS – (3.56%)
				Teck Resources Ltd., Class B  (Canada)					212,652		9,207,832
						Total Materials					9,207,832
					TOTAL COMMON STOCK – (Identified cost $235,274,984)						258,177,403
SHORT-TERM INVESTMENTS – (0.16%)
				StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 02/01/23, dated 01/31/23, repurchase value of $245,029 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.25%-9.50%, 02/15/23-09/20/70, total market value $249,900)				$	245,000		245,000
				Truist Securities, Inc. Joint Repurchase Agreement, 4.29%, 02/01/23, dated 01/31/23, repurchase value of $180,021 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-5.00%, 04/01/25-01/01/53, total market value $183,600)					180,000		180,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $425,000)						425,000

6

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	January 31, 2023 (Unaudited)

			Total Investments – (100.00%) – (Identified cost $235,699,984)		$	258,602,403
			Liabilities Less Other Assets – (0.00%)			(10,584)
				Net Assets – (100.00%)	$	258,591,819
	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, 2023 (Unaudited)

						Shares		Value
COMMON STOCK – (96.72%)
	COMMUNICATION SERVICES – (5.21%)
		Media & Entertainment – (5.21%)
				Baidu, Inc., Class A, ADR  (China)*			53,405	$	7,192,585
				iQIYI, Inc., Class A, ADR  (China)*			215,450		1,443,515
					Total Communication Services				8,636,100
	CONSUMER DISCRETIONARY – (28.52%)
		Consumer Durables & Apparel – (4.46%)
				Fila Holdings Corp.  (South Korea)			233,815		7,385,037
		Retailing – (24.06%)
				Alibaba Group Holding Ltd., ADR  (China)*			57,048		6,286,690
				Coupang, Inc., Class A  (South Korea)*			182,384		3,080,466
				Delivery Hero SE  (Germany)*			40,870		2,470,872
				JD.com, Inc., Class A, ADR  (China)			108,090		6,434,598
				Meituan, Class B  (China)*			267,670		5,983,997
				Naspers Ltd. - N  (South Africa)			40,210		7,774,155
				Prosus N.V., Class N  (Netherlands)			97,184		7,847,144
									39,877,922
					Total Consumer Discretionary				47,262,959
	FINANCIALS – (37.41%)
		Banks – (20.07%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			228,825		7,313,247
				Danske Bank A/S  (Denmark)			467,457		9,738,797
				DBS Group Holdings Ltd.  (Singapore)			381,290		10,438,298
				DNB Bank ASA  (Norway)			279,021		5,217,572
				Metro Bank PLC  (United Kingdom)*			322,019		550,211
									33,258,125
		Diversified Financials – (5.65%)
			Capital Markets – (5.65%)
				Julius Baer Group Ltd.  (Switzerland)			122,129		7,833,881
				Noah Holdings Ltd., Class A, ADS  (China)*			80,699		1,527,632
									9,361,513
		Insurance – (11.69%)
			Life & Health Insurance – (11.69%)
				AIA Group Ltd.  (Hong Kong)			638,890		7,224,341
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)			1,564,746		12,154,480
									19,378,821
					Total Financials				61,998,459
	INDUSTRIALS – (7.35%)
		Capital Goods – (7.35%)
				Ferguson plc			52,731		7,429,532
				Schneider Electric SE  (France)			29,303		4,753,402
					Total Industrials				12,182,934
	INFORMATION TECHNOLOGY – (13.70%)
		Semiconductors & Semiconductor Equipment – (4.31%)
				Tokyo Electron Ltd.  (Japan)			20,450		7,147,769
		Technology Hardware & Equipment – (9.39%)
				Hollysys Automation Technologies Ltd.  (China)			410,450		7,650,788
				Samsung Electronics Co., Ltd.  (South Korea)			158,863		7,913,002
									15,563,790
					Total Information Technology				22,711,559

8

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF - (CONTINUED)	January 31, 2023 (Unaudited)

								Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	MATERIALS – (4.53%)
			Teck Resources Ltd., Class B  (Canada)							173,272	$	7,502,678
							Total Materials					7,502,678
					TOTAL COMMON STOCK – (Identified cost $149,626,652)							160,294,689
SHORT-TERM INVESTMENTS – (4.16%)
			StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 02/01/23, dated 01/31/23, repurchase value of $3,977,475 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.25%-9.50%, 02/15/23-09/20/70, total market value $4,056,540)						$	3,977,000		3,977,000
			Truist Securities, Inc. Joint Repurchase Agreement, 4.29%, 02/01/23, dated 01/31/23, repurchase value of $2,926,349 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-6.50%, 04/01/25-01/01/53, total market value $2,984,520)							2,926,000		2,926,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $6,903,000)							6,903,000
				Total Investments – (100.88%) – (Identified cost $156,529,652)								167,197,689
				Liabilities Less Other Assets – (0.88%)								(1,463,922)
						Net Assets – (100.00%)					$	165,733,767
	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, 2023 (Unaudited)

Security Valuation - The Funds' Board of Trustees has designated Davis Selected Advisers, L.P. ("Adviser"), the Funds' investment adviser, as the valuation designee for the Funds. The Adviser has established a Pricing Committee to carry out the day-to-day valuation activities for the Funds. 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 the 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 Pricing Committee. 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 Pricing Committee 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.

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

On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Pricing Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of the Adviser's process for determining the fair value of the Funds' investments.

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, 2023 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of January 31, 2023 in valuing each Fund's investments carried at value:

	Investments in Securities at Value
	Davis Select		Davis Select		Davis Select		Davis Select
	U.S. Equity ETF		Financial ETF		Worldwide ETF		International ETF
Valuation Inputs
Level 1 – Quoted Prices:
Common Stock:
Communication Services	$	50,309,349	$	–	$	32,037,894	$	8,636,100
Consumer Discretionary		27,280,361		–		27,616,730		15,801,754
Consumer Staples		–		–		2,666,316		–
Financials		154,093,422		151,584,053		40,880,476		8,840,879
Health Care		37,474,977		–		14,002,005		–
Industrials		6,831,802		–		3,385,070		–
Information Technology		16,989,712		–		21,013,770		7,650,788
Materials		7,919,353		–		9,207,832		7,502,678
Total Level 1		300,898,976		151,584,053		150,810,093		48,432,199
Level 2 – Other Significant Observable Inputs:
Common Stock*:
Consumer Discretionary		3,908,661		2,545,897		27,586,392		31,461,205
Financials		34,089,518		33,190,973		69,561,702		53,157,580
Industrials		–		–		–		12,182,934
Information Technology		7,780,956		–		10,219,216		15,060,771
Short-Term Investments		1,372,000		1,353,000		425,000		6,903,000
Total Level 2		47,151,135		37,089,870		107,792,310		118,765,490
Level 3 – Significant Unobservable Inputs:
Total Level 3		–		–		–		–
Total Investments	$	348,050,111	$	188,673,923	$	258,602,403	$	167,197,689

*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, 2023, 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	$	268,579,761	$	159,653,304	$	236,729,842	$	157,442,893
Unrealized appreciation		88,129,008		35,408,030		43,390,067		23,544,370
Unrealized depreciation		(8,658,658)		(6,387,411)		(21,517,506)		(13,789,574)
Net unrealized appreciation	$	79,470,350	$	29,020,619	$	21,872,561	$	9,754,796

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