----

----

----

| DAVIS NEW YORK VENTURE FUND | Table of Contents |
|-----------------------------|-------------------|
| Shareholder Letter                                | 2      |
|---------------------------------------------------|--------|
|                                              |   |
| Management’s Discussion of Fund Performance | 3      |
|                                              |   |
| Fund Overview                                     | 5      |
|                                              |   |
| Expense Example                                   | 6      |
|                                              |   |
| Schedule of Investments                           | 7      |
|                                              |   |
| Statement of Assets and Liabilities               | 10     |
|                                              |   |
| Statement of Operations                           | 11     |
|                                              |   |
| Statements of Changes in Net Assets               | 12     |
|                                              |   |
| Notes to Financial Statements                     | 13     |
|                                              |   |
| Financial Highlights                              | 21     |
|                                              |   |
| Privacy Notice and Householding                   | 23     |
|                                              |   |
| Directors and Officers                            | 24     |

----

| DAVIS NEW YORK VENTURE FUND | Shareholder Letter |
|-----------------------------|--------------------|

|                                   |                   |
|-----------------------------------|-------------------|
| Christopher C. Davis              | Danton G. Goei    |
| President & Portfolio Manager | Portfolio Manager |
|                              |              |
|                              |              |
| March 4, 2022                     |              |

----

| DAVIS NEW YORK VENTURE FUND | Management’s Discussion of Fund Performance |
|-----------------------------|---------------------------------------------------|

----

| 1 | The companies included in the Standard & Poor’s 500® 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 | This Management 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. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| DAVIS NEW YORK VENTURE FUND | Management’s Discussion of Fund Performance – (Continued) |
|-----------------------------|-----------------------------------------------------------------------|

|  Fund & Benchmark Index     | 1-Year | 5-Year | 10-Year | SinceInception | InceptionDate | Gross ExpenseRatio | Net ExpenseRatio |
|--------------------------------------|--------|--------|---------|----------------|---------------|--------------------|------------------|
|  Class A - without sales charge | 11.15% | 11.30% | 11.98%  | 11.64%         | 02/17/69      | 0.90%              | 0.90%            |
|  Class A - with sales charge*   | 5.87%  | 10.23% | 11.45%  | 11.55%         | 02/17/69      | 0.90%              | 0.90%            |
|  Class B†, **             | 6.71%  | 10.06% | 11.24%  | 10.08%         | 12/01/94      | 1.99%              | 1.75%            |
|  Class C††, **      | 9.39%  | 10.42% | 11.29%  | 9.99%          | 12/20/94      | 1.71%              | 1.71%            |
|  Class R                        | 10.85% | 10.98% | 11.66%  | 8.52%          | 08/20/03      | 1.17%              | 1.17%            |
|  Class Y                        | 11.42% | 11.58% | 12.26%  | 9.25%          | 10/02/96      | 0.65%              | 0.65%            |
|  S&P 500® Index***     | 23.29% | 16.77% | 15.41%  | 10.59%         |          |               |             |
|  Class A Shares     | 1-Year | 5-Year | 10-Year |
|--------------------------|--------|--------|---------|
|  With sales charge* | 7.16%  | 10.68% | 11.99%  |

----

| DAVIS NEW YORK VENTURE FUND | Fund Overview                |
|-----------------------------|------------------------------|
|                        | January 31, 2022 (Unaudited) |
| Portfolio Composition                   |    | Industry Weightings            |
|-----------------------------------------|---------|--------------------------------|
| (% of Fund’s 01/31/22 Net Assets) |    | (% of 01/31/22 Stock Holdings) |
|                                    |    |                           |   |   |   |
|                                    |    |                           |   | Fund |   | S&P 500® |
| Common Stock (U.S.)                     | 76.39%  |                           | Banks | 25.59% |   | 4.24% |
| Common Stock (Foreign)                  | 21.23%  |                           | Diversified Financials | 20.77% |   | 5.09% |
| Short-Term Investments                  | 1.51%   |                           | Information Technology | 13.20% |   | 28.66% |
| Preferred Stock (Foreign)               | 0.77%   |                           | Media & Entertainment | 11.28% |   | 8.79% |
| Other Assets & Liabilities          | 0.10%   |                           | Retailing | 10.42% |   | 6.48% |
|                                    | 100.00% |                           | Health Care | 7.56% |   | 13.06% |
|                                    |    |                           | Insurance | 6.97% |   | 1.94% |
|                                    |    |                           | Materials | 1.90% |   | 2.52% |
|                                    |    |                           | Transportation | 1.25% |   | 1.75% |
|                                    |    |                           | Food, Beverage & Tobacco | 0.96% |   | 3.10% |
|                                    |    |                           | Capital Goods | 0.08% |   | 5.26% |
|                                    |    |                           | Other | 0.02% |   | 8.01% |
|                                    |    |                           | Energy | – |   | 3.35% |
|                                    |    |                           | Real Estate | – |   | 2.67% |
|                                    |    |                           | Utilities | – |   | 2.55% |
|                                    |    |                           | Automobiles & Components | – |   | 2.53% |
|                                    |    |                           |   | 100.00% |   | 100.00% |
|                             |                                         |   |
|----------------------------------|----------------------------------------------|--------|
| Wells Fargo & Co.            | Banks                                        | 9.65%  |
| Capital One Financial Corp.      | Consumer Finance                             | 7.78%  |
| Berkshire Hathaway Inc., Class A | Diversified Financial Services               | 7.23%  |
| Alphabet Inc.*                   | Media & Entertainment                    | 5.77%  |
| Applied Materials, Inc.          | Semiconductors & Semiconductor Equipment | 5.59%  |
| U.S. Bancorp                     | Banks                                        | 5.10%  |
| DBS Group Holdings Ltd.          | Banks                                        | 4.17%  |
| Intel Corp.                      | Semiconductors & Semiconductor Equipment | 4.16%  |
| Bank of New York Mellon Corp.    | Capital Markets                              | 3.77%  |
| Meta Platforms, Inc., Class A    | Media & Entertainment                    | 3.51%  |

----

| DAVIS NEW YORK VENTURE FUND | Expense Example (Unaudited) |
|-----------------------------|-----------------------------|
|                                       | Beginning     |   | Ending        |   | Expenses Paid       |
|--------------------------------------------|---------------|--------|---------------|--------|---------------------|
|                                       | Account Value |   | Account Value |   | During Period*      |
|                                       | (08/01/21)    |   | (01/31/22)    |   | (08/01/21-01/31/22) |
| Class A (annualized expense ratio 0.90%**) |          |   |          |   |                |
| Actual                                     | $1,000.00     |   | $977.31       |   | $4.49               |
| Hypothetical                               | $1,000.00     |   | $1,020.67     |   | $4.58               |
| Class B (annualized expense ratio 1.75%**) |          |   |          |   |                |
| Actual                                     | $1,000.00     |   | $973.10       |   | $8.70               |
| Hypothetical                               | $1,000.00     |   | $1,016.38     |   | $8.89               |
| Class C (annualized expense ratio 1.71%**) |          |   |          |   |                |
| Actual                                     | $1,000.00     |   | $973.36       |   | $8.51               |
| Hypothetical                               | $1,000.00     |   | $1,016.59     |   | $8.69               |
| Class R (annualized expense ratio 1.17%**) |          |   |          |   |                |
| Actual                                     | $1,000.00     |   | $975.88       |   | $5.83               |
| Hypothetical                               | $1,000.00     |   | $1,019.31     |   | $5.96               |
| Class Y (annualized expense ratio 0.65%**) |          |   |          |   |                |
| Actual                                     | $1,000.00     |   | $978.43       |   | $3.24               |
| Hypothetical                               | $1,000.00     |   | $1,021.93     |   | $3.31               |
| 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 184/365 (to reflect the one-half year period). |
|                                                                                                                                                                                          |
| **The expense ratios reflect the impact, if any, of certain reimbursements from the Adviser.                                                                                                  |

----

| DAVIS NEW YORK VENTURE FUND | Schedule of Investments      |
|-----------------------------|------------------------------|
|                        | January 31, 2022 (Unaudited) |

|                          | Shares/Units                     |                                       | Value                    (Note 1) |
|-------------------------------|------------------------------------------------------|--------------------------------------------|-----------------------------------|
| COMMON STOCK – (97.62%) |
|                          | COMMUNICATION SERVICES – (11.10%)              |
|                          |                                                 | Media & Entertainment – (11.10%) |
|                          |                                                 |                                       | Alphabet Inc., Class A  *    |   |   | 101,407 |   | $ | 274,414,440 |
|                          | Alphabet Inc., Class C  *                       |                                       |                              | 67,842 |   |   | 184,121,153 |
|                          | ASAC II L.P.  *(a)(b)                           |                                       |                              | 4,156,451 |   |   | 4,223,370 |
|                          | IAC/InterActiveCorp  *                          |                                       |                              | 860,980 |   |   | 117,558,209 |
|                          | Liberty TripAdvisor Holdings, Inc., Series A  * |                                       |                              | 183,606 |   |   | 413,114 |
|                          | Meta Platforms, Inc., Class A  *                |                                       |                              | 890,907 |   |   | 279,085,527 |
|                          | Vimeo, Inc.  *                                  |                                       |                              | 1,457,935 |   |   | 21,358,748 |
|                          |                                                 |                                       | Total Communication Services      |   |   | 881,174,561 |
|                          | CONSUMER DISCRETIONARY – (9.48%)               |
|                          | Retailing – (9.48%)                            |
|                          | Alibaba Group Holding Ltd., ADR  (China)*       |                                       |                              | 989,700 |   |   | 124,494,363 |
|                          | Amazon.com, Inc.  *                             |                                       |                              | 79,471 |   |   | 237,735,113 |
|                          | Coupang, Inc., Class A  (South Korea)*          |                                       |                              | 3,346,187 |   |   | 69,667,613 |
|                          | JD.com, Inc., Class A, ADR  (China)*            |                                       |                              | 2,175,169 |   |   | 162,876,655 |
|                          | Naspers Ltd. - N  (South Africa)                |                                       |                              | 81,939 |   |   | 13,245,283 |
|                          | Prosus N.V., Class N  (Netherlands)             |                                       |                              | 1,508,681 |   |   | 125,516,015 |
|                          | Vroom, Inc.  *                                  |                                       |                              | 2,393,952 |   |   | 19,199,495 |
|                          | Total Consumer Discretionary                         |                                       |                              | 752,734,537 |
|                          | CONSUMER STAPLES – (0.96%)                     |
|                          | Food & Staples Retailing – (0.02%)         |
|                          | Missfresh Ltd., Class B, ADS  (China)*          |                                       |                              | 580,960 |   |   | 1,690,593 |
|                          | Food, Beverage & Tobacco – (0.94%)         |
|                          | Darling Ingredients Inc.  *                     |                                       |                              | 1,174,379 |   |   | 74,890,149 |
|                          | Total Consumer Staples                               |                                       |                              | 76,580,742 |
|                          | FINANCIALS – (52.47%)                          |
|                          | Banks – (25.18%)                               |
|                          | Danske Bank A/S  (Denmark)                      |                                       |                              | 7,584,377 |   |   | 147,222,117 |
|                          | DBS Group Holdings Ltd.  (Singapore)            |                                       |                              | 12,604,195 |   |   | 331,072,723 |
|                          | DNB Bank ASA  (Norway)                          |                                       |                              | 4,773,280 |   |   | 113,604,983 |
|                          | JPMorgan Chase & Co.                             |                                       |                              | 1,588,564 |   |   | 236,060,610 |
|                          | U.S. Bancorp                                         |                                       |                              | 6,957,910 |   |   | 404,880,783 |
|                          | Wells Fargo & Co.                                |                                       |                              | 14,248,402 |   |   | 766,564,028 |
|                          |                                                 |                                       | 1,999,405,244                     |
|                          | Diversified Financials – (20.44%)              |
|                          | Capital Markets – (3.77%)                      |
|                          | Bank of New York Mellon Corp.                        |                                       |                              | 5,047,697 |   |   | 299,126,524 |
|                          | Consumer Finance – (9.44%)                     |
|                          | American Express Co.                                 |                                       |                              | 734,861 |   |   | 132,142,705 |
|                          | Capital One Financial Corp.                          |                                       |                              | 4,210,783 |   |   | 617,848,190 |
|                          |                                                 | 749,990,895                                |
|                          | Diversified Financial Services – (7.23%)       |
|                          | Berkshire Hathaway Inc., Class A  *             |                                       |                              | 1,222 |   |   | 574,101,710 |
|                          |                                                 |                                       | 1,623,219,129                     |
|                          | Insurance – (6.85%)                            |
|                          | Life & Health Insurance – (4.31%)          |
|                          | AIA Group Ltd.  (Hong Kong)                     |                                       |                              | 13,723,390 |   |   | 143,269,586 |

----

| DAVIS NEW YORK VENTURE FUND | Schedule of Investments - (Continued) |
|-----------------------------|---------------------------------------|
|                        | January 31, 2022 (Unaudited)          |
|                             | Shares                                                                 |                                                           | Value                    (Note 1) |
|----------------------------------|--------------------------------------------------------------------------------------------|----------------------------------------------------------------|-----------------------------------|
| COMMON STOCK – (CONTINUED) |
|                             | FINANCIALS – (CONTINUED)                                                             |
|                             |                                                                                       | Insurance – (Continued)                                  |
|                             |                                                                                       | Life & Health Insurance – (Continued)                |
|                             |                                                                                       | Ping An Insurance (Group) Co. of China, Ltd. - H  (China) |                              |   | 25,140,800 |   | $ | 199,512,856 |
|                             |                                                                                       | 342,782,442                                                    |
|                             | Property & Casualty Insurance – (2.54%)                                          |
|                             | Chubb Ltd.                                                                                 |                                                           |                              | 657,700 |   |   | 129,751,056 |
|                             | Loews Corp.                                                                                |                                                           |                              | 579,249 |   |   | 34,557,995 |
|                             | Markel Corp.  *                                                                       |                                                           |                              | 30,216 |   |   | 37,248,472 |
|                             |                                                                                       | 201,557,523                                                    |
|                             |                                                                                       |                                                           | 544,339,965                       |
|                             |                                                                                       |                                                           |                              | Total Financials |   |   | 4,166,964,338 |
|                             | HEALTH CARE – (7.43%)                                                                |
|                             | Health Care Equipment & Services – (4.43%)                                       |
|                             | Cigna Corp.                                                                                |                                                           |                              | 1,204,769 |   |   | 277,651,064 |
|                             | Quest Diagnostics Inc.                                                                     |                                                           |                              | 551,460 |   |   | 74,458,129 |
|                             |                                                                                       |                                                           | 352,109,193                       |
|                             | Pharmaceuticals, Biotechnology & Life Sciences – (3.00%)                         |
|                             | Viatris Inc.                                                                               |                                                           |                              | 15,914,700 |   |   | 238,243,059 |
|                             | Total Health Care                                                                          |                                                           |                              | 590,352,252 |
|                             | INDUSTRIALS – (1.32%)                                                                |
|                             | Capital Goods – (0.08%)                                                              |
|                             | Orascom Construction PLC  (United Arab Emirates)                                      |                                                           |                              | 1,456,501 |   |   | 6,420,018 |
|                             | Commercial & Professional Services – (0.01%)                                     |
|                             | China Index Holdings Ltd., Class A, ADR  (China)*                                     |                                                           |                              | 480,539 |   |   | 509,371 |
|                             | Transportation – (1.23%)                                                             |
|                             | DiDi Global Inc., Class A, ADS  (China)*                                              |                                                           |                              | 27,111,738 |   |   | 97,873,374 |
|                             | Total Industrials                                                                          |                                                           |                              | 104,802,763 |
|                             | INFORMATION TECHNOLOGY – (12.99%)                                                    |
|                             | Semiconductors & Semiconductor Equipment – (12.99%)                              |
|                             | Applied Materials, Inc.                                                                    |                                                           |                              | 3,214,840 |   |   | 444,226,591 |
|                             | Intel Corp.                                                                                |                                                           |                              | 6,762,900 |   |   | 330,164,778 |
|                             | Texas Instruments Inc.                                                                     |                                                           |                              | 1,431,840 |   |   | 257,000,962 |
|                             | Total Information Technology                                                               |                                                           |                              | 1,031,392,331 |
|                             | MATERIALS – (1.87%)                                                                  |
|                             | OCI N.V.  (Netherlands)*                                                              |                                                           |                              | 2,555,564 |   |   | 69,940,402 |
|                             | Teck Resources Ltd., Class B  (Canada)                                                |                                                           |                              | 2,547,802 |   |   | 78,650,648 |
|                             | Total Materials                                                                            |                                                           |                              | 148,591,050 |
|                             |       TOTAL COMMON STOCK – (Identified cost $4,353,407,073) |                                                           |                              |  7,752,592,574 |

----

| DAVIS NEW YORK VENTURE FUND | Schedule of Investments - (Continued) |
|-----------------------------|---------------------------------------|
|                        | January 31, 2022 (Unaudited)          |
|                                   | Shares/Principal                                                                                                                                                                                                                                            |                                                                                                                              | Value                    (Note 1)                          |
|----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|
| PREFERRED STOCK – (0.77%)        |
|                                   | CONSUMER DISCRETIONARY – (0.77%)                                                                                                                                                                                                                                          |
|                                   |                                                                                                                                                                                                                                                                            |  Retailing – (0.77%)                                                                                                   |                                                       |
|                                   |                                                                                                                                                                                                                                                                            |                                                                                                                              | Chengxin Technology, Inc., Series A-1  (China)*(a)(b) |   |   | 7,035,470 |   | $ | 52,766,025 |
|                                   | Full Trillion Development Ltd., Class A  (China)*(a)(b)                                                                                                                                                                                                                    |                                                                                                                              |                                                       | 1,114,530 |   |   | 8,358,975 |
|                                   |                                                                                                                                                                                                                                                                            |                                                                                                                              |                                                       | Total Consumer Discretionary |   |   | 61,125,000 |
|                                   |       TOTAL PREFERRED STOCK – (Identified cost $81,500,000)                                                                                                                                                                                      |                                                                                                                              |                                                       |  61,125,000 |
| SHORT-TERM INVESTMENTS – (1.51%) |
|                                   | StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 02/01/22,dated 01/31/22, repurchase value of $64,534,090 (collateralized by: U.S.Government agency mortgages and obligations in a pooled cashaccount, 0.00%-8.50%, 04/01/22-05/15/61, total market value$65,824,680)   |                                                                                                                              | $                                                          | 64,534,000 |   |   | 64,534,000 |
|                                   | Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 02/01/22,dated 01/31/22, repurchase value of $55,264,077 (collateralized by: U.S.Government agency mortgages and obligation in a pooled cash account,0.00%-3.00%, 02/25/22-01/01/52, total market value $56,369,280) |                                                                                                                              |                                                       | 55,264,000 |   |   | 55,264,000 |
|                                   |       TOTAL SHORT-TERM INVESTMENTS – (Identified cost $119,798,000)                                                                                                                                                                              |                                                                                                                              |                                                       |  119,798,000 |
|                                   |       Total Investments – (99.90%) – (Identified cost $4,554,705,073)                                                                                                                                                                      |                                                                                                                              |                                                       | 7,933,515,574 |
|                                   |      Other Assets Less Liabilities – (0.10%)                                                                                                                                                                                                          |                                                                                                                              |                                                       | 7,666,508 |
|                                   |                          Net Assets – (100.00%)                                                                                                                       |                                                                                                                              | $                                                          | 7,941,182,082 |
|                                   |
|                                   | 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. |
|                                   |
| See Notes to Financial Statements      |

----

| DAVIS NEW YORK VENTURE FUND | Statement of Assets and Liabilities |
|-----------------------------|-------------------------------------|
|                        | At January 31, 2022 (Unaudited)     |
| ASSETS:                                                                                          |                            |               |          |          |          |
|--------------------------------------------------------------------------------------------------|---------------------------------|--------------------|---------------|---------------|---------------|
| Investments in securities, at value* (see accompanying Schedule of Investments)                  |                            | $                  | 7,933,515,574 |
| Cash                                                                                             |                            |               | 948           |
| Receivables:                                                                                     |                            |               |          |
|                                                                                             |                            | Capital stock sold |          |          | 7,118,042     |
|                                                                                             | Dividends and interest          |               |          | 5,558,331     |
|                                                                                             | Investment securities sold      |               |          | 22,670,693    |
| Prepaid expenses                                                                                 |                            |               | 229,880       |
| Due from Adviser                                                                                 |                            |               | 2,561         |
|                                                                                             |                            | Total assets       |          |          | 7,969,096,029 |
| LIABILITIES:                                                                                     |                            |               |          |
| Payables:                                                                                        |                            |               |          |
|                                                                                             | Capital stock redeemed          |               |          | 16,194,227    |
|                                                                                             | Investment securities purchased |               |          | 4,596,584     |
| Accrued distribution and service plan fees                                                       |                            |               | 1,222,774     |
| Accrued investment advisory fees                                                                 |                            |               | 3,757,327     |
| Other accrued expenses                                                                           |                            |               | 2,143,035     |
|                                                                                             | Total liabilities               |               |          | 27,913,947    |
| NET ASSETS                                                                                       |                            | $                  | 7,941,182,082 |
| NET ASSETS CONSIST OF:                                                                           |                            |               |          |
| Par value of shares of capital stock                                                             |                            | $                  | 13,664,905    |
| Additional paid-in capital                                                                       |                            |               | 4,376,712,955 |
| Distributable earnings                                                                           |                            |               | 3,550,804,222 |
|                                                                                             | Net Assets                      |               | $             | 7,941,182,082 |
| *Including:                                                                                      |                            |               |          |
|                                                                                             | Cost of investments             |               | $             | 4,554,705,073 |
| CLASS A SHARES:                                                                                  |                            |               |          |
| Net assets                                                                                       |                            | $                  | 5,453,044,767 |
| Shares outstanding                                                                               |                            |               | 188,759,670   |
| Net asset value and redemption price per share (Net assets ÷ Shares outstanding)            |                            | $                  | 28.89         |
| Maximum offering price per share (100/95.25 of $28.89)†                                    |                            | $                  | 30.33         |
| CLASS B SHARES:                                                                                  |                            |               |          |
| Net assets                                                                                       |                            | $                  | 8,392,608     |
| Shares outstanding                                                                               |                            |               | 368,371       |
| Net asset value and redemption price per share (Net assets ÷ Shares outstanding)            |                            | $                  | 22.78         |
| CLASS C SHARES:                                                                                  |                            |               |          |
| Net assets                                                                                       |                            | $                  | 152,979,253   |
| Shares outstanding                                                                               |                            |               | 6,351,605     |
| Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding) |                            | $                  | 24.09         |
|                                                                                             |                            |               |          |
| CLASS R SHARES:                                                                                  |                            |               |          |
| Net assets                                                                                       |                            | $                  | 71,496,588    |
| Shares outstanding                                                                               |                            |               | 2,470,039     |
| Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding) |                            | $                  | 28.95         |
| CLASS Y SHARES:                                                                                  |                            |               |          |
| Net assets                                                                                       |                            | $                  | 2,255,268,866 |
| Shares outstanding                                                                               |                            |               | 75,348,422    |
| Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding) |                            | $                  | 29.93         |
| †On purchases of $100,000 or more, the offering price is reduced. |
|-------------------------------------------------------------------------|
| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS NEW YORK VENTURE FUND | Statement of Operations                               |
|-----------------------------|-------------------------------------------------------|
|                        | For the six months ended January 31, 2022 (Unaudited) |
| INVESTMENT INCOME:                                                                   |                                                                             |                    |             |      |          |       |
|--------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|-------------------------|------------------|-----------|---------------|------------|
| Income:                                                                              |                                                                             |                    |             |
| Dividends*                                                                           |                                                                             | $                       | 60,867,199       |
| Interest                                                                             |                                                                             |                    | 54,496           |
| Net securities lending fees                                                          |                                                                             |                    | 294,130          |
|                                                                                 |                                                                             | Total income            |             |      |          | 61,215,825 |
| Expenses:                                                                            |                                                                             |                    |             |
| Investment advisory fees (Note 3)                                                    |                                                                             | $                       | 22,568,392       |      |          |       |
| Custodian fees                                                                       |                                                                             |                    | 1,382,258        |      |          |       |
| Transfer agent fees:                                                                 |                                                                             |                    |             |
|                                                                                 | Class A                                                                          |                    |             | 2,498,955 |          |       |   |
|                                                                                 | Class B                                                                          |                    |             | 21,791    |          |       |   |
|                                                                                 | Class C                                                                          |                    |             | 108,701   |          |       |   |
|                                                                                 | Class R                                                                          |                    |             | 33,901    |          |       |   |
|                                                                                 | Class Y                                                                          |                    |             | 848,089   |          |       |   |
| Audit fees                                                                           |                                                                             |                    | 54,872           |      |          |       |
| Legal fees                                                                           |                                                                             |                    | 18,302           |      |          |       |
| Accounting fees (Note 3)                                                             |                                                                             |                    | 172,002          |      |          |       |
| Reports to shareholders                                                              |                                                                             |                    | 184,997          |      |          |       |
| Directors’ fees and expenses                                                   |                                                                             |                    | 191,468          |      |          |       |
| Registration and filing fees                                                         |                                                                             |                    | 60,001           |      |          |       |
| Miscellaneous                                                                        |                                                                             |                    | 173,905          |      |          |       |
| Distribution and service plan fees (Note 3):                                         |                                                                             |                    |             |
|                                                                                 | Class A                                                                          |                    |             | 6,680,099 |          |       |   |
|                                                                                 | Class B                                                                          |                    |             | 50,483    |          |       |   |
|                                                                                 | Class C                                                                          |                    |             | 872,191   |          |       |   |
|                                                                                 | Class R                                                                          |                    |             | 191,191   |          |       |   |
| Total expenses                                                                       |                                                                             |                    |  36,111,598 |
| Reimbursement of expenses by Adviser (Note 3):                                       |                                                                             |                    |             |
|                                                                                 | Class B                                                                          |                    |             |      | (12,301)      |
|                                                                                 | Net expenses                                                                     |                    |             |      | 36,099,297    |
| Net investment income                                                                |                                                                             |                    | 25,116,528       |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGNCURRENCY TRANSACTIONS: |                                                                             |                    |             |      |          |       |
| Net realized gain (loss) from:                                                       |                                                                             |                    |             |
|                                                                                 |                                                                             | Investment transactions |             |      | 289,098,030   |
|                                                                                 | Foreign currency transactions                                                    |                    |             | (122,503) |
| Net realized gain                                                                    |                                                                             |                    | 288,975,527      |
| Net decrease in unrealized appreciation                                              |                                                                             |                    | (501,651,951)    |
|                                                                                 | Net realized and unrealized loss on investments and foreigncurrency transactions |                    |             |      | (212,676,424) |
| Net decrease in net assets resulting from operations                                 |                                                                             | $                       | (187,559,896)    |
| *Net of foreign taxes withheld of                                                    |                                                                             | $                       | 1,706,198        |
| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS NEW YORK VENTURE FUND | Statements of Changes in Net Assets |
|-----------------------------|-------------------------------------|
|                                                                                               |                                                            | Six months endedJanuary 31, 2022(Unaudited) |          | Year endedJuly 31, 2021 |
|----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|---------------------------------------------|---------------|-------------------------|
| OPERATIONS:                                                                                        |                                                            |                                        |          |                    |   |   |
| Net investment income                                                                              |                                                            | $                                           | 25,116,528    |                    | $ | 22,677,377 |
| Net realized gain from investments and foreign currency transactions                               |                                                            |                                        | 288,975,527   |                    |   | 1,795,905,217 |
| Net increase (decrease) in unrealized appreciation on investments and foreign currencytransactions |                                                            |                                        | (501,651,951) |                    |   | 994,551,293 |
|                                                                                               | Net increase (decrease) in net assets resulting from operations |                                        |          | (187,559,896)           |   |   | 2,813,133,887 |
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:                                                       |                                                            |                                        |          |                    |   |   |
|                                                                                               | Class A                                                         |                                        |          | (615,302,223)           |   |   | (795,737,791) |
|                                                                                               | Class B                                                         |                                        |          | (1,293,360)             |   |   | (1,933,848) |
|                                                                                               | Class C                                                         |                                        |          | (21,069,296)            |   |   | (30,340,597) |
|                                                                                               | Class R                                                         |                                        |          | (7,847,561)             |   |   | (10,684,203) |
|                                                                                               | Class Y                                                         |                                        |          | (251,713,203)           |   |   | (328,399,861) |
| CAPITAL SHARE TRANSACTIONS:                                                                        |                                                            |                                        |          |                    |   |   |
| Net increase (decrease) in net assets resulting from capital share transactions (Note 4):          |                                                            |                                        |          |                    |   |   |
|                                                                                               | Class A                                                         |                                        |          | 220,177,050             |   |   | (178,971,335) |
|                                                                                               | Class B                                                         |                                        |          | (1,225,026)             |   |   | (3,781,263) |
|                                                                                               | Class C                                                         |                                        |          | (7,047,269)             |   |   | (81,671,565) |
|                                                                                               | Class R                                                         |                                        |          | 1,553,643               |   |   | (15,104,139) |
|                                                                                               | Class Y                                                         |                                        |          | 51,551,403              |   |   | (12,616,258) |
|                                                                                               | Total increase (decrease) in net assets                         |                                        |          | (819,775,738)           |   |   | 1,353,893,027 |
| NET ASSETS:                                                                                        |                                                            |                                        |          |                    |   |   |
| Beginning of period                                                                                |                                                            |                                        | 8,760,957,820 |                    |   | 7,407,064,793 |
| End of period                                                                                      |                                                            | $                                           | 7,941,182,082 |                    | $ | 8,760,957,820 |
| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS NEW YORK VENTURE FUND | Notes to Financial Statements |
|-----------------------------|-------------------------------|
|                        | January 31, 2022 (Unaudited)  |

----

| DAVIS NEW YORK VENTURE FUND | Notes to Financial Statements – (Continued) |
|-----------------------------|---------------------------------------------------|
|                        | January 31, 2022 (Unaudited)                      |
| 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 ofinvestments)                   |
|                   | Investments in Securities at Value |
|------------------------|------------------------------------|
|                   | Valuation Inputs                   |
|                   |                               |   | Level 2: |   | Level 3: |   |   |
|                   |                               |   | Other Significant |   | Significant |   |   |
|                   | Level 1:                           |   | Observable |   | Unobservable |   |   |
|                   | Quoted Prices                      |   | Inputs* |   | Inputs |   | Total |
| Common Stock:          |                               |   |   |   |   |   |   |   |   |   |   |
| Communication Services | $                                  | 876,951,191 |   | $ | – |   | $ | 4,223,370 |   | $ | 881,174,561 |
| Consumer Discretionary |                               | 613,973,239 |   |   | 138,761,298 |   |   | – |   |   | 752,734,537 |
| Consumer Staples       |                               | 76,580,742 |   |   | – |   |   | – |   |   | 76,580,742 |
| Financials             |                               | 3,232,282,073 |   |   | 934,682,265 |   |   | – |   |   | 4,166,964,338 |
| Health Care            |                               | 590,352,252 |   |   | – |   |   | – |   |   | 590,352,252 |
| Industrials            |                               | 98,382,745 |   |   | 6,420,018 |   |   | – |   |   | 104,802,763 |
| Information Technology |                               | 1,031,392,331 |   |   | – |   |   | – |   |   | 1,031,392,331 |
| Materials              |                               | 78,650,648 |   |   | 69,940,402 |   |   | – |   |   | 148,591,050 |
| Preferred Stock:       |                               |   |   |   |   |   |   |   |   |   |   |
| Consumer Discretionary |                               | – |   |   | – |   |   | 61,125,000 |   |   | 61,125,000 |
| Short-Term Investments |                               | – |   |   | 119,798,000 |   |   | – |   |   | 119,798,000 |
| Total Investments      | $                                  | 6,598,565,221 |   | $ | 1,269,601,983 |   | $ | 65,348,370 |   | $ | 7,933,515,574 |

----

| DAVIS NEW YORK VENTURE FUND | Notes to Financial Statements – (Continued) |
|-----------------------------|---------------------------------------------------|
|                        | January 31, 2022 (Unaudited)                      |
|                       |   | BeginningBalance atAugust 1, 2021 |       | Cost ofPurchases |   | Net Change inUnrealizedAppreciation(Depreciation) |   | Net RealizedGain (Loss) |         | Proceedsfrom Sales |   | EndingBalance atJanuary 31, 2022 |
|----------------------------|--------|-----------------------------------|------------|------------------|--------|---------------------------------------------------|--------|-------------------------|--------------|--------------------|--------|----------------------------------|
| Investments in Securities: |   |                              |       |             |   |                                              |   |                    |         |               |   |                             |   |   |   |   |   |   |
| Common Stock               |   | $                                 | 4,248,724  |             | $      | –                                           |   | $                       | (25,354)     |               | $      | –                          |   | $ | – |   | $ | 4,223,370 |
| Preferred Stock            |   |                              | 81,500,000 |             |   | –                                           |   |                    | (20,375,000) |               |   | –                          |   |   | – |   |   | 61,125,000 |
| Total Level 3              |   | $                                 | 85,748,724 |             | $      | –                                           |   | $                       | (20,400,354) |               | $      | –                          |   | $ | – |   | $ | 65,348,370 |
|                       |   | Fair Value at    |       | Valuation |                 | Unobservable |                      |   |   | Impact toValuation from |
|----------------------------|--------|------------------|------------|-----------|----------------------|--------------|---------------------------|--------|--------|-------------------------|
|                       |   | January 31, 2022 |       | Technique |                 | Input(s)     |                      | Amount |   | an Increase in Input    |
| Investments in Securities: |   |             |       |      |                 |         |                      |   |   |                    |   |
| Common Stock               |   | $                | 4,223,370  |      | Discounted Cash Flow |         | Annualized Yield          |   | 1.726% |                    | Decrease |
|                       |   |             |       |      |                 |         |                      |   |   |                    |   |
| Preferred Stock            |   |             | 61,125,000 |      | Market Approach      |         | AdjustedTransaction Price |   | $7.50  |                    | Increase |
| Total Level 3              |   | $                | 65,348,370 |      |                 |         |                      |   |   |                    |   |

----

| DAVIS NEW YORK VENTURE FUND | Notes to Financial Statements – (Continued) |
|-----------------------------|---------------------------------------------------|
|                        | January 31, 2022 (Unaudited)                      |
| Cost                          |   | $      | 4,578,487,067 |
|-------------------------------|--------|--------|---------------|
|  Unrealized appreciation |   |   | 3,750,703,715 |
| Unrealized depreciation       |   |   | (395,675,208) |
| Net unrealized appreciation   |   | $      | 3,355,028,507 |

----

| DAVIS NEW YORK VENTURE FUND | Notes to Financial Statements – (Continued) |
|-----------------------------|---------------------------------------------------|
|                        | January 31, 2022 (Unaudited)                      |

----

| DAVIS NEW YORK VENTURE FUND | Notes to Financial Statements – (Continued) |
|-----------------------------|---------------------------------------------------|
|                        | January 31, 2022 (Unaudited)                      |
|              | Six months ended January 31, 2022 (Unaudited) |
|-------------------|-----------------------------------------------|
|              | Class A                                       |   | Class B |   | Class C |   | Class R |
| Distribution fees | $                                             | – |   | $ | 38,509 |   | $ | 654,143 |   | $ | 95,596 |
| Service fees      |                                          | 6,680,099 |   |   | 11,974 |   |   | 218,048 |   |   | 95,595 |
| Six months ended January 31, 2022 (Unaudited) |
|-----------------------------------------------|
| Class ACommissions                            |   | Commission advances by theDistributor on the sale of |   | CDSCs received by theDistributor from |
| Retained                                      |   | Re-allowed to |   |   |   |   |
| by Distributor                                |   | investment dealers |   | Class C |   | Class B |   | Class C |
| $                                             | 56,700 |   | $ | 312,850 |   | $ | 69,377 |   | $ | 4,893 |   | $ | 6,516 |

----

| DAVIS NEW YORK VENTURE FUND | Notes to Financial Statements – (Continued) |
|-----------------------------|---------------------------------------------------|
|                        | January 31, 2022 (Unaudited)                      |
|                                                                                                   | Six months ended January 31, 2022 (Unaudited) |
|--------------------------------------------------------------------------------------------------------|-----------------------------------------------|
|                                                                                                   |                                          | Sold |   |   | Reinvestment ofDistributions |   |   | Redeemed |   |   | Net Increase(Decrease) |
| Shares:     Class A                                                                |                                          | 3,088,999 |   |   | 19,923,001 |   |   | (14,510,337) |   |   | 8,501,663 |
| Class B                                                                                                |                                          | – |   |   | 54,149 |   |   | (100,367) |   |   | (46,218) |
| Class C                                                                                                |                                          | 329,420 |   |   | 854,360 |   |   | (1,386,149) |   |   | (202,369) |
| Class R                                                                                                |                                          | 66,224 |   |   | 269,319 |   |   | (259,937) |   |   | 75,606 |
| Class Y                                                                                                |                                          | 5,567,657 |   |   | 7,757,053 |   |   | (11,218,350) |   |   | 2,106,360 |
| Value:      Class A                                                           | $                                             | 97,564,683 |   | $ | 578,962,414 |   | $ | (456,350,047) |   | $ | 220,177,050 |
| Class B                                                                                                |                                          | – |   |   | 1,242,717 |   |   | (2,467,743) |   |   | (1,225,026) |
| Class C                                                                                                |                                          | 8,706,647 |   |   | 20,726,779 |   |   | (36,480,695) |   |   | (7,047,269) |
| Class R                                                                                                |                                          | 2,104,484 |   |   | 7,845,247 |   |   | (8,396,088) |   |   | 1,553,643 |
| Class Y                                                                                                |                                          | 180,387,328 |   |   | 233,487,319 |   |   | (362,323,244) |   |   | 51,551,403 |
|                                                                                                   |
|                                                                                                   | Year ended July 31, 2021                      |
|                                                                                                   |                                          | Sold |   |   | Reinvestment ofDistributions |   |   | Redeemed |   |   | Net Decrease |
| Shares:     Class A                                                                |                                          | 6,355,713 | ^ |   | 22,930,878 |   |   | (35,146,619) | * |   | (5,860,028) |
| Class B                                                                                                |                                          | – |   |   | 68,382 |   |   | (207,952) |   |   | (139,570) |
| Class C                                                                                                |                                          | 695,150 |   |   | 1,066,030 |   |   | (4,638,287) | ^ |   | (2,877,107) |
| Class R                                                                                                |                                          | 212,533 |   |   | 326,597 |   |   | (1,029,541) |   |   | (490,411) |
| Class Y                                                                                                |                                          | 9,134,713 | * |   | 8,981,694 |   |   | (18,904,833) |   |   | (788,426) |
| Value:      Class A                                                           | $                                             | 211,117,292 | ^ | $ | 747,976,109 |   | $ | (1,138,064,736) | * | $ | (178,971,335) |
| Class B                                                                                                |                                          | – |   |   | 1,832,508 |   |   | (5,613,771) |   |   | (3,781,263) |
| Class C                                                                                                |                                          | 20,027,869 |   |   | 29,872,425 |   |   | (131,571,859) | ^ |   | (81,671,565) |
| Class R                                                                                                |                                          | 7,089,812 |   |   | 10,681,215 |   |   | (32,875,166) |   |   | (15,104,139) |
| Class Y                                                                                                |                                          | 314,462,200 | * |   | 302,357,035 |   |   | (629,435,493) |   |   | (12,616,258) |
| ^ Includes Class C to Class A conversions as disclosed in Note 1 of the Notes to Financial Statements. |
| * Includes Class A to Class Y conversions authorized under certain eligibility requirements.           |

----

| DAVIS NEW YORK VENTURE FUND | Notes to Financial Statements – (Continued) |
|-----------------------------|---------------------------------------------------|
|                        | January 31, 2022 (Unaudited)                      |
| Security                                            |   | InitialAcquisitionDate |   |  Units/Shares |   | Cost perUnit/Share |   | Valuation perUnit/Share as ofJanuary 31, 2022 |
|-----------------------------------------------------|--------|------------------------|--------|--------------------|--------|--------------------|--------|-----------------------------------------------|
|  ASAC II L.P., Private Placement               |   | 10/10/13               |   | 4,156,451          |   | $                  | 1.00   |                                          | $ | 1.0161 |
|  Chengxin Technology, Inc., Series A-1, Pfd.   |   | 03/29/21               |   | 7,035,470          |   |               | 10.00  |                                          |   | 7.50 |
|  Full Trillion Development Ltd., Class A, Pfd. |   | 03/29/21               |   | 1,114,530          |   |               | 10.00  |                                          |   | 7.50 |

----

| DAVIS NEW YORK VENTURE 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 ofPeriod | Net InvestmentIncome (Loss)a             | Net Realized andUnrealized Gains(Losses) | Total fromInvestmentOperations |
| Davis New York Venture Fund Class A: |                                     |                                     |   |   |
| Six months ended January 31, 2022e   | $33.16                                   | $0.09                                    | $(0.82) | $(0.73) |
| Year ended July 31, 2021             | $27.04                                   | $0.07                                    | $10.68 | $10.75 |
| Year ended July 31, 2020             | $28.16                                   | $0.14                                    | $(0.29) | $(0.15) |
| Year ended July 31, 2019             | $32.59                                   | $0.20                                    | $(0.91) | $(0.71) |
| Year ended July 31, 2018             | $32.64                                   | $0.18                                    | $4.85 | $5.03 |
| Year ended July 31, 2017             | $29.88                                   | $0.14                                    | $5.68 | $5.82 |
| Davis New York Venture Fund Class B: |                                     |                                     |   |   |
| Six months ended January 31, 2022e   | $27.00                                   | $(0.04)                                  | $(0.67) | $(0.71) |
| Year ended July 31, 2021             | $22.69                                   | $(0.17)                                  | $8.93 | $8.76 |
| Year ended July 31, 2020             | $23.84                                   | $(0.09)                                  | $(0.25) | $(0.34) |
| Year ended July 31, 2019             | $28.30                                   | $(0.08)                                  | $(0.83) | $(0.91) |
| Year ended July 31, 2018             | $29.06                                   | $(0.14)                                  | $4.29 | $4.15 |
| Year ended July 31, 2017             | $26.96                                   | $(0.15)                                  | $5.09 | $4.94 |
| Davis New York Venture Fund Class C: |                                     |                                     |   |   |
| Six months ended January 31, 2022e   | $28.33                                   | $(0.04)                                  | $(0.69) | $(0.73) |
| Year ended July 31, 2021             | $23.64                                   | $(0.17)                                  | $9.31 | $9.14 |
| Year ended July 31, 2020             | $24.80                                   | $(0.06)                                  | $(0.26) | $(0.32) |
| Year ended July 31, 2019             | $29.27                                   | $(0.03)                                  | $(0.86) | $(0.89) |
| Year ended July 31, 2018             | $29.85                                   | $(0.08)                                  | $4.42 | $4.34 |
| Year ended July 31, 2017             | $27.60                                   | $(0.09)                                  | $5.22 | $5.13 |
| Davis New York Venture Fund Class R: |                                     |                                     |   |   |
| Six months ended January 31, 2022e   | $33.24                                   | $0.04                                    | $(0.82) | $(0.78) |
| Year ended July 31, 2021             | $27.10                                   | $(0.02)                                  | $10.70 | $10.68 |
| Year ended July 31, 2020             | $28.26                                   | $0.07                                    | $(0.30) | $(0.23) |
| Year ended July 31, 2019             | $32.71                                   | $0.12                                    | $(0.91) | $(0.79) |
| Year ended July 31, 2018             | $32.76                                   | $0.08                                    | $4.87 | $4.95 |
| Year ended July 31, 2017             | $29.98                                   | $0.05                                    | $5.71 | $5.76 |
| Davis New York Venture Fund Class Y: |                                     |                                     |   |   |
| Six months ended January 31, 2022e   | $34.23                                   | $0.13                                    | $(0.85) | $(0.72) |
| Year ended July 31, 2021             | $27.83                                   | $0.16                                    | $10.99 | $11.15 |
| Year ended July 31, 2020             | $28.93                                   | $0.22                                    | $(0.30) | $(0.08) |
| Year ended July 31, 2019             | $33.39                                   | $0.28                                    | $(0.93) | $(0.65) |
| Year ended July 31, 2018             | $33.32                                   | $0.27                                    | $4.97 | $5.24 |
| Year ended July 31, 2017             | $30.44                                   | $0.23                                    | $5.80 | $6.03 |
| 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.                                                                                                                                                                                                                                                                                                                                                                   |

----

| Financial Highlights |
|----------------------|
| Dividends and Distributions       |                           |             |               | Ratios to Average Net Assets |          |
|-----------------------------------|--------------------------------|------------------|--------------------|------------------------------|---------------|
| Dividendsfrom NetInvestmentIncome | DistributionsfromRealizedGains | Return ofCapital | TotalDistributions | Net AssetValue, Endof Period | Total Returnb | Net Assets,End of Period(in millions) | GrossExpenseRatio | Net ExpenseRatioc | NetInvestmentIncome(Loss) Ratio | PortfolioTurnoverd |
|                              |                           |             |               |                         |          |   |   |   |   |   |
| $(0.03)                           | $(3.51)                        | $–         | $(3.54)            | $28.89                       | (2.27)%       | $5,453 | 0.90%f | 0.90%f | 0.54%f | 10% |
| $(0.18)                           | $(4.45)                        | $–         | $(4.63)            | $33.16                       | 40.63%        | $5,977 | 0.89% | 0.89% | 0.22% | 17% |
| $(0.28)                           | $(0.69)                        | $–         | $(0.97)            | $27.04                       | (0.79)%       | $5,033 | 0.90% | 0.90% | 0.53% | 11% |
| $(0.19)                           | $(3.53)                        | $–         | $(3.72)            | $28.16                       | (0.95)%       | $5,965 | 0.89% | 0.89% | 0.70% | 17% |
| $(0.17)                           | $(4.91)                        | $–         | $(5.08)            | $32.59                       | 16.26%        | $7,308 | 0.88% | 0.88% | 0.53% | 25% |
| $(0.23)                           | $(2.83)                        | $–         | $(3.06)            | $32.64                       | 20.11%        | $6,296 | 0.89% | 0.89% | 0.46% | 12% |
|                              |                           |             |               |                         |          |   |   |   |   |   |
| $–                          | $(3.51)                        | $–         | $(3.51)            | $22.78                       | (2.69)%       | $8 | 1.99%f | 1.75%f | (0.31)%f | 10% |
| $–                          | $(4.45)                        | $–         | $(4.45)            | $27.00                       | 39.42%        | $11 | 1.96% | 1.75% | (0.64)% | 17% |
| $(0.12)                           | $(0.69)                        | $–         | $(0.81)            | $22.69                       | (1.69)%       | $13 | 1.99% | 1.80% | (0.37)% | 11% |
| $(0.02)                           | $(3.53)                        | $–         | $(3.55)            | $23.84                       | (1.90)%       | $18 | 1.92% | 1.92% | (0.33)% | 17% |
| $–                          | $(4.91)                        | $–         | $(4.91)            | $28.30                       | 15.17%        | $27 | 1.86% | 1.86% | (0.45)% | 25% |
| $(0.01)                           | $(2.83)                        | $–         | $(2.84)            | $29.06                       | 18.92%        | $35 | 1.87% | 1.87% | (0.52)% | 12% |
|                              |                           |             |               |                         |          |   |   |   |   |   |
| $–                          | $(3.51)                        | $–         | $(3.51)            | $24.09                       | (2.66)%       | $153 | 1.71%f | 1.71%f | (0.27)%f | 10% |
| $–                          | $(4.45)                        | $–         | $(4.45)            | $28.33                       | 39.49%        | $186 | 1.71% | 1.71% | (0.60)% | 17% |
| $(0.15)                           | $(0.69)                        | $–         | $(0.84)            | $23.64                       | (1.57)%       | $223 | 1.70% | 1.70% | (0.27)% | 11% |
| $(0.05)                           | $(3.53)                        | $–         | $(3.58)            | $24.80                       | (1.75)%       | $407 | 1.68% | 1.68% | (0.09)% | 17% |
| $(0.01)                           | $(4.91)                        | $–         | $(4.92)            | $29.27                       | 15.40%        | $636 | 1.65% | 1.65% | (0.24)% | 25% |
| $(0.05)                           | $(2.83)                        | $–         | $(2.88)            | $29.85                       | 19.18%        | $1,876 | 1.66% | 1.66% | (0.31)% | 12% |
|                              |                           |             |               |                         |          |   |   |   |   |   |
| $–                          | $(3.51)                        | $–         | $(3.51)            | $28.95                       | (2.41)%       | $71 | 1.17%f | 1.17%f | 0.27%f | 10% |
| $(0.09)                           | $(4.45)                        | $–         | $(4.54)            | $33.24                       | 40.20%        | $80 | 1.19% | 1.19% | (0.08)% | 17% |
| $(0.24)                           | $(0.69)                        | $–         | $(0.93)            | $27.10                       | (1.06)%       | $78 | 1.18% | 1.18% | 0.25% | 11% |
| $(0.13)                           | $(3.53)                        | $–         | $(3.66)            | $28.26                       | (1.24)%       | $113 | 1.18% | 1.18% | 0.41% | 17% |
| $(0.09)                           | $(4.91)                        | $–         | $(5.00)            | $32.71                       | 15.95%        | $162 | 1.17% | 1.17% | 0.24% | 25% |
| $(0.15)                           | $(2.83)                        | $–         | $(2.98)            | $32.76                       | 19.79%        | $184 | 1.18% | 1.18% | 0.17% | 12% |
|                              |                           |             |               |                         |          |   |   |   |   |   |
| $(0.07)                           | $(3.51)                        | $–         | $(3.58)            | $29.93                       | (2.16)%       | $2,255 | 0.65%f | 0.65%f | 0.79%f | 10% |
| $(0.30)                           | $(4.45)                        | $–         | $(4.75)            | $34.23                       | 40.98%        | $2,507 | 0.64% | 0.64% | 0.47% | 17% |
| $(0.33)                           | $(0.69)                        | $–         | $(1.02)            | $27.83                       | (0.55)%       | $2,061 | 0.65% | 0.65% | 0.78% | 11% |
| $(0.28)                           | $(3.53)                        | $–         | $(3.81)            | $28.93                       | (0.72)%       | $2,455 | 0.64% | 0.64% | 0.95% | 17% |
| $(0.26)                           | $(4.91)                        | $–         | $(5.17)            | $33.39                       | 16.59%        | $3,086 | 0.62% | 0.62% | 0.79% | 25% |
| $(0.32)                           | $(2.83)                        | $–         | $(3.15)            | $33.32                       | 20.46%        | $2,932 | 0.63% | 0.63% | 0.72% | 12% |

| 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. |
|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                              |
| e                                 | Unaudited.                                                                                                                                                                                                                                                                                                                      |
|                              |
| f                                 | Annualized.                                                                                                                                                                                                                                                                                                                     |
|                              |
| See Notes to Financial Statements |

----

| DAVIS NEW YORK VENTURE FUND | Privacy Notice and Householding |
|-----------------------------|---------------------------------|

----

| DAVIS NEW YORK VENTURE FUND | Directors and Officers |
|-----------------------------|------------------------|
| Name, Date of Birth,Position(s) Held withFund, Length of Service | Principal Occupation(s) During Past Five Years |      Number of     Portfolios     Overseen | Other Directorships |
|------------------------------------------------------------------|------------------------------------------------|--------------------------------------------------------------------------------------------------------|---------------------|
|                                                             |                                                                                                                                                             |     |                                                                                                                                                                                                           |
|------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| John S. Gates Jr.(08/02/53)Director since 2007                   | Executive Chairman, TradeLane Properties LLC(industrial real estate company).                                                                                    | 13  | Chairman and Chief Executive Officer, PortaeCo LLC(private investment company); Director, Miami Corp.(diversified investment company).                                                                         |
|                                                             |                                                                                                                                                             |     |                                                                                                                                                                                                           |
| Thomas S. Gayner(12/16/61)Director since 2004Chairman since 2009 | Co-Chief Executive Officer and Director, Markel Corp.(diversified financial holding company).                                                                    | 13       | Director, Graham Holdings Company (educationaland media company); Director, Colfax Corp.(engineering and manufacturer of pumps and fluidhandling equipment); Director, Cable ONE Inc. (cableservice provider). |
|                                                             |                                                                                                                                                             |     |                                                                                                                                                                                                           |
| Samuel H. Iapalucci(07/19/52)Director since 2006                 | Retired; Executive Vice President and Chief FinancialOfficer, CH2M HILL Companies, Ltd. (engineering)until 2008.                                                 | 13       | None                                                                                                                                                                                                           |
|                                                             |                                                                                                                                                             |     |                                                                                                                                                                                                           |
| Robert P. Morgenthau(03/22/57)Director since 2002                | Principal, Spears Abacus Advisors, LLC (investmentmanagement firm) since 2011; Chairman, NorthRoadCapital Management, LLC (investment managementfirm) 2002-2011. | 13       | None                                                                                                                                                                                                           |
|                                                             |                                                                                                                                                             |     |                                                                                                                                                                                                           |
| Lara N. Vaughan(04/20/69)Director since 2021                     | Chief Executive Officer and Chief Financial Officer,Parchman, Vaughan & Company, L.L.C. (investmentbank).                                                    | 13       | None                                                                                                                                                                                                           |
|                                                             |                                                                                                                                                             |     |                                                                                                                                                                                                           |
| Marsha C. Williams(03/28/51)Director since 1999             | Retired; Senior Vice President and Chief FinancialOfficer, Orbitz Worldwide, Inc. (travel-serviceprovider) 2007-2010.                                            | 13       | Chairperson, Modine Manufacturing Company (heattransfer technology); Lead Independent Director, FifthThird Bancorp (diversified financial services).                                                           |
|                                                    |                                                                                                                                                                                                                                                                                                            |   |                                                                                                                                                                                                                                                                                                                                 |
|---------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Andrew A. Davis(06/25/63)Director since 1997       | President or Vice President of each Davis Fund,Selected Fund, and Clipper Fund; President, DavisSelected Advisers, L.P., and also serves as an executiveofficer of certain companies affiliated with the Adviser.                                                                                               | 16     | Director, Selected Funds (consisting of two portfolios)since 1998; Trustee, Clipper Funds Trust (consistingof 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 alsoserves as an executive officer of certain companiesaffiliated with the Adviser, including sole member ofthe Adviser’s general partner, Davis Investments, LLC. | 16     | Director, Selected Funds (consisting of two portfolios)since 1998; Trustee, Clipper Funds Trust (consistingof one portfolio) since 2014; Lead IndependentDirector, Graham Holdings Company (educationaland media company); Director, The Coca-ColaCompany (beverage company); Director, BerkshireHathaway Inc. (financial services). |

----

| DAVIS NEW YORK VENTURE 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                                                                 |
| DST Asset Manager 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 Lincoln Street                                                             |
| Boston, Massachusetts 02111                                                    |
|                                                                           |
| Legal Counsel                                                                  |
| Greenberg Traurig, LLP                                                         |
| 1144 15th Street, Suite 3300                                                   |
| Denver, Colorado 80202                                                         |
|                                                                           |
| Independent Registered Public Accounting Firm                                  |
| KPMG LLP                                                                       |
| 1225 17th Street, Suite 800                                                    |
| Denver, Colorado 80202                                                         |

----

----

----

----

----

| DAVIS RESEARCH FUND | Table of Contents |
|---------------------|-------------------|
| Management’s Discussion of Fund Performance | 2      |
|---------------------------------------------------|--------|
|                                              |   |
| Fund Overview                                     | 4      |
|                                              |   |
| Expense Example                                   | 5      |
|                                              |   |
| Schedule of Investments                           | 6      |
|                                              |   |
| Statement of Assets and Liabilities               | 9      |
|                                              |   |
| Statement of Operations                           | 10     |
|                                              |   |
| Statements of Changes in Net Assets               | 11     |
|                                              |   |
| Notes to Financial Statements                     | 12     |
|                                              |   |
| Financial Highlights                              | 17     |
|                                              |   |
| Privacy Notice and Householding                   | 18     |
|                                              |   |
| Directors and Officers                            | 19     |

----

| DAVIS RESEARCH FUND | Management’s Discussion of Fund Performance |
|---------------------|---------------------------------------------------|

----

| 1 | The companies included in the Standard & Poor’s 500® 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 | This Management 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. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| DAVIS RESEARCH FUND | Management’s Discussion of Fund Performance – (Continued) |
|---------------------|-----------------------------------------------------------------------|
|  Fund & Benchmark Index     | 1-Year | 5-Year | 10-Year | Since Fund’sInception(10/31/01) | GrossExpenseRatio | NetExpenseRatio |
|--------------------------------------|--------|--------|---------|---------------------------------------|-------------------|-----------------|
|  Class A - without sales charge | 6.98%  | 13.75% | 12.91%  | 8.62%                                 | 0.66%             | 0.66%           |
|  Class A - with sales charge*   | 1.90%  | 12.64% | 12.37%  | 8.36%                                 | 0.66%             | 0.66%           |
|  S&P 500® Index        | 23.29% | 16.77% | 15.41%  | 9.55%                                 |              |            |
|  Class A Shares     | 1-Year | 5-Year | 10-Year |
|--------------------------|--------|--------|---------|
|  With sales charge* | 6.49%  | 13.94% | 13.36%  |

----

| DAVIS RESEARCH FUND | Fund Overview                |
|---------------------|------------------------------|
|                | January 31, 2022 (Unaudited) |
| Portfolio Composition                   |    | Industry Weightings                 |
|-----------------------------------------|---------|-------------------------------------|
| (% of Fund’s 01/31/22 Net Assets) |    | (% of 01/31/22 Stock Holdings) |
|                                    |    |                                |   |   |   |   |
|                                    |    |                                |   | Fund |   | S&P 500® |
| Common Stock (U.S.)                     | 67.86%  |                                | Information Technology | 25.88% |   | 28.66% |
| Common Stock (Foreign)                  | 27.50%  |                                | Diversified Financials | 15.94% |   | 5.09% |
| Short-Term Investments                  | 4.65%   |                                | Retailing | 15.65% |   | 6.48% |
| Other Assets & Liabilities          | (0.01)% |                                | Banks | 11.72% |   | 4.24% |
|                                    | 100.00% |                                | Capital Goods | 8.20% |   | 5.26% |
|                                    |    |                                | Media & Entertainment | 8.01% |   | 8.79% |
|                                    |    |                                | Insurance | 7.98% |   | 1.94% |
|                                    |    |                                | Health Care | 5.00% |   | 13.06% |
|                                    |    |                                | Materials | 1.05% |   | 2.52% |
|                                    |    |                                | Food, Beverage & Tobacco | 0.57% |   | 3.10% |
|                                    |    |                                | Energy | – |   | 3.35% |
|                                    |    |                                | Real Estate | – |   | 2.67% |
|                                    |    |                                | Utilities | – |   | 2.55% |
|                                    |    |                                | Automobiles & Components | – |   | 2.53% |
|                                    |    |                                | Other | – |   | 9.76% |
|                                    |    |                                |   | 100.00% |   | 100.00% |
|                        |                                         |   |
|-----------------------------|----------------------------------------------|--------|
| Berkshire Hathaway Inc. *   | Diversified Financial Services               | 7.39%  |
| Amazon.com, Inc.            | Retailing                                    | 7.29%  |
| Microsoft Corp.             | Software & Services                      | 4.76%  |
| Intel Corp.                 | Semiconductors & Semiconductor Equipment | 4.01%  |
| Applied Materials, Inc.     | Semiconductors & Semiconductor Equipment | 3.63%  |
| SAP SE, ADR                 | Software & Services                      | 3.45%  |
| Wells Fargo & Co.       | Banks                                        | 3.26%  |
| Capital One Financial Corp. | Consumer Finance                             | 3.01%  |
| Schneider Electric SE       | Capital Goods                                | 2.80%  |
| Texas Instruments Inc.      | Semiconductors & Semiconductor Equipment | 2.77%  |

----

| DAVIS RESEARCH FUND | Expense Example (Unaudited) |
|---------------------|-----------------------------|
|                                                                                                                                                                                                         | Beginning     |   | Ending        |   | Expenses Paid       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|---------------|--------|---------------------|
|                                                                                                                                                                                                         | Account Value |   | Account Value |   | During Period*      |
|                                                                                                                                                                                                         | (08/01/21)    |   | (01/31/22)    |   | (08/01/21-01/31/22) |
|  Class A                                                                                                                                                                                                |          |   |          |   |                |
| Actual                                                                                                                                                                                                       | $1,000.00     |   | $970.71       |   | $3.28               |
| Hypothetical                                                                                                                                                                                                 | $1,000.00     |   | $1,021.88     |   | $3.36               |
|                                                                                                                                                                                                         |          |   |          |   |                |
|                                                                                                                                                                                                         |
| Hypothetical assumes 5% annual return before expenses.                                                                                                                                                       |
|                                                                                                                                                                                                         |
| *Expenses are equal to the Class’s annualized operating expense ratio (0.66%)**, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
|                                                                                                                                                                                                         |
| **The expense ratio reflects the impact, if any, of certain reimbursements from the Adviser.                                                                                                                 |

----

| DAVIS RESEARCH FUND | Schedule of Investments      |
|---------------------|------------------------------|
|                | January 31, 2022 (Unaudited) |
|                          | Shares                                                     |                                      | Value                      (Note 1) |
|-------------------------------|------------------------------------------------------------|-------------------------------------------|-------------------------------------|
| COMMON STOCK – (95.36%) |
|                          | COMMUNICATION SERVICES – (7.64%)                     |
|                          |                                                       | Media & Entertainment – (7.64%) |
|                          |                                                       |                                      | Alphabet Inc., Class C  *      |   |   | 375 |   | $ | 1,017,739 |
|                          | IAC/InterActiveCorp  *                                |                                      |                                | 6,360 |   |   | 868,394 |
|                          | iQIYI, Inc., Class A, ADR  (China)*                   |                                      |                                | 45,460 |   |   | 185,477 |
|                          | Liberty Media Corp., Liberty Formula One, Series A  * |                                      |                                | 9,590 |   |   | 525,532 |
|                          | Liberty Media Corp., Liberty Formula One, Series C  * |                                      |                                | 11,210 |   |   | 675,178 |
|                          | Meta Platforms, Inc., Class A  *                      |                                      |                                | 3,025 |   |   | 947,612 |
|                          | Vimeo, Inc.  *                                        |                                      |                                | 7,257 |   |   | 106,315 |
|                          |                                                       |                                      | Total Communication Services        |   |   | 4,326,247 |
|                          | CONSUMER DISCRETIONARY – (14.92%)                    |
|                          | Retailing – (14.92%)                                 |
|                          | Alibaba Group Holding Ltd., ADR  (China)*             |                                      |                                | 5,330 |   |   | 670,461 |
|                          | Amazon.com, Inc.  *                                   |                                      |                                | 1,381 |   |   | 4,131,220 |
|                          | Delivery Hero SE  (Germany)*                          |                                      |                                | 10,645 |   |   | 821,687 |
|                          | JD.com, Inc., Class A, ADR  (China)*                  |                                      |                                | 14,923 |   |   | 1,117,434 |
|                          | Meituan, Class B  (China)*                            |                                      |                                | 19,500 |   |   | 581,770 |
|                          | Naspers Ltd. - N  (South Africa)                      |                                      |                                | 1,334 |   |   | 215,639 |
|                          | Prosus N.V., Class N  (Netherlands)                   |                                      |                                | 9,867 |   |   | 820,893 |
|                          | Vroom, Inc.  *                                        |                                      |                                | 11,930 |   |   | 95,679 |
|                          | Total Consumer Discretionary                               |                                      |                                | 8,454,783 |
|                          | CONSUMER STAPLES – (0.54%)                           |
|                          | Food, Beverage & Tobacco – (0.54%)               |
|                          | Darling Ingredients Inc.  *                           |                                      |                                | 4,840 |   |   | 308,647 |
|                          | Total Consumer Staples                                     |                                      |                                | 308,647 |
|                          | FINANCIALS – (33.99%)                                |
|                          | Banks – (11.18%)                                     |
|                          | Danske Bank A/S  (Denmark)                            |                                      |                                | 51,660 |   |   | 1,002,784 |
|                          | DBS Group Holdings Ltd.  (Singapore)                  |                                      |                                | 56,166 |   |   | 1,475,305 |
|                          | DNB Bank ASA  (Norway)                                |                                      |                                | 32,140 |   |   | 764,938 |
|                          | U.S. Bancorp                                               |                                      |                                | 21,315 |   |   | 1,240,320 |
|                          | Wells Fargo & Co.                                      |                                      |                                | 34,375 |   |   | 1,849,375 |
|                          |                                                       |                                      | 6,332,722                           |
|                          | Diversified Financials – (15.20%)                    |
|                          | Capital Markets – (4.80%)                            |
|                          | Bank of New York Mellon Corp.                              |                                      |                                | 24,750 |   |   | 1,466,685 |
|                          | Julius Baer Group Ltd.  (Switzerland)                 |                                      |                                | 19,170 |   |   | 1,252,753 |
|                          |                                                       | 2,719,438                                 |
|                          | Consumer Finance – (3.01%)                           |
|                          | Capital One Financial Corp.                                |                                      |                                | 11,645 |   |   | 1,708,671 |
|                          | Diversified Financial Services – (7.39%)             |
|                          | Berkshire Hathaway Inc., Class A  *                   |                                      |                                | 4 |   |   | 1,879,220 |
|                          | Berkshire Hathaway Inc., Class B  *                   |                                      |                                | 7,365 |   |   | 2,305,393 |
|                          |                                                       | 4,184,613                                 |
|                          |                                                       |                                      | 8,612,722                           |
|                          | Insurance – (7.61%)                                  |
|                          | Life & Health Insurance – (3.27%)                |
|                          | AIA Group Ltd.  (Hong Kong)                           |                                      |                                | 86,750 |   |   | 905,653 |

----

| DAVIS RESEARCH FUND | Schedule of Investments - (Continued) |
|---------------------|---------------------------------------|
|                | January 31, 2022 (Unaudited)          |
|                             | Shares                                                             |                                                           | Value                      (Note 1) |
|----------------------------------|--------------------------------------------------------------------|----------------------------------------------------------------|-------------------------------------|
| COMMON STOCK – (CONTINUED) |
|                             | FINANCIALS – (CONTINUED)                                     |
|                             |                                                               | Insurance – (Continued)                                  |
|                             |                                                               | Life & Health Insurance – (Continued)                |
|                             |                                                               | Ping An Insurance (Group) Co. of China, Ltd. - H  (China) |                                |   | 119,000 |   | $ | 944,363 |
|                             |                                                               | 1,850,016                                                      |
|                             | Property & Casualty Insurance – (2.80%)                  |
|                             | Loews Corp.                                                        |                                                           |                                | 11,345 |   |   | 676,843 |
|                             | Markel Corp.  *                                               |                                                           |                                | 740 |   |   | 912,227 |
|                             |                                                               | 1,589,070                                                      |
|                             | Reinsurance – (1.54%)                                        |
|                             | Alleghany Corp.  *                                            |                                                           |                                | 1,310 |   |   | 869,840 |
|                             |                                                               |                                                           | 4,308,926                           |
|                             |                                                               |                                                           | Total Financials                    |   |   | 19,254,370 |
|                             | HEALTH CARE – (4.77%)                                        |
|                             | Health Care Equipment & Services – (3.70%)               |
|                             | Cigna Corp.                                                        |                                                           |                                | 2,628 |   |   | 605,649 |
|                             | CVS Health Corp.                                                   |                                                           |                                | 1,761 |   |   | 187,564 |
|                             | Humana Inc.                                                        |                                                           |                                | 500 |   |   | 196,250 |
|                             | Quest Diagnostics Inc.                                             |                                                           |                                | 3,990 |   |   | 538,730 |
|                             | UnitedHealth Group Inc.                                            |                                                           |                                | 1,200 |   |   | 567,084 |
|                             |                                                               |                                                           | 2,095,277                           |
|                             | Pharmaceuticals, Biotechnology & Life Sciences – (1.07%) |
|                             | Viatris Inc.                                                       |                                                           |                                | 40,510 |   |   | 606,434 |
|                             | Total Health Care                                                  |                                                           |                                | 2,701,711 |
|                             | INDUSTRIALS – (7.82%)                                        |
|                             | Capital Goods – (7.82%)                                      |
|                             | Carrier Global Corp.                                               |                                                           |                                | 6,420 |   |   | 306,105 |
|                             | Eaton Corp. PLC                                                    |                                                           |                                | 7,953 |   |   | 1,259,994 |
|                             | Ferguson PLC  (United Kingdom)                                |                                                           |                                | 4,520 |   |   | 710,953 |
|                             | Johnson Controls International plc                                 |                                                           |                                | 4,928 |   |   | 358,118 |
|                             | Raytheon Technologies Corp.                                        |                                                           |                                | 2,287 |   |   | 206,264 |
|                             | Schneider Electric SE  (France)                               |                                                           |                                | 9,365 |   |   | 1,586,387 |
|                             | Total Industrials                                                  |                                                           |                                | 4,427,821 |
|                             | INFORMATION TECHNOLOGY – (24.68%)                            |
|                             | Semiconductors & Semiconductor Equipment – (11.70%)      |
|                             | Applied Materials, Inc.                                            |                                                           |                                | 14,895 |   |   | 2,058,191 |
|                             | Intel Corp.                                                        |                                                           |                                | 46,551 |   |   | 2,272,620 |
|                             | Lam Research Corp.                                                 |                                                           |                                | 1,228 |   |   | 724,422 |
|                             | Texas Instruments Inc.                                             |                                                           |                                | 8,750 |   |   | 1,570,537 |
|                             |                                                               |                                                           | 6,625,770                           |
|                             | Software & Services – (12.98%)                           |
|                             | DXC Technology Co.  *                                         |                                                           |                                | 9,715 |   |   | 292,227 |
|                             | Microsoft Corp.                                                    |                                                           |                                | 8,673 |   |   | 2,697,130 |
|                             | Oracle Corp.                                                       |                                                           |                                | 14,350 |   |   | 1,164,646 |
|                             | SAP SE, ADR  (Germany)                                        |                                                           |                                | 15,620 |   |   | 1,955,780 |
|                             | VMware, Inc., Class A                                              |                                                           |                                | 9,680 |   |   | 1,243,687 |
|                             |                                                               |                                                           | 7,353,470                           |
|                             | Total Information Technology                                       |                                                           |                                | 13,979,240 |

----

| DAVIS RESEARCH FUND | Schedule of Investments - (Continued) |
|---------------------|---------------------------------------|
|                | January 31, 2022 (Unaudited)          |
|                                   | Shares/Principal                                                                                                                                                                                                                                                              |                           | Value                      (Note 1) |
|----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------------------|
| COMMON STOCK – (CONTINUED)       |
|                                   | MATERIALS – (1.00%)                                                                                                                                                                                                                                                     |
|                                   |                                                                                                                                                                                                                                                                          |                           | Holcim Ltd.  (Switzerland)     |   |   | 10,516 |   | $ | 567,547 |
|                                   |                                                                                                                                                                                                                                                                          |                           |                                | Total Materials |   |   | 567,547 |
|                                   |  TOTAL COMMON STOCK – (Identified cost $29,495,219)                                                                                                                                                                                                                |                           |                                |  54,020,366 |
| SHORT-TERM INVESTMENTS – (4.65%) |
|                                   | StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 02/01/22,dated 01/31/22, repurchase value of $1,419,002 (collateralized by: U.S.Government agency mortgages and obligations in a pooled cashaccount, 0.00%-8.50%, 04/01/22-05/15/61, total market value$1,447,380)   |                           | $                                   | 1,419,000 |   |   | 1,419,000 |
|                                   | Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 02/01/22,dated 01/31/22, repurchase value of $1,216,002 (collateralized by: U.S.Government agency mortgages and obligation in a pooled cash account,1.45%-3.00%, 02/24/22-01/01/52, total market value $1,240,320) |                           |                                | 1,216,000 |   |   | 1,216,000 |
|                                   |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $2,635,000)                                                                                                                                                                                                       |                           |                                |  2,635,000 |
|                                   |  Total Investments – (100.01%) – (Identified cost $32,130,219)                                                                                                                                                                                               |                           |                                | 56,655,366 |
|                                   | Liabilities Less Other Assets – (0.01%)                                                                                                                                                                                                                                 |                           |                                | (4,061) |
|                                   |                     Net Assets – (100.00%)                                                                                                                               |                           | $                                   | 56,651,305 |
|                                   | ADR: American Depositary Receipt                                                                                                                                                                                                                                              |
|                                   |                                                                                                                                                                                                                                                                          |                           |
|                                   | *                                                                                                                                                                                                                                                                             | Non-income producing security. |
|                                   |
| See Notes to Financial Statements      |

----

| DAVIS RESEARCH FUND | Statement of Assets and Liabilities |
|---------------------|-------------------------------------|
|                | At January 31, 2022 (Unaudited)     |
| ASSETS:                                                                               |                |                   |       |       |       |
|---------------------------------------------------------------------------------------|---------------------|------------------------|------------|------------|------------|
| Investments in securities, at value* (see accompanying Schedule of Investments)       |                | $                      | 56,655,366 |
| Cash                                                                                  |                |                   | 510        |
| Receivables:                                                                          |                |                   |       |
|                                                                                  |                | Dividends and interest |       |       | 68,693     |
| Prepaid expenses                                                                      |                |                   | 2,186      |
|                                                                                  |                | Total assets           |       |       | 56,726,755 |
| LIABILITIES:                                                                          |                |                   |       |
| Accrued audit fees                                                                    |                |                   | 10,751     |
| Accrued custodian fees                                                                |                |                   | 22,968     |
| Accrued investment advisory fees                                                      |                |                   | 28,164     |
| Other accrued expenses                                                                |                |                   | 13,567     |
|                                                                                  | Total liabilities   |                   |       | 75,450     |
| NET ASSETS                                                                            |                | $                      | 56,651,305 |
| NET ASSETS CONSIST OF:                                                                |                |                   |       |
| Par value of shares of capital stock                                                  |                | $                      | 107,133    |
| Additional paid-in capital                                                            |                |                   | 32,168,843 |
| Distributable earnings                                                                |                |                   | 24,375,329 |
|                                                                                  | Net Assets          |                   | $          | 56,651,305 |
| CLASS A SHARES:                                                                       |                |                   |       |
| Net assets                                                                            |                | $                      | 56,651,305 |
| Shares outstanding                                                                    |                |                   | 2,142,659  |
| Net asset value and redemption price per share (Net assets ÷ Shares outstanding) |                | $                      | 26.44      |
| Maximum offering price per share (100/95.25 of $26.44)†                         |                | $                      | 27.76      |
|                                                                                  |                |                   |       |       |
| *Including:                                                                           |                |                   |       |
|                                                                                  | Cost of investments |                   | $          | 32,130,219 |
| †On purchases of $100,000 or more, the offering price is reduced. |
|-------------------------------------------------------------------------|
| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS RESEARCH FUND | Statement of Operations                               |
|---------------------|-------------------------------------------------------|
|                | For the six months ended January 31, 2022 (Unaudited) |
| INVESTMENT INCOME:                                                                   |                                                                             |                    |        |   |        |    |
|--------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|-------------------------|-------------|--------|-------------|---------|
| Income:                                                                              |                                                                             |                    |        |
| Dividends*                                                                           |                                                                             | $                       | 415,299     |
| Interest                                                                             |                                                                             |                    | 1,282       |
|                                                                                 |                                                                             | Total income            |        |   |        | 416,581 |
| Expenses:                                                                            |                                                                             |                    |        |
| Investment advisory fees (Note 3)                                                    |                                                                             | $                       | 187,977     |   |        |    |
| Custodian fees                                                                       |                                                                             |                    | 11,449      |   |        |    |
| Transfer agent fees                                                                  |                                                                             |                    | 921         |   |        |    |
| Audit fees                                                                           |                                                                             |                    | 10,751      |   |        |    |
| Legal fees                                                                           |                                                                             |                    | 171         |   |        |    |
| Accounting fees (Note 3)                                                             |                                                                             |                    | 1,500       |   |        |    |
| Reports to shareholders                                                              |                                                                             |                    | 20          |   |        |    |
| Directors’ fees and expenses                                                   |                                                                             |                    | 3,254       |   |        |    |
| Registration and filing fees                                                         |                                                                             |                    | 2,313       |   |        |    |
| Miscellaneous                                                                        |                                                                             |                    | 8,189       |   |        |    |
|                                                                                 | Total expenses                                                                   |                    |        |   | 226,545     |
| Net investment income                                                                |                                                                             |                    | 190,036     |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTSAND FOREIGN CURRENCY TRANSACTIONS: |                                                                             |                    |        |   |        |    |
| Net realized gain from:                                                              |                                                                             |                    |        |
|                                                                                 |                                                                             | Investment transactions |        |   | 7,595,683   |
|                                                                                 | Foreign currency transactions                                                    |                    |        | 93     |
| Net realized gain                                                                    |                                                                             |                    | 7,595,776   |
| Net decrease in unrealized appreciation                                              |                                                                             |                    | (9,036,716) |
|                                                                                 | Net realized and unrealized loss on investments andforeign currency transactions |                    |        |   | (1,440,940) |
| Net decrease in net assets resulting from operations                                 |                                                                             | $                       | (1,250,904) |
| *Net of foreign taxes withheld of |   | $ | 10,390 |
|-----------------------------------|--------|---|--------|
| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS RESEARCH FUND | Statements of Changes in Net Assets |
|---------------------|-------------------------------------|
|                                                                                               |                                                            | Six months endedJanuary 31, 2022(Unaudited) |        | Year endedJuly 31, 2021 |
|----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|---------------------------------------------|-------------|-------------------------|
| OPERATIONS:                                                                                        |                                                            |                                        |        |                    |   |   |
| Net investment income                                                                              |                                                            | $                                           | 190,036     |                    | $ | 266,347 |
| Net realized gain from investments and foreign currency transactions                               |                                                            |                                        | 7,595,776   |                    |   | 2,525,205 |
| Net increase (decrease) in unrealized appreciation on investments and foreigncurrency transactions |                                                            |                                        | (9,036,716) |                    |   | 14,375,146 |
|                                                                                               | Net increase (decrease) in net assets resulting from operations |                                        |        | (1,250,904)             |   |   | 17,166,698 |
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:                                                       |                                                            |                                        | (9,693,315) |                    |   | (2,204,964) |
| CAPITAL SHARE TRANSACTIONS:                                                                        |                                                            |                                        |        |                    |   |   |
| Net increase (decrease) in net assets resulting from capital share transactions(Note 4)            |                                                            |                                        | (6,250,070) |                    |   | 2,042,764 |
|                                                                                               | Total increase (decrease) in net assets                         |                                        |        | (17,194,289)            |   |   | 17,004,498 |
| NET ASSETS:                                                                                        |                                                            |                                        |        |                    |   |   |
| Beginning of period                                                                                |                                                            |                                        | 73,845,594  |                    |   | 56,841,096 |
| End of period                                                                                      |                                                            | $                                           | 56,651,305  |                    | $ | 73,845,594 |
| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS RESEARCH FUND | Notes to Financial Statements |
|---------------------|-------------------------------|
|                | January 31, 2022 (Unaudited)  |
| 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 ofinvestments)                   |

----

| DAVIS RESEARCH FUND | Notes to Financial Statements – (Continued) |
|---------------------|---------------------------------------------------|
|                | January 31, 2022 (Unaudited)                      |
|                   | Investments in Securities at Value |
|------------------------|------------------------------------|
|                   | Valuation Inputs                   |
|                   |                               |   | Level 2: |   | Level 3: |   |   |
|                   |                               |   | Other Significant |   | Significant |   |   |
|                   | Level 1:                           |   | Observable |   | Unobservable |   |   |
|                   | Quoted Prices                      |   | Inputs* |   | Inputs |   | Total |
| Common Stock:          |                               |   |   |   |   |   |   |   |   |   |   |
| Communication Services | $                                  | 4,326,247 |   | $ | – |   | $ | – |   | $ | 4,326,247 |
| Consumer Discretionary |                               | 6,014,794 |   |   | 2,439,989 |   |   | – |   |   | 8,454,783 |
| Consumer Staples       |                               | 308,647 |   |   | – |   |   | – |   |   | 308,647 |
| Financials             |                               | 12,908,574 |   |   | 6,345,796 |   |   | – |   |   | 19,254,370 |
| Health Care            |                               | 2,701,711 |   |   | – |   |   | – |   |   | 2,701,711 |
| Industrials            |                               | 2,130,481 |   |   | 2,297,340 |   |   | – |   |   | 4,427,821 |
| Information Technology |                               | 13,979,240 |   |   | – |   |   | – |   |   | 13,979,240 |
| Materials              |                               | – |   |   | 567,547 |   |   | – |   |   | 567,547 |
| Short-term Investments |                               | – |   |   | 2,635,000 |   |   | – |   |   | 2,635,000 |
| Total Investments      | $                                  | 42,369,694 |   | $ | 14,285,672 |   | $ | – |   | $ | 56,655,366 |

----

| DAVIS RESEARCH FUND | Notes to Financial Statements – (Continued) |
|---------------------|---------------------------------------------------|
|                | January 31, 2022 (Unaudited)                      |
| Cost                          |   | $      | 32,338,215  |
|-------------------------------|--------|--------|-------------|
|  Unrealized appreciation |   |   | 25,580,716  |
| Unrealized depreciation       |   |   | (1,263,565) |
| Net unrealized appreciation   |   | $      | 24,317,151  |

----

| DAVIS RESEARCH FUND | Notes to Financial Statements – (Continued) |
|---------------------|---------------------------------------------------|
|                | January 31, 2022 (Unaudited)                      |

----

| DAVIS RESEARCH FUND | Notes to Financial Statements – (Continued) |
|---------------------|---------------------------------------------------|
|                | January 31, 2022 (Unaudited)                      |
|                                          | Six months ended January 31, 2022 (Unaudited) |
|-----------------------------------------------|-----------------------------------------------|
|                                          |                                          | Sold |   |   | Reinvestment ofDistributions |   |   | Redeemed |   |   | Net Decrease |
|  Shares:     Class A |                                          | – |   |   | 343,933 |   |   | (568,384) |   |   | (224,451) |
| Value:      Class A  | $                                             | – |   | $ | 9,681,733 |   | $ | (15,931,803) |   | $ | (6,250,070) |
|                                          |                                          |   |   |   |   |   |   |   |   |   |   |
|                                          |
|                                          | Year ended July 31, 2021                      |
|                                          |                                          | Sold |   |   | Reinvestment ofDistributions |   |   | Redeemed |   |   | Net Increase |
|  Shares:     Class A |                                          | 50 |   |   | 80,876 |   |   | (6,301) |   |   | 74,625 |
| Value:      Class A  | $                                             | 1,500 |   | $ | 2,202,237 |   | $ | (160,973) |   | $ | 2,042,764 |
|                                          |                                          |   |   |   |   |   |   |   |   |   |   |

----

| DAVIS RESEARCH FUND | Financial Highlights |
|---------------------|----------------------|
| The following financial information represents selected data for each share of capital stock outstanding throughout each period: |
|----------------------------------------------------------------------------------------------------------------------------------|
| CLASS A                                                                                   |
|-------------------------------------------------------------------------------------------|
|                                                                                      | Six months ended                      January 31, 2022 |   | Year ended July 31, |
|                                                                                      | (Unaudited) |   | 2021 |   | 2020 |   | 2019 |   | 2018 |   | 2017 |
| Net Asset Value, Beginning of Period                                                      |   | $ | 31.20 |   | $ | 24.79 |   | $ | 23.20 |   | $ | 23.73 |   | $ | 21.09 |   | $ | 19.07 |
| Income (Loss) from Investment Operations:                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Investment Income                                                                     |   | 0.08a |   | 0.11a |   | 0.19a |   | 0.30 |   | 0.19 |   | 0.14 |
| Net Realized and Unrealized Gains (Losses)                                                |   | (0.74) |   | 7.27 |   | 2.86 |   | 0.03 |   | 2.93 |   | 3.92 |
|                                                                                      |   | Total from Investment Operations |   | (0.66) |   | 7.38 |   | 3.05 |   | 0.33 |   | 3.12 |   | 4.06 |
| Dividends and Distributions:                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends from Net Investment Income                                                      |   | (0.17) |   | (0.06) |   | (0.53) |   | (0.19) |   | (0.16) |   | (0.09) |
| Distributions from Realized Gains                                                         |   | (3.93) |   | (0.91) |   | (0.93) |   | (0.67) |   | (0.32) |   | (1.95) |
|                                                                                      | Total Dividends and Distributions |   | (4.10) |   | (0.97) |   | (1.46) |   | (0.86) |   | (0.48) |   | (2.04) |
| Net Asset Value, End of Period                                                            |   | $ | 26.44 |   | $ | 31.20 |   | $ | 24.79 |   | $ | 23.20 |   | $ | 23.73 |   | $ | 21.09 |
| Total Returnb                                                                             |   | (2.93)% |   | 30.31% |   | 13.52% |   | 1.95% |   | 14.94% |   | 22.87% |
| Ratios/Supplemental Data:                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Assets, End of Period (in thousands)                                                  |   | $ | 56,651 |   | $ | 73,846 |   | $ | 56,841 |   | $ | 50,123 |   | $ | 49,371 |   | $ | 42,965 |
| Ratio of Expenses to Average Net Assets:                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                      | Gross |   | 0.66%c |   | 0.67% |   | 0.69% |   | 0.70% |   | 0.70% |   | 0.71% |
|                                                                                      | Netd |   | 0.66%c |   | 0.67% |   | 0.69% |   | 0.70% |   | 0.70% |   | 0.71% |
| Ratio of Net Investment Income to Average        Net Assets |   | 0.56%c |  | 0.39% |   | 0.82% |   | 1.35% |   | 0.85% |   | 0.61% |
| Portfolio Turnover Ratee                                                                  |   | 4% |   | 15% |   | 13% |   | 23% |   | 12% |   | 19% |
| 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                                 | Annualized.                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                              |
| d                                 | The Net Ratio of Expenses to Average Net Assets reflects the impact, if any, of certain reimbursements.                                                                                                                                                                                                                                                                                                                                                                   |
|                              |
| e                                 | 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.                                                                                                                                           |
|                              |
| See Notes to Financial Statements |

----

| DAVIS RESEARCH FUND | Privacy Notice and Householding |
|---------------------|---------------------------------|

----

| DAVIS RESEARCH FUND | Directors and Officers |
|---------------------|------------------------|
| Name, Date of Birth,Position(s) Held withFund, Length of Service | Principal Occupation(s) During Past Five Years |      Number of     Portfolios     Overseen | Other Directorships |
|------------------------------------------------------------------|------------------------------------------------|--------------------------------------------------------------------------------------------------------|---------------------|
|                                                             |                                                                                                                                                             |     |                                                                                                                                                                                                           |
|------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| John S. Gates Jr.(08/02/53)Director since 2007                   | Executive Chairman, TradeLane Properties LLC(industrial real estate company).                                                                                    | 13  | Chairman and Chief Executive Officer, PortaeCoLLC (private investment company); Director, MiamiCorp. (diversified investment company).                                                                         |
|                                                             |                                                                                                                                                             |     |                                                                                                                                                                                                           |
| Thomas S. Gayner(12/16/61)Director since 2004Chairman since 2009 | Co-Chief Executive Officer and Director, Markel Corp.(diversified financial holding company).                                                                    | 13       | Director, Graham Holdings Company (educationaland media company); Director, Colfax Corp.(engineering and manufacturer of pumps and fluidhandling equipment); Director, Cable ONE Inc. (cableservice provider). |
|                                                             |                                                                                                                                                             |     |                                                                                                                                                                                                           |
| Samuel H. Iapalucci(07/19/52)Director since 2006                 | Retired; Executive Vice President and Chief FinancialOfficer, CH2M HILL Companies, Ltd. (engineering)until 2008.                                                 | 13       | None                                                                                                                                                                                                           |
|                                                             |                                                                                                                                                             |     |                                                                                                                                                                                                           |
| Robert P. Morgenthau(03/22/57)Director since 2002                | Principal, Spears Abacus Advisors, LLC (investmentmanagement firm) since 2011; Chairman, NorthRoadCapital Management, LLC (investment managementfirm) 2002-2011. | 13       | None                                                                                                                                                                                                           |
|                                                             |                                                                                                                                                             |     |                                                                                                                                                                                                           |
| Lara N. Vaughan(04/20/69)Director since 2021                     | Chief Executive Officer and Chief Financial Officer,Parchman, Vaughan & Company, L.L.C. (investmentbank).                                                    | 13       | None                                                                                                                                                                                                           |
|                                                             |                                                                                                                                                             |     |                                                                                                                                                                                                           |
| Marsha C. Williams(03/28/51)Director since 1999             | Retired; Senior Vice President and Chief FinancialOfficer, Orbitz Worldwide, Inc. (travel-service provider)2007-2010.                                            | 13       | Chairperson, Modine Manufacturing Company (heattransfer technology); Lead Independent Director, FifthThird Bancorp (diversified financial services).                                                           |
|                                                    |                                                                                                                                                                                                                                                                                                            |   |                                                                                                                                                                                                                                                                                                                                 |
|---------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Andrew A. Davis(06/25/63)Director since 1997       | President or Vice President of each Davis Fund, SelectedFund, and Clipper Fund; President, Davis SelectedAdvisers, L.P., and also serves as an executive officer ofcertain companies affiliated with the Adviser.                                                                                               | 16     | Director, Selected Funds (consisting of two portfolios)since 1998; Trustee, Clipper Funds Trust (consistingof one portfolio) since 2014.                                                                                                                                                                                             |
|                                                    |                                                                                                                                                                                                                                                                                                            |   |                                                                                                                                                                                                                                                                                                                                 |
| Christopher C. Davis(07/13/65)Director since 1997  | President or Vice President of each Davis Fund, SelectedFund, Clipper Fund, and Davis ETF; Chairman, DavisSelected Advisers, L.P., and also serves as an executiveofficer 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 (consistingof one portfolio) since 2014; Lead IndependentDirector, Graham Holdings Company (educationaland media company); Director, The Coca-ColaCompany (beverage company); Director, BerkshireHathaway Inc. (financial services). |

----

| DAVIS RESEARCH 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                                                                 |
| DST Asset Manager 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 Lincoln Street                                                             |
| Boston, Massachusetts 02111                                                    |
|                                                                           |
| Legal Counsel                                                                  |
| Greenberg Traurig, LLP                                                         |
| 1144 15th Street, Suite 3300                                                   |
| Denver, Colorado 80202                                                         |
|                                                                           |
| Independent Registered Public Accounting Firm                                  |
| KPMG LLP                                                                       |
| 1225 17th Street, Suite 800                                                    |
| Denver, Colorado 80202                                                         |

----

----

----

----

| (a)  | Not Applicable.  The complete Schedule of Investments is included in Item 1 of this Form N-CSR |
|-----------|-----------------------------------------------------------------------------------------------------|
|      |                                                                                                |
| (b)  | Not Applicable.                                                                                     |
| (a)  | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2 (c) under the Investment                      Company Act of 1940, as amended) are effective as of a date within 90 days of the filing date of this report. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                                                                                                                                                                                   |
| (b)  | There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls.                                                                                                                                                                                                 |

----

| (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. |
| By                         | /s/ Kenneth C. Eich         |
|----------------------------|-----------------------------|
|                       | Kenneth C. Eich             |
|                       | Principal Executive Officer |
|                       |                        |
| Date:  March 24, 2022 |
| By                         | /s/ Kenneth C. Eich                                          |
|----------------------------|--------------------------------------------------------------|
|                       | Kenneth C. Eich                                              |
|                       | Principal Executive Officer                                  |
|                       |                                                         |
| Date:  March 24, 2022 |
|                       |                                                         |
| By                         | /s/ Douglas A. Haines                                        |
|                       | Douglas A. Haines                                            |
|                       | Principal Financial Officer and Principal Accounting Officer |
|                       |                                                         |
| Date:  March 24, 2022 |

----