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N-1A
DAVIS NEW YORK VENTURE FUND INC
N-CSR
2026-07-31
Davis Research Fund
Class A
DRFAX
This Annual shareholder report contains important information about the Davis Research Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026 (the “period”).
Annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(8, 62, 28);font-family:'times new roman';font-size:9pt;text-align:justify">http://dsainternal.davis.local/html/fundinfo/fundinfo.html</span> or by contacting Investor Services at 1-800-279-0279.
http://dsainternal.davis.local/html/fundinfo/fundinfo.html
1-800-279-0279
<div style="margin-top:0px;margin-bottom:0px;font-family:'times new roman';font-size:9pt;font-weight:bold;text-align:justify;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(8, 62, 28);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Fund expenses for the last year?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28);">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis Research Fund<br/> (Class A)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>77</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.68<span>%</span></td> </tr> </table>
77
0.0068
<div style="margin-bottom:8pt;">
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;">Management’s Discussion of Fund Performance</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;">Summary of Results</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:4pt;">The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 25.43%, versus a 19.56% return for the S&P 500. The Fund invests principally in common stocks (including American Depositary Receipts) issued by medium- and large-capitalization companies. The Fund considers companies with market capitalizations between $3 billion and $10 billion to be medium-capitalization companies and companies with market capitalizations of at least $10 billion to be large-capitalization companies. The Fund has the flexibility to invest in foreign securities.</div> </div>
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;">Market Overview</div>
<ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;">
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<div style="margin-top:0px;margin-bottom:0px;">S&P 500</div>
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<div style="margin-top:0px;margin-bottom:0px;">Strongest performing sectors - Energy (+41%), Health Care (+27%), and Information Technology (+26%)</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Weakest performing sectors - Utilities (+6%), Consumer Discretionary (+8%), and Consumer Staples (+10%)</div> </li> </ul> </li> </ul> </div>
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;">Contributors to Performance </div> </div>
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<div style="margin-top:0px;margin-bottom:0px;">Information Technology - outperformed the Index sector (+63% vs +26%)</div>
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<div style="margin-top:0px;margin-bottom:0px;">Samsung Electronics (+262%), Applied Materials (+184%), Lam Research (+211%), and Texas Instruments (+56%)<br/> - four largest individual contributors</div> </li>
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<div style="margin-top:0px;margin-bottom:0px;">Silergy (+41%) - new purchase during the period</div> </li> </ul> </li>
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<div style="margin-top:0px;margin-bottom:0px;">Financials - outperformed the Index sector (+17% vs +11%)</div>
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<div style="margin-top:0px;margin-bottom:0px;">U.S. Bancorp (+46%), Danske Bank (+58%), and Fifth Third Bancorp (+40%)</div> </li> </ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Health Care - outperformed the Index sector (+50% vs +27%)</div> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Consumer Staples - outperformed the Index sector (+21% vs +10%) and underweight (average weighting 2% vs 5%)</div> </li>
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<div style="margin-top:0px;margin-bottom:0px;">Individual holdings</div>
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<div style="margin-top:0px;margin-bottom:0px;">Amazon.com (+16%) and Alphabet (+85%)</div> </li> </ul> </li> </ul>
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;">Detractors from Performance</div> </div>
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<div style="margin-top:0px;margin-bottom:0px;">Consumer Discretionary - underperformed the Index sector (+2% vs +8%) and overweight (average weighting 15% vs 10%)</div>
<ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Entain (-45%), Sea (-32%), and Prosus (-20%)</div> </li> </ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Overweight in Financials (average weighting 32% vs 13%)</div>
<ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Rocket Companies (-13%)</div> </li> </ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Communication Services - underperformed the Index sector (-2% vs +19%)</div>
<ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Meta Platforms (-28%) and Pinterest (-38%)</div> </li> </ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Industrials - underperformed the Index sector (-6% vs +20%)</div>
<ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">DiDi Global (-43%) - new purchase during the period</div> </li> </ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Individual Information Technology holdings</div>
<ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;">
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<div style="margin-top:0px;margin-bottom:0px;">SAP (-36%) - largest individual detractor</div> </li>
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<div style="margin-top:0px;margin-bottom:0px;">Oracle (-48%) and Synopsys (-35%)</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Synopsys - new purchase during the period</div> </li> </ul> </li> </ul>
<div style="break-before:always;margin-top:0px;margin-bottom:0px;"> </div> </div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(8, 62, 28);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Fund Performance</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:4pt;">The following graph compares the initial and subsequent account values of a $10,000 investment in the Fund and the S&P 500 Index<span style="white-space:nowrap"> </span>over 10 fiscal years for an investment made<span style="white-space:nowrap"> </span>on July 31<b>, </b>2016.</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;">GROWTH OF $10,000</div><div style="margin-bottom:4pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_144048.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div>*Reflects 4.75% front-end sales charge.
<table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: rgb(8, 62, 28); width: 60%;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 07/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr>
<tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>Davis Research Fund (Class A) — Without sales charge</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">25.43<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.32<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">14.30<span>%</span></td> </tr>
<tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>Davis Research Fund (Class A) — With sales charge*</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">19.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">11.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.75<span>%</span></td> </tr>
<tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>S&P 500 Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">19.56<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.85<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">15.07<span>%</span></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;font-family:'times new roman';font-style:italic;height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; padding-top: 0; padding-right: 6px; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px;">
<div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);text-align:justify;font-size:6pt;margin-bottom:0px;">*</div></td>
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left;">
<div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);text-align:justify;font-size:8pt;margin-bottom:0px;">Reflects 4.75% front-end sales charge.</div></td> </tr> </table>
Davis Research Fund (Class A) — Without sales charge
0.2543
0.1232
0.1430
Davis Research Fund (Class A) — With sales charge
0.1947
0.1124
0.1375
S&P 500 Index
0.1956
0.1285
0.1507
The Fund's past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
For most recent month-end performance information, please call Investor Services at1-800-279-0279.
<div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(8, 62, 28);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:0px;"> <b>Key Fund Statistics</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Fund net assets as of 07/31/26 (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>88.5</td> </tr>
<tr style="border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total number of portfolio holdings as of 07/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">66</td> </tr>
<tr style="border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">26<span>%</span></td> </tr>
<tr style="border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total advisory fees paid for the period (in thousands)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>444.8</td> </tr> </table>
88500000
66
0.26
444800
<div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(8, 62, 28);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:0px;"> <b>Top Sectors</b> <b> as of </b> <b>07/31/26</b> <b> Net Assets</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">29.38<span>%</span></td> </tr>
<tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">26.18<span>%</span></td> </tr>
<tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.45<span>%</span></td> </tr>
<tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">5.01<span>%</span></td> </tr>
<tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">4.20<span>%</span></td> </tr> </table>
0.2938
0.2618
0.1345
0.0501
0.0420
<div style="font-family:'times new roman';color:rgb(8, 62, 28);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;">How has the Fund changed?</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:7.5pt;">At a meeting held on September 15, 2026, the Board of Directors of Davis New York Venture Fund, Inc. approved an Agreement and Plan of Reorganization between Davis Research Fund and Davis Select U.S. Equity ETF (and the Board of Trustees of Davis Fundamental ETF Trust has similarly reviewed and approved). The Reorganization will be presented to stockholders of Davis Research Fund at a special meeting of stockholders, which is scheduled to be held on or about November 10, 2026. If approved by stockholders, the Reorganization is expected to take place on November 13, 2026, with Davis Select U.S. Equity ETF, through a tax-free exchange, acquiring all of the net assets of Davis Research Fund Class A.</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:7.5pt;">This is a summary of certain planned changes to the Fund since July 31, 2026. For more complete information, you may review the Fund’s next supplement to its prospectus, which we expect to be available by October 9, 2026 at <span style="text-decoration-line:underline;color:rgb(8, 62, 28);font-family:'times new roman';font-size:9pt;text-align:justify">https://dsainternal.davis.local/html/fundinfo/fundinfo.html</span> or upon request by contacting Investor Services (1-800-279-0279 and dvsinvestor.services@dsaco.com).</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:7.5pt;">This is a summary of certain planned changes to the Fund since July 31, 2026. For more complete information, you may review the Fund’s next supplement to its prospectus, which we expect to be available by October 9, 2026 at <span style="text-decoration-line:underline;color:rgb(8, 62, 28);font-family:'times new roman';font-size:9pt;text-align:justify">https://dsainternal.davis.local/html/fundinfo/fundinfo.html</span> or upon request by contacting Investor Services (1-800-279-0279 and dvsinvestor.services@dsaco.com).</div>
https://dsainternal.davis.local/html/fundinfo/fundinfo.html
1-800-279-0279
dvsinvestor.services@dsaco.com
Reflects 4.75% front-end sales charge.