Davis NY Venture A (NYVTX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-01701

DAVIS NEW YORK VENTURE FUND, INC.

(Exact name of registrant as specified in charter)

2949 East Elvira Road, Suite 101

Tucson, AZ  85756

(Address of principal executive offices)

Lisa Cohen

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, AZ  85756

(Name and address of agent for service)

Registrant’s telephone number, including area code: 520-806-7600

Date of fiscal year end: October 31, 2024

Date of reporting period: April 30, 2024

____________________

ITEM 1.  REPORT TO STOCKHOLDERS

  

Davis Global Fund

Davis International Fund

(portfolios of Davis New York Venture Fund, Inc.)

April 30, 2024

SEMI-ANNUAL REPORT 

The Equity Specialists

DAVIS NEW YORK VENTURE FUND, INC.DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Table of Contents

 

Shareholder Letter	2
Management’s Discussion of Fund Performance:
Davis Global Fund	3
Davis International Fund	5
Fund Overview:
Davis Global Fund	7
Davis International Fund	8
Expense Example	9
Schedule of Investments:
Davis Global Fund	10
Davis International Fund	12
Statements of Assets and Liabilities	13
Statements of Operations	14
Statements of Changes in Net Assets	15
Notes to Financial Statements	17
Financial Highlights	25
Director Approval of Advisory Agreements	27
Privacy Notice and Householding	30
Tailored Shareholder Report	31
Directors and Officers	32

This Semi-Annual Report is authorized for use by existing shareholders. Prospective shareholders must receive a current Davis Global Fund and Davis International Fund (the “Funds”) prospectus, which contains more information about investment strategies, risks, charges, and expenses. Please read the prospectus carefully before investing or sending money.

Shares of the Fundsare not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.

Portfolio Proxy Voting Policies and Procedures

The Board of Directors has directed Davis Selected Advisers, L.P. (“Adviser”) to vote the Funds’ portfolio securities in conformance with the Adviser’s Proxy Voting Policies and Procedures. A description of these policies and procedures is available (i) without charge, upon request, by calling the Funds toll-free at 1-800-279-0279, (ii) on the Funds' website at www.davisfunds.com, and (iii) on the SEC’s website at www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Funds’ Form N-PX filing is available (i) without charge, upon request, by calling the Funds toll-free at 1-800-279-0279, (ii) on the Funds' website at www.davisfunds.com, and (iii) on the SEC’s website at www.sec.gov.

Quarterly Schedule of Investments and Monthly Holdings

The Funds file their complete schedule of investments with the SEC on Form N-CSR (as of the end of the second and fourth quarters) and on Form N-PORT Part F (as of the end of the first and third quarters). The Funds’ Forms N-CSR (Annual and Semi-Annual Reports) and N-PORT Part F are available without charge, upon request, by calling 1-800-279-0279, on the Funds’ website at www.davisfunds.com, and on the SEC’s website at www.sec.gov. Lists of the Funds' month-end and quarter-end holdings are also available at www.davisfunds.com. They become available on or about the 10th day following each respective time period and remain available on the website until the list is updated for the subsequent period.

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Shareholder Letter

Dear Fellow Shareholder,

As stewards of our customers’ savings, the management team and Directors of Davis Global Fund and Davis International Fund recognize the importance of candid, thorough, and regular communication with our shareholders. In our Annual and Semi-Annual Reports we include all of the required quantitative information such as financial statements, detailed footnotes, performance reports, fund holdings, and performance attribution.

In addition, we produce a Manager Commentary for each Fund. In this commentary, we give a more qualitative perspective on fund performance, discuss our thoughts on individual holdings, and share our investment outlook. You may obtain a copy of the current Manager Commentary either on the Funds’ website at www.davisfunds.com or by calling 1-800-279-0279.

We thank you for your continued trust and interest in Davis Global Fund and Davis International Fund.

Sincerely,  

 

Christopher C. Davis	Danton G. Goei
President	Portfolio Manager

June 3, 2024

2

DAVIS GLOBAL FUND

Management’s Discussion of Fund Performance

Performance Overview

Davis Global Fund outperformed the Morgan Stanley Capital International All Country World Index (“MSCI” or the “Index”) for the six-month period ended April 30, 2024 (the “period”). The Fund’s Class A shares delivered a total return on net asset value of 21.94%, versus a 19.77% return for the MSCI.

Index Overview

MSCI

•

Strongest performing sectors1

-

Industrials (+26%), Information Technology (+26%), and Financials (+24%)

•

Weakest performing sectors

-

Consumer Staples (+9%), Real Estate (+12%), and Energy (+12%)

Contributors2 to Performance

•

Consumer Discretionary - outperformed the Index sector (+23% vs +18%)

-

Meituan3 (-1%) and Amazon.com (+31%)

-

Meituan - fluctuation of the stock price enabled the Fund to benefit from timely purchases during the period

•

Communication Services - outperformed the Index sector (+30% vs +23%) and overweight (average weighting 11% vs 8%)

-

Meta Platforms (+43%)

•

Significantly overweight in Financials sector - (average weighting 38% vs 16%)

-

Danske Bank (+28%) - largest individual contributor

-

Wells Fargo (+52%) and Capital One Financial (+43%)

•

Underweight in Consumer Staples (average weighting 1% vs 7%) and Energy (average weighting 1% vs 5%)

•

Individual holdings - Teck Resources (+40%), DiDi Global (+46%), Applied Materials (+51%), and Viatris (+33%)

Detractors from Performance

•

Financials - underperformed the Index sector (+20% vs +24%)

-

AIA Group (-15%), Ping An Insurance (-10%), Julius Baer Group (-3%), and Metro Bank Holdings (-20%)

•

Underweight in Industrials (average weighting 5% vs 11%) and Information Technology (average weighting 8% vs 23%), the two strongest performing sectors of the Index

•

Individual holdings - Humana (-20%) and Darling Ingredients (-4%)

-

Humana - largest individual detractor (purchased in January)

Davis Global Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Davis Global Fund’s principal risks are: stock market risk, common stock risk, foreign country risk, China risk-generally, headline risk, depositary receipts risk, foreign currency risk, exposure to industry or sector risk, emerging market risk, large-capitalization companies risk, manager risk, fees and expenses risk, and mid- and small-capitalization companies risk. See the prospectus for a full description of each risk.

Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the six-month period ended April 30, 2024, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the six-month period, April 30, 2024, unless otherwise noted.

1 The companies included in the Morgan Stanley Capital International All Country World Index are divided into eleven sectors. One or more industry groups make up a sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry group or industry level. See the SAI for additional information regarding the Fund’s concentration policy.

2 A company’s or sector’s contribution to or detraction from the Fund’s performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.

3 Management's Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund’s holdings of each company discussed.

3

DAVIS GLOBAL FUND

Management’s Discussion of Fund Performance - (Continued)

Comparison of a $10,000 investment in Davis Global Fund Class A versus
the Morgan Stanley Capital International All Country World Index (MSCI ACWI®)
over 10 years for an investment made on April 30, 2014  

Average Annual Total Return for periods endedApril 30, 2024

 

Fund & Benchmark Index	1-Year	5-Year	10-Year	Since Inception	Inception Date	Gross Expense Ratio	Net Expense Ratio
Class A - without sales charge	18.11%	5.78%	7.02%	7.42%	12/22/04	0.94%	0.93%
Class A - with sales charge*	12.50%	4.76%	6.50%	7.15%	12/22/04	0.94%	0.93%
Class C **	16.18%	4.95%	6.34%	6.98%	12/22/04	1.75%	1.74%
Class Y	18.43%	6.03%	7.28%	5.21%	07/25/07	0.70%	0.68%
MSCI ACWI®***	17.46%	9.43%	8.19%	7.34%

The Fund’s performance benefited from IPO purchases in 2014. After purchase, the IPOs rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences.

The MSCI ACWI® is a free float- adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in the Index.

The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund’s website at www.davisfunds.com.

Average Annual Total Return for periods ended March 31, 2024

 

Class A Shares	1-Year	5-Year	10-Year
With sales charge*	14.99%	5.77%	6.14%

*Reflects 4.75% front-end sales charge.

**Includes any applicable contingent deferred sales charge. Because Class C shares automatically convert to Class A shares after 8 years, the “10-Year” and “Since Inception” returns for Class C reflect Class A performance for the period after conversion.

***Inception return is from 12/22/04.

4

DAVIS INTERNATIONAL FUND

Management’s Discussion of Fund Performance

Performance Overview

Davis International Fund outperformed the Morgan Stanley Capital International All Country World Index ex USA (“MSCI” or the “Index”) for the six-month period ended April 30, 2024 (the “period”). The Fund’s Class A shares delivered a total return on net asset value of 19.26%, versus a 17.69% return for the MSCI.

Index Overview

MSCI

•

Strongest performing sectors1

-

Information Technology (+29%), Industrials (+26%), and Financials (+20%)

•

Weakest performing sectors

-

Consumer Staples (+4%), Utilities (+12%), and Communication Services (+12%)

Contributors2 to Performance

•

Industrials - outperformed the Index sector (+47% vs +26%)

-

Didi Global3 (+46%) and Schneider Electric (+50%)

•

Information Technology - outperformed the Index sector (+31% vs +29%) and overweight (average weighting 16% vs 13%)

-

Tokyo Electron (+72%) - largest individual contributor

-

Hollysys Automation Technologies (+14%)

•

Consumer Discretionary - performed in line with the Index sector (both +16%)

-

Meituan (-1%), Naspers (+24%), and Prosus (+21%)

-

Meituan - fluctuation of the stock price enabled the Fund to benefit from timely purchases during the period

•

No exposure in Consumer Staples, Communication Services, or Health Care and underweight in Energy (average weighting 1% vs 6%)

•

Individual holdings - Danske Bank (+28%), Teck Resources (+40%), and DBS Group Holdings (+21%)

Detractors from Performance

•

Financials - significantly underperformed the Index sector (+9% vs +20%)

-

AIA Group (-15%), Ping An Insurance (-10%), and Julius Baer Group (-3%) - three largest individual detractors

-

Metro Bank Holdings (-20%)

•

Overweight in Consumer Discretionary (average weighting 26% vs 12%) and underweight in Industrials (average weighting 12% vs 14%)

-

Alibaba (-8%)

Davis International Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Davis International Fund’s principal risks are: stock market risk, common stock risk, foreign country risk, China risk-generally, headline risk, depositary receipts risk, foreign currency risk, exposure to industry or sector risk, emerging market risk, large-capitalization companies risk, manager risk, fees and expenses risk, mid- and small-capitalization companies risk, and shareholder concentration risk. See the prospectus for a full description of each risk.

Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the six-month period ended April 30, 2024, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the six-month period, April 30, 2024, unless otherwise noted.

1 The companies included in the Morgan Stanley Capital International All Country World Index ex USA are divided into eleven sectors. One or more industry groups make up a sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry group or industry level. See the SAI for additional information regarding the Fund’s concentration policy.

2 A company’s or sector’s contribution to or detraction from the Fund’s performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.

3 Management's Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund’s holdings of each company discussed.

5

DAVIS INTERNATIONAL FUND

Management’s Discussion of Fund Performance - (Continued)

Comparison of a $10,000 investment in Davis International Fund Class A versus
the Morgan Stanley Capital International All Country World Index ex USA (MSCI ACWI® ex USA)
over 10 years for an investment made on April 30, 2014  

Average Annual Total Return for periods endedApril 30, 2024

 

Fund & Benchmark Index	1-Year	5-Year	10-Year	Since Inception	Inception Date	Gross Expense Ratio	Net Expense Ratio
Class A - without sales charge	9.79%	(0.10)%	2.27%	2.12%	12/29/06	1.12%	1.03%
Class A - with sales charge*	4.57%	(1.06)%	1.77%	1.84%	12/29/06	1.12%	1.03%
Class C **	8.04%	(0.86)%	1.51%	1.52%	12/29/06	1.93%	1.78%
Class Y	10.15%	0.19%	2.56%	3.74%	12/31/09	0.75%	0.72%
MSCI ACWI® ex USA***	9.33%	5.03%	3.92%	3.24%

The Fund’s performance benefited from IPO purchases in 2014. After purchase, the IPOs rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences.

The MSCI ACWI® ex USA is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in the Index.

The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund’s website at www.davisfunds.com.

Average Annual Total Return for periods ended March 31, 2024

 

Class A Shares	1-Year	5-Year	10-Year
With sales charge*	0.65%	(0.92)%	1.27%

*Reflects 4.75% front-end sales charge.

**Includes any applicable contingent deferred sales charge. Because Class C shares automatically convert to Class A shares after 8 years, the “10-Year” and “Since Inception” returns for Class C reflect Class A performance for the period after conversion.

***Inception return is from 12/29/06.

6

DAVIS GLOBAL FUND

Fund Overview

April 30, 2024 (Unaudited)

 

Portfolio Composition (% of Fund’s 04/30/24 Net Assets)
Common Stock (Foreign)	52.88%
Common Stock (U.S.)	46.17%
Short-Term Investments	1.05%
Other Assets & Liabilities	(0.10)%
	100.00%

 

Industry Weightings (% of 04/30/24 Stock Holdings)
	Fund	MSCI ACWI®
Financial Services	13.26%	6.06%
Consumer Discretionary Distribution & Retail	12.40%	4.75%
Banks	12.35%	6.94%
Consumer Services	10.65%	2.04%
Media & Entertainment	10.54%	6.24%
Health Care	10.10%	11.10%
Insurance	8.50%	3.08%
Information Technology	7.30%	23.17%
Transportation	3.73%	1.80%
Materials	3.72%	4.28%
Real Estate Management & Development	2.86%	0.54%
Capital Goods	1.85%	7.57%
Energy	1.08%	4.74%
Food, Beverage & Tobacco	0.85%	3.34%
Consumer Durables & Apparel	0.81%	1.61%
Other	–	12.74%
	100.00%	100.00%

 

Country Diversification (% of 04/30/24 Stock Holdings)
United States	46.60%
China	20.03%
South Korea	5.62%
Canada	4.80%
Netherlands	4.66%
Denmark	4.61%
Singapore	4.41%
Switzerland	4.01%
Hong Kong	1.90%
Germany	1.66%
South Africa	1.39%
United Kingdom	0.31%
	100.00%

 

Top 10 Long-Term Holdings (% of Fund’s 04/30/24 Net Assets)
Capital One Financial Corp.	6.03%
Meta Platforms, Inc., Class A	5.73%
Meituan, Class B	5.72%
Ping An Insurance (Group) Co. of China, Ltd. - H	5.38%
Prosus N.V., Class N	4.62%
Danske Bank A/S	4.56%
DBS Group Holdings Ltd.	4.37%
Julius Baer Group Ltd.	3.96%
DiDi Global Inc., Class A, ADS	3.70%
Teck Resources Ltd., Class B	3.69%

7

DAVIS INTERNATIONAL FUND

Fund Overview

April 30, 2024 (Unaudited)

 

Portfolio Composition (% of Fund’s 04/30/24 Net Assets)
Common Stock (Foreign)	97.15%
Common Stock (U.S.)	0.98%
Short-Term Investments	1.39%
Other Assets & Liabilities	0.48%
	100.00%

 

Industry Weightings (% of 04/30/24 Stock Holdings)
	Fund	MSCI ACWI® ex USA
Banks	19.17%	13.22%
Consumer Discretionary Distribution & Retail	17.69%	2.66%
Information Technology	11.40%	12.83%
Insurance	10.37%	4.61%
Consumer Services	9.08%	1.89%
Capital Goods	8.17%	9.98%
Financial Services	5.80%	3.57%
Transportation	5.43%	2.34%
Materials	5.31%	7.55%
Real Estate Management & Development	3.26%	1.20%
Consumer Durables & Apparel	3.19%	3.08%
Energy	1.13%	5.78%
Health Care	–	9.29%
Food, Beverage & Tobacco	–	4.24%
Automobiles & Components	–	4.04%
Other	–	13.72%
	100.00%	100.00%

 

Country Diversification (% of 04/30/24 Stock Holdings)
China	27.15%
South Korea	12.56%
Singapore	8.32%
Denmark	7.50%
Canada	6.43%
Japan	5.95%
Netherlands	5.78%
South Africa	5.76%
Switzerland	5.25%
Hong Kong	5.10%
France	4.14%
Bermuda	1.73%
Germany	1.71%
Norway	1.09%
United States	1.00%
United Kingdom	0.53%
	100.00%

 

Top 10 Long-Term Holdings (% of Fund’s 04/30/24 Net Assets)
DBS Group Holdings Ltd.	8.16%
Samsung Electronics Co., Ltd.	7.71%
Danske Bank A/S	7.36%
Meituan, Class B	7.24%
Prosus N.V., Class N	5.67%
Naspers Ltd. - N	5.65%
DiDi Global Inc., Class A, ADS	5.33%
Teck Resources Ltd., Class B	5.21%
Ping An Insurance (Group) Co. of China, Ltd. - H	5.16%
Julius Baer Group Ltd.	5.15%

8

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Expense Example(Unaudited)

As a shareholder of each Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchases, contingent deferred sales charges on redemptions, and short-term trading fees, if any; and (2) ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated which for each class is for the six-month period ended April 30, 2024.

Actual Expenses

The information represented in the row entitled “Actual” provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. An annual maintenance fee of $15, charged on retirement plan accounts per Social Security Number, is not included in the Expense Example. This fee will be waived for accounts sharing the same Social Security Number if the accounts total at least $50,000 at Davis Funds. If this fee was included, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower, by this amount.

Hypothetical Example for Comparison Purposes

The information represented in the row entitled “Hypothetical” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. An annual maintenance fee of $15, charged on retirement plan accounts per Social Security Number, is not included in the Expense Example. This fee will be waived for accounts sharing the same Social Security Number if the accounts total at least $50,000 at Davis Funds. If this fee was included, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower, by this amount.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads) or redemption fees. Therefore, the information in the row entitled “Hypothetical” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

 

	Beginning Account Value (11/01/23)	Ending Account Value (04/30/24)	Expenses Paid During Period* (11/01/23-04/30/24)
Davis Global Fund
Class A (annualized expense ratio 0.93%**)
Actual	$1,000.00	$1,219.37	$5.13
Hypothetical	$1,000.00	$1,020.24	$4.67
Class C (annualized expense ratio 1.74%**)
Actual	$1,000.00	$1,213.81	$9.58
Hypothetical	$1,000.00	$1,016.21	$8.72
Class Y (annualized expense ratio 0.68%**)
Actual	$1,000.00	$1,220.83	$3.75
Hypothetical	$1,000.00	$1,021.48	$3.42
Davis International Fund
Class A (annualized expense ratio 1.03%**)
Actual	$1,000.00	$1,192.60	$5.62
Hypothetical	$1,000.00	$1,019.74	$5.17
Class C (annualized expense ratio 1.78%**)
Actual	$1,000.00	$1,188.22	$9.68
Hypothetical	$1,000.00	$1,016.01	$8.92
Class Y (annualized expense ratio 0.72%**)
Actual	$1,000.00	$1,195.22	$3.93
Hypothetical	$1,000.00	$1,021.28	$3.62

Hypothetical assumes 5% annual return before expenses.

*Expenses are equal to each Class's annualized operating expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

**The expense ratios reflect the impact, if any, of certain reimbursements and/or waivers from the Adviser.

9

DAVIS GLOBAL FUND

Schedule of Investments 

April 30, 2024 (Unaudited)

 

	Shares	Value (Note 1)
COMMON STOCK – (99.05%)
COMMUNICATION SERVICES – (10.44%)
Media & Entertainment – (10.44%)
Alphabet Inc., Class C	134,900	$22,209,936
ASAC II L.P. *(a)(b)(c)	35,352	38,848
IAC Inc. *	148,960	7,084,538
Liberty Media Corp., Liberty Formula One, Series A *	126,960	7,905,799
Meta Platforms, Inc., Class A	105,460	45,365,728
Total Communication Services		82,604,849
CONSUMER DISCRETIONARY – (23.62%)
Consumer Discretionary Distribution & Retail – (12.28%)
Amazon.com, Inc. *	142,070	24,862,250
Coupang, Inc., Class A (South Korea) *	400,850	9,019,125
JD.com, Inc., Class A (China)	56,880	819,548
JD.com, Inc., Class A, ADR (China)	520,945	15,050,101
Naspers Ltd. - N (South Africa)	56,821	10,874,268
Prosus N.V., Class N (Netherlands)	1,092,147	36,543,192
		97,168,484
Consumer Durables & Apparel – (0.80%)
Fila Holdings Corp. (South Korea)	214,620	6,317,896
Consumer Services – (10.54%)
Delivery Hero SE (Germany) *	464,190	12,986,900
Meituan, Class B (China) *	3,319,799	45,330,289
MGM Resorts International *	637,830	25,156,015
		83,473,204
Total Consumer Discretionary		186,959,584
CONSUMER STAPLES – (0.84%)
Food, Beverage & Tobacco – (0.84%)
Darling Ingredients Inc. *	156,730	6,640,650
Total Consumer Staples		6,640,650
ENERGY – (1.07%)
Tourmaline Oil Corp. (Canada)	173,110	8,460,277
Total Energy		8,460,277
FINANCIALS – (33.78%)
Banks – (12.23%)
Danske Bank A/S (Denmark)	1,255,469	36,141,170
DBS Group Holdings Ltd. (Singapore)	1,357,723	34,564,102
Metro Bank Holdings PLC (United Kingdom) *	5,838,890	2,439,281
Wells Fargo & Co.	399,150	23,677,578
		96,822,131
Financial Services – (13.13%)
Capital Markets – (4.15%)
Julius Baer Group Ltd. (Switzerland)	585,094	31,395,178
Noah Holdings Ltd., Class A, ADS (China)	117,802	1,480,771
		32,875,949
Consumer Finance – (6.03%)
Capital One Financial Corp.	332,810	47,734,938
Financial Services – (2.95%)
Berkshire Hathaway Inc., Class B *	58,790	23,323,757
		103,934,644

	Shares	Value (Note 1)
COMMON STOCK – (CONTINUED)
FINANCIALS – (CONTINUED)
Insurance – (8.42%)
Life & Health Insurance – (7.26%)
AIA Group Ltd. (Hong Kong)	2,029,380	$14,863,895
Ping An Insurance (Group) Co. of China, Ltd. - H (China)	9,399,340	42,598,557
		57,462,452
Property & Casualty Insurance – (1.16%)
Markel Group Inc. *	6,260	9,129,584
		66,592,036
Total Financials		267,348,811
HEALTH CARE – (10.01%)
Health Care Equipment & Services – (6.77%)
Cigna Group	37,260	13,303,310
Humana Inc.	86,140	26,022,032
Quest Diagnostics Inc.	72,220	9,979,360
Solventum Corp. *	65,660	4,268,557
		53,573,259
Pharmaceuticals, Biotechnology & Life Sciences – (3.24%)
Viatris Inc.	2,213,930	25,615,170
Total Health Care		79,188,429
INDUSTRIALS – (5.53%)
Capital Goods – (1.83%)
AGCO Corp.	59,430	6,786,312
Owens Corning	45,940	7,727,567
		14,513,879
Transportation – (3.70%)
DiDi Global Inc., Class A, ADS (China) *	5,925,608	29,272,504
Total Industrials		43,786,383
INFORMATION TECHNOLOGY – (7.23%)
Semiconductors & Semiconductor Equipment – (3.30%)
Applied Materials, Inc.	97,690	19,406,119
Intel Corp.	218,820	6,667,445
		26,073,564
Software & Services – (0.30%)
Clear Secure, Inc., Class A	137,360	2,399,679
Technology Hardware & Equipment – (3.63%)
Samsung Electronics Co., Ltd. (South Korea)	516,810	28,727,731
Total Information Technology		57,200,974
MATERIALS – (3.69%)
Teck Resources Ltd., Class B (Canada)	593,560	29,197,217
Total Materials		29,197,217
REAL ESTATE – (2.84%)
Real Estate Management & Development – (2.84%)
KE Holdings Inc., Class A, ADR (China)	1,484,710	22,448,815
Total Real Estate		22,448,815
TOTAL COMMON STOCK – (Identified cost $611,689,437)		783,835,989

10

DAVIS GLOBAL FUND

Schedule of Investments - (Continued)

April 30, 2024 (Unaudited)

 

	Principal	Value (Note 1)
SHORT-TERM INVESTMENTS – (1.05%)
Nomura Securities International, Inc. Joint Repurchase Agreement, 5.30%, 05/01/24  (d)	$3,099,000	$3,099,000
StoneX Financial Inc. Joint Repurchase Agreement, 5.30%, 05/01/24  (e)	5,227,000	5,227,000
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,326,000)		8,326,000
Total Investments – (100.10%) – (Identified cost $620,015,437)		792,161,989
Liabilities Less Other Assets – (0.10%)		(770,573 )
Net Assets – (100.00%)		$791,391,416

 

ADR:	American Depositary Receipt
ADS:	American Depositary Share

 

*	Non-income producing security.
(a)	Restricted Security – See Note 6 of the Notes to Financial Statements.

(b)	The value of this security was determined using significant unobservable inputs. See Note 1 of the Notes to Financial Statements.
(c)	Limited partnership units.
(d)	Dated 04/30/24, repurchase value of $3,099,456 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.40%- 7.00%, 12/01/33-01/01/54, total market value $3,160,980).
(e)	Dated 04/30/24, repurchase value of $5,227,770 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 05/15/24-05/15/65, total market value $5,331,540).

See Notes to Financial Statements

11

DAVIS INTERNATIONAL FUND

Schedule of Investments 

April 30, 2024 (Unaudited)

 

	Shares	Value (Note 1)
COMMON STOCK – (98.13%)
CONSUMER DISCRETIONARY – (29.41%)
Consumer Discretionary Distribution & Retail – (17.36%)
Alibaba Group Holding Ltd., ADR (China)	29,170	$2,183,374
Coupang, Inc., Class A (South Korea) *	98,950	2,226,375
JD.com, Inc., Class A, ADR (China)	159,950	4,620,955
Naspers Ltd. - N (South Africa)	44,130	8,445,495
Prosus N.V., Class N (Netherlands)	253,660	8,487,453
		25,963,652
Consumer Durables & Apparel – (3.13%)
Fila Holdings Corp. (South Korea)	159,050	4,682,049
Consumer Services – (8.92%)
Delivery Hero SE (Germany) *	89,540	2,505,110
Meituan, Class B (China) *	792,841	10,825,870
		13,330,980
Total Consumer Discretionary		43,976,681
ENERGY – (1.10%)
Tourmaline Oil Corp. (Canada)	33,790	1,651,394
Total Energy		1,651,394
FINANCIALS – (34.68%)
Banks – (18.81%)
Bank of N.T. Butterfield & Son Ltd. (Bermuda)	74,830	2,544,220
Danske Bank A/S (Denmark)	382,260	11,004,114
DBS Group Holdings Ltd. (Singapore)	479,281	12,201,249
DNB Bank ASA (Norway)	92,092	1,605,085
Metro Bank Holdings PLC (United Kingdom) *	1,860,402	777,210
		28,131,878
Financial Services – (5.70%)
Capital Markets – (5.70%)
Julius Baer Group Ltd. (Switzerland)	143,550	7,702,656
Noah Holdings Ltd., Class A, ADS (China)	64,740	813,782
		8,516,438
Insurance – (10.17%)
Life & Health Insurance – (10.17%)
AIA Group Ltd. (Hong Kong)	1,022,500	7,489,151
Ping An Insurance (Group) Co. of China, Ltd. - H (China)	1,703,590	7,720,805
		15,209,956
Total Financials		51,858,272
INDUSTRIALS – (13.35%)
Capital Goods – (8.02%)
Ferguson plc	6,990	1,467,201
ITOCHU Corp. (Japan)	98,500	4,443,801
Schneider Electric SE (France)	26,660	6,078,837
		11,989,839
Transportation – (5.33%)
DiDi Global Inc., Class A, ADS (China) *	1,614,246	7,974,375
Total Industrials		19,964,214

	Shares	Value (Note 1)
COMMON STOCK – (CONTINUED)
INFORMATION TECHNOLOGY – (11.18%)
Semiconductors & Semiconductor Equipment – (2.86%)
Tokyo Electron Ltd. (Japan)	19,510	$4,279,436
Technology Hardware & Equipment – (8.32%)
Hollysys Automation Technologies Ltd. (China) *	39,626	922,890
Samsung Electronics Co., Ltd. (South Korea)	207,340	11,525,333
		12,448,223
Total Information Technology		16,727,659
MATERIALS – (5.21%)
Teck Resources Ltd., Class B (Canada)	158,310	7,787,269
Total Materials		7,787,269
REAL ESTATE – (3.20%)
Real Estate Management & Development – (3.20%)
KE Holdings Inc., Class A, ADR (China)	316,320	4,782,758
Total Real Estate		4,782,758
TOTAL COMMON STOCK – (Identified cost $128,395,638)		146,748,247

 

	Principal	Value (Note 1)
SHORT-TERM INVESTMENTS – (1.39%)
Nomura Securities International, Inc. Joint Repurchase Agreement, 5.30%, 05/01/24  (a)	$773,000	$773,000
StoneX Financial Inc. Joint Repurchase Agreement, 5.30%, 05/01/24  (b)	1,303,000	1,303,000
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $2,076,000)		2,076,000
Total Investments – (99.52%) – (Identified cost $130,471,638)		148,824,247
Other Assets Less Liabilities – (0.48%)		711,549
Net Assets – (100.00%)		$149,535,796

 

ADR:	American Depositary Receipt
ADS:	American Depositary Share

 

*	Non-income producing security.
(a)	Dated 04/30/24, repurchase value of $773,114 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%- 7.00%, 10/01/43-01/01/54, total market value $788,460).
(b)	Dated 04/30/24, repurchase value of $1,303,192 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 05/15/24-05/15/65, total market value $1,329,060).

See Notes to Financial Statements

12

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Statements of Assets and Liabilities

At April 30, 2024 (Unaudited)

 

	Davis Global Fund	Davis International Fund
ASSETS:
Investments in securities, at value* (see accompanying Schedule of Investments)	$792,161,989	$148,824,247
Cash	385,641	118,732
Receivables:
Capital stock sold	260,159	28,122
Dividends and interest	1,749,342	767,883
Investment securities sold	4,809,717	–
Prepaid expenses	19,155	4,254
Due from Adviser	17,851	7,359
Total assets	799,403,854	149,750,597
LIABILITIES:
Payables:
Capital stock redeemed	524,611	33,272
Investment securities purchased	6,737,297	–
Accrued audit fees	17,044	14,366
Accrued custodian fees	144,300	48,000
Accrued distribution and service plan fees	67,907	6,921
Accrued investment advisory fees	401,591	74,824
Accrued registration and filing fees	14,726	12,413
Accrued transfer agent fees	87,070	14,417
Other accrued expenses	17,892	10,588
Total liabilities	8,012,438	214,801
NET ASSETS	$791,391,416	$149,535,796
NET ASSETS CONSIST OF:
Par value of shares of capital stock	$1,456,237	$647,078
Additional paid-in capital	592,651,527	194,891,850
Distributable earnings (losses)	197,283,652	(46,003,132 )
Net Assets	$791,391,416	$149,535,796
*Including:
Cost of investments	$620,015,437	$130,471,638
CLASS A SHARES:
Net assets	$182,417,800	$17,470,752
Shares outstanding	6,709,563	1,492,618
Net asset value and redemption price per share (Net assets ÷ Shares outstanding)	$27.19	$11.70
Maximum offering price per share (100/95.25 of net asset value)†	$28.55	$12.28
CLASS C SHARES:
Net assets	$36,418,526	$4,634,334
Shares outstanding	1,478,976	430,353
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)	$24.62	$10.77
CLASS Y SHARES:
Net assets	$572,555,090	$127,430,710
Shares outstanding	20,936,196	11,018,581
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)	$27.35	$11.57

 

† On purchases of $100,000 or more, the offering price is reduced.

See Notes to Financial Statements

13

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Statements of Operations 

For the six months ended April 30, 2024 (Unaudited)

 

	Davis Global Fund	Davis International Fund
INVESTMENT INCOME:
Income:
Dividends*	$7,976,922	$1,916,432
Interest	175,636	37,560
Total income	8,152,558	1,953,992
Expenses:
Investment advisory fees (Note 3)	2,062,604	402,426
Custodian fees	157,720	52,282
Transfer agent fees:
Class A	76,972	18,360
Class C	23,410	4,874
Class Y	180,371	22,666
Audit fees	17,043	14,364
Legal fees	4,639	958
Accounting fees (Note 3)	22,002	4,998
Reports to shareholders	18,668	3,401
Directors’ fees and expenses	24,830	6,312
Registration and filing fees	23,250	21,000
Miscellaneous	30,744	14,220
Distribution and service plan fees (Note 3):
Class A	191,556	16,685
Class C	195,746	22,291
Total expenses	3,029,555	604,837
Reimbursement/waiver of expenses by Adviser (Note 3):
Class A	(10,854 )	(8,153 )
Class C	(2,487 )	(3,435 )
Class Y	(34,302 )	(15,144 )
Net expenses	2,981,912	578,105
Net investment income	5,170,646	1,375,887
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investment transactions	63,534,073	11,058,920
Foreign currency transactions	(12,820 )	(5,517 )
Net realized gain	63,521,253	11,053,403
Net increase in unrealized appreciation	78,916,152	13,475,204
Net realized and unrealized gain on investments and foreign currency transactions	142,437,405	24,528,607
Net increase in net assets resulting from operations	$147,608,051	$25,904,494
*Net of foreign taxes withheld of	$674,040	$223,560

See Notes to Financial Statements

14

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Statements of Changes in Net Assets

For the six months ended April 30, 2024 (Unaudited)

 

	Davis Global Fund	Davis International Fund
OPERATIONS:
Net investment income	$5,170,646	$1,375,887
Net realized gain from investments and foreign currency transactions	63,521,253	11,053,403
Net increase in unrealized appreciation on investments and foreign currency transactions	78,916,152	13,475,204
Net increase in net assets resulting from operations	147,608,051	25,904,494
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class A	(1,829,996 )	(279,134 )
Class C	(135,714 )	(37,408 )
Class Y	(7,034,456 )	(2,443,388 )
CAPITAL SHARE TRANSACTIONS:
Net decrease in net assets resulting from capital share transactions (Note 4):
Class A	(5,508,887 )	(1,974,680 )
Class C	(11,170,576 )	(399,746 )
Class Y	(20,007,922 )	(14,921,572 )
Total increase in net assets	101,920,500	5,848,566
NET ASSETS:
Beginning of period	689,470,916	143,687,230
End of period	$791,391,416	$149,535,796

See Notes to Financial Statements

15

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Statements of Changes in Net AssetsFor the year ended October 31, 2023

 

	Davis Global Fund	Davis International Fund
OPERATIONS:
Net investment income	$8,989,996	$2,781,720
Net realized gain (loss) from investments and foreign currency transactions	19,125,356	(3,531,841 )
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions	113,548,120	28,612,752
Net increase in net assets resulting from operations	141,663,472	27,862,631
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class Y	(691,539 )	(281,016 )
CAPITAL SHARE TRANSACTIONS:
Net decrease in net assets resulting from capital share transactions (Note 4):
Class A	(11,952,256 )	(2,905,815 )
Class C	(20,618,416 )	(441,620 )
Class Y	(94,701,832 )	(20,202,386 )
Total increase in net assets	13,699,429	4,031,794
NET ASSETS:
Beginning of year	675,771,487	139,655,436
End of year	$689,470,916	$143,687,230

See Notes to Financial Statements

16

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Notes to Financial Statements

April 30, 2024 (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Davis New York Venture Fund, Inc. (a Maryland corporation) (“Company”), is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Company operates as a series issuing shares including the following two funds (collectively “Funds”):

Davis Global Fund seeks to achieve long-term growth of capital. It invests principally in common stocks issued by both United States and foreign companies, including countries with developed or emerging markets. The Fund commenced operations on December 22, 2004, and until January 1, 2007, shares of the Fund were not available for public sale.

Davis International Fund seeks to achieve long-term growth of capital. It invests principally in common stocks issued by foreign companies, including countries with developed or emerging markets. The Fund commenced operations on December 29, 2006, and until January 1, 2010, shares of the Fund were not available for public sale.

Because of the risk inherent in any investment program, the Company cannot ensure that the investment objective of its Funds will be achieved.

Prior to being available for public sale, only the directors, officers, and employees of the Funds or their investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase the Funds’ shares.

The Funds follow the reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The Company accounts separately for the assets, liabilities, and operations of each Fund. Each Fund offers Class A, Class C, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares are sold at net asset value and may be subject to a contingent deferred sales charge upon redemption. Class C shares automatically convert to Class A shares after 8 years. Class Y shares are sold at net asset value and are not subject to any contingent deferred sales charge upon redemption. Class Y shares are only available to certain qualified investors. Income, expenses (other than those attributable to a specific class), and gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets represented by each class. Operating expenses are recorded on the accrual basis and those directly attributable to a specific class, such as distribution and transfer agent fees, are charged against the operations of that class. All classes have identical rights with respect to voting (exclusive of each class’ distribution arrangement), liquidation, and distributions. Each Fund assessed a 2% short-term trading fee on the proceeds of Fund shares that were redeemed (either by selling or exchanging to another Davis Fund) within 30 days of their purchase. The fee, which was retained by each Fund, was accounted for as an addition to paid-in capital. Effective February 29, 2024, the short-term trading fee for each Fund was eliminated. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

Security Valuation - The Funds’ Board of Directors has designated Davis Selected Advisers, L.P. (“Davis Advisors” or “Adviser”), the Funds' investment adviser, as the valuation designee for the Funds. The Adviser has established a Pricing Committee to carry out the day-to-day valuation activities for the Funds. 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 the 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 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.

17

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Notes to Financial Statements - (Continued)

April 30, 2024 (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)Security Valuation - (Continued)

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 Funds’ investments.

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.

The following is a summary of the inputs used as of April 30, 2024 in valuing each Fund's investments carried at value:

 

	Investments in Securities at Value
	Davis Global Fund	Davis International Fund
Valuation Inputs
Level 1 – Quoted Prices:
Common Stock:
Communication Services	$82,566,001	$–
Consumer Discretionary	74,087,491	9,030,704
Consumer Staples	6,640,650	–
Energy	8,460,277	1,651,394
Financials	105,346,628	3,358,002
Health Care	79,188,429	–
Industrials	43,786,383	9,441,576
Information Technology	28,473,243	922,890
Materials	29,197,217	7,787,269
Real Estate	22,448,815	4,782,758
Total Level 1	480,195,134	36,974,593
Level 2 – Other Significant Observable Inputs:
Common Stock:*
Consumer Discretionary	112,872,093	34,945,977
Financials	162,002,183	48,500,270
Industrials	–	10,522,638
Information Technology	28,727,731	15,804,769
Short-Term Investments	8,326,000	2,076,000
Total Level 2	311,928,007	111,849,654
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services	38,848	–
Total Level 3	38,848	–
Total Investments	$792,161,989	$148,824,247

 

* 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.

18

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Notes to Financial Statements - (Continued)

April 30, 2024 (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)Fair Value Measurements - (Continued)

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the six months ended April 30, 2024. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at April 30, 2024 was $1,640 for Davis Global Fund. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) are included in the related amounts on investments in the Statements of Operations.

 

	Beginning Balance at November 1, 2023	Cost of Purchases	Proceeds from Sales	Net Change in Unrealized Appreciation (Depreciation)	Net Realized Gain (Loss)	Transfers into Level 3	Transfers out of Level 3	Ending Balance at April 30, 2024
Davis Global Fund
Investments in Securities:
Common Stock	$37,208	$–	$–	$1,640	$–	$–	$–	$38,848
Total Level 3	$37,208	$–	$–	$1,640	$–	$–	$–	$38,848

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 April 30, 2024	Valuation Technique	Unobservable Input	Amount	Impact to Valuation from an Increase in Input
Davis Global Fund
Investments in Securities:
Common Stock	$38,848	Discounted Cash Flow	Annualized Yield	6.408%	Decrease
Total Level 3	$38,848

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.

Repurchase Agreements - Repurchase agreements are transactions under which a Fund purchases a security from a dealer counterparty and agrees to resell the security to that counterparty on a specified future date at the same price, plus a specified interest rate. The Fund’s repurchase agreements are secured by U.S. government or agency securities. It is the Fund’s policy that its regular custodian or third party custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

Currency Translation - The market values of all assets and liabilities denominated in foreign currencies are recorded in the financial statements after translation to United States Dollar (“USD”) on the date of valuation using exchange rates determined as of the close of trading on the Exchange. The cost basis of such assets and liabilities is determined based upon historical exchange rates. Income and expenses are translated at average exchange rates in effect as accrued or incurred.

Foreign Currency - The Funds may enter into forward purchases or sales of foreign currencies to hedge certain foreign currency denominated assets and liabilities against declines in market value relative to USD. Forward currency contracts are marked-to-market daily and the change in market value is recorded by the Funds as an unrealized gain or loss. When the forward currency contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the forward currency contract at the time it was opened and value at the time it was closed. Investments in forward currency contracts may expose the Funds to risks resulting from unanticipated movements in foreign currency exchange rates or failure of the counter-party to the agreement to perform in accordance with the terms of the contract. During the six months ended April 30, 2024, there were no forward currency contracts entered into by the Funds.

19

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Notes to Financial Statements - (Continued)

April 30, 2024 (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)Foreign Currency - (Continued)

Reported net realized foreign exchange gains or losses arise from the sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books, and the USD equivalent of the amounts actually received or paid. The Funds include foreign currency gains and losses realized on the sales of investments together with market gains and losses on such investments in the Statements of Operations. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities resulting from changes in the exchange rate and are included within net unrealized appreciation or depreciation in the Statements of Operations.

Federal Income Taxes - It is each Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies, and to distribute substantially all of its taxable income, including any net realized gains on investments not offset by loss carryovers, to shareholders. Therefore, no provision for federal income or excise tax is required. The Adviser analyzed the Funds’ tax positions taken on federal and state income tax returns for all open tax years and concluded that as of April 30, 2024, no provision for income tax is required in the Funds’ financial statements related to these tax positions. The Funds’ federal and state (Arizona) income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state Department of Revenue. The earliest tax year that remains subject to examination by these jurisdictions is 2020.

Capital losses will be carried forward to future years if not offset by gains. At October 31, 2023, the Funds had available for federal income tax purposes unused capital loss carryforwards with no expiration as follows:

 

	Capital Loss Carryforwards
	Davis Global Fund	Davis International Fund
Character
Short-term	$31,251,275	$40,022,284
Long-term	617,582	30,846,404
Total	$31,868,857	$70,868,688

Additionally, based on the Funds’ understanding of the tax rules and rates related to income, gains, and transactions for the foreign jurisdictions in which they invest, the Funds will provide for foreign taxes, and where appropriate, deferred foreign taxes.

At April 30, 2024, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

 

	Davis Global Fund	Davis International Fund
Cost	$630,544,491	$135,999,386
Unrealized appreciation	228,090,715	31,347,919
Unrealized depreciation	(66,473,217 )	(18,523,058 )
Net unrealized appreciation	$161,617,498	$12,824,861

Securities Transactions and Related Investment Income - Securities transactions are accounted for on the trade date (date the order to buy or sell is executed) with realized gain or loss on the sale of securities being determined based upon identified cost. Dividend income is recorded on the ex-dividend date. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned.

Dividends and Distributions to Shareholders - Dividends and distributions to shareholders are recorded on the ex-dividend date. Net investment income (loss), net realized gains (losses), and net unrealized appreciation (depreciation) on investments [collectively “Distributable earnings (losses)”] may differ for financial statement and tax purposes primarily due to permanent and temporary differences which may include wash sales, foreign currency transactions, net operating losses,  corporate actions, partnership income, and passive foreign investment company shares. The character of dividends and distributions made during the fiscal year from net investment income and net realized securities gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividends and distributions, the fiscal year in which amounts are

20

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Notes to Financial Statements - (Continued)

April 30, 2024 (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)Dividends and Distributions to Shareholders - (Continued)

distributed may differ from the fiscal year in which income or realized gain was recorded by the Funds. The Funds adjust certain components of capital to reflect permanent differences between financial statement amounts and net income and realized gains/losses determined in accordance with income tax rules.

Indemnification - Under the Funds’ organizational documents, their officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, some of the Funds’ contracts with their service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

Use of Estimates in Financial Statements - In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.

Directors Fees and Expenses - The Funds set up a Rabbi Trust to provide for the deferred compensation plan for Independent Directors that enables them to elect to defer receipt of all or a portion of annual fees they are entitled to receive. The value of an eligible Director's account is based upon years of service and fees paid to each Director during the years of service. The amount paid to the Director by the Trust under the plan will be determined based upon the performance of the Davis Funds in which the amounts are invested.

NOTE 2 - PURCHASES AND SALES OF SECURITIES

The cost of purchases and proceeds from sales of investment securities (excluding short-term investments) during the six months ended April 30, 2024 were as follows:

 

	Davis Global Fund	Davis International Fund
Cost of purchases	$126,160,294	$13,139,562
Proceeds from sales	172,098,012	33,718,500

NOTE 3 - FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES)

Davis Selected Advisers-NY, Inc. (“DSA-NY”), a wholly-owned subsidiary of the Adviser, acts as sub-adviser to the Funds. DSA-NY performs research and portfolio management services for the Funds under a Sub-Advisory Agreement with the Adviser. The Funds pay no fees directly to DSA-NY.

All officers of the Funds (including Interested Directors) hold positions as executive officers with the Adviser or its affiliates.

As of April 30, 2024, related shareholders held greater than 20% of outstanding shares of the following Funds:

 

Davis International

Fund

62%

Investment activities of this shareholder could have a material impact on the Fund.

Investment Advisory Fees - Advisory fees are paid monthly to the Adviser. The annual rate for each Fund is 0.55% of the average net assets.

21

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Notes to Financial Statements - (Continued)

April 30, 2024 (Unaudited)

NOTE 3 - FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES) – (CONTINUED)

Transfer Agent and Accounting Fees - SS&C Global Investor & Distribution Solutions, Inc. is the Funds’ primary transfer agent. State Street Bank and Trust Company (“State Street Bank”) is the Funds’ primary accounting provider. Fees for accounting services are included in the custodian fees as State Street Bank also serves as the Funds’ custodian. The Adviser is also paid for certain transfer agent and accounting services.

 

	Six months ended April 30, 2024 (Unaudited)
	Davis Global Fund	Davis International Fund
Transfer agent fees paid to Adviser	$19,911	$6,697
Accounting fees paid to Adviser	22,002	4,998

Reimbursement and Waivers of Expenses - The Adviser is contractually committed to waive fees and/or reimburse the Funds’ expenses to the extent necessary to cap total annual fund operating expenses (Class A shares, 1.05%; Class C shares, 1.80%; and Class Y shares, 0.80%). The Adviser is obligated to continue the expense cap through March 1, 2025. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. Effective February 1, 2024, the Adviser is voluntarily waiving 0.025% of the average net assets (2.5 basis points) of Davis Global Fund Advisory fees and 0.05% of the average net assets (5 basis points) of Davis International Fund Advisory fees for a 12-month period and will temporarily waive fees and/or reimburse Davis International Fund’s expenses to the extent necessary to cap total annual fund operating expenses (Class A shares, 1.00%; Class C shares 1.75%; and Class Y shares, 0.75%) until January 31, 2025. For purposes of these expense caps, operating expenses do not include foreign tax reclaim filing expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Funds. Reimbursement and waivers of expenses during the six months ended April 30, 2024 were as follows:

 

	Davis Global Fund	Davis International Fund
Class A	$10,854	$8,153
Class C	2,487	3,435
Class Y	34,302	15,144

Distribution and Service Plan Fees - The Funds have adopted separate Distribution Plans (“12b-1 Plans”) for Class A and Class C shares. Under the 12b-1 Plans, the Funds reimburse Davis Distributors, LLC (“Distributor”), the Funds’ Underwriter, for amounts paid to dealers as a service fee or commissions with respect to Class A shares sold by dealers, which remain outstanding during the period. The service fee is paid at an annual rate up to 0.25% of the average net assets maintained by the responsible dealers. Each of the Funds pays the Distributor a 12b-1 fee on Class C shares at an annual rate equal to the lesser of 1.25% of the average daily net asset value of Class C shares or the maximum amount provided by applicable rule or regulation of the Financial Industry Regulatory Authority, Inc., which currently is 1.00%. The Funds pay the 12b-1 fee on Class C shares in order: (i) to pay the Distributor distribution fees or commissions on Class C shares which have been sold and (ii) to enable the Distributor to pay service fees on Class C shares which have been sold.

 

	Six months ended April 30, 2024 (Unaudited)
	Davis Global Fund	Davis International Fund
Distribution fees:
Class C	$146,809	$16,718
Service fees:
Class A	191,556	16,685
Class C	48,937	5,573

Sales Charges - Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Funds. They are deducted from the proceeds from sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable.

22

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Notes to Financial Statements - (Continued)

April 30, 2024 (Unaudited)

NOTE 3 - FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES) – (CONTINUED)Sales Charges - (Continued)

Class A shares of the Funds are sold at net asset value plus a sales charge and are redeemed at net asset value. On purchases of $1 million or more, the sales charge will not be applied; however a CDSC of 0.50% may be imposed upon redemption if those shares are redeemed within the first year of purchase.

Class C shares of the Funds are sold and redeemed at net asset value. A CDSC of 1.00% is imposed upon redemption of certain Class C shares within the first year of the original purchase.

The Distributor received commissions earned on sales of Class A shares of the Funds of which a portion was retained by the Distributor and the remaining was re-allowed to investment dealers. Commission advances by the Distributor on the sales of Class C shares of the Funds are re-allowed to qualified selling dealers.

 

	Six months ended April 30, 2024 (Unaudited)
	Davis Global Fund	Davis International Fund
Class A commissions retained by the Distributor	$1,703	$182
Class A commissions re-allowed to investment dealers	9,688	1,045
Total commissions earned on sales of Class A	$11,391	$1,227
Class C commission advances by the Distributor	$2,507	$657
Class C CDSCs received by the Distributor	43	–

NOTE 4 - CAPITAL STOCK

At April 30, 2024, there were 3.5 billion shares of capital stock ($0.05 par value per share) authorized for Davis New York Venture Fund, Inc., of which 275 million shares are designated to Davis Global Fund and 250 million shares are designated to Davis International Fund. Transactions in capital stock were as follows:

 

		Six months ended April 30, 2024 (Unaudited)
		Sold	Reinvestment of Distributions	Redeemed*	Net Decrease
Davis Global Fund
Shares:	Class A	310,741	67,003	(597,010 )	(219,266 )
	Class C	11,300	6,190	(506,699 )	(489,209 )
	Class Y	1,033,737	274,376	(2,083,692 )	(775,579 )
Value:	Class A	$7,806,169	$1,589,308	$(14,904,364 )	$(5,508,887 )
	Class C	253,423	133,465	(11,557,464 )	(11,170,576 )
	Class Y	26,128,198	6,541,116	(52,677,236 )	(20,007,922 )
Davis International Fund
Shares:	Class A	26,392	24,423	(235,763 )	(184,948 )
	Class C	7,642	3,921	(51,782 )	(40,219 )
	Class Y	127,623	239,121	(1,773,383 )	(1,406,639 )
Value:	Class A	$285,038	$252,533	$(2,512,251 )	$(1,974,680 )
	Class C	77,205	37,408	(514,359 )	(399,746 )
	Class Y	1,361,863	2,439,028	(18,722,463 )	(14,921,572 )

 

* Davis Global Fund: net of redemption fees amounting to $59, $1, and $453, for Class A, Class C, and Class Y, respectively.

23

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Notes to Financial Statements - (Continued)

April 30, 2024 (Unaudited)

NOTE 4 - CAPITAL STOCK – (CONTINUED)

 

		Year ended October 31, 2023
		Sold	Reinvestment of Distributions	Redeemed*	Net Decrease
Davis Global Fund
Shares:	Class A	956,703	–	(1,492,569 )	(535,866 )
	Class C	90,919	–	(1,079,679 )	(988,760 )
	Class Y	2,038,996	29,276	(6,247,734 )	(4,179,462 )
Value:	Class A	$21,861,470	$–	$(33,813,726 )	$(11,952,256 )
	Class C	1,825,599	–	(22,444,015 )	(20,618,416 )
	Class Y	47,023,574	639,396	(142,364,802 )	(94,701,832 )
Davis International Fund
Shares:	Class A	310,705	–	(614,361 )	(303,656 )
	Class C	98,304	–	(139,395 )	(41,091 )
	Class Y	1,462,667	26,790	(3,409,260 )	(1,919,803 )
Value:	Class A	$3,520,551	$–	$(6,426,366 )	$(2,905,815 )
	Class C	941,813	–	(1,383,433 )	(441,620 )
	Class Y	15,935,212	280,491	(36,418,089 )	(20,202,386 )

 

* Davis Global Fund: net of redemption fees amounting to $103, $40, and $3,429, for Class A, Class C, and Class Y, respectively.
Davis International Fund: net of redemption fees amounting to $100 and $2,025 for Class A and Class Y, respectively.

NOTE 5 - SECURITIES LOANED

The Funds have entered into a securities lending arrangement with State Street Bank. Under the terms of the agreement, the Funds receive fee income from lending transactions; in exchange for such fees, State Street Bank is authorized to loan securities on behalf of the Funds, against receipt of collateral at least equal to the value of the securities loaned. As of April 30, 2024, the Funds did not have any securities on loan. The Funds bear the risk of any deficiency in the amount of the collateral available for return to a borrower due to a loss in an approved investment.

NOTE 6 - RESTRICTED SECURITIES

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 Pricing Committee. The aggregate value of restricted securities in Davis Global Fund amounted to $38,848 or 0.01% of the Fund’s net assets as of April 30, 2024. Information regarding restricted securities is as follows:

 

Fund	Security	Initial Acquisition Date	Units	Cost per Unit	Valuation per Unit as of April 30, 2024
Davis Global Fund	ASAC II L.P.	10/10/13	35,352	$1.0000	$1.0989

24

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

The following financial information represents selected data for each share of capital stock outstanding throughout each period:

 

		Income (Loss) from Investment Operations
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)a	Net Realized and Unrealized Gains (Losses)	Total from Investment Operations
Davis Global Fund Class A:
Six months ended April 30, 2024e	$22.55	$0.16	$4.75	$4.91
Year ended October 31, 2023	$18.67	$0.25	$3.63	$3.88
Year ended October 31, 2022	$30.16	$0.17	$(8.68)	$(8.51)
Year ended October 31, 2021	$26.13	$0.04	$4.07	$4.11
Year ended October 31, 2020	$23.09	$(0.02)	$3.52	$3.50
Year ended October 31, 2019	$22.56	$0.05	$2.24	$2.29
Davis Global Fund Class C:
Six months ended April 30, 2024e	$20.35	$0.04	$4.30	$4.34
Year ended October 31, 2023	$16.98	$0.06	$3.31	$3.37
Year ended October 31, 2022	$27.64	$(0.01)	$(7.92)	$(7.93)
Year ended October 31, 2021	$24.16	$(0.19)	$3.75	$3.56
Year ended October 31, 2020	$21.36	$(0.18)	$3.26	$3.08
Year ended October 31, 2019	$21.10	$(0.11)	$2.08	$1.97
Davis Global Fund Class Y:
Six months ended April 30, 2024e	$22.71	$0.19	$4.78	$4.97
Year ended October 31, 2023	$18.78	$0.30	$3.66	$3.96
Year ended October 31, 2022	$30.33	$0.23	$(8.73)	$(8.50)
Year ended October 31, 2021	$26.25	$0.11	$4.07	$4.18
Year ended October 31, 2020	$23.19	$0.04	$3.55	$3.59
Year ended October 31, 2019	$22.67	$0.10	$2.25	$2.35
Davis International Fund Class A:
Six months ended April 30, 2024e	$9.97	$0.09	$1.81	$1.90
Year ended October 31, 2023	$8.39	$0.15	$1.43	$1.58
Year ended October 31, 2022	$12.64	$0.12	$(4.21)	$(4.09)
Year ended October 31, 2021	$13.78	$0.06	$(1.20)	$(1.14)
Year ended October 31, 2020	$11.82	$(0.03)	$2.40	$2.37
Year ended October 31, 2019	$11.28	$0.05	$0.75	$0.80
Davis International Fund Class C:
Six months ended April 30, 2024e	$9.14	$0.04	$1.67	$1.71
Year ended October 31, 2023	$7.75	$0.07	$1.32	$1.39
Year ended October 31, 2022	$11.65	$0.04	$(3.89)	$(3.85)
Year ended October 31, 2021	$12.80	$(0.05)	$(1.10)	$(1.15)
Year ended October 31, 2020	$10.99	$(0.13)	$2.24	$2.11
Year ended October 31, 2019	$10.52	$(0.03)	$0.69	$0.66
Davis International Fund Class Y:
Six months ended April 30, 2024e	$9.87	$0.10	$1.80	$1.90
Year ended October 31, 2023	$8.30	$0.19	$1.40	$1.59
Year ended October 31, 2022	$12.51	$0.15	$(4.16)	$(4.01)
Year ended October 31, 2021	$13.61	$0.10	$(1.19)	$(1.09)
Year ended October 31, 2020	$11.68	$–g	$2.37	$2.37
Year ended October 31, 2019	$11.16	$0.09	$0.73	$0.82

 

a	Per share calculations were based on average shares outstanding for the period.
b	Assumes hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one year.
c	The ratios in this column reflect the impact, if any, of certain reimbursements and/or waivers from the Adviser.
d	The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation.

25

Financial Highlights

 

Dividends and Distributions							Ratios to Average Net Assets
Dividends from Net Investment Income	Distributions from Realized Gains	Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Returnb	Net Assets, End of Period (in thousands)	Gross Expense Ratio	Net Expense Ratioc	Net Investment Income (Loss) Ratio	Portfolio Turnoverd
$(0.27)	$–	$–	$(0.27)	$27.19	21.94%	$182,418	0.94%f	0.93%f	1.24%f	17%
$–	$–	$–	$–	$22.55	20.78%	$156,274	0.95%	0.95%	1.07%	16%
$(0.26)	$(2.72)	$–	$(2.98)	$18.67	(31.04)%	$139,361	0.96%	0.96%	0.73%	19%
$–	$(0.08)	$–	$(0.08)	$30.16	15.75%	$232,565	0.92%	0.92%	0.11%	35%
$(0.46)	$–	$–	$(0.46)	$26.13	15.38%	$201,247	0.92%	0.92%	(0.06)%	24%
$(0.05)	$(1.71)	$–	$(1.76)	$23.09	11.35%	$194,163	0.98%	0.98%	0.19%	15%
$(0.07)	$–	$–	$(0.07)	$24.62	21.38%	$36,419	1.75%f	1.74%f	0.43%f	17%
$–	$–	$–	$–	$20.35	19.85%	$40,048	1.75%	1.75%	0.27%	16%
$(0.01)	$(2.72)	$–	$(2.73)	$16.98	(31.56)%	$50,203	1.74%	1.74%	(0.05)%	19%
$–	$(0.08)	$–	$(0.08)	$27.64	14.75%	$101,611	1.70%	1.70%	(0.67)%	35%
$(0.28)	$–	$–	$(0.28)	$24.16	14.53%	$102,878	1.70%	1.70%	(0.84)%	24%
$–	$(1.71)	$–	$(1.71)	$21.36	10.51%	$120,247	1.72%	1.72%	(0.55)%	15%
$(0.33)	$–	$–	$(0.33)	$27.35	22.08%	$572,555	0.70%f	0.68%f	1.49%f	17%
$(0.03)	$–	$–	$(0.03)	$22.71	21.08%	$493,149	0.71%	0.71%	1.31%	16%
$(0.33)	$(2.72)	$–	$(3.05)	$18.78	(30.87)%	$486,207	0.72%	0.72%	0.97%	19%
$(0.02)	$(0.08)	$–	$(0.10)	$30.33	15.95%	$934,670	0.69%	0.69%	0.34%	35%
$(0.53)	$–	$–	$(0.53)	$26.25	15.70%	$787,191	0.69%	0.69%	0.17%	24%
$(0.12)	$(1.71)	$–	$(1.83)	$23.19	11.61%	$693,446	0.71%	0.71%	0.46%	15%
$(0.17)	$–	$–	$(0.17)	$11.70	19.26%	$17,471	1.12%f	1.03%f	1.64%f	9%
$–	$–	$–	$–	$9.97	18.83%	$16,730	1.09%	1.05%	1.43%	11%
$(0.16)	$–	$–	$(0.16)	$8.39	(32.72)%	$16,632	1.13%	1.05%	1.13%	5%
$–	$–	$–	$–	$12.64	(8.27)%	$44,687	1.00%	1.00%	0.40%	16%
$(0.37)	$(0.04)	$–g	$(0.41)	$13.78	20.62%	$38,308	0.98%	0.98%	(0.25)%	20%
$(0.07)	$(0.19)	$–	$(0.26)	$11.82	7.29%	$32,321	0.99%	0.99%	0.48%	14%
$(0.08)	$–	$–	$(0.08)	$10.77	18.82%	$4,634	1.93%f	1.78%f	0.89%f	9%
$–	$–	$–	$–	$9.14	17.94%	$4,300	1.89%	1.80%	0.68%	11%
$(0.05)	$–	$–	$(0.05)	$7.75	(33.19)%	$3,966	1.94%	1.80%	0.38%	5%
$–	$–	$–	$–	$11.65	(8.98)%	$8,412	1.79%	1.79%	(0.39)%	16%
$(0.26)	$(0.04)	$–g	$(0.30)	$12.80	19.58%	$9,892	1.80%	1.80%	(1.07)%	20%
$–	$(0.19)	$–	$(0.19)	$10.99	6.44%	$10,215	1.81%	1.81%	(0.34)%	14%
$(0.20)	$–	$–	$(0.20)	$11.57	19.52%	$127,431	0.75%f	0.72%f	1.95%f	9%
$(0.02)	$–	$–	$(0.02)	$9.87	19.14%	$122,656	0.74%	0.74%	1.74%	11%
$(0.20)	$–	$–	$(0.20)	$8.30	(32.52)%	$119,058	0.80%	0.80%	1.38%	5%
$(0.01)	$–	$–	$(0.01)	$12.51	(8.02)%	$308,356	0.72%	0.72%	0.68%	16%
$(0.40)	$(0.04)	$–g	$(0.44)	$13.61	20.90%	$345,572	0.70%	0.70%	0.03%	20%
$(0.11)	$(0.19)	$–	$(0.30)	$11.68	7.61%	$277,119	0.71%	0.71%	0.76%	14%

 

e	Unaudited.
f	Annualized.
g	Less than $0.005 per share.

See Notes to Financial Statements

26

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

DirectorApproval of Advisory Agreements(Unaudited)

Process of Annual Review

The Board of Directors of the Davis Funds oversees the management of each Davis Fund and, as required by law, determines annually whether to approve the continuance of each Davis Fund’s advisory agreement with Davis Selected Advisers, L.P. and sub-advisory agreement with Davis Selected Advisers-NY, Inc. (jointly “Davis Advisors” and “Advisory Agreements”).

With the assistance of counsel to the Independent Directors, the Independent Directors undertook a comprehensive review process in anticipation of their annual contract review meeting, held in March 2024. As part of this process, Davis Advisors provided the Independent Directors with material (including recent investment performance data) that was responsive to questions submitted to Davis Advisors by the Independent Directors. At this meeting, the Independent Directors reviewed and evaluated all information which they deemed reasonably necessary under the circumstances and were provided guidance by their independent counsel. In reaching their decision, the Independent Directors also took into account information furnished to them throughout the year and otherwise provided to them during their quarterly meetings or through other prior communications. The Independent Directors concluded that they had been supplied with sufficient information and data to analyze the Advisory Agreements and that their questions had been sufficiently answered by Davis Advisors. Upon completion of this review, the Independent Directors found that the terms of the Advisory Agreements were fair and reasonable and that continuation of the Advisory Agreements is in the best interests of Davis Global Fund and Davis International Fund (each individually a “Fund” or collectively the “Funds”) and their shareholders.

Reasons the Independent Directors Approved Continuation of the Advisory Agreements

The Independent Directors’ determinations were based upon a comprehensive consideration of all information provided to them, and they did not identify any single item or piece of information as the controlling factor. Each Independent Director did not necessarily attribute the same weight to each factor. The following considerations and conclusions were important, but not exclusive, to the Independent Directors’ recommendation to renew the Advisory Agreements.

The Independent Directors considered the investment performance of each Fund on an absolute basis as well as relative to its benchmark and other comparable funds. The Independent Directors not only considered the investment performance of each Fund, but also the full range and quality of services provided by Davis Advisors to each Fund and its shareholders, including whether:

1.

A Fund achieves satisfactory investment results over the long-term, after all costs;

2.

Davis Advisors efficiently and effectively handles shareholder transactions, inquiries, requests, and records;

3.

Davis Advisors provides quality accounting, legal, and compliance services, and oversees third-party service providers; and

4.

Davis Advisors fosters healthy investor behavior.

Davis Advisors is reimbursed a portion of its costs in providing some, but not all, of these services.

A shareholder’s ultimate return is the product of a fund’s results, as well as the shareholder’s behavior, specifically in selecting when to invest or redeem. The Independent Directors concluded that, through its actions and communications, Davis Advisors has attempted to have a meaningful, positive impact on investor behavior.

Davis Advisors takes its role as stewards of capital seriously and maintains a strong alignment of interests with its clients. In aggregate, Davis Advisors and its employees as well as the Davis family (collectively referred to herein as “Davis”) have made significant investments in Davis Funds and similarly managed accounts and strategies. The Independent Directors considered that these investments tend to align Davis with its clients, as Davis takes the same risks and reaps the same rewards as its clients and is motivated to achieve satisfactory long-term returns.

The Independent Directors noted the importance of reviewing quantitative measures, but recognized that qualitative factors are also important in assessing whether Davis Funds’ shareholders are likely to be well served by the renewal of the Advisory Agreements. They noted both the value and shortcomings of purely quantitative measures, including the data provided by independent service providers, and concluded that, while such measures and data may be informative, the judgment of the Independent Directors must take many factors into consideration in representing the shareholders of the Davis Funds, including those listed below. In connection with reviewing comparative performance information, the Independent Directors generally give greater weight to longer-term measurements.

27

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Director Approval of Advisory Agreements

(Unaudited) - (Continued)

Reasons the Independent Directors Approved Continuation of the Advisory Agreements − (Continued)

The Independent Directors noted that Davis Advisors employs a disciplined, company-specific, research-driven, businesslike, long-term investment philosophy. The Independent Directors considered the quality of Davis Advisors’ investment process as well as the experience, capability, and integrity of its senior management and other personnel.

The Independent Directors recognized Davis Advisors’ (a) efforts to minimize transaction costs by generally having a long-term time horizon and low portfolio turnover; (b) focus on tax efficiency; (c) record of generally producing satisfactory results over longer-term periods; (d) efforts towards fostering healthy investor behavior by, among other things, providing informative and substantial educational material; and (e) efforts to promote shareholder interests by actively speaking out on corporate governance issues.

The Independent Directors assessed (a) comparative fee and expense information for other funds, as selected and analyzed by a nationally recognized independent service provider; (b) information regarding fees charged by Davis Advisors to other advisory clients, which includes other funds it advises, other funds which it sub-advises, private accounts, and managed money/wrap clients, as well as the differences in the services provided to such other clients; and (c) the fee schedule and breakpoints (if applicable) of each of the Funds, including an assessment of competitive fee schedules (and breakpoints, if applicable).

The Independent Directors reviewed the management fee schedule for each Fund, the profitability of each Fund to Davis Advisors, the extent to which economies of scale might be realized if the Funds' net assets increase, and whether the fee schedule should reflect those potential economies of scale at this time. The Independent Directors considered the nature, quality, and extent of the services being provided to each Fund and the costs incurred by Davis Advisors in providing such services. The Independent Directors considered various potential benefits that Davis Advisors may receive in connection with the services it provides under the Advisory Agreements with the Funds, including a review of portfolio brokerage practices. The Independent Directors noted that Davis Advisors does not use client commissions to pay for publications that are available to the general public or for research reports that are created by parties other than the broker-dealers providing trade execution, clearing and/or settlement services to the Funds.

The Independent Directors compared the fees paid to Davis Advisors by the Davis Funds with those paid by Davis Advisors’ advised and sub-advised clients, private account clients, and managed money/wrap clients. To the extent sub-advised, private account, or managed money/wrap fees were lower than fees paid by the Funds, the Independent Directors noted that the range of services provided to the Funds is more extensive, with greater risks associated with operating SEC registered, publicly traded mutual funds. Serving as the primary adviser for mutual funds is more work because of the complex overlay of regulatory, tax, and accounting issues, which are unique to mutual funds. In addition, the operational work required to service shareholders is more extensive because of the significantly greater number of shareholders, and managing trading is more complex because of more frequent fund flows. With respect to risk, not only has regulation become more complex and burdensome, but the scrutiny of regulators and shareholders has become more intense. The Independent Directors concluded that reasonable justifications existed for any differences between the fee rates for the Funds and Davis Advisors’ other lines of business. 

Davis Global Fund

The Independent Directors noted that Davis Global Fund Class A shares underperformed its benchmark, the Morgan Stanley Capital International All Country World Index (the “MSCI ACWI”), over the one-, three-, five-, ten-year, and since-inception (December 22, 2004) time periods, all periods ended February 29, 2024.

Broadridge, an independent service provider, presented a report to the Independent Directors that compared the Fund to all retail and institutional global multi-cap value funds (the “Performance Universe Average”), as well as the relevant Lipper Index. The report indicated that the Fund’s Class Y shares outperformed both the Performance Universe Average and Lipper Index over the one- and ten-year time periods, underperformed both over the two-, three-, and four-year time periods, and outperformed the Lipper Index but underperformed the Performance Universe Average over the five-year time period, all periods ended December 31, 2023.

The Independent Directors also reviewed the Fund’s performance versus both the MSCI ACWI and the Lipper Global Multi-Cap Value category when measured over rolling five- and ten-year time frames. The Fund outperformed both the MSCI ACWI and the Lipper Global Multi-Cap Value category in 10 out of 16 rolling five-year time frames, ended December 31 for each year from 2008 through 2023. The Fund outperformed the MSCI ACWI in 8 out of 11 rolling ten-year time frames and outperformed the Lipper Global Multi-Cap Value category in 11 out of 11 rolling ten-year time frames, ended December 31 for each year from 2013 through 2023.

28

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Director Approval of Advisory Agreements

(Unaudited) - (Continued)

Davis Global Fund − (Continued)

The Independent Directors considered Davis Global Fund’s Class Y shares management fee and total expense ratio. They observed that both were reasonable and well below the median of its expense universe, as determined by Broadridge. The Independent Directors also noted that the Adviser has capped expenses for Class A, Class C, and Class Y shares through March 1, 2025.

Davis International Fund

The Independent Directors noted that Davis International Fund Class A shares underperformed its benchmark, the Morgan Stanley Capital International All Country World Index ex US (the “MSCI ACWI ex US”), over the one-, three-, five-, ten-year, and since-inception (December 29, 2006) time periods, all periods ended February 29, 2024.

Broadridge, an independent service provider, presented a report to the Independent Directors that compared the Fund to all retail and institutional international multi-cap core funds (the “Performance Universe Average”), as well as the relevant Lipper Index. The report indicated that the Fund’s Class Y shares underperformed both the Performance Universe Average and Lipper Index over the one-, two-, three-, four-, five-, and ten-year time periods, all periods ended December 31, 2023.

The Independent Directors also reviewed the Fund’s performance versus both the MSCI ACWI ex US and the Lipper International Multi-Cap Core category when measured over rolling five- and ten-year time frames. The Fund outperformed the MSCI ACWI ex US in 8 out of 14 rolling five-year time frames and outperformed the Lipper International Multi-Cap Core category in 5 out of 14 rolling five-year time frames, ended December 31 for each year from 2010 through 2023. The Fund outperformed the MSCI ACWI ex US in 4 out of 9 rolling ten-year time frames and underperformed the Lipper International Multi-Cap Core category in all but one rolling ten-year time frame, ended December 31 for each year from 2015 through 2023.

The Independent Directors considered Davis International Fund’s Class Y shares management fee and total expense ratio. They observed that both were reasonable and well below the median of its expense universe, as determined by Broadridge. The Independent Directors also noted that the Adviser has capped expenses for Class A, Class C, and Class Y shares through March 1, 2025.

Approval of Advisory Agreements

The Independent Directors concluded that Davis Advisors had provided Davis Global Fund and Davis International Fund and their shareholders a reasonable level of both investment and non-investment services. The Independent Directors further concluded that shareholders have received a significant benefit from Davis Advisors’ shareholder-oriented approach, as well as the execution of its investment discipline.

The Independent Directors determined that the advisory fees for Davis Global Fund and Davis International Fund were reasonable in light of the nature, quality, and extent of the services being provided to the Funds, the costs incurred by Davis Advisors in providing such services, and in comparison to the range of the average advisory fees of their peer groups, as determined by an independent service provider. The Independent Directors found that the terms of the Advisory Agreements are fair and reasonable and that continuation of the Advisory Agreements is in the best interests of each Fund and its shareholders. The Independent Directors and the full Board of Directors therefore voted to continue the Advisory Agreements.

29

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Privacy Notice and Householding

Privacy Notice

While you generally will be dealing with a broker-dealer or other financial adviser, we may collect information about you from your account application and other forms that you may deliver to us. We use this information to process your requests and transactions; for example, to provide you with additional information about our Funds, to open an account for you, or to process a transaction. In order to service your account and execute your transactions, we may provide your personal information to firms that assist us in servicing your account, such as our transfer agent. We may also provide your name and address to one of our agents for the purpose of mailing to you your account statement and other information about our products and services. We may also gather information through the use of “cookies” when you visit our website. These files help us to recognize repeat visitors and allow easy access to and use of the website. We require these outside firms and agents to protect the confidentiality of your information and to use the information only for the purpose for which the disclosure is made. We do not provide customer names and addresses to outside firms, organizations, or individuals except in furtherance of our business relationship with you or as otherwise allowed by law.

We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

Householding

The Funds may, on occasion, mail notices, reports, prospectuses, or proxy material to shareholders. To avoid sending duplicate copies of materials to households, the Funds will mail only one copy of these items to shareholders having the same last name and address on the Funds’ records. The consolidation of these mailings, called householding, benefits the Funds through reduced mailing expense. If you have a direct account with the Funds and you do not want the mailing of these documents to be combined with those to other members of your household, please contact Davis Funds by phone at 1-800-279-0279. Your instructions will become effective within 30 days of your notice to the Funds.

30

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Tailored Shareholder Report

Beginning in July 2024, as required by regulations adopted by the SEC, the Funds will be producing a Tailored Shareholder Report, which, together with Form N-CSR, will replace the current Annual and Semi-Annual reports that investors receive today. The Tailored Shareholder Report is intended to make the content more concise and easier for investors to understand. These new reports will include class-specific information, such as simplified expense presentation, fund performance details including returns, graphical representation of holdings, and material changes from the prior year to help investors monitor their fund by share class.

There is no action needed on your part:

•

If you currently elect to receive shareholder reports electronically, you will receive the new Tailored Shareholder Report in this way.

•

If you currently receive printed reports or postcard notices via mail, the new Tailored Shareholder Report will be mailed to you.

Detailed information (such as complete financial statements) will not be included in the Tailored Shareholder Report but will be available online, and if requested, delivered via email or in paper free of charge. This detailed information will be filed on a semi-annual basis on Form N-CSR. Please contact your financial intermediary to inform them if you wish to receive paper or email copies of the more detailed information and whether this will apply to all funds held with your financial intermediary.

31

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Directors and Officers

For the purpose of their service as Directors and Officers to the Davis Funds, the business address for each of the Directors and Officers is: 2949 E. Elvira Road, Suite 101, Tucson, AZ 85756. Subject to exceptions and exemptions which may be granted by the Independent Directors, Directors must retire from the Board of Directors and cease being a Director at the close of business on the last day of the calendar year in which the Director attains age seventy-eight (78).

 

Name, Date of Birth, Position(s) Held with Funds, Length of Service	Principal Occupation(s) During Past Five Years	Number of Portfolios Overseen	Other Directorships
Independent Directors
John S. Gates Jr. (08/02/53) Director since 2007	Executive Chairman, TradeLane Properties LLC (industrial real estate company); Chairman and Chief Executive Officer of PortaeCo LLC (private investment company).	13	Director, Miami Corp. (diversified investment company).
Thomas S. Gayner (12/16/61) Director since 2004 Chairman since 2009	Chief Executive Officer and Director, Markel Group Inc. (diversified financial holding company).	13	Director, Graham Holdings Company (educational and media company); Director, Cable ONE Inc. (cable service provider); Director, The Coca-Cola Company (beverage company).
Samuel H. Iapalucci (07/19/52) Director since 2006	Retired; Executive Vice President and Chief Financial Officer, CH2M HILL Companies, Ltd. (engineering) until 2008.	13	None
Robert P. Morgenthau (03/22/57) Director since 2002	Principal, Cannell & Spears, LLC (investment management firm) since 2011; Chairman, NorthRoad Capital Management, LLC (investment management firm) 2002-2011.	13	None
Lara N. Vaughan (04/20/69) Director since 2021	Chief Executive Officer and Chief Financial Officer of Parchman, Vaughan & Company, L.L.C. (investment bank).	13	None
Marsha C. Williams (03/28/51) Director since 1999	Retired; Senior Vice President and Chief Financial Officer, Orbitz Worldwide, Inc. (travel-service provider) 2007-2010.	13	Chairperson, Modine Manufacturing Company (heat transfer technology); Director, Fifth Third Bancorp (diversified financial services); Director, Crown Holdings, Inc. (manufacturing company).
Interested Directors*
Andrew A. Davis (06/25/63) Director since 1997	President or Vice President of each Davis Fund, Selected Fund, and Clipper Fund; President, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.	16	Director, Selected Funds (consisting of two portfolios) since 1998; Trustee, Clipper Funds Trust (consisting of one portfolio) since 2014.
Christopher C. Davis (07/13/65) Director since 1997	President or Vice President of each Davis Fund, Selected Fund, Clipper Fund, and Davis ETF; Chairman, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser, including sole member of the Adviser’s general partner, Davis Investments, LLC.	16	Director, Selected Funds (consisting of two portfolios) since 1998; Trustee, Clipper Funds Trust (consisting of one portfolio) since 2014; Lead Independent Director, Graham Holdings Company (educational and media company); Director, The Coca-Cola Company (beverage company); Director, Berkshire Hathaway Inc. (financial services).

* Andrew A. Davis and Christopher C. Davis own partnership units (directly, indirectly, or both) of the Adviser and are considered to be “interested persons” of the Funds as defined in the Investment Company Act of 1940. Andrew A. Davis and Christopher C. Davis are brothers.

Officers

Lisa J. Cohen (born 04/25/89, Davis Funds officer since 2021). Vice President and Secretary of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of four portfolios); Vice President, Chief Legal Officer, and Secretary, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser. Prior to assuming these positions, Ms. Cohen worked for Honeywell International, Inc. (01/2020-06/2021) and as an attorney at Davis Selected Advisers, L.P. (12/2015-01/2020).

Andrew A. Davis (born 06/25/63, Davis Funds officer since 1997). See description in the section on Interested Directors.

Christopher C. Davis (born 07/13/65, Davis Funds officer since 1997). See description in the section on Interested Directors.

Kenneth C. Eich (born 08/14/53, Davis Funds officer since 1997). Executive Vice President and Principal Executive Officer of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), and Clipper Funds Trust (consisting of one portfolio); Trustee/Chairman, Executive Vice President, and Principal Executive Officer of Davis Fundamental ETF Trust (consisting of four portfolios); Chief Operating Officer, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

Douglas A. Haines (born 03/04/71, Davis Funds officer since 2004). Vice President, Treasurer, Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of four portfolios); Vice President and Director of Fund Accounting, Davis Selected Advisers, L.P.

Michaela McLoughry (born 03/21/81, Davis Funds officer since 2023). Vice President and Chief Compliance Officer of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of four portfolios); Vice President and Chief Compliance Officer, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser. Prior to assuming these positions, Ms. McLoughry spent approximately 18 years in the Fund Accounting department at Davis Selected Advisers, L.P.

32

DAVIS GLOBAL FUNDDAVIS INTERNATIONAL FUND

Investment Adviser
Davis Selected Advisers, L.P. (Doing business as “Davis Advisors”)
2949 East Elvira Road, Suite 101
Tucson, Arizona 85756
(800) 279-0279

Distributor
Davis Distributors, LLC
2949 East Elvira Road, Suite 101
Tucson, Arizona 85756

Transfer Agent
SS&C Global Investor & Distribution Solutions, Inc.
c/o The Davis Funds
P.O. Box 219197
Kansas City, Missouri 64121-9197

Overnight Address:
430 West 7th Street, Suite 219197
Kansas City, Missouri 64105-1407

Custodian
State Street Bank and Trust Co.
One Congress Street, Suite 1
Boston, Massachusetts 02114

Legal Counsel
Greenberg Traurig, LLP
1144 15th Street, Suite 3300
Denver, Colorado 80202

Independent Registered Public Accounting Firm
KPMG LLP
4200 Wells Fargo Center
90 South 7th Street
Minneapolis, MN 55402

For more information about Davis Global Fund and Davis International Fund, including management fee, charges, and expenses, see the current prospectus, which must precede or accompany this report. The Funds' Statement of Additional Information contains additional information about the Funds' Directors and is available without charge, upon request, by calling 1-800-279-0279 and on the Funds' website at www.davisfunds.com. Quarterly Fact Sheets are available on the Funds' website at www.davisfunds.com.

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DGFDIF_SAR_2024

ITEM 2. CODE OF ETHICS

Not Applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not Applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not Applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6. SCHEDULE OF INVESTMENTS

(a)	Not Applicable. The complete Schedule of Investments is included in Item 1 of this for N-CSR.
(b)	Not Applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not Applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not Applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS

Not Applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no changes to the procedure by which shareholders may recommend nominees to the registrant’s Board of Directors.

ITEM 11. CONTROLS AND PROCUDURES

(a)	The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), that such controls and procedures are effective as of a date within 90 days of the filing date of this report.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not Applicable.

ITEM 13. EXHIBITS

(a)(1)	Not Applicable
(a)(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DAVIS NEW YORK VENTURE FUND, INC.

By	/s/ Kenneth C. Eich
	Kenneth C. Eich
	Principal Executive Officer

Date: June 26, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Kenneth C. Eich
	Kenneth C. Eich
	Principal Executive Officer

Date: June 26, 2024

By	/s/ Douglas A. Haines
	Douglas A. Haines
	Principal Financial Officer and Principal Accounting Officer

Date: June 26, 2024