DAVIS GLOBAL FUND	Schedule of Investments
	January 31, 2022 (Unaudited)

						Shares/Units		Value
COMMON STOCK – (97.31%)
	COMMUNICATION SERVICES – (15.56%)
		Media & Entertainment – (15.56%)
				Alphabet Inc., Class C *			17,808	$	48,330,378
				ASAC II L.P. *(a)(b)			35,352		35,921
				Baidu, Inc., Class A, ADR (China)*			180,110		28,770,771
				Fang Holdings Ltd., Class A, ADR (China)*			20,894		84,412
				IAC/InterActiveCorp *			129,680		17,706,507
				iQIYI, Inc., Class A, ADR (China)*			935,870		3,818,350
				Liberty Media Corp., Liberty Formula One, Series A *			255,880		14,022,224
				Liberty Media Corp., Liberty Formula One, Series C *			338,545		20,390,565
				Meta Platforms, Inc., Class A *			102,880		32,228,189
				Vimeo, Inc. *			902,030		13,214,739
					Total Communication Services				178,602,056
	CONSUMER DISCRETIONARY – (23.51%)
		Retailing – (23.51%)
				Alibaba Group Holding Ltd. (China)*			850,000		13,322,528
				Alibaba Group Holding Ltd., ADR (China)*			332,400		41,812,596
				Amazon.com, Inc. *			10,010		29,944,615
				Coupang, Inc., Class A (South Korea)*			519,160		10,808,911
				JD.com, Inc., Class A (China)*			71,430		2,707,296
				JD.com, Inc., Class A, ADR (China)*			792,005		59,305,334
				Meituan, Class B (China)*			1,226,729		36,598,654
				Naspers Ltd. - N (South Africa)			85,151		13,764,497
				Prosus N.V., Class N (Netherlands)			674,980		56,155,542
				Vroom, Inc. *			687,730		5,515,595
					Total Consumer Discretionary				269,935,568
	CONSUMER STAPLES – (1.93%)
		Food & Staples Retailing – (0.89%)
				Missfresh Ltd., Class B, ADS (China)*			3,519,779		10,242,558
		Food, Beverage & Tobacco – (1.04%)
				Darling Ingredients Inc. *			186,740		11,908,410
					Total Consumer Staples				22,150,968
	FINANCIALS – (38.70%)
		Banks – (20.75%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			434,040		15,907,566
				Danske Bank A/S (Denmark)			3,190,350		61,928,630
				DBS Group Holdings Ltd. (Singapore)			2,867,394		75,317,459
				Metro Bank PLC (United Kingdom)*			1,999,022		2,623,248
				Wells Fargo & Co.			1,532,650		82,456,570
									238,233,473
		Diversified Financials – (9.25%)
			Capital Markets – (2.80%)
				Julius Baer Group Ltd. (Switzerland)			409,880		26,785,526
				Noah Holdings Ltd., Class A, ADS (China)*			172,670		5,420,111
									32,205,637

DAVIS GLOBAL FUND – (CONTINUED)	Schedule of Investments
	January 31, 2022 (Unaudited)

							Shares		Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Diversified Financials – (Continued)
			Consumer Finance – (3.71%)
				Capital One Financial Corp.				289,970	$	42,547,298
			Diversified Financial Services – (2.74%)
				Berkshire Hathaway Inc., Class B *				100,470		31,449,120
										106,202,055
		Insurance – (8.70%)
			Life & Health Insurance – (8.70%)
				AIA Group Ltd. (Hong Kong)				3,977,980		41,529,356
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)				7,343,500		58,276,692
										99,806,048
						Total Financials				444,241,576
	HEALTH CARE – (6.25%)
		Health Care Equipment & Services – (3.30%)
				Cigna Corp.				164,160		37,832,314
		Pharmaceuticals, Biotechnology & Life Sciences – (2.95%)
				Viatris Inc.				2,264,350		33,897,319
						Total Health Care				71,729,633
	INDUSTRIALS – (0.75%)
		Commercial & Professional Services – (0.02%)
				China Index Holdings Ltd., Class A, ADR (China)*				226,759		240,364
		Transportation – (0.73%)
				DiDi Global Inc., Class A, ADS (China)*				2,314,498		8,355,338
						Total Industrials				8,595,702
	INFORMATION TECHNOLOGY – (9.61%)
		Semiconductors & Semiconductor Equipment – (4.83%)
				Applied Materials, Inc.				166,880		23,059,478
				Intel Corp.				663,160		32,375,471
										55,434,949
		Software & Services – (0.51%)
				Clear Secure, Inc., Class A *				234,720		5,795,237
		Technology Hardware & Equipment – (4.27%)
				Hollysys Automation Technologies Ltd. (China)*				1,652,596		21,830,793
				Samsung Electronics Co., Ltd. (South Korea)				437,380		27,204,633
										49,035,426
						Total Information Technology				110,265,612
	MATERIALS – (1.00%)
				Teck Resources Ltd., Class B (Canada)				373,640		11,534,267
						Total Materials				11,534,267
					TOTAL COMMON STOCK – (Identified cost $924,334,774)					1,117,055,382

DAVIS GLOBAL FUND – (CONTINUED)	Schedule of Investments
	January 31, 2022 (Unaudited)

Principal

Value

SHORT-TERM INVESTMENTS – (2.65%)

StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 02/01/22,

dated 01/31/22, repurchase value of $16,383,023 (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

$16,710,660)

16,383,000

Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 02/01/22,

dated 01/31/22, repurchase value of $14,030,019 (collateralized by: U.S.

Government agency mortgages and obligations in a pooled cash

account, 1.45%-3.27%, 02/24/22-01/01/52, total market value

$14,310,600)

14,030,000

TOTAL SHORT-TERM INVESTMENTS – (Identified cost $30,413,000)

30,413,000

Total Investments – (99.96%) – (Identified cost $954,747,774)

1,147,468,382

Other Assets Less Liabilities – (0.04%)

498,321

Net Assets – (100.00%)

1,147,966,703

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 $35,921 or 0.003% of the Fund's net assets as of January 31, 2022.

(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
	January 31, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (97.22%)
	COMMUNICATION SERVICES – (4.13%)
		Media & Entertainment – (4.13%)
				Baidu, Inc., Class A, ADR (China)*			57,235	$	9,142,719
				Fang Holdings Ltd., Class A, ADR (China)*			11,260		45,490
				iQIYI, Inc., Class A, ADR (China)*			760,820		3,104,146
					Total Communication Services				12,292,355
	CONSUMER DISCRETIONARY – (26.44%)
		Consumer Durables & Apparel – (2.19%)
				Fila Holdings Corp. (South Korea)			263,400		6,507,369
		Retailing – (24.25%)
				Alibaba Group Holding Ltd., ADR (China)*			134,150		16,874,729
				Coupang, Inc., Class A (South Korea)*			124,200		2,585,844
				JD.com, Inc., Class A, ADR (China)*			312,940		23,432,947
				Meituan, Class B (China)*			266,611		7,954,164
				Naspers Ltd. - N (South Africa)			59,570		9,629,377
				Prosus N.V., Class N (Netherlands)			141,102		11,739,102
									72,216,163
					Total Consumer Discretionary				78,723,532
	CONSUMER STAPLES – (1.07%)
		Food & Staples Retailing – (1.07%)
				Missfresh Ltd., Class B, ADS (China)*			1,097,439		3,193,548
					Total Consumer Staples				3,193,548
	FINANCIALS – (44.17%)
		Banks – (27.50%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			307,060		11,253,749
				Danske Bank A/S (Denmark)			1,212,410		23,534,374
				DBS Group Holdings Ltd. (Singapore)			1,013,910		26,632,240
				DNB Bank ASA (Norway)			829,202		19,735,167
				Metro Bank PLC (United Kingdom)*			566,190		742,992
									81,898,522
		Diversified Financials – (6.00%)
			Capital Markets – (6.00%)
				Julius Baer Group Ltd. (Switzerland)			231,960		15,158,511
				Noah Holdings Ltd., Class A, ADS (China)*			86,830		2,725,594
									17,884,105
		Insurance – (10.67%)
			Life & Health Insurance – (10.67%)
				AIA Group Ltd. (Hong Kong)			1,416,300		14,785,903
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)			2,139,000		16,974,718
									31,760,621
					Total Financials				131,543,248
	INDUSTRIALS – (6.24%)
		Capital Goods – (4.72%)
				Schneider Electric SE (France)			82,910		14,044,565
		Commercial & Professional Services – (0.33%)
				China Index Holdings Ltd., Class A, ADR (China)*			930,478		986,307
		Transportation – (1.19%)
				DiDi Global Inc., Class A, ADS (China)*			982,086		3,545,331
					Total Industrials				18,576,203

DAVIS INTERNATIONAL FUND – (CONTINUED)	Schedule of Investments
	January 31, 2022 (Unaudited)

								Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (14.07%)
		Semiconductors & Semiconductor Equipment – (4.92%)
				Tokyo Electron Ltd. (Japan)						29,940	$	14,644,641
		Technology Hardware & Equipment – (9.15%)
				Hollysys Automation Technologies Ltd. (China)*						628,236		8,298,998
				Samsung Electronics Co., Ltd. (South Korea)						304,950		18,967,609
												27,266,607
							Total Information Technology					41,911,248
	MATERIALS – (1.10%)
				Teck Resources Ltd., Class B (Canada)						105,690		3,262,650
							Total Materials					3,262,650
						TOTAL COMMON STOCK – (Identified cost $270,206,970)						289,502,784
SHORT-TERM INVESTMENTS – (1.36%)
				StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 02/01/22, dated 01/31/22, repurchase value of $2,177,003 (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 $2,220,540)					$	2,177,000		2,177,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 02/01/22, dated 01/31/22, repurchase value of $1,865,003 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-3.00%, 01/01/36-01/01/52, total market value $1,902,300)						1,865,000		1,865,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $4,042,000)						4,042,000
					Total Investments – (98.58%) – (Identified cost $274,248,970)							293,544,784
					Other Assets Less Liabilities – (1.42%)							4,228,604
						Net Assets – (100.00%)					$	297,773,388

	ADR: American Depositary Receipt

	ADS: American Depositary Share

	*		Non-income producing security.

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	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 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 for 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	January 31, 2022 (Unaudited)

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 Global		Davis International
	Fund		Fund
Valuation Inputs
Level 1 – Quoted Prices:
Common Stock:
Communication Services	$	178,566,135	$	12,292,355
Consumer Discretionary		147,387,051		42,893,520
Consumer Staples		22,150,968		3,193,548
Financials		177,780,665		13,979,343
Health Care		71,729,633		–
Industrials		8,595,702		4,531,638
Information Technology		83,060,979		8,298,998
Materials		11,534,267		3,262,650
Total Level 1		700,805,400		88,452,052
Level 2 – Other Significant Observable Inputs:
Common Stock:*
Consumer Discretionary		122,548,517		35,830,012
Financials		266,460,911		117,563,905
Industrials		–		14,044,565
Information Technology		27,204,633		33,612,250
Short-Term Investments		30,413,000		4,042,000
Total Level 2		446,627,061		205,092,732
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services		35,921		–
Total Level 3		35,921		–
Total Investments	$	1,147,468,382	$	293,544,784

*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.

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, 2022. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at January 31, 2022 was $(237)** for Davis Global Fund. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges.

	Beginning Balance at November 1, 2021		Cost of Purchases		Net Change in Unrealized Appreciation (Depreciation)**		Net Realized Gain (Loss)		Transfers into Level 3		Transfers out of Level 3***		Ending Balance at January 31, 2022
Davis Global Fund
Investments in Securities:
Common Stock	$	36,158	$	–	$	(237)	$	–	$	–	$	–	$	35,921
Preferred Stock		44,642,079		–		7,961,100		–		–		(52,603,179)		–
Total Level 3	$	44,678,237	$	–	$	7,960,863	$	–	$	–	$	(52,603,179)	$	35,921
Davis International Fund
Investments in Securities:
Preferred Stock	$	8,721,618	$	–	$	1,555,341	$	–	$	–	$	(10,276,959)	$	–
Total Level 3	$	8,721,618	$	–	$	1,555,341	$	–	$	–	$	(10,276,959)	$	–

** Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on securities still held at January 31, 2022, may be due to investments no longer held or categorized as Level 3 at period end.

***During the period ended January 31, 2022, certain securities fair valued at $52,603,179 and $10,276,959 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	January 31, 2022 (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
	January 31, 2022		Technique	Input	Amount	Increase in Input
Davis Global Fund
Investments in Securities:
Common Stock	$	35,921	Discounted Cash Flow	Annualized Yield	1.726%	Decrease

Total Level 3	$	35,921

The significant unobservable input listed in the above table is used in the fair value measurement of common stock, and if changed, would affect the fair value of the Fund’s investments. 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, 2022, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Davis Global		Davis International
	Fund		Fund
Cost	$	976,027,803	$	282,958,950
Unrealized appreciation		301,358,950		63,502,090
Unrealized depreciation		(129,918,371)		(52,916,256)
Net unrealized appreciation	$	171,440,579	$	10,585,834