# EDGAR Filing Document

**Accession Number:** 0000071701
**File Stem:** 0000071701-23-000002
**Filing Date:** 2023-1
**Character Count:** 188725
**Document Hash:** 7e77248b8cb1c327f6ef3b5f27403cd0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000071701-23-000002.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0000071701-23-000002

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAVIS NEW YORK VENTURE FUND INC
- **CENTRAL INDEX KEY:** 0000071701
- **IRS NUMBER:** 132601967
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01701
- **FILM NUMBER:** 23502343

**BUSINESS ADDRESS:**
- **STREET 1:** 2949 E. ELVIRA ROAD
- **STREET 2:** SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85756
- **BUSINESS PHONE:** (520)806-7600

**MAIL ADDRESS:**
- **STREET 1:** 2949 E. ELVIRA ROAD
- **STREET 2:** SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85756

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW YORK VENTURE FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Davis Global Fund (Series ID: S000003441)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009524 | Class A      | DGFAX           |
| C000009526 | Class C      | DGFCX           |
| C000039882 | Class Y      | DGFYX           |

### Davis International Fund (Series ID: S000014591)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000039879 | Class A      | DILAX           |
| C000039881 | Class C      | DILCX           |
| C000082064 | Class Y      | DILYX           |

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, DC 20549

### FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANY

#### Investment Company Act file number 811-01701

### DAVIS NEW YORK VENTURE FUND, INC.
(Exact name of registrant as specified in charter)

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(Address of principal executive offices)

Lisa J. Cohen

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(Name and address of agent for service)

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

#### Date of fiscal year end: October 31, 2022

#### Date of reporting period: October 31, 2022

____________________

#### ITEM 1. REPORT TO STOCKHOLDERS

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<br> ![](cover.jpg)

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| | |
|:---|:---|
| **DAVIS NEW YORK VENTURE FUND, INC.** | **Table of Contents** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAVIS GLOBAL FUND** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAVIS INTERNATIONAL FUND** |  |

---

---

| | |
|:---|:---|
| [Shareholder Letter](#ShareholderLetter) | 2 |
| Management's Discussion of Fund Performance: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Global Fund](#DGFManagementsDiscussionofFu) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis International Fund](#DIFManagementsDiscussionofFu) | 5 |
| Fund Overview: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Global Fund](#DGFFundOverview) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis International Fund](#DIFFundOverview) | 9 |
| [Expense Example](#ExpenseExample) | 11 |
| Schedule of Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Global Fund](#DGFScheduleofInvestments) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis International Fund](#DIFScheduleofInvestments) | 15 |
| [Statements of Assets and Liabilities](#StatementsofAssetsandLiab) | 17 |
| [Statements of Operations](#StatementsofOperations) | 18 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetA) | 19 |
| [Notes to Financial Statements](#NotestoFinancialStatement) | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| [Financial Highlights](#FinancialHighlights) | 29 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegist) | 31 |
| [Federal Income Tax Information](#FederalIncomeTaxInformati) | 32 |
| [Liquidity Risk Management Program](#LiquidityRiskManagementPr) | 33 |
| [Privacy Notice and Householding](#PrivacyNoticeandHousehold) | 34 |
| [Directors and Officers](#DirectorsandOfficers) | 35 |

---

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

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

#### Portfolio Proxy Voting Policies and Procedures

The Funds have adopted Portfolio Proxy Voting Policies and Procedures under which the Funds vote proxies relating to securities held by the Funds. A description of the Funds' Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Funds toll-free at 1-800-279-0279, (ii) on the Funds' website at www.davisfunds.com, and (iii) on the SEC's website at www.sec.gov.

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

#### Quarterly Schedule of Investments

The Funds file their complete schedule of investments with the SEC on Form N-CSR (as of the end of the second and fourth quarters) and on Form N-PORT Part F (as of the end of the first and third quarters). The Funds' Forms N-CSR (Annual and Semi-Annual Reports) and N-PORT Part F are available without charge, upon request, by calling 1-800-279-0279, on the Funds' website at www.davisfunds.com, and on the SEC's website at www.sec.gov. A list of the Funds' quarter-end holdings is also available at www.davisfunds.com on or about the 15<sup>th</sup> day following each quarter end and remains available on the website until the list is updated for the subsequent quarter.

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Shareholder Letter** |
| **DAVIS INTERNATIONAL FUND** |  |

---

Dear Fellow Shareholder,

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

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

We value the trust you have placed in us and look forward to continuing our investment journey together.

Sincerely,

---

| | |
|:---|:---|
| ![](signature1.jpg) | ![](signature2.jpg) |
| Christopher C. Davis | Danton G. Goei |
| President | Portfolio Manager |
| December 2, 2022 |  |

---

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---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Management's Discussion of Fund Performance** |

---

#### Performance Overview

Davis Global Fund underperformed the Morgan Stanley Capital International All Country World Index ("MSCI" or the "Index") for the twelve-month period ended October 31, 2022 (the "period"). The Fund's Class A shares delivered a total return on net asset value of -31.04%, versus a -19.96% return for the MSCI. The sectors<sup>1</sup> within the MSCI that reported the weakest performance were Communication Services (down 39%), Consumer Discretionary (down 33%), and Information Technology (down 27%). Energy (up 34%) was the only sector in the MSCI that reported positive performance during the period. The other sectors within the Index that were stronger comparatively were Utilities (down 6%) and Consumer Staples (down 7%).

#### Detractors from Performance

The Fund held a large position in Consumer Discretionary companies. These holdings were the top detractor<sup>2</sup> from Fund performance both on an absolute basis and relative to the Index. The Fund's holdings underperformed the Index sector (down 49%, versus down 33%) and the Fund was overweight in this weaker performing sector (average weighting of 23%, versus 12%). *JD.com*<sup>3</sup> (down 51%), *Alibaba* (down 59%)*, Prosus* (down 51%), *Meituan* (down 54%), and *Amazon* (down 39%) were top detractors from the Consumer Discretionary sector.

The Fund's overweighting in the worst performing sector of the Index, Communication Services (average weighting of 14%, versus 8%) hindered performance. These holdings also underperformed the Index sector (down 51%, versus down 39%). *Meta Platforms* (down 71%) was the overall top detractor during the period. *Alphabet* (down 36%) and *Vimeo* (down 89%) were also among the weaker performers from this sector.

The Fund's holdings in both the Information Technology and Financials sectors detracted from absolute performance. The Fund's holdings in Information Technology underperformed the Index sector (down 31%, versus down 27%) while the Financial holdings performed in line (both down 16%). Financial holdings *Ping An Insurance* (down 41%) and *AIA Group* (down 32%) were both key detractors from performance.

The Fund had no exposure in Energy or Utilities and was underweight in Consumer Staples (average weighting of 2%, versus 7%), the three highest performing sectors of the MSCI. As a result, relative performance suffered.

The Fund had an average weighting of 23% of net assets in Chinese securities and these holdings were down 51% during the period.

#### Contributors to Performance

Although the aforementioned holdings in Financials and Information Technology detracted from absolute performance, an overweight position in Financials (average weighting of 39%, versus 15% for the Index sector) and underweight position in Information Technology (average weighting of 11%, versus 21%) offset the impact from the weaker stock selection in each of those sectors. Key contributors from the Financials sector included *DBS Group Holdings* (up 8%), *Berkshire Hathaway* (up 3%), and *Bank of N.T. Butterfield* (up 1%). *DBS Group Holdings* was the largest holding at the end of the period, representing 7.59% of net assets.

The Fund's Health Care holdings were the most important contributor to absolute performance. The Fund's holdings outperformed the Index sector (up 14%, versus down 7%). *Cigna* (up 54%) was the overall top contributor during the period.

The Fund's sole holding in the Materials sector, *Teck Resources* (up 11%), outperformed the Index sector (down 16%). *Grab Holdings* (up 12%), a ride hailing company in Southeast Asia, was a significant contributor to performance. The company went public in December 2021 via a merger with a special purpose acquisition company (SPAC). Shortly after the merger occurred, the Fund liquidated its position in *Grab Holdings*.

Additional contributors to performance included *Liberty Media, Formula One* (up 2%), *Quotient Technology* (up 18%), and two new additions to the Fund, *Delivery Hero* (up 10%) and *Owens Corning* (up 1%). The Fund no longer owns *Quotient Technology*.***

------

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

Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended October 31, 2022, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, October 31, 2022, unless otherwise noted.

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

<sup>2</sup> 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%.

<sup>3</sup> 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 GLOBAL FUND – (CONTINUED)** | **Management's Discussion of Fund Performance** |

---

#### Comparison of a $10,000 investment in Davis Global Fund Class A versus the

#### Morgan Stanley Capital International All Country World Index (MSCI ACWI<sup>®</sup>)

#### over 10 years for an investment made on October 31, 2012

![](graph1.jpg)

#### Average Annual Total Return for periods ended October 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund & Benchmark Index** | **&nbsp;&nbsp;&nbsp;&nbsp;1-Year** | **&nbsp;&nbsp;&nbsp;&nbsp;5-Year** | **10-Year** | **Since**<br> **Inception** | **Inception**<br> **Date** | **Gross Expense**<br> **Ratio** | **Net Expense**<br> **Ratio** |
| Class A - *without sales charge* | (31.04)% | (1.75)% | 6.91% | 5.75% | 12/22/04 | 0.96% | 0.96% |
| Class A - *with sales charge\** | (34.31)% | (2.70)% | 6.40% | 5.47% | 12/22/04 | 0.96% | 0.96% |
| Class C\*\* | (32.17)% | (2.50)% | 6.22% | 5.28% | 12/22/04 | 1.74% | 1.74% |
| Class Y | (30.87)% | (1.51)% | 7.18% | 3.07% | 07/25/07 | 0.72% | 0.72% |
| MSCI ACWI<sup>®</sup>\*\*\* | (19.96)% | 5.24% | 7.98% | 6.30% |  |  |  |

---

The Fund's performance benefited from IPO purchases in 2013 and 2014. After purchase, the IPOs rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences.

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

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

#### Average Annual Total Return for periods ended September 30, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Class A Shares** | **1-Year** | **5-Year** | **10-Year** |
| W*ith sales charge\** | (31.08)% | (1.98)% | 6.49% |

---

\*Reflects 4.75% front-end sales charge.

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

\*\*\*Inception return is from December 22, 2004.

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---

| | |
|:---|:---|
| **DAVIS INTERNATIONAL FUND** | **Management's Discussion of Fund Performance** |

---

#### Performance Overview

Davis International Fund underperformed the Morgan Stanley Capital International All Country World Index ex USA ("MSCI" or the "Index") for the twelve-month period ended October 31, 2022 (the "period"). The Fund's Class A shares delivered a total return on net asset value of -32.72%, versus a -24.73% return for the MSCI. The sectors<sup>1</sup> within the MSCI that reported the weakest performance were Information Technology (down 37%), Consumer Discretionary (down 37%), and Communication Services (down 34%). Energy (up 8%) was the only sector in the MSCI that reported positive performance during the period. The other sectors within the Index that were stronger comparatively were Utilities (down 16%) and Financials (down 17%).

#### Detractors from Performance

The Fund held a large position in Consumer Discretionary companies. These holdings were the top detractor<sup>2</sup> from Fund performance both on an absolute basis and relative to the Index. The Fund's holdings underperformed the Index sector (down 47%, versus down 37%) and the Fund was overweight in this weaker performing sector (average weighting of 28%, versus 12%). The top two overall detractors, *JD.com*<sup>3</sup> (down 51%) and *Alibaba* (down 61%), were from the Consumer Discretionary sector. *Prosus* (down 51%) and *Meituan* (down 54%) were the additional top detractors from this sector.

The Fund's largest sector position during the period was in Financials and these holdings were a significant detractor from absolute performance. The Fund's holdings underperformed the Index sector (down 18%, versus down 17%). *Ping An Insurance* (down 41%), *AIA Group* (down 32%), and *Julius Baer Group* (down 30%) were all key detractors during the period.

The Fund's Communication Services holdings underperformed the Index sector (down 65%, versus down 34%). *iQIYI* (down 76%) was among the largest detractors from performance.

The Fund had no exposure in Energy or Utilities, the two highest performing sectors of the MSCI, respectively, and was underweight in Consumer Staples (average weighting of 1%, versus 9%). In addition, the Fund's Consumer Staples holdings significantly underperformed the Index sector (down 96%, versus down 18%). These factors all caused relative performance to suffer.

Additional weak performers were *DiDi Global* (down 75%) and *Samsung Electronics* (down 29%).

The Fund had an average weighting of 32% of net assets in Chinese securities and these holdings were down 53% during the period.

#### Contributors to Performance

Although the aforementioned holdings in Financials detracted from absolute performance, an overweight position in the stronger performing sector (average weighting of 44%, versus 20%) offset the impact from the weaker stock selection and was an important relative contributor to performance versus the Index. Key contributors from the Financials sector included *DBS Group Holdings* (up 8%) and *Bank of N.T. Butterfield* (up 1%). *DBS Group Holdings* was the overall top contributor and the largest holding at the end of the period, representing 10.44% of net assets.

*Grab Holdings* (up 12%), a ride hailing company in Southeast Asia, was a significant contributor to performance. The company went public in December 2021 via a merger with a special purpose acquisition company (SPAC). Shortly after the merger occurred, the Fund liquidated its position in *Grab Holdings*.

The Fund's relative performance also benefited from its Information Technology holdings outperforming the Index sector (down 28%, versus down 37%) and having no exposure in the weaker performing Real Estate sector. In addition, an underweight position in the aforementioned Communication Services sector (average weighting of 3%, versus 6%) reduced the negative impact from the weaker stock selection.

The Fund's sole holding in the Materials sector, *Teck Resources* (up 11%), outperformed the Index sector (down 19%). *Trip.com* (up 3%), a Consumer Discretionary holding, was a slight contributor to performance before being sold early in the period.

------

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

Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended October 31, 2022, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, October 31, 2022, unless otherwise noted.

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

<sup>2</sup> 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%.

<sup>3</sup> 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.

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| | |
|:---|:---|
| **DAVIS INTERNATIONAL FUND – (CONTINUED)** | **Management's Discussion of Fund Performance** |

---

#### Comparison of a $10,000 investment in Davis International Fund Class A versus the

#### Morgan Stanley Capital International All Country World Index ex USA (MSCI ACWI<sup>®</sup> ex USA)

#### over 10 years for an investment made on October 31, 2012

![](graph2.jpg)

#### Average Annual Total Return for periods ended October 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund & Benchmark Index** | **1-Year** | **5-Year** | **10-Year** | **Since**<br> **Inception** | **Inception**<br> **Date** | **Gross Expense**<br> **Ratio** | **Net Expense**<br> **Ratio** |
| Class A - *without sales charge* | (32.72)% | (6.83)% | 1.44% | 0.10% | 12/29/06 | 1.13% | 1.05% |
| Class A - *with sales charge\** | (35.92)% | (7.74)% | 0.94% | (0.21)% | 12/29/06 | 1.13% | 1.05% |
| Class C\*\* | (33.86)% | (7.58)% | 0.64% | (0.55)% | 12/29/06 | 1.94% | 1.80% |
| Class Y | (32.52)% | (6.58)% | 1.75% | 1.36% | 12/31/09 | 0.80% | 0.80% |
| MSCI ACWI<sup>®</sup> ex USA\*\*\* | (24.73)% | (0.60)% | 3.27% | 1.76% |  |  |  |

---

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

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

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

#### Average Annual Total Return for periods ended September 30, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Class A Shares** | **1-Year** | **5-Year** | **10-Year** |
| W*ith sales charge\** | (32.16)% | (7.15)% | 1.33% |

---

\*Reflects 4.75% front-end sales charge.

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

\*\*\*Inception return is from December 29, 2006.

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| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Fund Overview** |
|  | **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** | **Industry Weightings** | **Industry Weightings** | **Industry Weightings** |
| **(% of Fund's 10/31/22 Net Assets)** | **(% of Fund's 10/31/22 Net Assets)** | **(% of 10/31/22 Stock Holdings)** | **(% of 10/31/22 Stock Holdings)** | **(% of 10/31/22 Stock Holdings)** |
|  |  |  | <br>**Fund** | **MSCI**<br>**ACWI<sup>®</sup>** |
| Common Stock (Foreign) | 55.45% | Banks | 23.15% | 7.15% |
| Common Stock (U.S.) | 43.53% | Retailing | 18.19% | 4.72% |
| Short-Term Investments | 1.16% | Diversified Financials | 11.64% | 4.45% |
| Other Assets & Liabilities | (0.14)% | Media & Entertainment | 11.34% | 4.93% |
|  | 100.00% | Information Technology | 10.76% | 20.90% |
|  |  | Health Care | 7.93% | 13.25% |
|  |  | Insurance | 7.84% | 3.18% |
|  |  | Materials | 3.64% | 4.63% |
|  |  | Food, Beverage & Tobacco | 2.19% | 4.31% |
|  |  | Capital Goods | 1.72% | 6.62% |
|  |  | Consumer Durables & Apparel | 0.96% | 1.63% |
|  |  | Transportation | 0.62% | 2.02% |
|  |  | Commercial & Professional Services | 0.02% | 1.20% |
|  |  | Energy | – | 5.81% |
|  |  | Utilities | – | 3.03% |
|  |  | Other | – | 12.17% |
|  |  |  | 100.00% | 100.00% |

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| | | | |
|:---|:---|:---|:---|
| **Country Diversification** | **Country Diversification** | **Top 10 Long-Term Holdings** | **Top 10 Long-Term Holdings** |
| **(% of 10/31/22 Stock Holdings)** | **(% of 10/31/22 Stock Holdings)** | **(% of Fund's 10/31/22 Net Assets)** | **(% of Fund's 10/31/22 Net Assets)** |
| United States | 43.97% | DBS Group Holdings Ltd. | 7.59% |
| China | 16.57% | Wells Fargo & Co. | 7.26% |
| Singapore | 7.67% | Danske Bank A/S | 6.17% |
| South Korea | 6.26% | Julius Baer Group Ltd. | 4.41% |
| Denmark | 6.23% | Cigna Corp. | 4.37% |
| Switzerland | 4.46% | Ping An Insurance (Group) Co. of China, Ltd. - H | 4.35% |
| Canada | 3.64% | Samsung Electronics Co., Ltd. | 3.95% |
| Hong Kong | 3.45% | Alphabet Inc., Class C | 3.88% |
| Netherlands | 3.37% | JD.com, Inc., Class A\* | 3.65% |
| Bermuda | 1.72% | Meta Platforms, Inc., Class A | 3.63% |
| Germany | 1.46% |  |  |
| South Africa | 1.01% | \*Includes ADR and foreign ordinary shares. |  |
| United Kingdom | 0.19% |  |  |
|  | 100.00% |  |  |

---

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND – (CONTINUED)** | **Fund Overview** |
|  | **October 31, 2022** |

---

#### New Positions Added (11/01/21-10/31/22)
(Highlighted positions are those greater than 1.40% of the Fund's 10/31/22 net assets)

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Industry** | <br> **Date of 1st**<br> **Purchase** | **% of Fund's**<br> **10/31/22**<br> **Net Assets** |
| Alibaba Group Holding Ltd. | Retailing | 12/07/21 | 0.98% |
| Coupang, Inc., Class A | Retailing | 01/26/22 | 1.29% |
| Delivery Hero SE | Retailing | 05/13/22 | 1.45% |
| Fila Holdings Corp. | Consumer Durables & Apparel | 03/02/22 | 0.96% |
| JD.com, Inc., Class A | Retailing | 12/07/21 | 0.20% |
| Owens Corning | Capital Goods | 04/05/22 | 1.71% |

---

#### Positions Closed (11/01/21-10/31/22)
(Gains and losses greater than $25,000,000 are highlighted)

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Industry** | **Date of**<br> **Final Sale** | **Realized**<br> **Gain (Loss)** |
| Baidu, Inc., Class A, ADR | Media & Entertainment | 05/26/22 | $(7753240) |
| Fang Holdings Ltd., Class A, ADR | Media & Entertainment | 07/20/22 | (2540421) |
| Grab Holdings Ltd., Series A | Transportation | 12/06/21 | 28167558 |
| Kuaishou Technology, Class B | Media & Entertainment | 01/27/22 | (68300) |
| Missfresh Ltd., Class B, ADS | Food & Staples Retailing | 05/31/22 | (44509275) |
| Quotient Technology Inc. | Retailing | 01/12/22 | (2165037) |
| Vroom, Inc. | Retailing | 05/10/22 | (25972664) |

---

------

---

| | |
|:---|:---|
| **DAVIS INTERNATIONAL FUND** | **Fund Overview** |
|  | **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** | **Industry Weightings** | **Industry Weightings** | **Industry Weightings** |
| **(% of Fund's 10/31/22 Net Assets)** | **(% of Fund's 10/31/22 Net Assets)** | **(% of 10/31/22 Stock Holdings)** | **(% of 10/31/22 Stock Holdings)** | **(% of 10/31/22 Stock Holdings)** |
|  |  |  | <br>**Fund** | **MSCI**<br>**ACWI<sup>®</sup>**<br>**ex USA** |
| Common Stock (Foreign) | 98.92% | Banks | 31.99% | 12.98% |
| Short-Term Investments | 1.09% | Retailing | 22.22% | 2.85% |
| Other Assets & Liabilities | (0.01)% | Information Technology | 14.72% | 10.91% |
|  | 100.00% | Insurance | 10.90% | 4.46% |
|  |  | Diversified Financials | 6.42% | 3.46% |
|  |  | Capital Goods | 4.60% | 8.21% |
|  |  | Materials | 3.70% | 8.11% |
|  |  | Consumer Durables & Apparel | 3.04% | 3.05% |
|  |  | Transportation | 1.24% | 2.78% |
|  |  | Media & Entertainment | 0.73% | 2.49% |
|  |  | Commercial & Professional Services | 0.44% | 1.50% |
|  |  | Health Care | – | 10.02% |
|  |  | Energy | – | 6.61% |
|  |  | Food, Beverage & Tobacco | – | 5.47% |
|  |  | Automobiles & Components | – | 3.47% |
|  |  | Other | – | 13.63% |
|  |  |  | 100.00% | 100.00% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Country Diversification** | **Country Diversification** | **Top 10 Long-Term Holdings** | **Top 10 Long-Term Holdings** |
| **(% of 10/31/22 Stock Holdings)** | **(% of 10/31/22 Stock Holdings)** | **(% of Fund's 10/31/22 Net Assets)** | **(% of Fund's 10/31/22 Net Assets)** |
| China | 25.75% | DBS Group Holdings Ltd. | 10.44% |
| South Korea | 11.33% | Danske Bank A/S | 9.16% |
| Singapore | 10.56% | Samsung Electronics Co., Ltd. | 6.82% |
| Denmark | 9.26% | DNB Bank ASA | 6.29% |
| Norway | 6.35% | AIA Group Ltd. | 6.04% |
| Hong Kong | 6.10% | JD.com, Inc., Class A, ADR | 5.76% |
| Switzerland | 5.73% | Julius Baer Group Ltd. | 5.67% |
| Bermuda | 5.54% | Bank of N.T. Butterfield & Son Ltd. | 5.48% |
| France | 4.60% | Ping An Insurance (Group) Co. of China, Ltd. - H | 4.74% |
| Netherlands | 3.93% | Hollysys Automation Technologies Ltd. | 4.63% |
| South Africa | 3.72% |  |  |
| Canada | 3.70% |  |  |
| Japan | 3.15% |  |  |
| United Kingdom | 0.28% |  |  |
|  | 100.00% |  |  |

---

------

---

| | |
|:---|:---|
| **DAVIS INTERNATIONAL FUND – (CONTINUED)** | **Fund Overview** |
|  | **October 31, 2022** |

---

#### New Positions Added (11/01/21-10/31/22)

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Industry** | <br> **Date of 1<sup>st</sup>**<br> **Purchase** | **% of Fund's**<br> **10/31/22**<br> **Net Assets** |
| Coupang, Inc., Class A | Retailing | 01/27/22 | 1.38% |

---

#### Positions Closed (11/01/21-10/31/22)
(Gains and losses greater than $5,000,000 are highlighted)

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Industry** | **Date of**<br> **Final Sale** | &nbsp;&nbsp; **Realized**<br> **Gain (Loss)** |
| Baidu, Inc., Class A, ADR | Media & Entertainment | 04/22/22 | $(4915838) |
| Fang Holdings Ltd., Class A, ADR | Media & Entertainment | 07/20/22 | (1619166) |
| Grab Holdings Ltd., Series A | Transportation | 12/06/21 | 5561762 |
| Missfresh Ltd., Class B, ADS | Food & Staples Retailing | 05/31/22 | (13871820) |
| Trip.com Group Ltd., ADR | Retailing | 11/18/21 | (819211) |

---

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Expense Example** |
| **DAVIS INTERNATIONAL FUND** |  |

---

As a shareholder of each Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchases, contingent deferred sales charges on redemptions, and short-term trading fees, if any; and (2) ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated which for each class is for the six-month period ended October 31, 2022.

#### Actual Expenses

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

#### Hypothetical Example for Comparison Purposes

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning**<br>**Account Value**<br>**(05/01/22)** | **Ending**<br>**Account Value**<br>**(10/31/22)** | **Expenses Paid** <br>**During Period**\*<br>**(05/01/22-10/31/22)** |
| <br> **Davis Global Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A** (annualized expense ratio 0.99%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $869.59 | $4.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1020.21 | $5.04 |
| &nbsp;&nbsp;&nbsp; **Class C** (annualized expense ratio 1.78%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $866.33 | $8.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1016.23 | $9.05 |
| &nbsp;&nbsp;&nbsp; **Class Y** (annualized expense ratio 0.74%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $870.65 | $3.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1021.48 | $3.77 |
| <br> **Davis International Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A** (annualized expense ratio 1.05%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $860.51 | $4.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1019.91 | $5.35 |
| &nbsp;&nbsp;&nbsp; **Class C** (annualized expense ratio 1.80%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $857.30 | $8.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1016.13 | $9.15 |
| &nbsp;&nbsp;&nbsp; **Class Y** (annualized expense ratio 0.80%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $861.00 | $3.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1021.17 | $4.08 |

---

---

| |
|:---|
| 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 GLOBAL FUND** | **Schedule of Investments** |
|  | **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| | **Shares/Units** | **Value<br> (Note 1)** |
| **COMMON STOCK – (98.98%)** | **COMMON STOCK – (98.98%)** | **COMMON STOCK – (98.98%)** |
| **COMMUNICATION SERVICES – (11.23%)** | **COMMUNICATION SERVICES – (11.23%)** | **COMMUNICATION SERVICES – (11.23%)** |
| &nbsp;&nbsp; **Media & Entertainment – (11.23%)** | &nbsp;&nbsp; **Media & Entertainment – (11.23%)** | &nbsp;&nbsp; **Media & Entertainment – (11.23%)** |
| Alphabet Inc., Class C \* | 277080 | $26228393 |
| ASAC II L.P. \*(a)(b) | 35352 | 34645 |
| IAC Inc. \* | 99440 | 4840739 |
| iQIYI, Inc., Class A, ADR (China)\* | 717460 | 1449269 |
| Liberty Media Corp., Liberty Formula One, Series A \* | 196180 | 10205284 |
| Liberty Media Corp., Liberty Formula One, Series C \* | 111525 | 6438338 |
| Meta Platforms, Inc., Class A \* | 263050 | 24505738 |
| Vimeo, Inc. \* | 571000 | 2169800 |
| Total Communication Services | Total Communication Services | 75872206 |
| **CONSUMER DISCRETIONARY – (18.96%)** | **CONSUMER DISCRETIONARY – (18.96%)** | **CONSUMER DISCRETIONARY – (18.96%)** |
| &nbsp;&nbsp; **Consumer Durables & Apparel – (0.96%)** | &nbsp;&nbsp; **Consumer Durables & Apparel – (0.96%)** | &nbsp;&nbsp; **Consumer Durables & Apparel – (0.96%)** |
| Fila Holdings Corp. (South Korea) | 281070 | 6452307 |
| &nbsp;&nbsp; **Retailing – (18.00%)** | &nbsp;&nbsp; **Retailing – (18.00%)** | &nbsp;&nbsp; **Retailing – (18.00%)** |
| Alibaba Group Holding Ltd. (China)\* | 850000 | 6654118 |
| Alibaba Group Holding Ltd., ADR (China)\* | 118620 | 7541860 |
| Amazon.com, Inc. \* | 196200 | 20098728 |
| Coupang, Inc., Class A (South Korea)\* | 503610 | 8697345 |
| Delivery Hero SE (Germany)\* | 296500 | 9772085 |
| JD.com, Inc., Class A (China) | 71430 | 1320376 |
| JD.com, Inc., Class A, ADR (China) | 626375 | 23357524 |
| Meituan, Class B (China)\* | 940329 | 14950101 |
| Naspers Ltd. - N (South Africa) | 65261 | 6750727 |
| Prosus N.V., Class N (Netherlands) | 517450 | 22520727 |
|  |  | 121663591 |
| Total Consumer Discretionary | Total Consumer Discretionary | 128115898 |
| **CONSUMER STAPLES – (2.17%)** | **CONSUMER STAPLES – (2.17%)** | **CONSUMER STAPLES – (2.17%)** |
| &nbsp;&nbsp; **Food, Beverage & Tobacco – (2.17%)** | &nbsp;&nbsp; **Food, Beverage & Tobacco – (2.17%)** | &nbsp;&nbsp; **Food, Beverage & Tobacco – (2.17%)** |
| Darling Ingredients Inc. \* | 186740 | 14655355 |
| Total Consumer Staples | Total Consumer Staples | 14655355 |
| **FINANCIALS – (42.19%)** | **FINANCIALS – (42.19%)** | **FINANCIALS – (42.19%)** |
| &nbsp;&nbsp; **Banks – (22.91%)** | &nbsp;&nbsp; **Banks – (22.91%)** | &nbsp;&nbsp; **Banks – (22.91%)** |
| Bank of N.T. Butterfield & Son Ltd. (Bermuda) | 332750 | 11493185 |
| Danske Bank A/S (Denmark) | 2582670 | 41683059 |
| DBS Group Holdings Ltd. (Singapore) | 2122394 | 51275696 |
| Metro Bank PLC (United Kingdom)\* | 1598302 | 1301382 |
| Wells Fargo & Co. | 1066870 | 49065351 |
|  |  | 154818673 |

---

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND – (CONTINUED)** | **Schedule of Investments** |
|  | **October 31, 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 1)** |
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **FINANCIALS – (CONTINUED)** | **FINANCIALS – (CONTINUED)** | **FINANCIALS – (CONTINUED)** |
| &nbsp;&nbsp; **Diversified Financials – (11.52%)** | &nbsp;&nbsp; **Diversified Financials – (11.52%)** | &nbsp;&nbsp; **Diversified Financials – (11.52%)** |
| &nbsp;&nbsp; **Capital Markets – (4.67%)** | &nbsp;&nbsp; **Capital Markets – (4.67%)** | &nbsp;&nbsp; **Capital Markets – (4.67%)** |
| Julius Baer Group Ltd. (Switzerland) | 622100 | $29801904 |
| Noah Holdings Ltd., Class A, ADS (China)\* | 132390 | 1736957 |
|  |  | 31538861 |
| &nbsp;&nbsp; **Consumer Finance – (3.49%)** | &nbsp;&nbsp; **Consumer Finance – (3.49%)** | &nbsp;&nbsp; **Consumer Finance – (3.49%)** |
| Capital One Financial Corp. | 222290 | 23567186 |
| &nbsp;&nbsp; **Diversified Financial Services – (3.36%)** | &nbsp;&nbsp; **Diversified Financial Services – (3.36%)** | &nbsp;&nbsp; **Diversified Financial Services – (3.36%)** |
| Berkshire Hathaway Inc., Class B \* | 77010 | 22724881 |
|  |  | 77830928 |
| &nbsp;&nbsp; **Insurance – (7.76%)** | &nbsp;&nbsp; **Insurance – (7.76%)** | &nbsp;&nbsp; **Insurance – (7.76%)** |
| &nbsp;&nbsp; **Life & Health Insurance – (7.76%)** | &nbsp;&nbsp; **Life & Health Insurance – (7.76%)** | &nbsp;&nbsp; **Life & Health Insurance – (7.76%)** |
| AIA Group Ltd. (Hong Kong) | 3049180 | 23093227 |
| Ping An Insurance (Group) Co. of China, Ltd. - H (China) | 7343500 | 29375310 |
|  |  | 52468537 |
| Total Financials | Total Financials | 285118138 |
| **HEALTH CARE – (7.84%)** | **HEALTH CARE – (7.84%)** | **HEALTH CARE – (7.84%)** |
| &nbsp;&nbsp; **Health Care Equipment & Services – (4.37%)** | &nbsp;&nbsp; **Health Care Equipment & Services – (4.37%)** | &nbsp;&nbsp; **Health Care Equipment & Services – (4.37%)** |
| Cigna Corp. | 91390 | 29524453 |
| &nbsp;&nbsp; **Pharmaceuticals, Biotechnology & Life Sciences – (3.47%)** | &nbsp;&nbsp; **Pharmaceuticals, Biotechnology & Life Sciences – (3.47%)** | &nbsp;&nbsp; **Pharmaceuticals, Biotechnology & Life Sciences – (3.47%)** |
| Viatris Inc. | 2319370 | 23495218 |
| Total Health Care | Total Health Care | 53019671 |
| **INDUSTRIALS – (2.34%)** | **INDUSTRIALS – (2.34%)** | **INDUSTRIALS – (2.34%)** |
| &nbsp;&nbsp; **Capital Goods – (1.71%)** | &nbsp;&nbsp; **Capital Goods – (1.71%)** | &nbsp;&nbsp; **Capital Goods – (1.71%)** |
| Owens Corning | 134690 | 11530811 |
| &nbsp;&nbsp; **Commercial & Professional Services – (0.02%)** | &nbsp;&nbsp; **Commercial & Professional Services – (0.02%)** | &nbsp;&nbsp; **Commercial & Professional Services – (0.02%)** |
| China Index Holdings Ltd., Class A, ADR (China)\* | 189667 | 151696 |
| &nbsp;&nbsp; **Transportation – (0.61%)** | &nbsp;&nbsp; **Transportation – (0.61%)** | &nbsp;&nbsp; **Transportation – (0.61%)** |
| DiDi Global Inc., Class A, ADS (China)\* | 2111298 | 4117031 |
| Total Industrials | Total Industrials | 15799538 |
| **INFORMATION TECHNOLOGY – (10.65%)** | **INFORMATION TECHNOLOGY – (10.65%)** | **INFORMATION TECHNOLOGY – (10.65%)** |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment – (2.99%)** | &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment – (2.99%)** | &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment – (2.99%)** |
| Applied Materials, Inc. | 127940 | 11295823 |
| Intel Corp. | 312770 | 8892051 |
|  |  | 20187874 |
| &nbsp;&nbsp; **Software & Services – (0.72%)** | &nbsp;&nbsp; **Software & Services – (0.72%)** | &nbsp;&nbsp; **Software & Services – (0.72%)** |
| Clear Secure, Inc., Class A \* | 179950 | 4862249 |
| &nbsp;&nbsp; **Technology Hardware & Equipment – (6.94%)** | &nbsp;&nbsp; **Technology Hardware & Equipment – (6.94%)** | &nbsp;&nbsp; **Technology Hardware & Equipment – (6.94%)** |
| Hollysys Automation Technologies Ltd. (China) | 1266941 | 20195039 |
| Samsung Electronics Co., Ltd. (South Korea) | 640890 | 26725309 |
|  |  | 46920348 |
| Total Information Technology | Total Information Technology | 71970471 |
| **MATERIALS – (3.60%)** | **MATERIALS – (3.60%)** | **MATERIALS – (3.60%)** |
| Teck Resources Ltd., Class B (Canada) | 798940 | 24319733 |
| Total Materials | Total Materials | 24319733 |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK – (Identified cost $689,183,950)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK – (Identified cost $689,183,950)**<br> ****  | 668871010 |

---

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND – (CONTINUED)** | **Schedule of Investments** |
|  | **October 31, 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal** | **Value<br> (Note 1)** |
| **SHORT-TERM INVESTMENTS – (1.16%)** | **SHORT-TERM INVESTMENTS – (1.16%)** | **SHORT-TERM INVESTMENTS – (1.16%)** | **SHORT-TERM INVESTMENTS – (1.16%)** |
|  | StoneX Financial Inc. Joint Repurchase Agreement, 3.05%, 11/01/22,<br> dated 10/31/22, repurchase value of $4,272,362 (collateralized by: U.S.<br> Government agency mortgages and obligations in a pooled cash<br> account, 0.70%-9.50%, 03/15/23-09/20/70, total market value<br> $4,357,440) | $4272000 | $4272000 |
|  | Truist Securities, Inc. Joint Repurchase Agreement, 3.04%, 11/01/22,<br> dated 10/31/22, repurchase value of $3,557,300 (collateralized by: U.S.<br> Government agency mortgages in a pooled cash account, 3.50%-4.50%,<br> 05/01/37-08/01/52, total market value $3,628,140) | 3557000 | 3557000 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS – (Identified cost $7,829,000)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS – (Identified cost $7,829,000)**<br> ****  | 7829000 |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (100.14%) – (Identified cost $697,012,950) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (100.14%) – (Identified cost $697,012,950) | &nbsp;&nbsp;&nbsp;&nbsp; 676700010 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets – (0.14%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets – (0.14%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (928523) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | $&nbsp;&nbsp;&nbsp;&nbsp; 675771487 |
|  | ADR: American Depositary Receipt | ADR: American Depositary Receipt | ADR: American Depositary Receipt |
|  | ADS: American Depositary Share | ADS: American Depositary Share | ADS: American Depositary Share |
| \* | Non-income producing security. | Non-income producing security. | Non-income producing security. |
| (a) | Restricted Security – See Note 6 of the Notes to Financial Statements. | Restricted Security – See Note 6 of the Notes to Financial Statements. | 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. | The value of this security was determined using significant unobservable inputs. See Note 1 of the Notes to Financial Statements. | 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*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** |

---

------

---

| | |
|:---|:---|
| **DAVIS INTERNATIONAL FUND** | **Schedule of Investments** |
|  | **October 31, 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 1)** |
| **COMMON STOCK – (98.92%)** | **COMMON STOCK – (98.92%)** | **COMMON STOCK – (98.92%)** |
| **COMMUNICATION SERVICES – (0.72%)** | **COMMUNICATION SERVICES – (0.72%)** | **COMMUNICATION SERVICES – (0.72%)** |
| &nbsp;&nbsp; **Media & Entertainment – (0.72%)** | &nbsp;&nbsp; **Media & Entertainment – (0.72%)** | &nbsp;&nbsp; **Media & Entertainment – (0.72%)** |
| iQIYI, Inc., Class A, ADR (China)\* | 496600 | $1003132 |
| Total Communication Services | Total Communication Services | 1003132 |
| **CONSUMER DISCRETIONARY – (24.99%)** | **CONSUMER DISCRETIONARY – (24.99%)** | **CONSUMER DISCRETIONARY – (24.99%)** |
| &nbsp;&nbsp; **Consumer Durables & Apparel – (3.01%)** | &nbsp;&nbsp; **Consumer Durables & Apparel – (3.01%)** | &nbsp;&nbsp; **Consumer Durables & Apparel – (3.01%)** |
| Fila Holdings Corp. (South Korea) | 183090 | 4203056 |
| &nbsp;&nbsp; **Retailing – (21.98%)** | &nbsp;&nbsp; **Retailing – (21.98%)** | &nbsp;&nbsp; **Retailing – (21.98%)** |
| Alibaba Group Holding Ltd., ADR (China)\* | 68900 | 4380662 |
| Coupang, Inc., Class A (South Korea)\* | 111240 | 1921115 |
| JD.com, Inc., Class A, ADR (China) | 215660 | 8041961 |
| Meituan, Class B (China)\* | 363511 | 5779388 |
| Naspers Ltd. - N (South Africa) | 49720 | 5143136 |
| Prosus N.V., Class N (Netherlands) | 124882 | 5435179 |
|  |  | 30701441 |
| Total Consumer Discretionary | Total Consumer Discretionary | 34904497 |
| **FINANCIALS – (48.77%)** | **FINANCIALS – (48.77%)** | **FINANCIALS – (48.77%)** |
| &nbsp;&nbsp; **Banks – (31.64%)** | &nbsp;&nbsp; **Banks – (31.64%)** | &nbsp;&nbsp; **Banks – (31.64%)** |
| Bank of N.T. Butterfield & Son Ltd. (Bermuda) | 221690 | 7657173 |
| Danske Bank A/S (Denmark) | 792270 | 12786859 |
| DBS Group Holdings Ltd. (Singapore) | 603610 | 14582836 |
| DNB Bank ASA (Norway) | 495992 | 8778493 |
| Metro Bank PLC (United Kingdom)\* | 472490 | 384714 |
|  |  | 44190075 |
| &nbsp;&nbsp; **Diversified Financials – (6.35%)** | &nbsp;&nbsp; **Diversified Financials – (6.35%)** | &nbsp;&nbsp; **Diversified Financials – (6.35%)** |
| &nbsp;&nbsp; **Capital Markets – (6.35%)** | &nbsp;&nbsp; **Capital Markets – (6.35%)** | &nbsp;&nbsp; **Capital Markets – (6.35%)** |
| Julius Baer Group Ltd. (Switzerland) | 165200 | 7913960 |
| Noah Holdings Ltd., Class A, ADS (China)\* | 72460 | 950675 |
|  |  | 8864635 |
| &nbsp;&nbsp; **Insurance – (10.78%)** | &nbsp;&nbsp; **Insurance – (10.78%)** | &nbsp;&nbsp; **Insurance – (10.78%)** |
| &nbsp;&nbsp; **Life & Health Insurance – (10.78%)** | &nbsp;&nbsp; **Life & Health Insurance – (10.78%)** | &nbsp;&nbsp; **Life & Health Insurance – (10.78%)** |
| AIA Group Ltd. (Hong Kong) | 1113100 | 8430159 |
| Ping An Insurance (Group) Co. of China, Ltd. - H (China) | 1657000 | 6628295 |
|  |  | 15058454 |
| Total Financials | Total Financials | 68113164 |
| **INDUSTRIALS – (6.22%)** | **INDUSTRIALS – (6.22%)** | **INDUSTRIALS – (6.22%)** |
| &nbsp;&nbsp; **Capital Goods – (4.56%)** | &nbsp;&nbsp; **Capital Goods – (4.56%)** | &nbsp;&nbsp; **Capital Goods – (4.56%)** |
| Schneider Electric SE (France) | 50170 | 6359193 |
| &nbsp;&nbsp; **Commercial & Professional Services – (0.43%)** | &nbsp;&nbsp; **Commercial & Professional Services – (0.43%)** | &nbsp;&nbsp; **Commercial & Professional Services – (0.43%)** |
| China Index Holdings Ltd., Class A, ADR (China)\* | 753944 | 603005 |
| &nbsp;&nbsp; **Transportation – (1.23%)** | &nbsp;&nbsp; **Transportation – (1.23%)** | &nbsp;&nbsp; **Transportation – (1.23%)** |
| DiDi Global Inc., Class A, ADS (China)\* | 879576 | 1715173 |
| Total Industrials | Total Industrials | 8677371 |
| **INFORMATION TECHNOLOGY – (14.56%)** | **INFORMATION TECHNOLOGY – (14.56%)** | **INFORMATION TECHNOLOGY – (14.56%)** |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment – (3.11%)** | &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment – (3.11%)** | &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment – (3.11%)** |
| Tokyo Electron Ltd. (Japan) | 16370 | 4347499 |
| &nbsp;&nbsp; **Technology Hardware & Equipment – (11.45%)** | &nbsp;&nbsp; **Technology Hardware & Equipment – (11.45%)** | &nbsp;&nbsp; **Technology Hardware & Equipment – (11.45%)** |
| Hollysys Automation Technologies Ltd. (China) | 405246 | 6459621 |

---

------

---

| | |
|:---|:---|
| **DAVIS INTERNATIONAL FUND – (CONTINUED)** | **Schedule of Investments** |
|  | **October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/Principal** | **Value<br> (Note 1)** |
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **INFORMATION TECHNOLOGY – (CONTINUED)** | **INFORMATION TECHNOLOGY – (CONTINUED)** | **INFORMATION TECHNOLOGY – (CONTINUED)** | **INFORMATION TECHNOLOGY – (CONTINUED)** |
| &nbsp;&nbsp; **Technology Hardware & Equipment – (Continued)** | &nbsp;&nbsp; **Technology Hardware & Equipment – (Continued)** | &nbsp;&nbsp; **Technology Hardware & Equipment – (Continued)** | &nbsp;&nbsp; **Technology Hardware & Equipment – (Continued)** |
|  | Samsung Electronics Co., Ltd. (South Korea) | 228520 | $9529354 |
|  |  |  | 15988975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | 20336474 |
| **MATERIALS – (3.66%)** | **MATERIALS – (3.66%)** | **MATERIALS – (3.66%)** | **MATERIALS – (3.66%)** |
|  | Teck Resources Ltd., Class B (Canada) | 167710 | 5105092 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Total Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Total Materials | 5105092 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK – (Identified cost $161,847,493)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK – (Identified cost $161,847,493)**<br> ****  | 138139730 |
| **SHORT-TERM INVESTMENTS – (1.09%)** | **SHORT-TERM INVESTMENTS – (1.09%)** | **SHORT-TERM INVESTMENTS – (1.09%)** | **SHORT-TERM INVESTMENTS – (1.09%)** |
|  | StoneX Financial Inc. Joint Repurchase Agreement, 3.05%, 11/01/22,<br> dated 10/31/22, repurchase value of $831,070 (collateralized by: U.S.<br> Government agency mortgages and obligations in a pooled cash<br> account, 0.70%-9.50%, 03/15/23-09/20/70, total market value $847,620) | $831000 | 831000 |
|  | Truist Securities, Inc. Joint Repurchase Agreement, 3.04%, 11/01/22,<br> dated 10/31/22, repurchase value of $692,058 (collateralized by: U.S.<br> Government agency mortgages and obligation in a pooled cash account,<br> 3.00%-5.00%, 01/12/26-10/01/52, total market value $705,840) | 692000 | 692000 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,523,000)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,523,000)**<br> ****  | 1523000 |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (100.01%) – (Identified cost $163,370,493) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (100.01%) – (Identified cost $163,370,493) | &nbsp;&nbsp;&nbsp;&nbsp; 139662730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets – (0.01%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets – (0.01%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7294) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | $&nbsp;&nbsp;&nbsp;&nbsp; 139655436 |
| ADR: American Depositary Receipt | ADR: American Depositary Receipt | ADR: American Depositary Receipt | ADR: American Depositary Receipt |
| ADS: American Depositary Share | ADS: American Depositary Share | ADS: American Depositary Share | ADS: American Depositary Share |
| \* | Non-income producing security. | Non-income producing security. | Non-income producing security. |
| ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** |

---

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Statements of Assets and Liabilities** |
| **DAVIS INTERNATIONAL FUND** | **At October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| | **Davis Global**<br> **Fund** | **Davis International**<br> **Fund** |
| **ASSETS:** |  |  |
| Investments in securities at value\* (see accompanying Schedules of Investments) | $&nbsp;&nbsp;&nbsp;&nbsp; 676700010 | $&nbsp;&nbsp;&nbsp;&nbsp; 139662730 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856 |
| Receivables: |  |  |
| Capital stock sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125269 |
| Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445465 |
| Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7118694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7693 |
| Due from Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3229 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp; **685202611** | &nbsp;&nbsp;&nbsp;&nbsp; **140245242** |
| **** <br>**LIABILITIES:** |  |  |
| Payables: |  |  |
| Capital stock redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1666318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278471 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6913909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| Accrued custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137023 |
| Accrued distribution and service plan fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7339 |
| Accrued investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69081 |
| Accrued registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38200 |
| Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59692 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **9431124** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **589806** |
| **** <br>**NET ASSETS** | $&nbsp;&nbsp;&nbsp;&nbsp; **675771487** | $&nbsp;&nbsp;&nbsp;&nbsp; **139655436** |
| **** <br>**NET ASSETS CONSIST OF:** |  |  |
| Par value of shares of capital stock | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1815644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841895 |
| <br>Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 756252009 | &nbsp;&nbsp;&nbsp;&nbsp; 235542852 |
| <br>Accumulated losses | &nbsp;&nbsp;&nbsp;&nbsp; (82296166) | &nbsp;&nbsp;&nbsp;&nbsp; (96729311) |
| **Net Assets** | $&nbsp;&nbsp;&nbsp;&nbsp; **675771487** | $&nbsp;&nbsp;&nbsp;&nbsp; **139655436** |
| <br>\*Including: |  |  |
| Cost of investments | $&nbsp;&nbsp;&nbsp;&nbsp; 697012950 | $&nbsp;&nbsp;&nbsp;&nbsp; 163370493 |
| **** <br>**CLASS A SHARES:** |  |  |
| Net assets | $&nbsp;&nbsp;&nbsp;&nbsp; 139361428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16632290 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7464695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1981222 |
| Net asset value and redemption price per share (Net assets ÷ Shares outstanding) | $18.67 | $8.39 |
| Maximum offering price per share (100/95.25 of net asset value)† | $19.60 | $8.81 |
| **** <br>**CLASS C SHARES:** |  |  |
| Net assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50202714 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3965579 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2956945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511663 |
| Net asset value, offering, and redemption price per share (Net assets ÷ Shares<br> outstanding) | $16.98 | $7.75 |
| **** <br>**CLASS Y SHARES:** |  |  |
| Net assets | $&nbsp;&nbsp;&nbsp;&nbsp; 486207345 | $&nbsp;&nbsp;&nbsp;&nbsp; 119057567 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25891237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14345023 |
| Net asset value, offering, and redemption price per share (Net assets ÷ Shares<br> outstanding) | $18.78 | $8.30 |

---

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

***See Notes to Financial Statements***<br>

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Statements of Operations** |
| **DAVIS INTERNATIONAL FUND** | **For the year ended October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| | **Davis Global**<br> **Fund** | **Davis International**<br> **Fund** |
| **INVESTMENT INCOME:** |  |  |
| **Income:** |  |  |
| Dividends\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16091499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4991810 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23008 |
| Net securities lending fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39712 |
| **Total income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **16240413** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5054530** |
| **** <br>**Expenses:** |  |  |
| Investment advisory fees (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5293051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1275810 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289426 |
| Transfer agent fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46930 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12010 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120871 |
| Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25424 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1966 |
| Accounting fees (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16670 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8861 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17278 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51825 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34930 |
| Distribution and service plan fees (Note 3): |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57073 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59805 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8139649** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2018879** |
| Reimbursement of expenses by Adviser (Note 3): |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20640) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8354) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2156) |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8139649** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1987729** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8100764** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3066801** |
| **** <br>**REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN**<br> **CURRENCY TRANSACTIONS:** |  |  |
| Net realized loss from: |  |  |
| Investment transactions | &nbsp;&nbsp;&nbsp;&nbsp; (49275782) | &nbsp;&nbsp;&nbsp;&nbsp; (27405377) |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (163541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (111580) |
| **Net realized loss** | &nbsp;&nbsp;&nbsp;&nbsp; **(49439323)** | &nbsp;&nbsp;&nbsp;&nbsp; **(27516957)** |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (312082164) | &nbsp;&nbsp;&nbsp;&nbsp; (66799745) |
| **Net realized and unrealized loss on investments and foreign currency**<br> **transactions** | &nbsp;&nbsp; **(361521487)** | &nbsp;&nbsp;&nbsp;&nbsp; **(94316702)** |
| **Net decrease in net assets resulting from operations** | $&nbsp;&nbsp; **(353420723)** | $&nbsp;&nbsp;&nbsp;&nbsp; **(91249901)** |
| \*Net of foreign taxes withheld of | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656938 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475413 |

---

***See Notes to Financial Statements***<br>

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Statements of Changes in Net Assets** |
| **DAVIS INTERNATIONAL FUND** | **For the year ended October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| | **Davis Global**<br> **Fund** | **Davis International**<br> **Fund** |
| **OPERATIONS:** |  |  |
| Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8100764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3066801 |
| Net realized loss from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; (49439323) | &nbsp;&nbsp;&nbsp;&nbsp; (27516957) |
| Net change in unrealized appreciation (depreciation) on investments and foreign<br> currency transactions | &nbsp;&nbsp; (312082164) | &nbsp;&nbsp;&nbsp;&nbsp; (66799745) |
| **Net decrease in net assets resulting from operations** | &nbsp;&nbsp; **(353420723)** | &nbsp;&nbsp;&nbsp;&nbsp; **(91249901)** |
| **** <br>**DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (22793376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (534649) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9831053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32683) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (91980192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4874300) |
| **** <br>**CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net decrease in net assets resulting from capital share transactions (Note 4): |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3004203) | &nbsp;&nbsp;&nbsp;&nbsp; (17197805) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (13419277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2067676) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (98625983) | &nbsp;&nbsp; (105842324) |
| **** <br>**Total decrease in net assets** | &nbsp;&nbsp; **(593074807)** | &nbsp;&nbsp; **(221799338)** |
| **** <br>**NET ASSETS:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1268846294 | &nbsp;&nbsp;&nbsp;&nbsp; 361454774 |
| **End of year** | $&nbsp;&nbsp;&nbsp;&nbsp; **675771487** | $&nbsp;&nbsp;&nbsp;&nbsp; **139655436** |

---

***See Notes to Financial Statements***<br>

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Statements of Changes in Net Assets** |
| **DAVIS INTERNATIONAL FUND** | **For the year ended October 31, 2021** |

---

---

| | | |
|:---|:---|:---|
| | **Davis Global**<br> **Fund** | **Davis International**<br> **Fund** |
| **OPERATIONS:** |  |  |
| Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2892729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2922546 |
| <br>Net realized gain (loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; 131115799 | &nbsp;&nbsp;&nbsp;&nbsp; (32973439) |
| <br>Net increase (decrease) in unrealized appreciation on investments and foreign currency<br> transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35027258 | &nbsp;&nbsp;&nbsp;&nbsp; (20648878) |
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; **169035786** | &nbsp;&nbsp;&nbsp;&nbsp; **(50699771)** |
| **<br> DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (635474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (346051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3119200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (258272) |
| **** <br>**CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net increase (decrease) in net assets resulting from capital share transactions (Note 4): |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12939879 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (16903810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243456) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28540724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5945445 |
| **** <br>**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; **177530554** | &nbsp;&nbsp;&nbsp;&nbsp; **(32316175)** |
| **** <br>**NET ASSETS:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1091315740 | &nbsp;&nbsp;&nbsp;&nbsp; 393770949 |
| **End of year** | $&nbsp;&nbsp; **1268846294** | $&nbsp;&nbsp;&nbsp;&nbsp; **361454774** |

---

***See Notes to Financial Statements***<br>

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Notes to Financial Statements** |
| **DAVIS INTERNATIONAL FUND** | **October 31, 2022** |

---

#### NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Because of the risk inherent in any investment program, the Company cannot ensure that the investment objective of its Funds will be achieved. The COVID-19 pandemic has caused market disruptions on a global scale and the long-term impact is uncertain. The aforementioned disruptions may adversely affect the value and liquidity of the Funds' investments and thus performance of the Funds.

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

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

The Company accounts separately for the assets, liabilities, and operations of each Fund. Each Fund offers Class A, Class C, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares are sold at net asset value and may be subject to a contingent deferred sales charge upon redemption. Class C shares automatically convert to Class A shares after 8 years (effective May 1, 2021). Any existing Class C shares held longer than 8 years as of May 1, 2021 converted in May 2021. Class Y shares are sold at net asset value and are not subject to any contingent deferred sales charge upon redemption. Class Y shares are only available to certain qualified investors. Income, expenses (other than those attributable to a specific class), and gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets represented by each class. Operating expenses are recorded on the accrual basis and those directly attributable to a specific class, such as distribution and transfer agent fees, are charged against the operations of that class. All classes have identical rights with respect to voting (exclusive of each class' distribution arrangement), liquidation, and distributions. Each Fund assesses a 2% short-term trading fee on the proceeds of Fund shares that are redeemed (either by selling or exchanging to another Davis Fund) within 30 days of their purchase. The fee, which is retained by each Fund, is accounted for as an addition to paid-in capital. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

***Security Valuation*** - The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange ("Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds' assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what Davis Selected Advisers, L.P. ("Davis Advisors" or "Adviser"), the Funds' investment adviser, identifies as a significant event occurring before the Funds' assets are valued, but after the close of their respective exchanges will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Pricing Committee. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser's portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Adviser may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer's industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Notes to Financial Statements – (Continued)** |
| **DAVIS INTERNATIONAL FUND** | **October 31, 2022** |

---

#### NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)

***Security Valuation** - **(Continued)***

security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. Fair value determinations are subject to review by the Funds' Board of Directors at its next regularly scheduled meeting covering the period in which the fair valuation was determined. Fair valuation methods used by the Funds may include, but are not limited to, valuing securities initially at cost (excluding commissions) and subsequently adjusting the value due to: additional transactions by the issuer, changes in company specific fundamentals and changes in the value of similar securities. Values may be further adjusted for any discounts related to security-specific resale restrictions.

Short-term investments purchased within 60 days to maturity are valued at amortized cost, which approximates market value.

The Adviser's valuation procedures are reviewed and subject to approval by the Board of Directors. There have been no significant changes to the fair valuation procedures during the period.

**Fair Value Measurements** - Fair value is defined as the price that the Funds would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the Funds' investments. These inputs are summarized in the three broad levels listed below.

---

| | |
|:---|:---|
| Level 1 – <br>| quoted prices in active markets for identical securities |
| Level 2 – <br>| other significant observable inputs (including quoted prices for similar investments, interest rates,<br> prepayment speeds, credit risk, etc.) |
| Level 3 – <br>| significant unobservable inputs (including the Fund's own assumptions in determining the fair value of<br> investments) |

---

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security.

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

---

| | | |
|:---|:---|:---|
|  | **Investments in Securities at Value** | **Investments in Securities at Value** |
|  | **Davis Global**<br>**Fund** | **Davis International**<br>**Fund** |
| <u>Valuation Inputs</u> |  |  |
| **Level 1 – Quoted Prices:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Common Stock</u>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $75837561 | $1003132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 128115898 | 34904497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 14655355 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 285118138 | 68113164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 53019671 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 15799538 | 8677371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 71970471 | 20336474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 24319733 | 5105092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Level 1** | **668836365** | **138139730** |
| **Level 2 – Other Significant Observable Inputs:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 7829000 | 1523000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Level 2** | **7829000** | **1523000** |
| **Level 3 – Significant Unobservable Inputs:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Common Stock</u>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 34645 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Level 3** | **34645** | **–** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $**676700010** | $**139662730** |

---

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Notes to Financial Statements – (Continued)** |
| **DAVIS INTERNATIONAL FUND** | **October 31, 2022** |

---

#### Fair Value Measurements - (Continued)

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the year ended October 31, 2022. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at October 31, 2022 was $(1,513)\*\* for Davis Global Fund. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) are included in the related amounts on investments in the Statements of Operations.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Balance at**<br> **November 1, 2021** | **Cost of**<br> **Purchases** | **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**\*\* | <br>**Net Realized**<br> **Gain (Loss)** | **Transfers**<br> **into**<br> **Level 3** | **Transfers**<br> **out of**<br> **Level 3**\*\*\* | **Ending**<br> **Balance at**<br> **October 31,**<br> **2022** |
| **Davis Global Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ***Investments in Securities:*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $36158 | $– | $(1513) | $– | $– | $– | $34645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 44642079 | – | 7961100 | – | – | (52603179) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Level 3** | $**44678237** | $**–** | $**7959587** | $**–** | $**–** | $**(52603179)** | $**34645** |
| <br> **Davis International Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ***Investments in Securities:*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | $8721618 | $– | $1555341 | $– | $– | $(10276959) | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Level 3** | $**8721618** | $**–** | $**1555341** | $**–** | $**–** | $**(10276959)** | $**–** |

---

\*\* Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on securities still held at October 31, 2022, may be due to investments no longer held or categorized as Level 3 at period end.

\*\*\*During the year ended October 31, 2022, certain securities fair valued at $52,603,179 and $10,276,959 for Davis Global Fund and Davis International Fund, respectively, transferred out of Level 3 because observable market data became available for the securities.

The following table is a summary of those assets in which significant unobservable inputs (Level 3) were used by the Adviser in determining fair value. Note that these amounts exclude any valuations provided by a pricing service or broker.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br>**October 31, 2022** | **Valuation**<br>**Technique** | **Unobservable**<br>**Input** | <br>**Amount** | **Impact to**<br> **Valuation from an**<br>**Increase in Input** |
| **Davis Global Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ***Investments in Securities:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $34645 | Discounted Cash Flow | Annualized Yield | 4.185% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Level 3** | $**34645** |  |  |  |  |

---

The significant unobservable input listed in the above table is used in the fair value measurement of common stock, and if changed, would affect the fair value of the Fund's investments. The "Impact to Valuation from an Increase in Input" represents the change in fair value measurement resulting from an increase in the corresponding input. A decrease in the input would have the opposite effect.

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Notes to Financial Statements – (Continued)** |
| **DAVIS INTERNATIONAL FUND** | **October 31, 2022** |

---

#### NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)

***Master Repurchase Agreements* -** The Funds, along with other affiliated funds, may transfer uninvested cash balances into one or more master repurchase agreement accounts. These balances are invested in one or more repurchase agreements, secured by U.S. Government securities. A custodian bank holds securities pledged as collateral for repurchase agreements until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings.

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

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

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

***Federal Income Taxes* -** It is each Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies, and to distribute substantially all of its taxable income, including any net realized gains on investments not offset by loss carryovers, to shareholders. Therefore, no provision for federal income or excise tax is required. The Adviser analyzed the Funds' tax positions taken on federal and state income tax returns for all open tax years and concluded that as of October 31, 2022, no provision for income tax is required in the Funds' financial statements related to these tax positions. The Funds' federal and state (Arizona) income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state Department of Revenue. The earliest tax year that remains subject to examination by these jurisdictions is 2019.

Capital losses will be carried forward to future years if not offset by gains. At October 31, 2022, Davis Global Fund had available for federal income tax purposes unused short-term and long-term capital loss carryforwards with no expiration in the amount of $31,342,591 and $19,630,758, respectively. Davis International Fund had available for federal income tax purposes unused short-term and long-term capital loss carryforwards with no expiration in the amount of $40,022,284 and $27,551,323, respectively.

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

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

---

| | | |
|:---|:---|:---|
|  | **Davis Global**<br>**Fund** | **Davis International**<br>**Fund** |
| Cost | $707928356 | $168863196 |
| <br> Unrealized appreciation | 138891907 | 19129676 |
| Unrealized depreciation | (170120253) | (48330142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation | $(31228346) | $(29200466) |

---

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Notes to Financial Statements – (Continued)** |
| **DAVIS INTERNATIONAL FUND** | **October 31, 2022** |

---

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

***Dividends and Distributions to Shareholders*** - Dividends and distributions to shareholders are recorded on the ex-dividend date. Net investment income (loss), net realized gains (losses), and net unrealized appreciation (depreciation) on investments [collectively "Distributable earnings (accumulated losses)"] may differ for financial statement and tax purposes primarily due to permanent and temporary differences which may include wash sales, foreign currency transactions, net operating losses, corporate actions, partnership income, equalization, and passive foreign investment company shares. The character of dividends and distributions made during the fiscal year from net investment income and net realized securities gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which income or realized gain was recorded by the Funds. The Funds adjust certain components of capital to reflect permanent differences between financial statement amounts and net income and realized gains/losses determined in accordance with income tax rules. The Funds' net assets have not been affected by these reclassifications. During the year ended October 31, 2022, amounts have been reclassified to reflect increases (decreases) as follows:

---

| | | |
|:---|:---|:---|
|  | **Davis Global**<br> **Fund** | **Davis International**<br> **Fund** |
| <br> Accumulated losses | $(1506180) | $– |
| <br> Paid-in capital | (1506180) | – |

---

The tax character of distributions paid during the years ended October 31, 2022 and 2021 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary**<br> **Income** | **Long-Term**<br> **Capital Gain** | **Return of**<br> **Capital** | **Total** |
| <br> **Davis Global Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $12019848 | $112584773 | $– | $124604621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 626853 | 3473872 | – | 4100725 |
| <br> **Davis International Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $5441632 | $– | $– | $5441632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 258272 | – | – | 258272 |

---

As of October 31, 2022, the components of accumulated losses on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Davis Global**<br> **Fund** | **Davis International Fund** |
| Undistributed ordinary income | $– | $105670 |
| Accumulated net realized losses from investments | (50973349) | (67573607) |
| Net unrealized depreciation on investments and foreign currency<br> transactions | (31272311) | (29247138) |
| Other temporary differences | (50506) | (14236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $(82296166) | $(96729311) |

---

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

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Notes to Financial Statements – (Continued)** |
| **DAVIS INTERNATIONAL FUND** | **October 31, 2022** |

---

***Use of Estimates in Financial Statements*** - In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as

well as the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.

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

#### NOTE 2 - PURCHASES AND SALES OF SECURITIES

The cost of purchases and proceeds from sales of investment securities (excluding short-term investments) during the year ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Davis Global**<br> **Fund** | **Davis International**<br> **Fund** |
| Cost of purchases | $184444499 | $12466090 |
| Proceeds from sales | 420933575 | 140498373 |

---

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

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

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

As of October 31, 2022, related shareholders held greater than 20% of outstanding shares of the following Funds:

---

| | |
|:---|:---|
| **Davis Global**<br> **Fund** | **Davis International**<br> **Fund** |
| n/a | 50% |

---

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

***Investment Advisory Fees and Reimbursement of Expenses*** - Advisory fees are paid monthly to the Adviser. The annual rate for each Fund is 0.55% of the average net assets. The Adviser is contractually committed to waive fees and/or reimburse the Funds' expenses to the extent necessary to cap total annual fund operating expenses (Class A shares, 1.05%; Class C shares, 1.80%; and Class Y shares, 0.80%) until March 1, 2023. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to that date without the consent of the Board of Directors. During the year ended October 31, 2022, such reimbursements for Class A, Class C, and Class Y of Davis International Fund amounted to $20,640, $8,354, and $2,156, respectively. The Adviser may not recoup any of the operating expenses it has reimbursed to the Funds.

***Transfer Agent and Accounting Fees*** - DST Asset Manager Solutions, Inc. is the Funds' primary transfer agent. State Street Bank and Trust Company ("State Street Bank") is the Funds' primary accounting provider. Fees for such services are included in the custodian fees as State Street Bank also serves as the Funds' custodian. The Adviser is also paid for certain transfer agent and accounting services.

---

| | | |
|:---|:---|:---|
|  | **Year ended October 31, 2022** | **Year ended October 31, 2022** |
|  | **Davis Global**<br> **Fund** | **Davis International**<br> **Fund** |
| Transfer agent fees paid to Adviser | $62968 | $19115 |
| Accounting fees paid to Adviser | 52000 | 16670 |

---

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Notes to Financial Statements – (Continued)** |
| **DAVIS INTERNATIONAL FUND** | **October 31, 2022** |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Year ended October 31, 2022** | **Year ended October 31, 2022** |
|  | **Davis Global**<br> **Fund** | **Davis International**<br> **Fund** |
| <br> <u>Distribution fees</u>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | $564816 | $44854 |
| <br> <u>Service fees</u>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 422974 | 57073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 188272 | 14951 |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Year ended October 31, 2022** | **Year ended October 31, 2022** |
|  | **Davis Global**<br> **Fund** | **Davis International**<br> **Fund** |
| Class A commissions retained by Distributor | $5909 | $1432 |
| Class A commissions re-allowed to investment dealers | 33739 | 8398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total commissions earned on sale of Class A | $39648 | $9830 |
| <br> Class C commission advances by the Distributor | $26321 | $4610 |
| <br> Class C CDSCs received by the Distributor | 5278 | 1133 |

---

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Notes to Financial Statements – (Continued)** |
| **DAVIS INTERNATIONAL FUND** | **October 31, 2022** |

---

#### <br>

#### NOTE 4 - CAPITAL STOCK

At October 31, 2022, there were 3.5 billion shares of capital stock ($0.05 par value per share) authorized for Davis New York Venture Fund, Inc., of which 275 million shares are designated to Davis Global Fund and 250 million shares are designated to Davis International Fund. Transactions in capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended October 31, 2022** | **Year ended October 31, 2022** | **Year ended October 31, 2022** | **Year ended October 31, 2022** |
|  | **Sold** | **Reinvestment of**<br> **Distributions** | **Redeemed**\* | **Net Decrease** |
| **Davis Global Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 998488 | 775170 | (2020200) | (246542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 148144 | 402551 | (1269529) | (718834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 5322628 | 3174114 | (13423508) | &nbsp;&nbsp;&nbsp;&nbsp;(4926766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $23620223 | $&nbsp;&nbsp;&nbsp;&nbsp;20224162 | $(46848588) | $(3004203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3243984 | 9616939 | (26280200) | (13419277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 123247725 | &nbsp;&nbsp;&nbsp;&nbsp;83098299 | (304972007) | (98625983) |
| **Davis International Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 308888 | 41888 | (1903786) | (1553010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 72053 | 2922 | (285238) | (210263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 2165562 | 405636 | (12869444) | (10298246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $3524443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503908 | $(21226156) | $(17197805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 687683 | 32668 | (2788027) | (2067676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 24346823 | 4814895 | (135004042) | (105842324) |

---

\* Davis Global Fund: net of redemption fees amounting to $263, $1,812, and $16,703, for Class A, Class C, and Class Y, respectively.

Davis International Fund: net of redemption fees amounting to $6,553, $386, and $1,101, for Class A, Class C, and Class Y, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended October 31, 2021** | **Year ended October 31, 2021** | **Year ended October 31, 2021** | **Year ended October 31, 2021** |
|  | **Sold** | **Reinvestment of**<br> **Distributions** | **Redeemed**\* | **Net Increase**<br> (Decrease) |
| **Davis Global Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1197821 | 19689 | (1207308) | 10202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 362688 | 12438 | (958142) | (583016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 5733393 | 94306 | (4999081) | 828618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $38536367 | $580422 | $(38158210) | $958579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 10797833 | 338569 | (28040212) | (16903810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 184310731 | 2791450 | (158561457) | 28540724 |
| **Davis International Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2355630 | – | (1602227) | 753403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 229649 | – | (280621) | (50972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 8354309 | 17200 | (9124341) | (752832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $35615061 | $– | $(22675182) | $12939879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3310371 | – | (3553827) | (243456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 125954738 | 254208 | (120263501) | 5945445 |

---

\* Davis Global Fund: net of redemption fees amounting to $1,675, $782, and $8,301, for Class A, Class C, and Class Y, respectively.

Davis International Fund: net of redemption fees amounting to $16,075 and $1,625, for Class A and Class Y, respectively.

#### NOTE 5 - SECURITIES LOANED

The Funds have entered into a securities lending arrangement with State Street Bank. Under the terms of the agreement, the Funds receive fee income from lending transactions; in exchange for such fees, State Street Bank is authorized to loan securities on behalf of the Funds, against receipt of collateral at least equal to the value of the securities loaned. As of October 31, 2022, the Funds did not have any securities on loan. The Funds bear the risk of any deficiency in the amount of the collateral available for return to a borrower due to a loss in an approved investment.

#### NOTE 6 - RESTRICTED SECURITIES

Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Board of Directors. The aggregate value of restricted securities in Davis Global Fund amounted to $34,645 or 0.01% of the Fund's net assets as of October 31, 2022. Information regarding restricted securities is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Security** | **Initial**<br> **Acquisition**<br> **Date** | **Units** | **Cost per**<br> **Unit** | **Valuation per Unit as of**<br> **October 31, 2022** |
| <br> Davis Global Fund | ASAC II L.P. | 10/10/13 | 35352 | $1.00 | $0.98 |

---

------

---

| |
|:---|
| **DAVIS GLOBAL FUND** |
| **DAVIS INTERNATIONAL FUND** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Income (Loss) from Investment Operations | Income (Loss) from Investment Operations | Income (Loss) from Investment Operations |
|  | <br> Net Asset Value,<br> Beginning of<br> Period | Net Investment<br> Income (Loss)<sup>a</sup> | Net Realized and<br> Unrealized Gains<br> (Losses) | Total from<br> Investment<br> Operations |
| **Davis Global Fund Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2022 | $30.16 | $0.17 | $(8.68) | $(8.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2021 | $26.13 | $0.04 | $4.07 | $4.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2020 | $23.09 | $(0.02) | $3.52 | $3.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2019 | $22.56 | $0.05 | $2.24 | $2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2018 | $25.27 | $0.09 | $(2.80) | $(2.71) |
| **Davis Global Fund Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2022 | $27.64 | $(0.01) | $(7.92) | $(7.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2021 | $24.16 | $(0.19) | $3.75 | $3.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2020 | $21.36 | $(0.18) | $3.26 | $3.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2019 | $21.10 | $(0.11) | $2.08 | $1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2018 | $23.81 | $(0.10) | $(2.61) | $(2.71) |
| **Davis Global Fund Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2022 | $30.33 | $0.23 | $(8.73) | $(8.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2021 | $26.25 | $0.11 | $4.07 | $4.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2020 | $23.19 | $0.04 | $3.55 | $3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2019 | $22.67 | $0.10 | $2.25 | $2.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2018 | $25.35 | $0.16 | $(2.81) | $(2.65) |
| **Davis International Fund Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2022 | $12.64 | $0.12 | $(4.21) | $(4.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2021 | $13.78 | $0.06 | $(1.20) | $(1.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2020 | $11.82 | $(0.03) | $2.40 | $2.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2019 | $11.28 | $0.05 | $0.75 | $0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2018 | $12.85 | $0.08 | $(1.63) | $(1.55) |
| **Davis International Fund Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2022 | $11.65 | $0.04 | $(3.89) | $(3.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2021 | $12.80 | $(0.05) | $(1.10) | $(1.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2020 | $10.99 | $(0.13) | $2.24 | $2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2019 | $10.52 | $(0.03) | $0.69 | $0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2018 | $12.08 | $(0.02) | $(1.54) | $(1.56) |
| **Davis International Fund Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2022 | $12.51 | $0.15 | $(4.16) | $(4.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2021 | $13.61 | $0.10 | $(1.19) | $(1.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2020 | $11.68 | $–<sup>e</sup> | $2.37 | $2.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2019 | $11.16 | $0.09 | $0.73 | $0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended October 31, 2018 | $12.72 | $0.12 | $(1.63) | $(1.51) |

---

<sup>a</sup> Per share calculations were based on average shares outstanding for the period.

<sup>b</sup> 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.

<sup>c</sup> The ratios in this column reflect the impact, if any, of certain reimbursements.

------

 **Financial Highlights**<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Dividends and Distributions | Dividends and Distributions | Dividends and Distributions | Dividends and Distributions |  |  |  | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets |  |
| Dividends<br> from Net<br> Investment<br> Income | Distributions<br> from<br> Realized<br> Gains | Return of<br> Capital | Total<br> Distributions | Net Asset<br> Value, End<br> of Period | Total Return<sup>b</sup> | Net Assets,<br> End of Period<br> (in thousands) | Gross<br> Expense<br> Ratio | Net Expense<br> Ratio<sup>c</sup> | Net<br> Investment<br> Income (Loss)<br> Ratio | Portfolio<br> Turnover<sup>d</sup> |
| $(0.26) | $(2.72) | $– | $(2.98) | $18.67 | (31.04)% | $139361 | 0.96% | 0.96% | 0.73% | 19% |
| $– | $(0.08) | $– | $(0.08) | $30.16 | 15.75% | $232565 | 0.92% | 0.92% | 0.11% | 35% |
| $(0.46) | $– | $– | $(0.46) | $26.13 | 15.38% | $201247 | 0.92% | 0.92% | (0.06)% | 24% |
| $(0.05) | $(1.71) | $– | $(1.76) | $23.09 | 11.35% | $194163 | 0.98% | 0.98% | 0.19% | 15% |
| $– | $– | $– | $– | $22.56 | (10.72)% | $192199 | 0.96% | 0.96% | 0.35% | 37% |
| $(0.01) | $(2.72)- | $– | $(2.73) | $16.98 | (31.56)% | $50203 | 1.74% | 1.74% | (0.05)% | 19% |
| $– | $(0.08)- | $– | $(0.08) | $27.64 | 14.75% | $101611 | 1.70% | 1.70% | (0.67)% | 35% |
| $(0.28) | $–- | $– | $(0.28) | $24.16 | 14.53% | $102878 | 1.70% | 1.70% | (0.84)% | 24% |
| $– | $(1.71) | $– | $(1.71) | $21.36 | 10.51% | $120247 | 1.72% | 1.72% | (0.55)% | 15% |
| $– | $– | $– | $– | $21.10 | (11.38)% | $131460 | 1.71% | 1.71% | (0.40)% | 37% |
| $(0.33) | $(2.72) | $– | $(3.05) | $18.78 | (30.87)% | $486207 | 0.72% | 0.72% | 0.97% | 19% |
| $(0.02) | $(0.08) | $– | $(0.10) | $30.33 | 15.95% | $934670 | 0.69% | 0.69% | 0.34% | 35% |
| $(0.53) | $– | $– | $(0.53) | $26.25 | 15.70% | $787191 | 0.69% | 0.69% | 0.17% | 24% |
| $(0.12) | $(1.71) | $– | $(1.83) | $23.19 | 11.61% | $693446 | 0.71% | 0.71% | 0.46% | 15% |
| $(0.03) | $– | $– | $(0.03) | $22.67 | (10.47)% | $721325 | 0.70% | 0.70% | 0.61% | 37% |
| $(0.16) | $– | $– | $(0.16) | $8.39 | (32.72)% | $16632 | 1.13% | 1.05% | 1.13% | 5% |
| $– | $– | $– | $– | $12.64 | (8.27)% | $44687 | 1.00% | 1.00% | 0.40% | 16% |
| $(0.37) | $(0.04) | $–<sup>e</sup> | $(0.41) | $13.78 | 20.62% | $38308 | 0.98% | 0.98% | (0.25)% | 20% |
| $(0.07) | $(0.19) | $– | $(0.26) | $11.82 | 7.29% | $32321 | 0.99% | 0.99% | 0.48% | 14% |
| $(0.02) | $– | $– | $(0.02) | $11.28 | (12.11)% | $31448 | 1.04% | 1.04% | 0.63% | 17% |
| $(0.05) | $– | $– | $(0.05) | $7.75 | (33.19)% | $3966 | 1.94% | 1.80% | 0.38% | 5% |
| $– | $– | $– | $– | $11.65 | (8.98)% | $8412 | 1.79% | 1.79% | (0.39)% | 16% |
| $(0.26) | $(0.04) | $–<sup>e</sup> | $(0.30) | $12.80 | 19.58% | $9892 | 1.80% | 1.80% | (1.07)% | 20% |
| $– | $(0.19) | $– | $(0.19) | $10.99 | 6.44% | $10215 | 1.81% | 1.81% | (0.34)% | 14% |
| $– | $– | $– | $– | $10.52 | (12.91)% | $10268 | 1.85% | 1.85% | (0.18)% | 17% |
| $(0.20) | $– | $– | $(0.20) | $8.30 | (32.52)% | $119058 | 0.80% | 0.80% | 1.38% | 5% |
| $(0.01) | $– | $– | $(0.01) | $12.51 | (8.02)% | $308356 | 0.72% | 0.72% | 0.68% | 16% |
| $(0.40) | $(0.04) | $–<sup>e</sup> | $(0.44) | $13.61 | 20.90% | $345572 | 0.70% | 0.70% | 0.03% | 20% |
| $(0.11) | $(0.19) | $– | $(0.30) | $11.68 | 7.61% | $277119 | 0.71% | 0.71% | 0.76% | 14% |
| $(0.05) | $– | $– | $(0.05) | $11.16 | (11.91)% | $266546 | 0.72% | 0.72% | 0.95% | 17% |

---

---

| | |
|:---|:---|
| <sup>d</sup> | 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. |
| <sup>e</sup> | Less than $0.005 per share. |
| ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** |

---

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Report of Independent Registered Public Accounting Firm** |
| **DAVIS INTERNATIONAL FUND** |  |

---

#### The Shareholders and Board of Directors

#### Davis New York Venture Fund, Inc.:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of Davis Global Fund and Davis International Fund (each a series of Davis New York Venture Fund, Inc.) (the "Funds"), including the schedules of investments, as of October 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the "financial statements") and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each Fund as of October 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

#### KPMG LLP

We have served as the auditor of one or more Davis Funds investment companies since 1998.

Minneapolis, Minnesota

December 21, 2022

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Federal Income Tax Information (*Unaudited*)** |
| **DAVIS INTERNATIONAL FUND** |  |

---

In early 2023 shareholders will receive information regarding all dividends and distributions paid to them by the Funds during the calendar year 2022. Regulations of the U.S. Treasury Department require the Funds to report this information to the Internal Revenue Service.

The information and distributions reported herein may differ from the information reported as distributions taxable to certain shareholders for the calendar year 2022 with their 2022 Form 1099-DIV.

The information is presented to assist shareholders in reporting distributions received from the Funds to the Internal Revenue Service. Because of the complexity of the federal regulations that may affect your individual tax return and the many variations in state and local regulations, we recommend that you consult your tax adviser for specific guidance.

The Funds have elected to give the benefit of foreign tax credits to their shareholders, if applicable. Accordingly, shareholders who must report their gross income dividends and distributions in a federal tax return will be entitled to a foreign tax credit, or an itemized deduction, in computing their U.S. income tax liability. It is generally more advantageous to claim a credit rather than to take a deduction.

#### Davis Global Fund

During the fiscal year 2022, $12,019,848 of dividends paid by the Fund constituted income dividends for federal income tax purposes. The Fund designates $4,148,111 or 35% as income qualifying for the corporate dividends-received deduction.

For the fiscal year 2022, certain dividends paid by the Fund constitute qualified dividend income for federal income tax purposes. The Fund designates $9,873,870 or 82% as qualified dividend income.

During the fiscal year 2022, the Fund paid long-term capital gain distributions in the amount of $112,584,773.

Pursuant to Section 853 of the Internal Revenue Code, the Fund designates $648,880 as foreign taxes paid during the year ended October 31, 2022. During the fiscal year ended October 31, 2022, the Fund received foreign sourced income of $11,735,123. The Fund did not derive any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

#### Davis International Fund

During the fiscal year 2022, $5,853,312 of dividends paid by the Fund (including foreign tax credit pass-through) constituted income dividends for federal income tax purposes, of which no amount qualified for the corporate dividends-received deduction.

For the fiscal year 2022, certain dividends paid by the Fund constitute qualified dividend income for federal income tax purposes. The Fund designates $4,872,437 or 83% as qualified dividend income.

During the fiscal year 2022, the Fund did not pay a long-term capital gain distribution.

Pursuant to Section 853 of the Internal Revenue Code, the Fund designates $411,680 as foreign taxes paid during the year ended October 31, 2022. During the fiscal year ended October 31, 2022, the Fund received foreign sourced income of $5,467,223. The Fund did not derive any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.<br>

------

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| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Liquidity Risk Management Program** |
| **DAVIS INTERNATIONAL FUND** |  |

---

Following is a description of the operation and effectiveness of the Liquidity Risk Management Program ("LRMP") that was adopted by the Board of Directors (the "Board") in accordance with Rule 22e-4 under the Investment Company Act of 1940 (the "Liquidity Rule"). The Liquidity Rule is meant to promote effective liquidity risk management practices in order to reduce the likelihood that a fund would be unable to meet its redemption obligations.

The Board has appointed Davis Selected Advisers, L.P. (the "Adviser") to serve as the Administrator of the LRMP, subject to the supervision of the Board. The Adviser has engaged a third party to perform certain functions, including the production of liquidity classification model information.

The Adviser monitors the adequacy and effectiveness of the implementation of the LRMP on an ongoing basis. This monitoring includes a review of the Funds' liquidity risk based on a variety of factors including the Funds' (1) investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, and (4) borrowing arrangements and other funding sources. The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires a fund that does not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the funds' net assets in highly liquid investments (highly liquid investment minimum or HLIM). The LRMP includes provisions and safeguards that are reasonably designed to comply with the 15% limit on illiquid investments and the Funds are currently classified as Funds that primarily hold highly liquid investments. The LRMP includes the classification, no less than monthly, of the Funds' investments into one of four liquidity classifications as provided for in the Liquidity Rule.

At a recent meeting of the Funds' Board of Directors, the Adviser provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the LRMP from April 1, 2021 through March 31, 2022. The report concluded that the LRMP is operating effectively and is reasonably designed to assess and manage the Funds' liquidity risk. There can be no guarantee that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Funds, including liquidity risks presented by the Funds' investment portfolio, is found in the Funds' Prospectus and Statement of Additional Information.

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Privacy Notice and Householding** |
| **DAVIS INTERNATIONAL FUND** |  |

---

#### Privacy Notice

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

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

#### Householding

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

------

---

| | |
|:---|:---|
| **DAVIS GLOBAL FUND** | **Directors and Officers** |
| **DAVIS INTERNATIONAL FUND** |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Name, Date of Birth,**<br> **Position(s) Held with**<br> **Funds, Length of Service** | **Principal Occupation(s) During Past Five Years** | **Number of**<br> **Portfolios**<br> **Overseen** | **Other Directorships** |

---

#### Independent Directors

---

| | | | |
|:---|:---|:---|:---|
| **John S. Gates Jr.**<br> (08/02/53)<br> Director since 2007 | Executive Chairman, TradeLane Properties LLC<br> (industrial real estate company). | 13<br>| Chairman and Chief Executive Officer of PortaeCo<br> LLC (private investment company); Director, Miami<br> Corp. (diversified investment company). |
| **Thomas S. Gayner**<br> (12/16/61)<br> Director since 2004<br> Chairman since 2009 | Co-Chief Executive Officer and Director, Markel Corp.<br> (diversified financial holding company). | 13 | Director, Graham Holdings Company (educational<br> and media company); Director, Cable ONE Inc. (cable<br> service provider). |
| **Samuel H. Iapalucci**<br> (07/19/52)<br> Director since 2006 | Retired; Executive Vice President and Chief Financial<br> Officer, CH2M HILL Companies, Ltd. (engineering)<br> until 2008. | 13 |  |
| **Robert P. Morgenthau**<br> (03/22/57)<br> Director since 2002 | Principal, Spears Abacus Advisors, LLC (investment<br> management firm) since 2011; Chairman, NorthRoad<br> Capital Management, LLC (investment management<br> firm) 2002-2011. | 13 |  |
| **Lara N. Vaughan** (04/20/69)<br> Director since 2021 | Chief Executive Officer and Chief Financial Officer of<br> Parchman, Vaughan & Company, L.L.C. (investment<br> bank). | 13 |  |
| **Marsha C. Williams**<br> (03/28/51)<br> Director since 1999<br>| Retired; Senior Vice President and Chief Financial<br> Officer, Orbitz Worldwide, Inc. (travel-service provider)<br> 2007-2010. | 13 | Chairperson, Modine Manufacturing Company (heat<br> transfer technology); Director, Fifth Third Bancorp<br> (diversified financial services); Director, Crown<br> Holdings, Inc. (manufacturing company). |

---

***Interested Directors***\*

---

| | | | |
|:---|:---|:---|:---|
| **Andrew A. Davis**<br> (06/25/63)<br> Director since 1997<br>| President or Vice President of each Davis Fund, Selected<br> Fund, and Clipper Fund; President, Davis Selected<br> Advisers, L.P., and also serves as an executive officer of<br> certain companies affiliated with the Adviser. | 16 | Director, Selected Funds (consisting of two portfolios)<br> since 1998; Trustee, Clipper Funds Trust (consisting<br> of one portfolio) since 2014. |
| **Christopher C. Davis**<br> (07/13/65)<br> Director since 1997<br>| President or Vice President of each Davis Fund, Selected<br> Fund, Clipper Fund, and Davis ETF; Chairman, Davis<br> Selected Advisers, L.P., and also serves as an executive<br> officer of certain companies affiliated with the Adviser,<br> including sole member of the Adviser's general partner,<br> Davis Investments, LLC. | 16 | Director, Selected Funds (consisting of two portfolios)<br> since 1998; Trustee, Clipper Funds Trust (consisting<br> of one portfolio) since 2014; Lead Independent<br> Director, Graham Holdings Company (educational<br> and media company); Director, The Coca-Cola<br> Company (beverage company); Director, Berkshire<br> Hathaway Inc. (financial services). |

---

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

#### Officers

**Lisa J. Cohen (born 04/25/89, Davis Funds officer since 2021).** Vice President and Secretary of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of four portfolios); Vice President, Senior Attorney, and Secretary, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

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

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

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

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

**Randi J. Roessler (born 06/26/81, Davis Funds officer since 2018).** Vice President and Chief Compliance Officer of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of four portfolios); Vice President and Chief Compliance Officer, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

------

---

| |
|:---|
| **DAVIS GLOBAL FUND** |
| **DAVIS INTERNATIONAL FUND** |

---

---

| |
|:---|
| **Investment Adviser** |
| Davis Selected Advisers, L.P. (Doing business as "Davis Advisors") |
| 2949 East Elvira Road, Suite 101 |
| Tucson, Arizona 85756 |
| (800) 279-0279 |
| **Distributor** |
| Davis Distributors, LLC |
| 2949 East Elvira Road, Suite 101 |
| Tucson, Arizona 85756 |
| **Transfer Agent** |
| DST Asset Manager Solutions, Inc. |
| c/o The Davis Funds |
| P.O. Box 219197 |
| Kansas City, Missouri 64121-9197 |
| Overnight Address: |
| 430 West 7<sup>th</sup> 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 15<sup>th</sup> Street, Suite 3300 |
| Denver, Colorado 80202 |
| **Independent Registered Public Accounting Firm** |
| KPMG LLP |
| 4200 Wells Fargo Center |
| 90 South 7th Street |
| Minneapolis, MN 55402 |

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------

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

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#### ITEM 2. CODE OF ETHICS

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the code of ethics is filed as an exhibit to this form N-CSR.

No substantive amendments were approved or waivers granted to this code of ethics during the period covered by this report.

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The registrant's Board of Directors has determined that independent director Marsha Williams qualifies as the "audit committee financial expert", as defined in Item 3 of form N-CSR.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

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| | |
|:---|:---|
| (a) <br>| Audit Fees. The aggregate Audit Fees billed by KPMP LLP ("KPMG") for professional services rendered for the audits of the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal year ends October 31, 2022 and October 31, 2021 were $55,664 and $52,528, respectively. |
| (b) <br>| Audit-Related Fees. The aggregate Audit-Related Fees billed by KPMG for services rendered for assurance and related services that are not reasonably related to the performance of the audit or review of the fund financial statements, but not reported as Audit Fees for fiscal year ends October 31, 2022 and October 31, 2021 were $0 and $0, respectively. |
| (c) <br>| Tax Fees. The aggregate Tax Fees billed by KPMG for professional services rendered for tax compliance, tax advice and tax planning for the fiscal year ends October 31, 2022 and October 31, 2021 were $18,695 and $18,550, respectively.<br>Fees included in the Tax Fee category comprise all services performed by professional staff in the independent accountant's tax division except those services related to the audit. These services include preparation of tax returns, tax advice related to mergers and a review of the fund income and capital gain distributions. |
| (d) <br>| All Other Fees. The aggregate Other Fees billed by KPMG for all other non-audit services rendered to the fund for the fiscal year ends October 31, 2022 and October 31, 2021 were $2,350 and $2,350, respectively. |
| (e)(1) <br>| Audit Committee Pre-Approval Policies and Procedures.<br>The fund Audit Committee must pre-approve all audit and non-audit services provided by the independent accountant relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.<br>The fund Audit Committee has adopted a policy whereby audit and non-audit services performed by the fund independent accountant require pre-approval in advance at regularly scheduled Audit Committee meetings. If such a service is required between regularly scheduled Audit Committee meetings, pre-approval may be authorized by the Audit Committee Chairperson with ratification at the next scheduled audit committee meeting. |
| (2) <br>| No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of<br> Rule 2-01 of Regulation S-X. |
| (f) <br>| Not applicable |
| (g) <br>| The Funds' independent accountant did not provide any services to the investment advisor or any affiliate for the fiscal years ended October 31, 2022 and October 31, 2021. The fund has not paid any fees for non-audit not previously disclosed in items 4 (b) – (d). |
| (h) <br>| The registrant's audit committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. No such services were rendered. |

---

#### ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not Applicable

#### ITEM 6. SCHEDULE OF INVESTMENTS

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

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

Not Applicable

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

Not Applicable

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

Not Applicable

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

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

------

#### ITEM 11. CONTROLS AND PROCUDURES

(a) The registrant's principal executive officer and principal financial officer have concluded 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.

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

Not Applicable.

#### ITEM 13. EXHIBITS

---

| | |
|:---|:---|
| (a)(1) <br>| The registrant's [code of ethics](code_ethics.htm) pursuant to Item 2 of Form N-CSR is filed as an exhibit to this form N-CSR. |
| (a)(2) <br>| Certifications pursuant to [Section 302](cert302.htm) of the Sarbanes-Oxley Act of 2002 are attached. |
| (b) <br>| Certifications pursuant to [Section 906](cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached. |

---

SIGNATURES

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

DAVIS NEW YORK VENTURE FUND, INC.

---

| | |
|:---|:---|
| By | /s/ Kenneth C. Eich |
|  | Kenneth C. Eich |
|  | Principal Executive Officer |
| Date: December 21, 2022 | Date: December 21, 2022 |

---

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

---

| | |
|:---|:---|
| By | /s/ Kenneth C. Eich |
|  | Kenneth C. Eich |
|  | Principal Executive Officer |
| Date: December 21, 2022 | Date: December 21, 2022 |
| By | /s/ Douglas A. Haines |
|  | Douglas A. Haines |
|  | Principal Financial Officer and Principal Accounting Officer |
| Date: December 21, 2022 | Date: December 21, 2022 |

---

------

## Ex-99.Cert

------

---

| | |
|:---|:---|
| DAVIS NEW YORK VENTURE FUND, INC. | DAVIS NEW YORK VENTURE FUND, INC. |
| 2949 East Elvira Road, Suite 101 | 2949 East Elvira Road, Suite 101 |
| Tucson, Arizona 85756 | Tucson, Arizona 85756 |
| (520) 434-3778 | (520) 434-3778 |
| RULE 30A-2(A) CERTIFICATION | RULE 30A-2(A) CERTIFICATION |
| I, Kenneth C. Eich, certify that for Davis Global Fund and Davis International Fund, authorized series of Davis New York Venture Fund, Inc.: | I, Kenneth C. Eich, certify that for Davis Global Fund and Davis International Fund, authorized series of Davis New York Venture Fund, Inc.: |
| 1. | I have reviewed this report on Form N-CSR of Davis New York Venture Fund, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
| /s/ Kenneth C. Eich | /s/ Kenneth C. Eich |
| Kenneth C. Eich | Kenneth C. Eich |
| Principal Executive Officer | Principal Executive Officer |
| Date: December 21, 2022 | Date: December 21, 2022 |

---

------

---

| | |
|:---|:---|
| DAVIS NEW YORK VENTURE FUND, INC. | DAVIS NEW YORK VENTURE FUND, INC. |
| 2949 East Elvira Road, Suite 101 | 2949 East Elvira Road, Suite 101 |
| Tucson, Arizona 85706 | Tucson, Arizona 85706 |
| (520) 434-3778 | (520) 434-3778 |
| RULE 30A-2(A) CERTIFICATION | RULE 30A-2(A) CERTIFICATION |
| I, Douglas A. Haines, certify that Davis Global Fund and Davis International Fund, authorized series of Davis New York Venture Fund, Inc.: | I, Douglas A. Haines, certify that Davis Global Fund and Davis International Fund, authorized series of Davis New York Venture Fund, Inc.: |
| 1. | I have reviewed this report on Form N-CSR of Davis New York Venture Fund, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
| /s/ Douglas A. Haines | /s/ Douglas A. Haines |
| Douglas A. Haines | Douglas A. Haines |
| Principal Financial Officer and Principal Accounting Officer | Principal Financial Officer and Principal Accounting Officer |
| Date: December 21, 2022 | Date: December 21, 2022 |

---

------

## Exhibit 99.906

------

---

| | |
|:---|:---|
| DAVIS NEW YORK VENTURE FUND, INC. | DAVIS NEW YORK VENTURE FUND, INC. |
| 2949 East Elvira Road, Suite 101 | 2949 East Elvira Road, Suite 101 |
| Tucson, Arizona 85756 | Tucson, Arizona 85756 |
| (520) 434-3778 | (520) 434-3778 |
| CERTIFICATION | CERTIFICATION |
| PURSUANT TO 18 U.S.C. SECTION 1350, | PURSUANT TO 18 U.S.C. SECTION 1350, |
| AS ADOPTED PURSUANT TO | AS ADOPTED PURSUANT TO |
| SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 | SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 |
| KENNETH C. EICH, Principal Executive Officer, and DOUGLAS A. HAINES, Principal Financial Officer and Principal Accounting Officer of Davis Global Fund and Davis International Fund, authorized series of Davis New York Venture Fund, Inc. (the "Registrant"), each certify to the best of his or her knowledge that: | KENNETH C. EICH, Principal Executive Officer, and DOUGLAS A. HAINES, Principal Financial Officer and Principal Accounting Officer of Davis Global Fund and Davis International Fund, authorized series of Davis New York Venture Fund, Inc. (the "Registrant"), each certify to the best of his or her knowledge that: |
| (1) The Registrant's periodic report on Form N-CSR for the period ended October 31, 2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and | (1) The Registrant's periodic report on Form N-CSR for the period ended October 31, 2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
| (2) The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. | (2) The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
| Principal Executive Officer | Principal Financial Officer and Principal Accounting Officer |
| DAVIS NEW YORK VENTURE FUND, INC. | DAVIS NEW YORK VENTURE FUND, INC. |
| /s/ Kenneth C. Eich | /s/ Douglas A. Haines |
| Kenneth C. Eich | Douglas A. Haines |
| Principal Executive Officer | Principal Financial Officer and Principal Accounting Officer |
| Date: December 21, 2022 | Date: December 21, 2022 |
| A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2003 has been provided to DAVIS NEW YORK VENTURE FUND, INC. and will be retained by DAVIS NEW YORK VENTURE FUND, INC. and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2003 has been provided to DAVIS NEW YORK VENTURE FUND, INC. and will be retained by DAVIS NEW YORK VENTURE FUND, INC. and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. |
| This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission. | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission. |

---

------

## Ex-99.Code

------

### Code of Ethics:

### Sarbanes-Oxley

### (Section 406)
Davis Funds

Selected Funds

Clipper Funds Trust

Davis Fundamental ETF Trust

("Funds")

### October 2016
**____________________________________________________________________________________________________________________________________________________________________________________________________________**<br>

**I. Covered Officers/Purpose of the Code**

This Sarbanes-Oxley Code of Ethics ("Code") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer, and Controller, or persons performing similar functions elected by the Funds (the "Covered Officers") for the purposes of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Overview</u>

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of the officer's family, receives improper personal benefits as a result of a position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds' and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, replace these programs and procedures, and such conflicts fall outside of the parameters of this Code (see Section VI below).

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from the contractual relationships between the Funds and the investment adviser (or advisory affiliates) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by each Fund's Board of Directors/Trustees (each a "Board" and collectively the "Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. not use material non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that should always be discussed by Covered Officers with the Funds' Chief Legal Officer, if material. Examples of these conflict of interest situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. service as a director/trustee on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the receipt of any gift, gratuity, favor award or other item or benefit having a market value in excess of $100 per person, per year, from or on behalf of any person or entity that does, or seeks to do, business with or on behalf of the Funds. Business-related entertainment such as meals, tickets to the theater or a sporting event which are infrequent and of a non-lavish nature are excepted from this prohibition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter or any of their affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Covered Officer should become familiar with the disclosure requirements generally applicable to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds' directors/trustees and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Notwithstanding (1) through (4) above, (a) each Covered Officer is entitled to rely upon procedures adopted by the Funds and their affiliates (including their investment adviser, sub-advisers, principal underwriter, transfer agent and custodian) that are intended to ensure accurate and timely filing of documents with the SEC or communications with the public, and (b) Covered Officers do not have a duty to ensure the Funds' compliance in areas outside of their span of control (for example, the Principal Financial Officer shall not have any duties with respect to compliance issues delegated to the adviser's Legal Department, Compliance Department, Marketing Department, etc.).

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. annually thereafter affirm to the Boards that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. report at least annually all affiliations or other relationships related to conflicts of interest that are included and described in the Funds' Directors/Trustees and Officers Questionnaires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. notify the Funds' Chief Legal Officer promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of the Code.

**V. Enforcement of Code**

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Chief Legal Officer is authorized to consult, as appropriate, with the Chairperson of the Audit Committee, counsel to the Funds and independent legal counsel to the independent directors/trustees (as defined in Rule 0-1(a)(6) of the Investment Company Act). However, any approvals or waivers sought by any Covered Officer will be considered by the Audit Committee of the affected Fund (the "Committee").

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Chief Legal Officer will take all appropriate action to investigate any reported potential violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. if, after such investigation, the Chief Legal Officer believes that no material violation has occurred, the Chief Legal Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any matter that the Chief Legal Officer believes is a material violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. if the Committee concurs that a material violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; monetary sanctions based on making a Fund whole for damage suffered or to deter further actions; or a recommendation to suspend or dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the Committee will be responsible for granting waivers, as appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. all waivers shall be accompanied by a written memorandum, including to whom the waiver was granted, the details of the waiver, the nature and scope of the waiver, reasoning for the waiver and the date of the waiver; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**VI. Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's Code of Ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VII. Amendments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Code was initially adopted by a majority of both Boards (including a majority of the Independent Directors/Trustees voting separately).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of both Boards, including a majority of Independent Directors/Trustees voting separately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each version of the Code and all waivers under the Code shall be maintained for at least six (6) years following the end of the fiscal year in which the amendment or waiver occurred.

**VIII. Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its independent counsel.

**IX. Filing**

Each Fund shall file a copy of this Code as an exhibit to its annual report on Form N-CSR, and shall similarly file and report all material, substantive amendments to this Code.

------

### Exhibit A

#### Persons Covered by this Code of Ethics as of October 4, 2016:

Principal Executive Officer: Kenneth Eich <br> Principal Financial Officer: Douglas Haines <br> Principal Accounting Officer: Douglas Haines

------