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

						Shares/Units		Value
COMMON STOCK – (91.10%)
	COMMUNICATION SERVICES – (11.65%)
		Media & Entertainment – (11.65%)
				Alphabet Inc., Class A *			1,128	$	2,061,262
				Alphabet Inc., Class C *			39,893		73,233,176
				ASAC II L.P. *(a)(b)			35,352		36,183
				Facebook, Inc., Class A *			130,280		33,655,232
				Fang Holdings Ltd., Class A, ADR (China)*			23,014		280,541
				IAC/InterActiveCorp *			172,610		36,239,469
				Kuaishou Technology, Class B (China)*			15,490		232,071
				Liberty Media Corp., Liberty Formula One, Series A *			16,470		597,038
				Liberty Media Corp., Liberty Formula One, Series C *			135,371		5,445,975
					Total Communication Services				151,780,947
	CONSUMER DISCRETIONARY – (31.20%)
		Consumer Services – (5.46%)
				New Oriental Education & Technology Group, Inc., ADR (China)*			424,980		71,184,150
		Retailing – (25.74%)
				Alibaba Group Holding Ltd., ADR (China)*			294,830		74,836,699
				Amazon.com, Inc. *			11,020		35,332,324
				JD.com, Inc., Class A, ADR (China)*			785,155		69,635,397
				Meituan, Class B (China)*			1,450,589		66,885,754
				Naspers Ltd. - N (South Africa)			232,390		53,758,592
				Prosus N.V., Class N (Netherlands)			232,390		27,150,314
				Quotient Technology Inc. *			872,710		7,732,210
									335,331,290
					Total Consumer Discretionary				406,515,440
	FINANCIALS – (32.11%)
		Banks – (17.03%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			478,120		14,539,629
				Danske Bank A/S (Denmark)			2,670,750		45,466,520
				DBS Group Holdings Ltd. (Singapore)			1,942,486		36,629,943
				DNB ASA (Norway)			2,930,210		57,046,673
				Metro Bank PLC (United Kingdom)*			2,202,002		3,559,085
				Wells Fargo & Co.			2,164,260		64,668,089
									221,909,939
		Diversified Financials – (11.02%)
			Capital Markets – (2.79%)
				Julius Baer Group Ltd. (Switzerland)			451,500		27,318,134
				Noah Holdings Ltd., Class A, ADS (China)*			190,210		9,053,996
									36,372,130
			Consumer Finance – (6.31%)
				Capital One Financial Corp.			776,130		80,919,314
				Yiren Digital Ltd., ADR (China)*			373,766		1,293,230
									82,212,544
			Diversified Financial Services – (1.92%)
				Berkshire Hathaway Inc., Class B *			109,930		25,049,749
									143,634,423
		Insurance – (4.06%)
			Life & Health Insurance – (4.06%)
				AIA Group Ltd. (Hong Kong)			4,382,180		52,834,832
					Total Financials				418,379,194

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

						Shares		Value
COMMON STOCK – (CONTINUED)
	HEALTH CARE – (2.44%)
		Health Care Equipment & Services – (0.54%)
			Cigna Corp.				32,780	$	7,114,899
		Pharmaceuticals, Biotechnology & Life Sciences – (1.90%)
			Viatris Inc. *				1,455,510		24,729,115
					Total Health Care				31,844,014
	INDUSTRIALS – (3.86%)
		Capital Goods – (3.82%)
			Carrier Global Corp.				556,833		21,438,071
			Ferguson PLC (United Kingdom)				25,054		2,908,989
			Raytheon Technologies Corp.				380,716		25,405,179
									49,752,239
		Commercial & Professional Services – (0.04%)
			China Index Holdings Ltd., Class A, ADR (China)*				249,769		519,519
					Total Industrials				50,271,758
	INFORMATION TECHNOLOGY – (9.84%)
		Semiconductors & Semiconductor Equipment – (7.92%)
			Applied Materials, Inc.				817,660		79,051,369
			Intel Corp.				435,310		24,164,058
									103,215,427
		Technology Hardware & Equipment – (1.92%)
			Hollysys Automation Technologies Ltd. (China)				1,796,296		25,004,440
					Total Information Technology				128,219,867
				TOTAL COMMON STOCK – (Identified cost $750,714,679)					1,187,011,220
PREFERRED STOCK – (7.74%)
	CONSUMER DISCRETIONARY – (4.27%)
		Retailing – (4.27%)
			Missfresh Ltd., Series E (China)*(a)(b)				10,559,338		55,682,557
					Total Consumer Discretionary				55,682,557
	INDUSTRIALS – (3.47%)
		Transportation – (3.47%)
			Didi Chuxing Joint Co., Series A*(a)(b)				479,462		18,780,526
			Didi Chuxing Joint Co., Series B*(a)(b)				63,325		2,480,440
			Grab Holdings Inc., Series F*(a)(b)				2,398,770		13,433,112
			Grab Holdings Inc., Series G*(a)(b)				1,881,391		10,535,790
					Total Industrials				45,229,868
				TOTAL PREFERRED STOCK – (Identified cost $84,245,749)					100,912,425

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

Principal

Value

SHORT-TERM INVESTMENTS – (1.07%)

StoneX Financial Inc. Joint Repurchase Agreement, 0.07%, 02/01/21,

dated 01/29/21, repurchase value of $10,331,060 (collateralized by: U.S.

Government agency mortgages and obligations in a pooled cash

account, 0.00%-8.50%, 02/28/21-12/20/70, total market value

$10,537,620)

10,331,000

Truist Securities, Inc. Joint Repurchase Agreement, 0.07%, 02/01/21,

dated 01/29/21, repurchase value of $3,582,021 (collateralized by: U.S.

Government agency mortgages in a pooled cash account, 1.50%-3.00%,

01/01/36-01/01/51, total market value $3,653,640)

3,582,000

TOTAL SHORT-TERM INVESTMENTS – (Identified cost $13,913,000)

13,913,000

Total Investments – (99.91%) – (Identified cost $848,873,428)

1,301,836,645

Other Assets Less Liabilities – (0.09%)

1,112,847

Net Assets – (100.00%)

1,302,949,492

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 $100,948,608 or 7.75% of the Fund's net assets as of January 31, 2021.

(b)

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

Please refer to “Notes to Schedule of Investments” on page 7 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
	January 31, 2021 (Unaudited)

						Shares		Value
COMMON STOCK – (78.83%)
	COMMUNICATION SERVICES – (2.20%)
		Media & Entertainment – (2.20%)
				Baidu, Inc., Class A, ADR (China)*			20,645	$	4,851,988
				Fang Holdings Ltd., Class A, ADR (China)*			14,160		172,610
				iQIYI, Inc., Class A, ADR (China)*			263,290		5,752,886
				Kuaishou Technology, Class B (China)*			5,840		87,495
					Total Communication Services				10,864,979
	CONSUMER DISCRETIONARY – (37.94%)
		Consumer Durables & Apparel – (2.33%)
				Fila Holdings Corp. (South Korea)			302,340		11,532,875
		Consumer Services – (9.40%)
				New Oriental Education & Technology Group, Inc., ADR (China)*			277,350		46,456,125
		Retailing – (26.21%)
				Alibaba Group Holding Ltd., ADR (China)*			123,620		31,378,465
				JD.com, Inc., Class A, ADR (China)*			479,080		42,489,605
				Meituan, Class B (China)*			335,611		15,474,814
				Naspers Ltd. - N (South Africa)			101,420		23,461,407
				Prosus N.V., Class N (Netherlands)			107,960		12,613,055
				Trip.com Group Ltd., ADR (China)*			129,590		4,124,850
									129,542,196
					Total Consumer Discretionary				187,531,196
	FINANCIALS – (25.46%)
		Banks – (16.39%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			386,410		11,750,728
				Danske Bank A/S (Denmark)			1,276,260		21,726,894
				DBS Group Holdings Ltd. (Singapore)			1,193,680		22,509,521
				DNB ASA (Norway)			1,224,832		23,845,591
				Metro Bank PLC (United Kingdom)*			712,490		1,151,594
									80,984,328
		Diversified Financials – (4.72%)
			Capital Markets – (4.62%)
				Julius Baer Group Ltd. (Switzerland)			291,900		17,661,491
				Noah Holdings Ltd., Class A, ADS (China)*			109,270		5,201,252
									22,862,743
			Consumer Finance – (0.10%)
				Yiren Digital Ltd., ADR (China)*			139,260		481,840
									23,344,583
		Insurance – (4.35%)
			Life & Health Insurance – (4.35%)
				AIA Group Ltd. (Hong Kong)			1,782,300		21,488,739
					Total Financials				125,817,650
	INDUSTRIALS – (8.10%)
		Capital Goods – (7.63%)
				Ferguson PLC (United Kingdom)			149,162		17,319,018
				Schneider Electric SE (France)			139,350		20,395,355
									37,714,373
		Commercial & Professional Services – (0.47%)
				China Index Holdings Ltd., Class A, ADR (China)*			1,116,608		2,322,545
					Total Industrials				40,036,918

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

						Shares		Value
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (5.13%)
		Semiconductors & Semiconductor Equipment – (3.18%)
			Tokyo Electron Ltd. (Japan)				41,300	$	15,704,444
		Technology Hardware & Equipment – (1.95%)
			Hollysys Automation Technologies Ltd. (China)				693,546		9,654,160
					Total Information Technology				25,358,604
				TOTAL COMMON STOCK – (Identified cost $276,646,233)					389,609,347
PREFERRED STOCK – (5.48%)
	CONSUMER DISCRETIONARY – (3.51%)
		Retailing – (3.51%)
			Missfresh Ltd., Series E (China)*(a)(b)				3,292,318		17,361,380
					Total Consumer Discretionary				17,361,380
	INDUSTRIALS – (1.97%)
		Transportation – (1.97%)
			Didi Chuxing Joint Co., Series A (China)* (a)(b)				128,505		5,033,541
			Grab Holdings Inc., Series F (Singapore)* (a)(b)				549,889		3,079,378
			Grab Holdings Inc., Series G (Singapore)* (a)(b)				286,316		1,603,370
					Total Industrials				9,716,289
				TOTAL PREFERRED STOCK – (Identified cost $22,028,595)					27,077,669

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

Principal

Value

SHORT-TERM INVESTMENTS – (15.98%)

StoneX Financial Inc. Joint Repurchase Agreement, 0.07%, 02/01/21,

dated 01/29/21, repurchase value of $58,654,342 (collateralized by: U.S.

Government agency mortgages and obligations in a pooled cash

account, 0.00%-8.50%, 02/28/21-12/20/70, total market value

$59,827,080)

58,654,000

Truist Securities, Inc. Joint Repurchase Agreement, 0.07%, 02/01/21,

dated 01/29/21, repurchase value of $20,333,119 (collateralized by: U.S.

Government agency mortgages in a pooled cash account, 1.50%-3.00%,

01/01/36-02/01/51, total market value $20,739,660)

20,333,000

TOTAL SHORT-TERM INVESTMENTS – (Identified cost $78,987,000)

78,987,000

Total Investments – (100.29%) – (Identified cost $377,661,828)

495,674,016

Liabilities Less Other Assets – (0.29%)

(1,454,481)

Net Assets – (100.00%)

494,219,535

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 $27,077,669 or 5.48% of the Fund's net assets as of January 31, 2021.

(b)

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

Please refer to “Notes to Schedule of Investments” on page 7 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	January 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 securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value.

The Funds’ valuation procedures are reviewed and subject to approval by the Board of 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	January 31, 2021 (Unaudited)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of January 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	$	151,512,693	$	10,777,484
Consumer Discretionary		258,720,780		124,449,045
Financials		186,470,011		12,232,568
Health Care		31,844,014		–
Industrials		47,362,769		2,322,545
Information Technology		128,219,867		9,654,160
Total Level 1		804,130,134		159,435,802
Level 2 – Other Significant Observable Inputs:
Common Stock:*
Communication Services		232,071		87,495
Consumer Discretionary		147,794,660		63,082,151
Financials		231,909,183		113,585,082
Industrials		2,908,989		37,714,373
Information Technology		–		15,704,444
Short-Term Investments		13,913,000		78,987,000
Total Level 2		396,757,903		309,160,545
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services		36,183		–
Preferred Stock:
Consumer Discretionary		55,682,557		17,361,380
Industrials		45,229,868		9,716,289
Total Level 3		100,948,608		27,077,669
Total Investments	$	1,301,836,645	$	495,674,016

*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.

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the three months ended January 31, 2021. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at January 31, 2021 was $3,745,944 and $780,578 for Davis Global Fund and Davis International Fund, respectively. There were no transfers of investments into or out of Level 3 of the fair value hierarchy during the period. 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)		Proceeds from Sales		Ending Balance January 31, 2021
Davis Global Fund
Investments in Securities:
Common Stock	$	36,183	$	–	$	–	$	–	$	–	$	36,183
Preferred Stock		97,166,481		–		3,745,944		–		–		100,912,425
Total Level 3	$	97,202,664	$	–	$	3,745,944	$	–	$	–	$	100,948,608
Davis International Fund
Investments in Securities:
Preferred Stock	$	26,297,091	$	–	$	780,578	$	–	$	–	$	27,077,669
Total Level 3	$	26,297,091	$	–	$	780,578	$	–	$	–	$	27,077,669

DAVIS GLOBAL FUND	Notes to Schedule of Investments – (Continued)
DAVIS INTERNATIONAL FUND	January 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	Amount	Impact to Valuation from
	January 31, 2021		Technique	Input(s)	or Range	an Increase in Input
Davis Global Fund
Investments in Securities:
Common Stock	$	36,183	Discounted Cash Flow	Annualized Yield	1.237%	Decrease

Preferred Stock		21,260,966	Market Approach	Volume-Weighted Transaction Price	$37.00 - $42.00	Increase

Preferred Stock		23,968,902	Market Approach	Volume-Weighted Transaction Price	$4.93 - $6.26	Increase

Preferred Stock		55,682,557	Market Approach	Transaction Price	$5.2733	Increase

Total Level 3	$	100,948,608
Davis International Fund
Investments in Securities:
Preferred Stock	$	5,033,541	Market Approach	Volume-Weighted Transaction Price	$37.00 - $42.00	Increase

Preferred Stock		4,682,748	Market Approach	Volume-Weighted Transaction Price	$4.93 - $6.26	Increase

Preferred Stock		17,361,380	Market Approach	Transaction Price	$5.2733	Increase

Total Level 3	$	27,077,669

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 January 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	$	869,219,266	$	386,155,923
Unrealized appreciation		496,476,225		129,403,968
Unrealized depreciation		(63,858,846)		(19,885,875)
Net unrealized appreciation	$	432,617,379	$	109,518,093

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

Coronavirus (COVID-19) Pandemic

The rapid and global spread of a highly contagious novel coronavirus respiratory disease, COVID-19, has resulted in extreme volatility in the financial markets and severe losses; reduced liquidity of many instruments; significant disruptions to business operations (including business closures); disruptions to supply chains, consumer demand and employee availability; and widespread uncertainty regarding the duration and long-term effects of this pandemic. Some sectors of the economy and individual issuers have experienced particularly large losses. In addition, the COVID-19 pandemic may result in a sustained economic downturn or a global recession. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a fund’s investments, impair a fund’s ability to satisfy redemption requests, and negatively impact fund performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a fund by its service providers.