| DAVIS RESEARCH FUND | Schedule of Investments |
| | October 31, 2022 (Unaudited) |
| | Shares | | Value |
| COMMON STOCK – (96.37%) |
| | COMMUNICATION SERVICES – (5.65%) |
| | | Media & Entertainment – (5.65%) |
| | | | | | | | | | |
| | | | | | | | |
| | iQIYI, Inc., Class A, ADR (China)* | | | | | | |
| | Liberty Media Corp., Liberty Formula One, Series A * | | | | | | |
| | Liberty Media Corp., Liberty Formula One, Series C * | | | | | | |
| | Meta Platforms, Inc., Class A * | | | | | | |
| | | | | | | | |
| | | | Total Communication Services | | | |
| | CONSUMER DISCRETIONARY – (13.91%) |
| | Consumer Durables & Apparel – (1.94%) |
| | Fila Holdings Corp. (South Korea) | | | | | | |
| | Skechers U.S.A., Inc., Class A * | | | | | | |
| | | | 858,050 |
| | Retailing – (11.97%) |
| | Alibaba Group Holding Ltd., ADR (China)* | | | | | | |
| | | | | | | | |
| | Delivery Hero SE (Germany)* | | | | | | |
| | JD.com, Inc., Class A, ADR (China) | | | | | | |
| | Meituan, Class B (China)* | | | | | | |
| | Naspers Ltd. - N (South Africa) | | | | | | |
| | Prosus N.V., Class N (Netherlands) | | | | | | |
| | | | | | | | |
| | | | 5,299,044 |
| | Total Consumer Discretionary | | | |
| | CONSUMER STAPLES – (0.86%) |
| | Food, Beverage & Tobacco – (0.86%) |
| | Darling Ingredients Inc. * | | | | | | |
| | | | | |
| | FINANCIALS – (36.43%) |
| | Banks – (12.82%) |
| | Banks – (11.76%) |
| | Danske Bank A/S (Denmark) | | | | | | |
| | DBS Group Holdings Ltd. (Singapore) | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | 5,206,645 |
| | Thrifts & Mortgage Finance – (1.06%) |
| | Rocket Companies, Inc., Class A | | | | | | |
| | | | 5,675,983 |
| | Diversified Financials – (17.57%) |
| | Capital Markets – (5.85%) |
| | Bank of New York Mellon Corp. | | | | | | |
| | Julius Baer Group Ltd. (Switzerland) | | | | | | |
| | | 2,591,165 |
| | Consumer Finance – (2.79%) |
| | Capital One Financial Corp. | | | | | | |
| 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 * | | | | | | |
| | Berkshire Hathaway Inc., Class B * | | | | | | |
| | | 3,953,538 |
| | | | 7,779,306 |
| | Insurance – (6.04%) |
| | Life & Health Insurance – (2.56%) |
| | AIA Group Ltd. (Hong Kong) | | | | | | |
| | Ping An Insurance (Group) Co. of China, Ltd. - H (China) | | | | | | |
| | | 1,133,030 |
| | Property & Casualty Insurance – (3.48%) |
| | | | | | | | |
| | | | | | | | |
| | | 1,539,406 |
| | | | 2,672,436 |
| | | | | | | |
| | HEALTH CARE – (6.51%) |
| | Health Care Equipment & Services – (5.48%) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | 2,428,673 |
| | Pharmaceuticals, Biotechnology & Life Sciences – (1.03%) |
| | | | | | | | |
| | | | | |
| | INDUSTRIALS – (8.94%) |
| | Capital Goods – (8.94%) |
| | | | | | | | |
| | | | | | | | |
| | Ferguson plc (United Kingdom) | | | | | | |
| | Johnson Controls International plc | | | | | | |
| | | | | | | | |
| | Raytheon Technologies Corp. | | | | | | |
| | Schneider Electric SE (France) | | | | | | |
| | | | | |
| | INFORMATION TECHNOLOGY – (22.31%) |
| | Semiconductors & Semiconductor Equipment – (10.26%) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | 4,541,107 |
| | Software & Services – (11.02%) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | 4,880,899 |
| 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) | | | | | | |
| | | | | | Total Information Technology | | | |
| | MATERIALS – (1.76%) |
| | Holcim Ltd. (Switzerland) | | | | | | |
| | Teck Resources Ltd., Class B (Canada) | | | | | | |
| | | | | |
| | TOTAL COMMON STOCK – (Identified cost $30,996,221)
| | | |
| 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) | | | | | | |
| | 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) | | | | | | |
| | TOTAL SHORT-TERM INVESTMENTS – (Identified cost $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. |
| 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.
| 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.
