DAVIS RESEARCH FUND	Schedule of Investments
	April 30, 2023 (Unaudited)

						Shares		Value
COMMON STOCK – (95.78%)
	COMMUNICATION SERVICES – (7.49%)
		Media & Entertainment – (7.49%)
				Alphabet Inc., Class C  *			3,680	$	398,250
				IAC Inc.  *			7,640		395,523
				iQIYI, Inc., Class A, ADR  (China)*			34,940		213,134
				Liberty Media Corp., Liberty Formula One, Series A  *			9,590		621,240
				Liberty Media Corp., Liberty Formula One, Series C  *			11,210		809,250
				Meta Platforms, Inc., Class A  *			6,015		1,445,525
				Vimeo, Inc.  *			7,257		23,875
					Total Communication Services				3,906,797
	CONSUMER DISCRETIONARY – (14.36%)
		Consumer Discretionary Distribution & Retail – (10.17%)
				Alibaba Group Holding Ltd., ADR  (China)*			1,900		160,911
				Amazon.com, Inc.  *			30,870		3,255,242
				JD.com, Inc., Class A, ADR  (China)			9,563		341,590
				Naspers Ltd. - N  (South Africa)			1,334		237,827
				Prosus N.V., Class N  (Netherlands)			9,867		737,913
				RH *			2,240		571,491
									5,304,974
		Consumer Durables & Apparel – (2.41%)
				Fila Holdings Corp.  (South Korea)			21,840		598,054
				Skechers USA, Inc., Class A  *			12,400		659,556
									1,257,610
		Consumer Services – (1.78%)
				Delivery Hero SE  (Germany)*			15,045		598,966
				Meituan, Class B  (China)*			19,500		330,397
									929,363
					Total Consumer Discretionary				7,491,947
	CONSUMER STAPLES – (0.55%)
		Food, Beverage & Tobacco – (0.55%)
				Darling Ingredients Inc.  *			4,840		288,319
					Total Consumer Staples				288,319
	FINANCIALS – (34.38%)
		Banks – (9.63%)
				Danske Bank A/S  (Denmark)*			66,130		1,393,574
				DBS Group Holdings Ltd.  (Singapore)			46,066		1,133,050
				DNB Bank ASA  (Norway)			14,030		246,449
				U.S. Bancorp			23,335		799,924
				Wells Fargo & Co.			36,585		1,454,254
									5,027,251
		Financial Services – (18.00%)
			Capital Markets – (6.18%)
				Bank of New York Mellon Corp.			31,500		1,341,585
				Julius Baer Group Ltd.  (Switzerland)			26,400		1,881,980
									3,223,565
			Consumer Finance – (2.17%)
				Capital One Financial Corp.			11,645		1,133,058

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DAVIS RESEARCH FUND	Schedule of Investments - (Continued)
	April 30, 2023 (Unaudited)

						Shares		Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Financial Services – (Continued)
			Financial Services – (9.65%)
				Berkshire Hathaway Inc., Class A  *			4	$	2,011,520
				Berkshire Hathaway Inc., Class B  *			7,365		2,419,771
				Rocket Companies, Inc., Class A  *			68,020		606,058
									5,037,349
									9,393,972
		Insurance – (6.75%)
			Life & Health Insurance – (3.56%)
				AIA Group Ltd.  (Hong Kong)			77,550		839,257
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)			140,500		1,014,867
									1,854,124
			Property & Casualty Insurance – (3.19%)
				Loews Corp.			11,345		653,132
				Markel Corp.  *			740		1,012,712
									1,665,844
									3,519,968
					Total Financials				17,941,191
	HEALTH CARE – (4.44%)
		Health Care Equipment & Services – (3.63%)
				Cigna Group			1,778		450,349
				CVS Health Corp.			1,761		129,099
				Humana Inc.			500		265,245
				Quest Diagnostics Inc.			3,990		553,852
				UnitedHealth Group Inc.			1,010		497,011
									1,895,556
		Pharmaceuticals, Biotechnology & Life Sciences – (0.81%)
				Viatris Inc.			44,980		419,664
					Total Health Care				2,315,220
	INDUSTRIALS – (8.87%)
		Capital Goods – (8.87%)
				Carrier Global Corp.			6,420		268,484
				Eaton Corp. plc			7,953		1,329,105
				Ferguson plc			4,520		635,933
				Johnson Controls International plc			4,928		294,892
				Owens Corning			4,390		468,896
				Schneider Electric SE  (France)			9,365		1,628,592
					Total Industrials				4,625,902
	INFORMATION TECHNOLOGY – (23.48%)
		Semiconductors & Semiconductor Equipment – (10.40%)
				Applied Materials, Inc.			14,895		1,683,582
				Intel Corp.			52,761		1,638,757
				Lam Research Corp.			1,228		643,570
				Texas Instruments Inc.			8,750		1,463,000
									5,428,909
		Software & Services – (12.05%)
				Microsoft Corp.			8,673		2,664,866
				Oracle Corp.			12,270		1,162,215
				SAP SE, ADR  (Germany)			18,190		2,460,561
									6,287,642

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DAVIS RESEARCH FUND	Schedule of Investments - (Continued)
	April 30, 2023 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (CONTINUED)
		Technology Hardware & Equipment – (1.03%)
				Samsung Electronics Co., Ltd.  (South Korea)							10,930	$	534,903
								Total Information Technology					12,251,454
	MATERIALS – (2.21%)
				Holcim Ltd.  (Switzerland)							10,516		692,008
				Teck Resources Ltd., Class B  (Canada)							9,940		463,204
								Total Materials					1,155,212
						TOTAL COMMON STOCK – (Identified cost $30,828,767)							49,976,042
SHORT-TERM INVESTMENTS – (4.16%)
				Nomura Securities International, Inc. Joint Repurchase Agreement, 4.80%, 05/01/23, dated 04/28/23, repurchase value of $598,239 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 0.00%-6.00%, 02/01/38-03/20/53, total market value $609,960)						$	598,000		598,000
				StoneX Financial Inc. Joint Repurchase Agreement, 4.80%, 05/01/23, dated 04/28/23, repurchase value of $1,572,629 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-10.00%, 04/30/23-05/01/53, total market value $1,603,440)							1,572,000		1,572,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $2,170,000)							2,170,000
					Total Investments – (99.94%) – (Identified cost $32,998,767)								52,146,042
					Other Assets Less Liabilities – (0.06%)								31,391
							Net Assets – (100.00%)					$	52,177,433
	ADR: American Depositary Receipt
	*		Non-income producing security.

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DAVIS RESEARCH FUND	Schedule of Investments - (Continued)
	April 30, 2023 (Unaudited)

Security Valuation - The Fund’s Board of Directors has designated Davis Selected Advisers, L.P. (“Adviser”), the Fund’s investment adviser, as the valuation designee for the Fund. The Adviser has established a Pricing Committee to carry out the day-to-day valuation activities for the Fund. 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 the 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 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 Directors receives reports of valuation actions taken by the Pricing Committee. On at least an annual basis, the Board of Directors receives an assessment of the adequacy and effectiveness of the Adviser’s process for determining the fair value of the Fund’s investments.

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)
	April 30, 2023 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of April 30, 2023 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	$	3,906,797	$	–	$	–	$	3,906,797
Consumer Discretionary		7,491,947		–		–		7,491,947
Consumer Staples		288,319		–		–		288,319
Financials		17,941,191		–		–		17,941,191
Health Care		2,315,220		–		–		2,315,220
Industrials		4,625,902		–		–		4,625,902
Information Technology		12,251,454		–		–		12,251,454
Materials		1,155,212		–		–		1,155,212
Short-Term Investments		–		2,170,000		–		2,170,000
Total Investments	$	49,976,042	$	2,170,000	$	–	$	52,146,042

Federal Income Taxes

At April 30, 2023, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

Cost	$	33,206,775
Unrealized appreciation		20,626,284
Unrealized depreciation		(1,687,017)
Net unrealized appreciation	$	18,939,267

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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