2
|
|
3
|
|
5
|
|
6
|
|
7
|
|
9
|
|
10
|
|
11
|
|
12
|
|
19
|
|
21
|
|
22
|
|
23
|
|
26
|
|
27
|
|
28
|
|
|
Christopher C. Davis
|
Danton G. Goei
|
President & Portfolio Manager
|
Portfolio Manager
|
Fund & Benchmark Index
|
1-Year
|
5-Year
|
10-Year
|
Since
Inception
|
Inception
Date
|
Gross Expense
Ratio
|
Net Expense
Ratio
|
Class A - without sales charge
|
23.04%
|
6.93%
|
9.40%
|
11.38%
|
02/17/69
|
0.92%
|
0.92%
|
Class A - with sales charge*
|
17.19%
|
5.90%
|
8.87%
|
11.29%
|
02/17/69
|
0.92%
|
0.92%
|
Class B †,**
|
18.08%
|
5.77%
|
8.67%
|
9.66%
|
12/01/94
|
2.27%
|
1.75%
|
Class C ††,**
|
21.03%
|
6.06%
|
8.71%
|
9.57%
|
12/20/94
|
1.75%
|
1.75%
|
Class R
|
22.84%
|
6.64%
|
9.09%
|
8.03%
|
08/20/03
|
1.19%
|
1.19%
|
Class Y
|
23.36%
|
7.19%
|
9.67%
|
8.87%
|
10/02/96
|
0.67%
|
0.67%
|
S&P 500® Index***
|
13.02%
|
12.19%
|
12.65%
|
10.36%
|
|
|
|
Class A Shares
|
1-Year
|
5-Year
|
10-Year
|
With sales charge*
|
15.39%
|
5.12%
|
8.68%
|
Portfolio Composition
(% of Fund’s 07/31/23 Net Assets)
|
|
Common Stock (U.S.)
|
78.08%
|
Common Stock (Foreign)
|
21.47%
|
Short-Term Investments
|
0.38%
|
Other Assets & Liabilities
|
0.07%
|
|
100.00%
|
Industry Weightings
(% of 07/31/23 Stock Holdings)
|
||
|
Fund
|
S&P 500®
|
Financial Services
|
20.27%
|
7.39%
|
Banks
|
20.18%
|
3.19%
|
Media & Entertainment
|
14.09%
|
7.84%
|
Information Technology
|
12.38%
|
28.13%
|
Consumer Discretionary Distribution
& Retail
|
9.87%
|
5.45%
|
Insurance
|
7.05%
|
2.03%
|
Health Care
|
6.25%
|
13.12%
|
Materials
|
3.66%
|
2.51%
|
Capital Goods
|
2.49%
|
5.60%
|
Transportation
|
1.40%
|
1.65%
|
Food, Beverage & Tobacco
|
1.24%
|
3.32%
|
Consumer Services
|
1.12%
|
2.06%
|
Energy
|
–
|
4.28%
|
Other
|
–
|
13.43%
|
|
100.00%
|
100.00%
|
Top 10 Long-Term Holdings
(% of Fund’s 07/31/23 Net Assets)
|
||
Meta Platforms, Inc., Class A
|
Media & Entertainment
|
10.49%
|
Berkshire Hathaway Inc., Class A
|
Financial Services
|
8.39%
|
Wells Fargo & Co.
|
Banks
|
7.62%
|
Amazon.com, Inc.
|
Consumer Discretionary Distribution & Retail
|
6.38%
|
Capital One Financial Corp.
|
Consumer Finance
|
6.33%
|
Applied Materials, Inc.
|
Semiconductors & Semiconductor Equipment
|
5.82%
|
U.S. Bancorp
|
Banks
|
3.55%
|
Texas Instruments Inc.
|
Semiconductors & Semiconductor Equipment
|
3.31%
|
JPMorgan Chase & Co.
|
Banks
|
3.22%
|
Viatris Inc.
|
Pharmaceuticals, Biotechnology & Life Sciences
|
3.20%
|
Security
|
Industry
|
Date of 1st
Purchase
|
% of Fund’s
07/31/23
Net Assets
|
MGM Resorts International
|
Consumer Services
|
07/07/23
|
1.11%
|
Security
|
Industry
|
Date of
Final Sale
|
Realized
Gain (Loss)
|
Alphabet Inc., Class C
|
Media & Entertainment
|
04/13/23
|
$123,880,631
|
China Index Holdings Ltd., Class A, ADR
|
Commercial & Professional Services
|
12/12/22
|
(4,343,594)
|
Vimeo, Inc.
|
Media & Entertainment
|
11/11/22
|
(26,753,415)
|
|
Beginning
Account Value
(02/01/23)
|
Ending
Account Value
(07/31/23)
|
Expenses Paid
During Period*
(02/01/23-07/31/23)
|
|
|||
|
|
|
|
Class A (annualized expense ratio 0.91%**)
|
|
|
|
Actual
|
$1,000.00
|
$1,122.73
|
$4.79
|
Hypothetical
|
$1,000.00
|
$1,020.28
|
$4.56
|
Class B (annualized expense ratio 1.75%**)
|
|
|
|
Actual
|
$1,000.00
|
$1,118.24
|
$9.19
|
Hypothetical
|
$1,000.00
|
$1,016.12
|
$8.75
|
Class C (annualized expense ratio 1.75%**)
|
|
|
|
Actual
|
$1,000.00
|
$1,118.26
|
$9.19
|
Hypothetical
|
$1,000.00
|
$1,016.12
|
$8.75
|
Class R (annualized expense ratio 1.19%**)
|
|
|
|
Actual
|
$1,000.00
|
$1,121.58
|
$6.26
|
Hypothetical
|
$1,000.00
|
$1,018.89
|
$5.96
|
Class Y (annualized expense ratio 0.67%**)
|
|
|
|
Actual
|
$1,000.00
|
$1,124.14
|
$3.53
|
Hypothetical
|
$1,000.00
|
$1,021.47
|
$3.36
|
|
Shares
|
Value
(Note 1)
|
COMMON STOCK – (99.55%)
|
||
COMMUNICATION SERVICES – (14.03%)
|
||
Media & Entertainment – (14.03%)
|
||
Alphabet Inc., Class A *
|
1,197,720
|
$158,961,398
|
ASAC II L.P. *(a)(b)(c)
|
4,156,451
|
4,207,576
|
IAC Inc. *
|
948,960
|
66,047,616
|
Liberty TripAdvisor Holdings, Inc.,
Series A *
|
152,946
|
116,392
|
Meta Platforms, Inc., Class A *
|
2,134,507
|
680,053,930
|
Total Communication Services
|
909,386,912
|
|
CONSUMER DISCRETIONARY – (10.94%)
|
||
Consumer Discretionary Distribution & Retail – (9.83%)
|
||
Amazon.com, Inc. *
|
3,094,640
|
413,691,475
|
Coupang, Inc., Class A (South Korea) *
|
3,021,257
|
54,835,815
|
JD.com, Inc., Class A, ADR (China)
|
1,156,539
|
47,776,626
|
Naspers Ltd. - N (South Africa)
|
68,249
|
13,410,750
|
Prosus N.V., Class N (Netherlands)
|
1,353,481
|
107,191,652
|
|
|
636,906,318
|
Consumer Services – (1.11%)
|
||
MGM Resorts International *
|
1,422,390
|
72,214,740
|
Total Consumer Discretionary
|
709,121,058
|
|
CONSUMER STAPLES – (1.23%)
|
||
Food, Beverage & Tobacco – (1.23%)
|
||
Darling Ingredients Inc. *
|
1,153,079
|
79,850,721
|
Total Consumer Staples
|
79,850,721
|
|
FINANCIALS – (47.28%)
|
||
Banks – (20.09%)
|
||
Danske Bank A/S (Denmark)
|
7,800,187
|
185,124,101
|
DBS Group Holdings Ltd. (Singapore)
|
7,149,495
|
184,201,315
|
JPMorgan Chase & Co.
|
1,323,194
|
209,011,724
|
U.S. Bancorp
|
5,795,570
|
229,968,218
|
Wells Fargo & Co.
|
10,697,072
|
493,776,843
|
|
|
1,302,082,201
|
Financial Services – (20.18%)
|
||
Capital Markets – (4.84%)
|
||
Bank of New York Mellon Corp.
|
4,204,477
|
190,715,077
|
Julius Baer Group Ltd. (Switzerland)
|
1,739,490
|
122,874,358
|
|
|
313,589,435
|
Consumer Finance – (6.95%)
|
||
American Express Co.
|
239,201
|
40,396,265
|
Capital One Financial Corp.
|
3,507,383
|
410,433,958
|
|
|
450,830,223
|
Financial Services – (8.39%)
|
||
Berkshire Hathaway Inc., Class A *
|
1,016
|
543,966,400
|
|
|
1,308,386,058
|
Insurance – (7.01%)
|
||
Life & Health Insurance – (4.26%)
|
||
AIA Group Ltd. (Hong Kong)
|
10,550,190
|
104,705,113
|
Ping An Insurance (Group) Co. of China,
Ltd. - H (China)
|
23,747,300
|
171,278,722
|
|
|
275,983,835
|
|
Shares
|
Value
(Note 1)
|
COMMON STOCK – (CONTINUED)
|
||
FINANCIALS – (CONTINUED)
|
||
Insurance – (Continued)
|
||
Property & Casualty Insurance – (2.75%)
|
||
Chubb Ltd.
|
547,820
|
$111,979,886
|
Loews Corp.
|
482,459
|
30,226,057
|
Markel Group Inc. *
|
25,176
|
36,497,899
|
|
|
178,703,842
|
|
|
454,687,677
|
Total Financials
|
3,065,155,936
|
|
HEALTH CARE – (6.23%)
|
||
Health Care Equipment & Services – (3.03%)
|
||
Cigna Group
|
493,109
|
145,516,466
|
Quest Diagnostics Inc.
|
377,590
|
51,053,944
|
|
|
196,570,410
|
Pharmaceuticals, Biotechnology & Life Sciences – (3.20%)
|
||
Viatris Inc.
|
19,664,700
|
207,069,291
|
Total Health Care
|
403,639,701
|
|
INDUSTRIALS – (3.87%)
|
||
Capital Goods – (2.48%)
|
||
Orascom Construction PLC (United Arab
Emirates)
|
1,446,001
|
5,610,063
|
Owens Corning
|
1,106,521
|
154,901,875
|
|
|
160,511,938
|
Transportation – (1.39%)
|
||
DiDi Global Inc., Class A, ADS (China) *
|
24,056,988
|
90,454,275
|
Total Industrials
|
250,966,213
|
|
INFORMATION TECHNOLOGY – (12.33%)
|
||
Semiconductors & Semiconductor Equipment – (11.29%)
|
||
Applied Materials, Inc.
|
2,488,590
|
377,245,358
|
Intel Corp.
|
3,914,460
|
140,020,234
|
Texas Instruments Inc.
|
1,192,650
|
214,677,000
|
|
|
731,942,592
|
Technology Hardware & Equipment – (1.04%)
|
||
Samsung Electronics Co., Ltd. (South
Korea)
|
1,229,260
|
67,314,438
|
Total Information Technology
|
799,257,030
|
|
MATERIALS – (3.64%)
|
||
OCI N.V. (Netherlands)
|
2,128,644
|
60,570,714
|
Teck Resources Ltd., Class B (Canada)
|
3,947,622
|
175,392,845
|
Total Materials
|
235,963,559
|
|
TOTAL COMMON STOCK –
(Identified cost $3,690,759,511)
|
6,453,341,130
|
|
Principal
|
Value
(Note 1)
|
SHORT-TERM INVESTMENTS – (0.38%)
|
||
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 08/01/23
(d)
|
$12,318,000
|
$12,318,000
|
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 08/01/23 (e)
|
12,263,000
|
12,263,000
|
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $24,581,000)
|
24,581,000
|
|
Total Investments – (99.93%) –
(Identified cost $3,715,340,511)
|
6,477,922,130
|
|
Other Assets Less Liabilities – (0.07%)
|
4,425,855
|
|
Net Assets – (100.00%)
|
$6,482,347,985
|
ADR:
|
American Depositary Receipt
|
ADS:
|
American Depositary Share
|
*
|
Non-income producing security.
|
(a)
|
Restricted Security – See Note 6 of the Notes to Financial Statements.
|
(b)
|
The value of this security was determined using significant
unobservable
inputs. See Note 1 of the Notes to Financial Statements.
|
(c)
|
Limited partnership units.
|
(d)
|
Dated 07/31/23, repurchase value of $12,319,813 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.00%-
4.575%, 02/01/45-05/01/52, total market value $12,564,360).
|
(e)
|
Dated 07/31/23, repurchase value of $12,264,805 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-10.00%, 08/25/23-04/20/73, total market value
$12,508,260).
|
|
|
ASSETS:
|
|
Investments in securities, at value* (see accompanying Schedule of Investments)
|
$6,477,922,130
|
Cash
|
322
|
Receivables:
|
|
Capital stock sold
|
5,091,951
|
Dividends and interest
|
7,460,442
|
Investment securities sold
|
9,339,308
|
Prepaid expenses
|
63,946
|
Due from Adviser
|
2,350
|
Total assets
|
6,499,880,449
|
|
|
LIABILITIES:
|
|
Payables:
|
|
Capital stock redeemed
|
6,855,932
|
Investment securities purchased
|
5,325,563
|
Accrued distribution and service plan fees
|
885,730
|
Accrued investment advisory fees
|
2,902,514
|
Other accrued expenses
|
1,562,725
|
Total liabilities
|
17,532,464
|
|
|
NET ASSETS
|
$6,482,347,985
|
|
|
NET ASSETS CONSIST OF:
|
|
Par value of shares of capital stock
|
$11,922,707
|
|
|
Additional paid-in capital
|
3,572,637,431
|
|
|
Distributable earnings
|
2,897,787,847
|
Net Assets
|
$6,482,347,985
|
|
|
*Including:
|
|
Cost of investments
|
$3,715,340,511
|
|
|
CLASS A SHARES:
|
|
Net assets
|
$4,586,854,754
|
Shares outstanding
|
169,812,730
|
Net asset value and redemption
price per share (Net assets ÷ Shares outstanding)
|
$27.01
|
Maximum offering price per share (100/95.25 of net asset value)†
|
$28.36
|
|
|
CLASS B SHARES:
|
|
Net assets
|
$4,280,479
|
Shares outstanding
|
205,526
|
Net asset value and redemption price per share (Net assets ÷ Shares outstanding)
|
$20.83
|
|
|
CLASS C SHARES:
|
|
Net assets
|
$101,700,416
|
Shares outstanding
|
4,591,797
|
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
$22.15
|
|
|
CLASS R SHARES:
|
|
Net assets
|
$57,479,780
|
Shares outstanding
|
2,123,577
|
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
$27.07
|
|
|
CLASS Y SHARES:
|
|
Net assets
|
$1,732,032,556
|
Shares outstanding
|
61,720,519
|
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
$28.06
|
†
|
On purchases of $100,000 or more, the offering price is reduced.
|
INVESTMENT INCOME:
|
|
|
Income:
|
|
|
Dividends*
|
|
$135,532,819
|
Interest
|
|
2,369,262
|
Total income
|
|
137,902,081
|
|
||
Expenses:
|
|
|
Investment advisory fees (Note 3)
|
$31,751,592
|
|
Custodian fees
|
1,414,869
|
|
Transfer agent fees:
|
|
|
Class A
|
4,048,815
|
|
Class B
|
34,061
|
|
Class C
|
154,954
|
|
Class R
|
60,451
|
|
Class Y
|
1,236,252
|
|
Audit fees
|
112,860
|
|
Legal fees
|
74,705
|
|
Accounting fees (Note 3)
|
340,996
|
|
Reports to shareholders
|
333,568
|
|
Directors’ fees and expenses
|
408,627
|
|
Registration and filing fees
|
105,000
|
|
Miscellaneous
|
307,923
|
|
Distribution and service plan fees (Note 3):
|
|
|
Class A
|
9,371,770
|
|
Class B
|
47,592
|
|
Class C
|
989,157
|
|
Class R
|
252,922
|
|
Total expenses
|
|
51,046,114
|
Reimbursement/waiver of expenses by Adviser (Note 3):
|
|
|
Class B
|
|
(25,499
)
|
Class C
|
|
(1,645
)
|
Net expenses
|
|
51,018,970
|
Net investment income
|
|
86,883,111
|
|
||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
|
|
|
Net realized gain (loss) from:
|
|
|
Investment transactions
|
|
305,420,487
|
Foreign currency transactions
|
|
(288,790
)
|
Net realized gain
|
|
305,131,697
|
Net increase in unrealized appreciation
|
|
843,056,572
|
Net realized and unrealized gain on investments and foreign
currency transactions
|
|
1,148,188,269
|
Net increase in net assets resulting from operations
|
|
$1,235,071,380
|
|
|
|
|
||
*Net of foreign taxes withheld of
|
|
$3,502,452
|
|
Year ended July 31,
|
|
|
2023
|
2022
|
|
||
OPERATIONS:
|
|
|
Net investment income
|
$86,883,111
|
$67,570,222
|
Net realized gain from investments and foreign currency transactions
|
305,131,697
|
466,452,063
|
Net increase (decrease) in unrealized appreciation on investments and foreign
currency transactions
|
843,056,572
|
(1,960,857,819
)
|
Net increase (decrease) in net assets resulting from operations
|
1,235,071,380
|
(1,426,835,534
)
|
|
||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
Class A
|
(207,664,019
)
|
(829,100,452
)
|
Class B
|
(242,082
)
|
(1,643,309
)
|
Class C
|
(4,831,791
)
|
(27,108,482
)
|
Class R
|
(2,550,870
)
|
(10,502,959
)
|
Class Y
|
(80,665,358
)
|
(338,263,099
)
|
|
||
CAPITAL SHARE TRANSACTIONS:
|
|
|
Net increase (decrease) in net assets resulting from capital share transactions
(Note 4):
|
|
|
Class A
|
(392,318,298
)
|
146,352,927
|
Class B
|
(2,273,240
)
|
(2,015,943
)
|
Class C
|
(23,986,130
)
|
(18,711,639
)
|
Class R
|
(6,294,614
)
|
(705,973
)
|
Class Y
|
(257,000,447
)
|
(27,319,903
)
|
|
||
Total increase (decrease) in net assets
|
257,244,531
|
(2,535,854,366
)
|
|
||
NET ASSETS:
|
|
|
Beginning of year
|
6,225,103,454
|
8,760,957,820
|
End of year
|
$6,482,347,985
|
$6,225,103,454
|
|
Investments in Securities at Value
|
|||
|
Valuation Inputs
|
|||
|
Level 1:
Quoted Prices
|
Level 2:
Other Significant
Observable
Inputs
|
Level 3:
Significant
Unobservable
Inputs
|
Total
|
Common Stock:
|
|
|
|
|
Communication Services
|
$905,179,336
|
$–
|
$4,207,576
|
$909,386,912
|
Consumer Discretionary
|
709,121,058
|
–
|
–
|
709,121,058
|
Consumer Staples
|
79,850,721
|
–
|
–
|
79,850,721
|
Financials
|
3,065,155,936
|
–
|
–
|
3,065,155,936
|
Health Care
|
403,639,701
|
–
|
–
|
403,639,701
|
Industrials
|
250,966,213
|
–
|
–
|
250,966,213
|
Information Technology
|
799,257,030
|
–
|
–
|
799,257,030
|
Materials
|
235,963,559
|
–
|
–
|
235,963,559
|
Short-Term Investments
|
–
|
24,581,000
|
–
|
24,581,000
|
Total Investments
|
$6,449,133,554
|
$24,581,000
|
$4,207,576
|
$6,477,922,130
|
|
Beginning
Balance at
August 1,
2022
|
Cost of
Purchases
|
Proceeds
from Sales
|
Net Change in
Unrealized
Appreciation
(Depreciation)
|
Net Realized
Gain (Loss)
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Ending
Balance at
July 31, 2023
|
Investments in
Securities:
|
|
|
|
|
|
|
|
|
Common Stock
|
$4,071,244
|
$–
|
$–
|
$136,332
|
$–
|
$–
|
$–
|
$4,207,576
|
Total Level 3
|
$4,071,244
|
$–
|
$–
|
$136,332
|
$–
|
$–
|
$–
|
$4,207,576
|
|
Fair Value at
July 31, 2023
|
Valuation
Technique
|
Unobservable
Input
|
Amount
|
Impact to
Valuation from
an Increase in Input
|
Investments in Securities:
|
|
|
|
|
|
Common Stock
|
$4,207,576
|
Discounted Cash Flow
|
Annualized Yield
|
5.528%
|
Decrease
|
Total Level 3
|
$4,207,576
|
|
|
|
|
|
|
Cost
|
$3,740,388,515
|
|
|
Unrealized appreciation
|
3,083,767,743
|
Unrealized depreciation
|
(346,234,128
)
|
Net unrealized appreciation
|
$2,737,533,615
|
|
|
Additional paid-in
capital
|
$17,821,955
|
Distributable earnings
|
(17,821,955
)
|
|
Ordinary Income
|
Long-Term
Capital Gain
|
Total
|
2023
|
$82,199,454
|
$213,754,666
|
$295,954,120
|
2022
|
59,999,786
|
1,146,618,515
|
1,206,618,301
|
|
|
|
|
Undistributed ordinary income
|
$14,216,685
|
|
|
Undistributed long-term capital gain
|
146,934,090
|
|
|
Net unrealized appreciation on investments and foreign currency transactions
|
2,737,590,873
|
|
|
Other temporary differences
|
(953,801
)
|
Total
|
$2,897,787,847
|
|
Year ended July 31, 2023
|
|||
|
Class A
|
Class B
|
Class C
|
Class R
|
Distribution fees
|
$–
|
$36,423
|
$741,868
|
$126,461
|
Service fees
|
9,371,770
|
11,169
|
247,289
|
126,461
|
Year ended July 31, 2023
|
||||
Class A
Commissions
|
Commission advances by the
Distributor on the sale of
|
CDSCs received by the
Distributor from
|
||
Retained
by Distributor
|
Re-allowed to
investment dealers
|
Class C
|
Class B
|
Class C
|
$75,212
|
$428,460
|
$43,735
|
$4,392
|
$7,747
|
|
|
Year ended July 31, 2023
|
||||||||
|
|
Sold
|
Reinvestment of
Distributions
|
Redeemed
|
Net Decrease
|
|||||
|
|
|
|
|
|
|||||
Shares:
|
Class A
|
3,790,935
|
8,206,896
|
(29,075,306
)
|
(17,077,475
)
|
|||||
|
Class B
|
–
|
12,554
|
(138,071
)
|
(125,517
)
|
|||||
|
Class C
|
407,678
|
239,548
|
(1,908,880
)
|
(1,261,654
)
|
|||||
|
Class R
|
197,172
|
106,794
|
(578,600
)
|
(274,634
)
|
|||||
|
Class Y
|
6,694,862
|
2,991,909
|
(20,585,973
)
|
(10,899,202
)
|
|||||
Value:
|
Class A
|
$87,949,053
|
$195,921,231
|
$(676,188,582
)
|
$(392,318,298
)
|
|||||
|
Class B
|
–
|
231,464
|
(2,504,704
)
|
(2,273,240
)
|
|||||
|
Class C
|
7,838,567
|
4,705,765
|
(36,530,462
)
|
(23,986,130
)
|
|||||
|
Class R
|
4,666,402
|
2,550,096
|
(13,511,112
)
|
(6,294,614
)
|
|||||
|
Class Y
|
162,163,183
|
74,062,822
|
(493,226,452
)
|
(257,000,447
)
|
|
|
Year ended July 31, 2022
|
||||||||
|
|
Sold
|
Reinvestment of
Distributions
|
Redeemed
|
Net Increase
(Decrease)
|
|||||
|
|
|
|
|
|
|||||
Shares:
|
Class A
|
5,036,807
*
|
28,999,935
|
(27,404,544
)
|
6,632,198
|
|||||
|
Class B
|
–
|
73,373
|
(156,919
)
|
(83,546
)
|
|||||
|
Class C
|
643,460
|
1,174,958
|
(2,518,941
)*
|
(700,523
)
|
|||||
|
Class R
|
179,304
|
388,147
|
(563,673
)
|
3,778
|
|||||
|
Class Y
|
9,454,818
|
11,228,305
|
(21,305,464
)
|
(622,341
)
|
|||||
Value:
|
Class A
|
$147,620,753
*
|
$781,196,518
|
$(782,464,344
)
|
$146,352,927
|
|||||
|
Class B
|
–
|
1,577,023
|
(3,592,966
)
|
(2,015,943
)
|
|||||
|
Class C
|
15,383,323
|
26,638,604
|
(60,733,566
)*
|
(18,711,639
)
|
|||||
|
Class R
|
4,977,731
|
10,499,888
|
(16,183,592
)
|
(705,973
)
|
|||||
|
Class Y
|
284,042,747
|
313,707,934
|
(625,070,584
)
|
(27,319,903
)
|
*
|
Includes Class C to Class A conversions as disclosed in Note 1 of the Notes to Financial
Statements.
|
Security
|
Initial
Acquisition
Date
|
Units
|
Cost per
Unit
|
Valuation per Unit
as of July 31, 2023
|
|
||||
ASAC II L.P.
|
10/10/13
|
4,156,451
|
$1.0000
|
$1.0123
|
|
|
Income (Loss) from Investment Operations
|
||
|
Net Asset Value,
Beginning of
Period
|
Net Investment
Income (Loss)a
|
Net Realized and
Unrealized Gains
(Losses)
|
Total from Investment
Operations
|
Davis New York Venture Fund Class A:
|
|
|
|
|
Year ended July 31, 2023
|
$23.08
|
$0.33
|
$4.81
|
$5.14
|
Year ended July 31, 2022
|
$33.16
|
$0.24
|
$(5.60)
|
$(5.36)
|
Year ended July 31, 2021
|
$27.04
|
$0.07
|
$10.68
|
$10.75
|
Year ended July 31, 2020
|
$28.16
|
$0.14
|
$(0.29)
|
$(0.15)
|
Year ended July 31, 2019
|
$32.59
|
$0.20
|
$(0.91)
|
$(0.71)
|
Davis New York Venture Fund Class B:
|
|
|
|
|
Year ended July 31, 2023
|
$18.00
|
$0.10
|
$3.73
|
$3.83
|
Year ended July 31, 2022
|
$27.00
|
$(0.01)
|
$(4.42)
|
$(4.43)
|
Year ended July 31, 2021
|
$22.69
|
$(0.17)
|
$8.93
|
$8.76
|
Year ended July 31, 2020
|
$23.84
|
$(0.09)
|
$(0.25)
|
$(0.34)
|
Year ended July 31, 2019
|
$28.30
|
$(0.08)
|
$(0.83)
|
$(0.91)
|
Davis New York Venture Fund Class C:
|
|
|
|
|
Year ended July 31, 2023
|
$19.08
|
$0.11
|
$3.96
|
$4.07
|
Year ended July 31, 2022
|
$28.33
|
$–e
|
$(4.67)
|
$(4.67)
|
Year ended July 31, 2021
|
$23.64
|
$(0.17)
|
$9.31
|
$9.14
|
Year ended July 31, 2020
|
$24.80
|
$(0.06)
|
$(0.26)
|
$(0.32)
|
Year ended July 31, 2019
|
$29.27
|
$(0.03)
|
$(0.86)
|
$(0.89)
|
Davis New York Venture Fund Class R:
|
|
|
|
|
Year ended July 31, 2023
|
$23.15
|
$0.27
|
$4.82
|
$5.09
|
Year ended July 31, 2022
|
$33.24
|
$0.18
|
$(5.61)
|
$(5.43)
|
Year ended July 31, 2021
|
$27.10
|
$(0.02)
|
$10.70
|
$10.68
|
Year ended July 31, 2020
|
$28.26
|
$0.07
|
$(0.30)
|
$(0.23)
|
Year ended July 31, 2019
|
$32.71
|
$0.12
|
$(0.91)
|
$(0.79)
|
Davis New York Venture Fund Class Y:
|
|
|
|
|
Year ended July 31, 2023
|
$23.94
|
$0.41
|
$5.00
|
$5.41
|
Year ended July 31, 2022
|
$34.23
|
$0.32
|
$(5.80)
|
$(5.48)
|
Year ended July 31, 2021
|
$27.83
|
$0.16
|
$10.99
|
$11.15
|
Year ended July 31, 2020
|
$28.93
|
$0.22
|
$(0.30)
|
$(0.08)
|
Year ended July 31, 2019
|
$33.39
|
$0.28
|
$(0.93)
|
$(0.65)
|
a
|
Per share calculations were based on average shares outstanding for the period.
|
b
|
Assumes hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net
asset value calculated on the last business day of the fiscal period. Sales charges are
not reflected in the total returns.
|
c
|
The ratios in this column reflect the impact, if any, of certain reimbursements and/or
waivers from the Adviser.
|
Dividends and Distributions
|
|
|
|
Ratios to Average Net Assets
|
|
|||||
Dividends
from Net
Investment
Income
|
Distributions
from
Realized
Gains
|
Return of
Capital
|
Total
Distributions
|
Net Asset
Value, End
of Period
|
Total Returnb
|
Net Assets,
End of Period
(in millions)
|
Gross
Expense
Ratio
|
Net Expense
Ratioc
|
Net
Investment
Income
(Loss) Ratio
|
Portfolio
Turnoverd
|
|
|
|
|
|
|
|
|
|
|
|
$(0.32)
|
$(0.89)
|
$–
|
$(1.21)
|
$27.01
|
23.04%
|
$4,587
|
0.92%
|
0.92%
|
1.43%
|
7%
|
$(0.21)
|
$(4.51)
|
$–
|
$(4.72)
|
$23.08
|
(17.77)%
|
$4,313
|
0.91%
|
0.91%
|
0.83%
|
17%
|
$(0.18)
|
$(4.45)
|
$–
|
$(4.63)
|
$33.16
|
40.63%
|
$5,977
|
0.89%
|
0.89%
|
0.22%
|
17%
|
$(0.28)
|
$(0.69)
|
$–
|
$(0.97)
|
$27.04
|
(0.79)%
|
$5,033
|
0.90%
|
0.90%
|
0.53%
|
11%
|
$(0.19)
|
$(3.53)
|
$–
|
$(3.72)
|
$28.16
|
(0.95)%
|
$5,965
|
0.89%
|
0.89%
|
0.70%
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
$(0.11)
|
$(0.89)
|
$–
|
$(1.00)
|
$20.83
|
22.08%
|
$4
|
2.27%
|
1.75%
|
0.60%
|
7%
|
$(0.06)
|
$(4.51)
|
$–
|
$(4.57)
|
$18.00
|
(18.47)%
|
$6
|
2.06%
|
1.75%
|
(0.01)%
|
17%
|
$–
|
$(4.45)
|
$–
|
$(4.45)
|
$27.00
|
39.42%
|
$11
|
1.96%
|
1.75%
|
(0.64)%
|
17%
|
$(0.12)
|
$(0.69)
|
$–
|
$(0.81)
|
$22.69
|
(1.69)%
|
$13
|
1.99%
|
1.80%
|
(0.37)%
|
11%
|
$(0.02)
|
$(3.53)
|
$–
|
$(3.55)
|
$23.84
|
(1.90)%
|
$18
|
1.92%
|
1.92%
|
(0.33)%
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
$(0.11)
|
$(0.89)
|
$–
|
$(1.00)
|
$22.15
|
22.03%
|
$102
|
1.75%
|
1.75%
|
0.60%
|
7%
|
$(0.07)
|
$(4.51)
|
$–
|
$(4.58)
|
$19.08
|
(18.45)%
|
$112
|
1.73%
|
1.73%
|
0.01%
|
17%
|
$–
|
$(4.45)
|
$–
|
$(4.45)
|
$28.33
|
39.49%
|
$186
|
1.71%
|
1.71%
|
(0.60)%
|
17%
|
$(0.15)
|
$(0.69)
|
$–
|
$(0.84)
|
$23.64
|
(1.57)%
|
$223
|
1.70%
|
1.70%
|
(0.27)%
|
11%
|
$(0.05)
|
$(3.53)
|
$–
|
$(3.58)
|
$24.80
|
(1.75)%
|
$407
|
1.68%
|
1.68%
|
(0.09)%
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
$(0.28)
|
$(0.89)
|
$–
|
$(1.17)
|
$27.07
|
22.84%
|
$57
|
1.19%
|
1.19%
|
1.16%
|
7%
|
$(0.15)
|
$(4.51)
|
$–
|
$(4.66)
|
$23.15
|
(18.02)%
|
$56
|
1.12%
|
1.12%
|
0.62%
|
17%
|
$(0.09)
|
$(4.45)
|
$–
|
$(4.54)
|
$33.24
|
40.20%
|
$80
|
1.19%
|
1.19%
|
(0.08)%
|
17%
|
$(0.24)
|
$(0.69)
|
$–
|
$(0.93)
|
$27.10
|
(1.06)%
|
$78
|
1.18%
|
1.18%
|
0.25%
|
11%
|
$(0.13)
|
$(3.53)
|
$–
|
$(3.66)
|
$28.26
|
(1.24)%
|
$113
|
1.18%
|
1.18%
|
0.41%
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
$(0.40)
|
$(0.89)
|
$–
|
$(1.29)
|
$28.06
|
23.36%
|
$1,732
|
0.67%
|
0.67%
|
1.68%
|
7%
|
$(0.30)
|
$(4.51)
|
$–
|
$(4.81)
|
$23.94
|
(17.59)%
|
$1,739
|
0.66%
|
0.66%
|
1.08%
|
17%
|
$(0.30)
|
$(4.45)
|
$–
|
$(4.75)
|
$34.23
|
40.98%
|
$2,507
|
0.64%
|
0.64%
|
0.47%
|
17%
|
$(0.33)
|
$(0.69)
|
$–
|
$(1.02)
|
$27.83
|
(0.55)%
|
$2,061
|
0.65%
|
0.65%
|
0.78%
|
11%
|
$(0.28)
|
$(3.53)
|
$–
|
$(3.81)
|
$28.93
|
(0.72)%
|
$2,455
|
0.64%
|
0.64%
|
0.95%
|
17%
|
d
|
The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned during
the period. Securities with a maturity or expiration date at the time of acquisition of one
year or less are excluded from the calculation.
|
e
|
Less than $0.005 per share.
|
Name, Date of Birth,
Position(s) Held with
Fund, Length of Service
|
Principal Occupation(s) During Past Five Years
|
Number of
Portfolios
Overseen
|
Other Directorships
|
Independent Directors
|
|
|
|
|
|||
John S. Gates Jr.
(08/02/53)
Director since 2007
|
Executive Chairman, TradeLane Properties LLC
(industrial real estate company); Chairman and Chief
Executive Officer of PortaeCo LLC (private investment
company).
|
13
|
Director, Miami Corp. (diversified investment
company).
|
|
|||
Thomas S. Gayner
(12/16/61)
Director since 2004
Chairman since 2009
|
Chief Executive Officer and Director, Markel Corp.
(diversified financial holding company).
|
13
|
Director, Graham Holdings Company (educational and
media company); Director, Cable ONE Inc. (cable
service provider); Director, The Coca-Cola Company
(beverage company).
|
|
|||
Samuel H. Iapalucci
(07/19/52)
Director since 2006
|
Retired; Executive Vice President and Chief Financial
Officer, CH2M HILL Companies, Ltd. (engineering)
until 2008.
|
13
|
None
|
|
|||
Robert P. Morgenthau
(03/22/57)
Director since 2002
|
Principal, Spears Abacus Advisors, LLC (investment
management firm) since 2011; Chairman, NorthRoad
Capital Management, LLC (investment management
firm) 2002-2011.
|
13
|
None
|
|
|||
Lara N. Vaughan
(04/20/69)
Director since 2021
|
Chief Executive Officer and Chief Financial Officer of
Parchman, Vaughan & Company, L.L.C. (investment
bank).
|
13
|
None
|
|
|||
Marsha C. Williams
(03/28/51)
Director since 1999
|
Retired; Senior Vice President and Chief Financial
Officer, Orbitz Worldwide, Inc. (travel-service
provider) 2007-2010.
|
13
|
Chairperson, Modine Manufacturing Company (heat
transfer technology); Director, Fifth Third Bancorp
(diversified financial services); Director, Crown
Holdings, Inc. (manufacturing company).
|
|
|||
Interested Directors*
|
|
|
|
|
|||
Andrew A. Davis
(06/25/63)
Director since 1997
|
President or Vice President of each Davis Fund,
Selected Fund, and Clipper Fund; President, Davis
Selected Advisers, L.P., and also serves as an
executive
officer of certain companies affiliated with the
Adviser.
|
16
|
Director, Selected Funds (consisting of two portfolios)
since 1998; Trustee, Clipper Funds Trust (consisting of
one portfolio) since 2014.
|
|
|||
Christopher C. Davis
(07/13/65)
Director since 1997
|
President or Vice President of each Davis Fund,
Selected Fund, Clipper Fund, and Davis ETF;
Chairman, Davis Selected Advisers, L.P., and also
serves as an executive officer of certain companies
affiliated with the Adviser, including sole member of
the Adviser’s general partner, Davis Investments, LLC.
|
16
|
Director, Selected Funds (consisting of two portfolios)
since 1998; Trustee, Clipper Funds Trust (consisting of
one portfolio) since 2014; Lead Independent Director,
Graham Holdings Company (educational and media
company); Director, The Coca-Cola Company
(beverage company); Director, Berkshire
Hathaway Inc. (financial services).
|
(a)
|
Audit Fees. The aggregate Audit Fees billed by KPMG LLP (“KPMG”) for professional services rendered for 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 July 31, 2023 and July 31, 2022 were $112,860 and $104,608, respectively.
|
|
(b)
|
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 July 31, 2023 and July 31, 2022 were $0 and $0, respectively.
|
|
(c)
|
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 July 31, 2023 and July 31, 2022 were $11,161 and
$10,801, respectively.
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)
|
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 July 31, 2023 and July 31, 2022 were $0 and $0, respectively.
|
|
(e)(1)
|
Audit Committee Pre-Approval Policies and Procedures.
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.
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.
|
|
(e)(2)
|
No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
|
|
(f)
|
Not applicable
|
|
(g)
|
The Funds’ independent accountant did not provide any services to the investment advisor or any affiliate for the fiscal years ended July 31, 2023 and July 31, 2022. The fund has not paid any fees for
non-audit not previously disclosed in items 4 (b) – (d).
|
|
(h)
|
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.
|
(a)
|
Not Applicable. The complete Schedule of Investments is included in Item 1 of this for N-CSR
|
|
(b)
|
Not Applicable.
|
(a)
|
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2 (c) under the Investment Company
Act of 1940, as amended) are effective as of a date within 90 days of the filing date of this report.
|
|
(b)
|
There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls.
|
|
(a)(1) |
The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed as an exhibit to this
form N-CSR.
|
|
(a)(2) |
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached.
|
|
(b) |
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached.
|
By
|
/s/ Kenneth C. Eich
|
Kenneth C. Eich
|
|
Principal Executive Officer
|
|
Date: September 21, 2023
|
By
|
/s/ Kenneth C. Eich
|
Kenneth C. Eich
|
|
Principal Executive Officer
|
|
Date: September 21, 2023
|
By
|
/s/ Douglas A. Haines
|
Douglas A. Haines
|
|
Principal Financial Officer and Principal Accounting Officer
|
|
Date: September 21, 2023
|
DAVIS NEW YORK VENTURE FUND, INC.
|
||
2949 East Elvira Road, Suite 101
|
||
Tucson, Arizona 85756
|
||
(520) 434-3778
|
||
RULE 30A-2(A) CERTIFICATION
|
||
I, Kenneth C. Eich, certify that for Davis New York Venture 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
|
Kenneth C. Eich
|
Principal Executive Officer
|
Date: September 21, 2023
|
DAVIS NEW YORK VENTURE FUND, INC.
|
||
2949 East Elvira Road, Suite 101
|
||
Tucson, Arizona 85756
|
||
(520) 434-3778
|
||
RULE 30A-2(A) CERTIFICATION
|
||
I, Douglas A. Haines, certify that Davis New York Venture 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
|
Douglas A. Haines
|
Principal Financial Officer and Principal Accounting Officer
|
Date: September 21, 2023
|
DAVIS NEW YORK VENTURE FUND, INC.
|
|
2949 East Elvira Road, Suite 101
|
|
Tucson, Arizona 85756
|
|
(520) 434-3778
|
|
CERTIFICATION
|
|
PURSUANT TO 18 U.S.C. SECTION 1350,
|
|
AS ADOPTED PURSUANT TO
|
|
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 New
York Venture 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 July 31, 2023 (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.
|
|
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: September 21, 2023
|
Date: September 21, 2023
|
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 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.
|
•
|
honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and
professional relationships;
|
•
|
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;
|
•
|
compliance with applicable laws and governmental rules and regulations;
|
•
|
the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
|
•
|
accountability for adherence to the Code.
|
A.
|
Overview
|
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;
|
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;
|
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.
|
1.
|
service as a director/trustee on the board of any public or private company;
|
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;
|
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
|
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.
|
1.
|
Each Covered Officer should become familiar with the disclosure requirements generally applicable to the Funds.
|
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.
|
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.
|
4.
|
It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by
applicable laws, rules and regulations.
|
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;
|
2.
|
annually thereafter affirm to the Boards that he or she has complied with the requirements of the Code;
|
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.
|
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
|
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.
|
1.
|
the Chief Legal Officer will take all appropriate action to investigate any reported potential violations;
|
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;
|
3.
|
any matter that the Chief Legal Officer believes is a material violation will be reported to the Committee;
|
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;
|
5.
|
the Committee will be responsible for granting waivers, as appropriate;
|
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
|
7.
|
any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.
|
1.
|
This Code was initially adopted by a majority of both Boards (including a majority of the Independent Directors/Trustees
voting separately).
|
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.
|
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.
|
Principal Executive Officer:
|
Kenneth Eich
|
|
Principal Financial Officer:
|
Douglas Haines
|
|
Principal Accounting Officer:
|
Douglas Haines
|
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