DAVIS RESEARCH FUND	Schedule of Investments
	October 31, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (96.37%)
	COMMUNICATION SERVICES – (5.65%)
		Media & Entertainment – (5.65%)
				Alphabet Inc., Class C  *			5,250	$	496,965
				IAC Inc.  *			7,640		371,915
				iQIYI, Inc., Class A, ADR  (China)*			45,460		91,829
				Liberty Media Corp., Liberty Formula One, Series A  *			9,590		498,872
				Liberty Media Corp., Liberty Formula One, Series C  *			11,210		647,153
				Meta Platforms, Inc., Class A  *			3,955		368,448
				Vimeo, Inc.  *			7,257		27,577
					Total Communication Services				2,502,759
	CONSUMER DISCRETIONARY – (13.91%)
		Consumer Durables & Apparel – (1.94%)
				Fila Holdings Corp.  (South Korea)			18,780		431,118
				Skechers U.S.A., Inc., Class A *			12,400		426,932
									858,050
		Retailing – (11.97%)
				Alibaba Group Holding Ltd., ADR  (China)*			4,860		308,999
				Amazon.com, Inc.  *			27,620		2,829,393
				Delivery Hero SE  (Germany)*			15,045		495,855
				JD.com, Inc., Class A, ADR  (China)			13,283		495,323
				Meituan, Class B  (China)*			19,500		310,026
				Naspers Ltd. - N  (South Africa)			1,334		137,992
				Prosus N.V., Class N  (Netherlands)			9,867		429,437
				RH *			1,150		292,019
									5,299,044
					Total Consumer Discretionary				6,157,094
	CONSUMER STAPLES – (0.86%)
		Food, Beverage & Tobacco – (0.86%)
				Darling Ingredients Inc.  *			4,840		379,843
					Total Consumer Staples				379,843
	FINANCIALS – (36.43%)
		Banks – (12.82%)
			Banks – (11.76%)
				Danske Bank A/S  (Denmark)			51,660		833,768
				DBS Group Holdings Ltd.  (Singapore)			56,166		1,356,935
				DNB Bank ASA  (Norway)			19,370		342,827
				U.S. Bancorp			23,335		990,571
				Wells Fargo & Co.			36,585		1,682,544
									5,206,645
			Thrifts & Mortgage Finance – (1.06%)
				Rocket Companies, Inc., Class A			68,020		469,338
									5,675,983
		Diversified Financials – (17.57%)
			Capital Markets – (5.85%)
				Bank of New York Mellon Corp.			31,500		1,326,465
				Julius Baer Group Ltd.  (Switzerland)			26,400		1,264,700
									2,591,165
			Consumer Finance – (2.79%)
				Capital One Financial Corp.			11,645		1,234,603

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DAVIS RESEARCH FUND	Schedule of Investments - (Continued)
	October 31, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
			Diversified Financial Services – (8.93%)
				Berkshire Hathaway Inc., Class A  *			4	$	1,780,200
				Berkshire Hathaway Inc., Class B  *			7,365		2,173,338
									3,953,538
									7,779,306
		Insurance – (6.04%)
			Life & Health Insurance – (2.56%)
				AIA Group Ltd.  (Hong Kong)			86,750		657,009
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)			119,000		476,021
									1,133,030
			Property & Casualty Insurance – (3.48%)
				Loews Corp.			11,345		646,892
				Markel Corp.  *			740		892,514
									1,539,406
									2,672,436
					Total Financials				16,127,725
	HEALTH CARE – (6.51%)
		Health Care Equipment & Services – (5.48%)
				Cigna Corp.			2,628		849,002
				CVS Health Corp.			1,761		166,767
				Humana Inc.			500		279,040
				Quest Diagnostics Inc.			3,990		573,163
				UnitedHealth Group Inc.			1,010		560,701
									2,428,673
		Pharmaceuticals, Biotechnology & Life Sciences – (1.03%)
				Viatris Inc.			44,980		455,648
					Total Health Care				2,884,321
	INDUSTRIALS – (8.94%)
		Capital Goods – (8.94%)
				Carrier Global Corp.			6,420		255,259
				Eaton Corp. plc			7,953		1,193,507
				Ferguson plc  (United Kingdom)			4,520		492,954
				Johnson Controls International plc			4,928		285,036
				Owens Corning			4,390		375,828
				Raytheon Technologies Corp.			1,787		169,443
				Schneider Electric SE  (France)			9,365		1,187,041
					Total Industrials				3,959,068
	INFORMATION TECHNOLOGY – (22.31%)
		Semiconductors & Semiconductor Equipment – (10.26%)
				Applied Materials, Inc.			14,895		1,315,080
				Intel Corp.			46,551		1,323,445
				Lam Research Corp.			1,228		497,070
				Texas Instruments Inc.			8,750		1,405,512
									4,541,107
		Software & Services – (11.02%)
				Microsoft Corp.			8,673		2,013,263
				Oracle Corp.			14,350		1,120,305
				SAP SE, ADR  (Germany)			18,190		1,747,331
									4,880,899

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DAVIS RESEARCH FUND	Schedule of Investments - (Continued)
	October 31, 2022 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (CONTINUED)
		Technology Hardware & Equipment – (1.03%)
				Samsung Electronics Co., Ltd.  (South Korea)							10,930	$	455,784
								Total Information Technology					9,877,790
	MATERIALS – (1.76%)
				Holcim Ltd.  (Switzerland)							10,516		474,934
				Teck Resources Ltd., Class B  (Canada)							9,940		302,574
								Total Materials					777,508
						TOTAL COMMON STOCK – (Identified cost $30,996,221)							42,666,108
SHORT-TERM INVESTMENTS – (3.62%)
				StoneX Financial Inc. Joint Repurchase Agreement, 3.05%, 11/01/22, dated 10/31/22, repurchase value of $875,074 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.70%-9.50%, 03/15/23-09/20/70, total market value $892,500)						$	875,000		875,000
				Truist Securities, Inc. Joint Repurchase Agreement, 3.04%, 11/01/22, dated 10/31/22, repurchase value of $728,061 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-5.00%, 07/01/32-10/01/52, total market value $742,560)							728,000		728,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,603,000)							1,603,000
					Total Investments – (99.99%) – (Identified cost $32,599,221)								44,269,108
					Other Assets Less Liabilities – (0.01%)								5,518
							Net Assets – (100.00%)					$	44,274,626
	ADR: American Depositary Receipt
	*		Non-income producing security.

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DAVIS RESEARCH FUND	Schedule of Investments - (Continued)
	October 31, 2022 (Unaudited)

Security Valuation - The Fund calculates the net asset value of its 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 Fund’s 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 Fund’s investment adviser, identifies as a significant event occurring before the Fund’s 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 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 by the Fund’s Board of Directors 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 Adviser’s 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 Fund 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 Fund’s 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 Fund can obtain the fair value assigned to a security if it were to sell the security.

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DAVIS RESEARCH FUND	Schedule of Investments - (Continued)
	October 31, 2022 (Unaudited)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of October 31, 2022 in valuing the Fund’s investments carried at value:

	Investments in Securities at Value
	Valuation Inputs
			Level 2:		Level 3:
			Other Significant		Significant
	Level 1:		Observable		Unobservable
	Quoted Prices		Inputs		Inputs		Total
Common Stock:
Communication Services	$	2,502,759	$	–	$	–	$	2,502,759
Consumer Discretionary		6,157,094		–		–		6,157,094
Consumer Staples		379,843		–		–		379,843
Financials		16,127,725		–		–		16,127,725
Health Care		2,884,321		–		–		2,884,321
Industrials		3,959,068		–		–		3,959,068
Information Technology		9,877,790		–		–		9,877,790
Materials		777,508		–		–		777,508
Short-Term Investments		–		1,603,000		–		1,603,000
Total Investments	$	42,666,108	$	1,603,000	$	–	$	44,269,108

Federal Income Taxes

At October 31, 2022, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

Cost	$	32,807,229
Unrealized appreciation		15,704,132
Unrealized depreciation		(4,242,253)
Net unrealized appreciation	$	11,461,879

For information regarding the Fund’s other significant accounting policies, please refer to the Fund’s most recent Semi-Annual or Annual Shareholder Report.

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