NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)
Dividends and Distributions to Shareholders
-
(Continued)
As of October 31, 2012, the components of distributable earnings (accumulated losses) on a tax basis were as follows:
|
Davis
Global
Fund
|
|
Davis
International
Fund
|
Undistributed net investment income
|
$
|
1,597,136
|
|
$
|
829,873
|
Accumulated net realized losses from investments and foreign currency transactions
|
|
(22,568,990)
|
|
|
(7,861,756)
|
Net unrealized depreciation
on investments
|
|
(428,991)
|
|
|
(842,617)
|
Total
|
$
|
(21,400,845)
|
|
$
|
(7,874,500)
|
|
|
|
|
|
|
Indemnification
- Under the Funds’ organizational documents, their officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, some of the Funds’ contracts with their service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.
Use of Estimates in Financial Statements
- In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.
Directors Fees and Expenses
- The Funds set up a Rabbi Trust to provide for the deferred compensation plan for Independent Directors that enables them to elect to defer receipt of all or a portion of annual fees they are entitled to receive. The value of an eligible Director’s account is based upon years of service and fees paid to each Director during the years of service. The amount paid to the Director by the Trust under the plan will be determined based upon the performance of the Davis Funds in which the amounts are invested.
NOTE 2 - PURCHASES AND SALES OF SECURITIES
The cost of purchases and proceeds from sales of investment securities (excluding short-term securities) during the year ended October 31, 2012 were as follows:
|
Davis
Global Fund
|
|
Davis
International Fund
|
Cost of purchases
|
$
|
54,927,755
|
|
$
|
3,606,791
|
Proceeds from sales
|
|
60,371,235
|
|
|
4,270,994
|
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
October 31, 2012
|
NOTE 3 - INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Advisory fees are paid monthly to the Adviser. The annual rate for each Fund is 0.55% of the average net assets.
Boston Financial Data Services, Inc. (“BFDS”) is the Funds’ primary transfer agent. The Adviser is also paid for certain transfer agent services. The fee paid to the Adviser for these services during the year ended October 31, 2012 for Davis Global Fund and Davis International Fund amounted to $7,358 and $869, respectively. 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 accounting services. The fee paid to the Adviser for these services during the year ended October 31, 2012 for Davis Global Fund and Davis International Fund amounted to $3,000 each. 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, 1.30%; Class B shares, 2.30%; Class C shares, 2.30%; Class Y shares, 1.05%). During the year ended October 31, 2012, such reimbursements for Davis Global Fund amounted to $1,984 for Class B and Davis International Fund amounted to $2,211, $2,630, and $2,805 for Class A, Class B, and Class C, respectively. Certain directors and officers of the Funds are also directors and officers of the general partner of the Adviser.
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.
NOTE 4 - EXPENSES PAID INDIRECTLY
Under an agreement with State Street Bank, custodian fees are reduced for earnings on cash balances maintained at the custodian by the Funds. Such reductions amounted to $9 and $2 for Davis Global Fund and Davis International Fund, respectively, during the year ended October 31, 2012.
NOTE 5 - CAPITAL STOCK
At October 31, 2012, 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 175 million shares each are designated to Davis Global Fund and Davis International Fund.
Transactions in capital stock were as follows:
Class A
|
|
Year ended October 31, 2012
|
|
|
|
Davis Global
Fund
|
|
|
Davis International
Fund
|
Shares sold
|
|
|
403,890
|
|
|
105,308
|
Shares issued in reinvestment of distributions
|
|
|
7,023
|
|
|
6,403
|
|
|
|
410,913
|
|
|
111,711
|
Shares redeemed
|
|
|
(521,110)
|
|
|
(78,960)
|
|
Net increase (decrease)
|
|
|
(110,197)
|
|
|
32,751
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
$
|
4,915,831
|
|
$
|
845,994
|
Proceeds from shares issued in reinvestment of distributions
|
|
|
83,641
|
|
|
48,084
|
|
|
|
4,999,472
|
|
|
894,078
|
Cost of shares redeemed*
|
|
|
(6,536,881)
|
|
|
(638,864)
|
|
Net increase (decrease)
|
|
$
|
(1,537,409)
|
|
$
|
255,214
|
|
|
|
|
|
|
|
|
* Net of redemption fees as follows
|
|
$
|
426
|
|
$
|
–
|
|
|
|
|
|
|
|
|
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
October 31, 2012
|
NOTE 5 - CAPITAL STOCK – (CONTINUED)
|
Class A
|
|
Year ended October 31, 2011
|
|
|
|
Davis Global
Fund
|
|
|
Davis International
Fund
|
Shares sold
|
|
|
600,592
|
|
|
301,752
|
Shares issued in reinvestment of distributions
|
|
|
60,389
|
|
|
22,593
|
|
|
|
660,981
|
|
|
324,345
|
Shares redeemed
|
|
|
(1,892,648)
|
|
|
(5,486,660)
|
|
Net decrease
|
|
|
(1,231,667)
|
|
|
(5,162,315)
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
$
|
8,215,798
|
|
$
|
2,882,908
|
Proceeds from shares issued in reinvestment of distributions
|
|
|
832,768
|
|
|
216,891
|
|
|
|
9,048,566
|
|
|
3,099,799
|
Cost of shares redeemed*
|
|
|
(25,979,668)
|
|
|
(52,761,678)
|
|
Net decrease
|
|
$
|
(16,931,102)
|
|
$
|
(49,661,879)
|
|
|
|
|
|
|
|
|
* Net of redemption fees as follows
|
|
$
|
284
|
|
$
|
–
|
|
|
|
|
|
|
|
|
Class B
|
|
Year ended October 31, 2012
|
|
|
|
Davis Global
Fund
|
|
|
Davis International
Fund
|
Shares sold
|
|
|
12,405
|
|
|
3,489
|
Shares issued in reinvestment of distributions
|
|
|
–
|
|
|
–
|
|
|
|
12,405
|
|
|
3,489
|
Shares redeemed
|
|
|
(58,342)
|
|
|
(7,361)
|
|
Net decrease
|
|
|
(45,937)
|
|
|
(3,872)
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
$
|
155,484
|
|
$
|
27,916
|
Proceeds from shares issued in reinvestment of distributions
|
|
|
–
|
|
|
–
|
|
|
|
155,484
|
|
|
27,916
|
Cost of shares redeemed*
|
|
|
(706,134)
|
|
|
(58,609)
|
|
Net decrease
|
|
$
|
(550,650)
|
|
$
|
(30,693)
|
|
|
|
|
|
|
|
|
* Net of redemption fees as follows
|
|
$
|
–
|
|
$
|
345
|
|
|
|
|
|
|
|
|
Class B
|
|
Year ended October 31, 2011
|
|
|
|
Davis Global
Fund
|
|
|
Davis International
Fund
|
Shares sold
|
|
|
25,083
|
|
|
14,441
|
Shares issued in reinvestment of distributions
|
|
|
1,246
|
|
|
–
|
|
|
|
26,329
|
|
|
14,441
|
Shares redeemed
|
|
|
(107,400)
|
|
|
(5,518)
|
|
Net increase (decrease)
|
|
|
(81,071)
|
|
|
8,923
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
$
|
325,910
|
|
$
|
124,958
|
Proceeds from shares issued in reinvestment of distributions
|
|
|
17,489
|
|
|
–
|
|
|
|
343,399
|
|
|
124,958
|
Cost of shares redeemed
|
|
|
(1,401,339)
|
|
|
(50,305)
|
|
Net increase (decrease)
|
|
$
|
(1,057,940)
|
|
$
|
74,653
|
|
|
|
|
|
|
|
|
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
October 31, 2012
|
NOTE 5 - CAPITAL STOCK – (CONTINUED)
|
|
|
|
|
|
|
|
|
Class C
|
|
Year ended October 31, 2012
|
|
|
|
Davis Global
Fund
|
|
|
Davis International
Fund
|
Shares sold
|
|
|
38,191
|
|
|
12,389
|
Shares issued in reinvestment of distributions
|
|
|
–
|
|
|
–
|
|
|
|
38,191
|
|
|
12,389
|
Shares redeemed
|
|
|
(209,348)
|
|
|
(12,023)
|
|
Net increase (decrease)
|
|
|
(171,157)
|
|
|
366
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
$
|
470,172
|
|
$
|
97,465
|
Proceeds from shares issued in reinvestment of distributions
|
|
|
–
|
|
|
–
|
|
|
|
470,172
|
|
|
97,465
|
Cost of shares redeemed*
|
|
|
(2,580,193)
|
|
|
(92,357)
|
|
Net increase (decrease)
|
|
$
|
(2,110,021)
|
|
$
|
5,108
|
|
|
|
|
|
|
|
|
* Net of redemption fees as follows
|
|
$
|
6
|
|
$
|
51
|
|
|
|
|
|
|
|
|
Class C
|
|
Year ended October 31, 2011
|
|
|
|
Davis Global
Fund
|
|
|
Davis International
Fund
|
Shares sold
|
|
|
150,314
|
|
|
31,485
|
Shares issued in reinvestment of distributions
|
|
|
7,036
|
|
|
–
|
|
|
|
157,350
|
|
|
31,485
|
Shares redeemed
|
|
|
(293,051)
|
|
|
(8,600)
|
|
Net increase (decrease)
|
|
|
(135,701)
|
|
|
22,885
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
$
|
2,051,526
|
|
$
|
297,080
|
Proceeds from shares issued in reinvestment of distributions
|
|
|
95,692
|
|
|
–
|
|
|
|
2,147,218
|
|
|
297,080
|
Cost of shares redeemed*
|
|
|
(3,810,884)
|
|
|
(61,352)
|
|
Net increase (decrease)
|
|
$
|
(1,663,666)
|
|
$
|
235,728
|
|
|
|
|
|
|
|
|
* Net of redemption fees as follows
|
|
$
|
1,286
|
|
$
|
4
|
|
|
|
|
|
|
|
|
Class Y
|
|
Year ended October 31, 2012
|
|
|
|
Davis Global
Fund
|
|
|
Davis International
Fund
|
Shares sold
|
|
|
1,558,945
|
|
|
32,065
|
Shares issued in reinvestment of distributions
|
|
|
44,280
|
|
|
86,773
|
|
|
|
1,603,225
|
|
|
118,838
|
Shares redeemed
|
|
|
(2,196,236)
|
|
|
(17,578)
|
|
Net increase (decrease)
|
|
|
(593,011)
|
|
|
101,260
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
$
|
20,280,573
|
|
$
|
250,976
|
Proceeds from shares issued in reinvestment of distributions
|
|
|
525,600
|
|
|
642,988
|
|
|
|
20,806,173
|
|
|
893,964
|
Cost of shares redeemed*
|
|
|
(28,586,497)
|
|
|
(136,111)
|
|
Net increase (decrease)
|
|
$
|
(7,780,324)
|
|
$
|
757,853
|
|
|
|
|
|
|
|
|
* Net of redemption fees as follows
|
|
$
|
200
|
|
$
|
–
|
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
October 31, 2012
|
NOTE 5 - CAPITAL STOCK – (CONTINUED)
|
|
|
|
|
|
|
|
|
Class Y
|
|
Year ended October 31, 2011
|
|
|
|
Davis Global
Fund
|
|
|
Davis International
Fund
|
Shares sold
|
|
|
5,538,256
|
|
|
5,562,203
|
Shares issued in reinvestment of distributions
|
|
|
38,439
|
|
|
378
|
|
|
|
5,576,695
|
|
|
5,562,581
|
Shares redeemed
|
|
|
(96,564)
|
|
|
(16,079)
|
|
Net increase
|
|
|
5,480,131
|
|
|
5,546,502
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
$
|
71,866,575
|
|
$
|
53,536,342
|
Proceeds from shares issued in reinvestment of distributions
|
|
|
528,916
|
|
|
3,637
|
|
|
|
72,395,491
|
|
|
53,539,979
|
Cost of shares redeemed*
|
|
|
(1,307,177)
|
|
|
(151,141)
|
|
Net increase
|
|
$
|
71,088,314
|
|
$
|
53,388,838
|
|
|
|
|
|
|
|
|
* Net of redemption fees as follows
|
|
$
|
50
|
|
$
|
–
|
NOTE 6 - BANK BORROWINGS
Each Fund may borrow up to 5% of its assets from a bank to purchase portfolio securities, or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. Each Fund has entered into an agreement, which enables it to participate with certain other funds managed by the Adviser in an unsecured line of credit with a bank, which permits borrowings up to $50 million, collectively. Interest is charged based on its borrowings, at a rate equal to the higher of the Federal Funds Rate or the Overnight Libor Rate, plus 1.25%. The Funds had no borrowings during the year ended October 31, 2012.
NOTE 7 - DISTRIBUTION AND UNDERWRITING FEES
Class A Shares of Davis Global Fund and Davis International Fund
-
Class A shares of the Funds are sold at net asset value plus a sales charge and are redeemed at net asset value.
Davis Distributors, LLC, the Funds’ Underwriter (“Underwriter” or “Distributor”), received commissions earned on sales of Class A shares of the Funds of which a portion was retained by the Underwriter and the remaining was re-allowed to investment dealers.
The Underwriter is reimbursed 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 the annual rate up to 1/4 of 1.00% of the average net assets maintained by the responsible dealers.
|
Year ended October 31, 2012
|
|
|
|
|
|
Davis
|
|
Davis
|
|
Global
|
|
International
|
|
Fund
|
|
Fund
|
Commissions retained by Underwriter
|
$
|
3,068
|
|
$
|
1,548
|
Commissions re-allowed to investment dealers
|
|
16,945
|
|
|
7,102
|
Total commissions earned on sales of Class A shares
|
$
|
20,013
|
|
$
|
8,650
|
|
|
|
|
|
|
Class A service fee
|
$
|
47,601
|
|
$
|
6,214
|
|
|
|
|
|
|
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
October 31, 2012
|
NOTE 7 - DISTRIBUTION AND UNDERWRITING FEES – (CONTINUED)
Class B Shares of Davis Global Fund and Davis International Fund
-
Class B shares of the Funds are sold at net asset value and are redeemed at net asset value. A contingent deferred sales charge may be assessed on shares redeemed within six years of purchase.
The Funds pay the Distributor a distribution fee on
Class B shares at an annual rate equal to the lesser of 1.25% of the average daily net asset value of the Class B shares or the maximum amount provided by applicable rule or regulation of the Financial Industry Regulatory Authority, Inc. (“FINRA”), which currently is 1.00%. The Funds pay the distribution fee on Class B shares in order: (i) to pay the Distributor commissions on Class B shares which have been sold and (ii) to enable the Distributor to pay service fees on Class B shares which have been sold.
Commission advances by the Distributor on the sale of Class B shares are re-allowed to qualified selling dealers.
A contingent deferred sales charge is imposed upon redemption of certain Class B shares of the Funds within six years of the original purchase. The charge is a declining percentage starting at 4.00% of the lesser of net asset value of the shares redeemed or the total cost of such shares.
|
Year ended October 31, 2012
|
|
|
|
|
|
Davis
|
|
Davis
|
|
Global
|
|
International
|
|
Fund
|
|
Fund
|
Distribution Plan Payments:
|
|
|
|
|
|
Distribution fees
|
$
|
13,278
|
|
$
|
942
|
Service fees
|
|
4,383
|
|
|
310
|
Commission advances by the Distributor
|
|
|
|
|
|
on the sale of Class B shares
|
|
2,410
|
|
|
44
|
Contingent deferred sales charges received by the
|
|
|
|
|
|
Distributor from Class B shares
|
|
3,541
|
|
|
345
|
|
|
|
|
|
|
Class C Shares of Davis Global Fund and Davis International Fund
-
Class C shares of the Funds are sold at net asset value and are redeemed at net asset value. A contingent deferred sales charge may be assessed on shares redeemed within the first year of purchase.
The Funds pay the Distributor a distribution fee on Class C shares at an annual rate equal to the lesser of 1.25% of the average daily net asset value of the Class C shares or the maximum amount provided by applicable rule or regulation of the FINRA, which currently is 1.00%. The Funds pay the distribution fee on Class C shares in order: (i) to pay the Distributor 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.
Commission advances by the Distributor on the sale of Class C shares are re-allowed to qualified selling dealers.
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
October 31, 2012
|
NOTE 7 - DISTRIBUTION AND UNDERWRITING FEES – (CONTINUED)
Class C Shares of Davis Global Fund and Davis International Fund
- (Continued)
A contingent deferred sales charge of 1.00% is imposed upon redemption of certain Class C shares of the Funds within the first year of the original purchase.
|
Year ended October 31, 2012
|
|
|
|
|
|
|
|
|
Davis
|
|
|
Davis
|
|
|
Global
|
|
|
International
|
|
|
Fund
|
|
|
Fund
|
Distribution Plan Payments:
|
|
|
|
|
|
Distribution fees
|
$
|
63,896
|
|
$
|
1,328
|
Service fees
|
|
21,299
|
|
|
442
|
Commission advances by the Distributor
|
|
|
|
|
|
on the sale of Class C shares
|
|
2,745
|
|
|
646
|
Contingent deferred sales charges received by the
|
|
|
|
|
|
Distributor from Class C shares
|
|
462
|
|
|
303
|
|
|
|
|
|
|
DAVIS GLOBAL FUND
|
DAVIS INTERNATIONAL FUND
|
|
The following financial information represents selected data for each share of capital stock outstanding throughout each period:
|
|
|
|
Income (Loss) from Investment Operations
|
|
Net Asset Value, Beginning of
Period
|
Net Investment
Income (Loss)
|
Net Realized and Unrealized Gains
(Losses)
|
Total from
Investment
Operations
|
Davis Global Fund Class A:
|
|
|
|
|
Year ended October 31, 2012
|
$12.25
|
$0.06
d
|
$0.63
|
$0.69
|
Year ended October 31, 2011
|
$13.32
|
$0.09
d
|
$(0.93)
|
$(0.84)
|
Year ended October 31, 2010
|
$11.28
|
$0.09
d
|
$2.04
|
$2.13
|
Year ended October 31, 2009
|
$8.51
|
$0.07
d
|
$2.75
|
$2.82
|
Year ended October 31, 2008
|
$18.70
|
$0.15
d
|
$(10.16)
|
$(10.01)
|
Davis Global Fund Class B:
|
|
|
|
|
Year ended October 31, 2012
|
$11.96
|
$(0.09)
d
|
$0.60
|
$0.51
|
Year ended October 31, 2011
|
$13.01
|
$(0.06)
d
|
$(0.91)
|
$(0.97)
|
Year ended October 31, 2010
|
$11.07
|
$(0.06)
d
|
$2.00
|
$1.94
|
Year ended October 31, 2009
|
$8.39
|
$(0.02)
d
|
$2.70
|
$2.68
|
Year ended October 31, 2008
|
$18.52
|
$(0.01)
d
|
$(10.02)
|
$(10.03)
|
Davis Global Fund Class C:
|
|
|
|
|
Year ended October 31, 2012
|
$11.99
|
$(0.06)
d
|
$0.61
|
$0.55
|
Year ended October 31, 2011
|
$13.03
|
$(0.02)
d
|
$(0.91)
|
$(0.93)
|
Year ended October 31, 2010
|
$11.07
|
$(0.03)
d
|
$1.99
|
$1.96
|
Year ended October 31, 2009
|
$8.39
|
$(0.02)
d
|
$2.70
|
$2.68
|
Year ended October 31, 2008
|
$18.52
|
$0.01
d
|
$(10.04)
|
$(10.03)
|
Davis Global Fund Class Y:
|
|
|
|
|
Year ended October 31, 2012
|
$12.24
|
$0.09
d
|
$0.63
|
$0.72
|
Year ended October 31, 2011
|
$13.30
|
$0.14
d
|
$(0.94)
|
$(0.80)
|
Year ended October 31, 2010
|
$11.27
|
$0.12
d
|
$2.03
|
$2.15
|
Year ended October 31, 2009
|
$8.51
|
$0.08
d
|
$2.76
|
$2.84
|
Year ended October 31, 2008
|
$18.71
|
$0.20
d
|
$(10.17)
|
$(9.97)
|
Davis International Fund Class A:
|
|
|
|
|
Year ended October 31, 2012
|
$8.02
|
$0.05
d
|
$0.37
|
$0.42
|
Year ended October 31, 2011
|
$9.17
|
$(0.04)
d
|
$(1.07)
|
$(1.11)
|
Year ended October 31, 2010
|
$7.89
|
$0.03
d
|
$1.33
|
$1.36
|
Year ended October 31, 2009
|
$6.15
|
$0.07
|
$1.79
|
$1.86
|
Year ended October 31, 2008
|
$13.48
|
$0.15
|
$(7.37)
|
$(7.22)
|
Davis International Fund Class B:
|
|
|
|
|
Year ended October 31, 2012
|
$7.74
|
$(0.04)
d
|
$0.37
|
$0.33
|
Year ended October 31, 2011
|
$9.08
|
$(0.05)
d
|
$(1.29)
|
$(1.34)
|
Year ended October 31, 2010
|
$7.82
|
$(0.02)
d
|
$1.29
|
$1.27
|
Year ended October 31, 2009
|
$6.06
|
$–
e
|
$1.78
|
$1.78
|
Year ended October 31, 2008
|
$13.36
|
$0.04
|
$(7.29)
|
$(7.25)
|
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 Return
a
|
Net Assets,
End of Period
(in thousands)
|
Gross
Expense
Ratio
|
Net Expense
Ratio
b
|
Net
Investment
Income
(Loss) Ratio
|
Portfolio
Turnover
c
|
|
|
|
|
|
|
|
|
|
|
|
$(0.04)
|
$–
|
$–
|
$(0.04)
|
$12.90
|
5.63%
|
$30,826
|
1.05%
|
1.05%
|
0.46%
|
43%
|
$(0.23)
|
$–
|
$–
|
$(0.23)
|
$12.25
|
(6.48)%
|
$30,638
|
1.03%
|
1.03%
|
0.72%
|
28%
|
$(0.09)
|
$–
|
$–
|
$(0.09)
|
$13.32
|
18.96%
|
$49,697
|
1.06%
|
1.06%
|
0.76%
|
28%
|
$(0.05)
|
$–
|
$–
|
$(0.05)
|
$11.28
|
33.32%
|
$41,456
|
1.31%
|
1.30%
|
0.73%
|
32%
|
$(0.08)
|
$(0.10)
|
$–
|
$(0.18)
|
$8.51
|
(54.01)%
|
$32,172
|
1.26%
|
1.26%
|
1.07%
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
$–
|
$–
|
$–
|
$–
|
$12.47
|
4.26%
|
$1,509
|
2.41%
|
2.30%
|
(0.79)%
|
43%
|
$(0.08)
|
$–
|
$–
|
$(0.08)
|
$11.96
|
(7.56)%
|
$1,996
|
2.23%
|
2.23%
|
(0.48)%
|
28%
|
$–
|
$–
|
$–
|
$–
|
$13.01
|
17.52%
|
$3,226
|
2.27%
|
2.27%
|
(0.45)%
|
28%
|
$–
|
$–
|
$–
|
$–
|
$11.07
|
31.94%
|
$3,034
|
2.57%
|
2.30%
|
(0.27)%
|
32%
|
$–
|
$(0.10)
|
$–
|
$(0.10)
|
$8.39
|
(54.43)%
|
$2,721
|
2.30%
|
2.30%
|
(0.05)%
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
$–
|
$–
|
$–
|
$–
|
$12.54
|
4.59%
|
$7,718
|
1.99%
|
1.99%
|
(0.48)%
|
43%
|
$(0.11)
|
$–
|
$–
|
$(0.11)
|
$11.99
|
(7.26)%
|
$9,431
|
1.96%
|
1.96%
|
(0.21)%
|
28%
|
$–
|
$–
|
$–
|
$–
|
$13.03
|
17.70%
|
$12,022
|
2.05%
|
2.05%
|
(0.23)%
|
28%
|
$–
|
$–
|
$–
|
$–
|
$11.07
|
31.94%
|
$9,570
|
2.33%
|
2.30%
|
(0.27)%
|
32%
|
$–
|
$(0.10)
|
$–
|
$(0.10)
|
$8.39
|
(54.43)%
|
$10,548
|
2.19%
|
2.19%
|
0.05%
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
$(0.07)
|
$–
|
$–
|
$(0.07)
|
$12.89
|
5.96%
|
$85,802
|
0.75%
|
0.75%
|
0.76%
|
43%
|
$(0.26)
|
$–
|
$–
|
$(0.26)
|
$12.24
|
(6.24)%
|
$88,784
|
0.76%
|
0.76%
|
0.99%
|
28%
|
$(0.12)
|
$–
|
$–
|
$(0.12)
|
$13.30
|
19.13%
|
$23,548
|
0.83%
|
0.83%
|
0.99%
|
28%
|
$(0.08)
|
$–
|
$–
|
$(0.08)
|
$11.27
|
33.70%
|
$14,012
|
1.04%
|
1.04%
|
0.99%
|
32%
|
$(0.13)
|
$(0.10)
|
$–
|
$(0.23)
|
$8.51
|
(53.91)%
|
$8,364
|
1.04%
|
1.04%
|
1.29%
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
$(0.14)
|
$–
|
$–
|
$(0.14)
|
$8.30
|
5.39%
|
$3,387
|
1.37%
|
1.30%
|
0.55%
|
8%
|
$(0.04)
|
$–
|
$–
|
$(0.04)
|
$8.02
|
(12.19)%
|
$3,012
|
0.94%
|
0.94%
|
(0.44)%
|
14%
|
$(0.08)
|
$–
|
$–
|
$(0.08)
|
$9.17
|
17.32%
|
$50,776
|
1.81%
|
1.30%
|
0.41%
|
20%
|
$(0.12)
|
$–
|
$–
|
$(0.12)
|
$7.89
|
30.80%
|
$13,121
|
1.38%
|
1.30%
|
1.04%
|
25%
|
$(0.06)
|
$(0.05)
|
$–
|
$(0.11)
|
$6.15
|
(53.97)%
|
$10,045
|
1.25%
|
1.25%
|
1.42%
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
$–
|
$–
|
$–
|
$–
|
$8.07
|
4.26%
|
$110
|
4.40%
|
2.30%
|
(0.45)%
|
8%
|
$–
|
$–
|
$–
|
$–
|
$7.74
|
(14.76)%
|
$136
|
5.31%
|
2.30%
|
(0.60)%
|
14%
|
$(0.01)
|
$–
|
$–
|
$(0.01)
|
$9.08
|
16.25%
|
$78
|
8.05%
|
2.30%
|
(0.59)%
|
20%
|
$(0.02)
|
$–
|
$–
|
$(0.02)
|
$7.82
|
29.54%
|
$2
|
9.98%
|
2.30%
|
0.04%
|
25%
|
$–
|
$(0.05)
|
$–
|
$(0.05)
|
$6.06
|
(54.46)%
|
$2
|
7.27%
|
2.30%
|
0.37%
|
13%
|
DAVIS GLOBAL FUND
|
DAVIS INTERNATIONAL FUND
|
|
The following financial information represents selected data for each share of capital stock outstanding throughout each period:
|
|
|
|
Income (Loss) from Investment Operations
|
|
Net Asset Value, Beginning of
Period
|
Net Investment
Income (Loss)
|
Net Realized and Unrealized Gains
(Losses)
|
Total from
Investment
Operations
|
Davis International Fund Class C:
|
|
|
|
|
Year ended October 31, 2012
|
$7.73
|
$(0.04)
d
|
$0.37
|
$0.33
|
Year ended October 31, 2011
|
$9.08
|
$(0.05)
d
|
$(1.30)
|
$(1.35)
|
Year ended October 31, 2010
|
$7.82
|
$–
d,e
|
$1.27
|
$1.27
|
Year ended October 31, 2009
|
$6.07
|
$–
e
|
$1.77
|
$1.77
|
Year ended October 31, 2008
|
$13.37
|
$0.04
|
$(7.29)
|
$(7.25)
|
Davis International Fund Class Y:
|
|
|
|
|
Year ended October 31, 2012
|
$7.89
|
$0.08
d
|
$0.37
|
$0.45
|
Year ended October 31, 2011
|
$9.19
|
$0.14
d
|
$(1.38)
|
$(1.24)
|
Period from December 31,2009
f
to October 31, 2010
|
$8.40
|
$0.08
d
|
$0.71
|
$0.79
|
a
|
Assumes hypothetical initial investment on the business day before the first day of the fiscal period (or inception of offering), with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one year.
|
b
|
The ratios in this column reflect the impact, if any, of the reduction of expenses paid indirectly and of certain reimbursements from the Adviser.
|
c
|
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.
|
Financial Highlights – (Continued)
|
|
|
|
|
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 Return
a
|
Net Assets,
End of Period
(in thousands)
|
Gross
Expense
Ratio
|
Net Expense
Ratio
b
|
Net
Investment
Income
(Loss) Ratio
|
Portfolio
Turnover
c
|
|
|
|
|
|
|
|
|
|
|
|
$–
|
$–
|
$–
|
$–
|
$8.06
|
4.27%
|
$233
|
3.88%
|
2.30%
|
(0.45)%
|
8%
|
$–
|
$–
|
$–
|
$–
|
$7.73
|
(14.87)%
|
$221
|
3.13%
|
2.30%
|
(0.58)%
|
14%
|
$(0.01)
|
$–
|
$–
|
$(0.01)
|
$9.08
|
16.25%
|
$52
|
9.91%
|
2.30%
|
(0.59)%
|
20%
|
$(0.02)
|
$–
|
$–
|
$(0.02)
|
$7.82
|
29.32%
|
$2
|
10.17%
|
2.30%
|
0.04%
|
25%
|
$–
|
$(0.05)
|
$–
|
$(0.05)
|
$6.07
|
(54.42)%
|
$2
|
7.31%
|
2.30%
|
0.37%
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
$(0.12)
|
$–
|
$–
|
$(0.12)
|
$8.22
|
5.80%
|
$46,794
|
0.90%
|
0.90%
|
0.95%
|
8%
|
$(0.06)
|
$–
|
$–
|
$(0.06)
|
$7.89
|
(13.61)%
|
$44,140
|
0.89%
|
0.89%
|
1.52%
|
14%
|
$–
|
$–
|
$–
|
$–
|
$9.19
|
9.40%
|
$409
|
2.92%
g
|
1.05%
g
|
1.14%
g
|
20%
|
d
|
Per share calculations were based on average shares outstanding for the period.
|
e
|
Less than $0.005 per share.
|
f
|
Inception date of class.
|
g
|
Annualized.
|
See Notes to Financial Statements
|
DAVIS NEW YORK VENTURE FUND, INC.
|
Report of Independent Registered Public Accounting Firm
|
The Shareholders and Board of Directors
Davis New York Venture Fund, Inc.:
We have audited the accompanying statements of assets and liabilities of Davis Global Fund and Davis International Fund (each a series comprising Davis New York Venture Fund, Inc.), including the schedules of investments, as of October 31, 2012, 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 financial highlights for each of the years or periods in the five-year period then ended. 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 conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Davis Global Fund and Davis International Fund as of October 31, 2012, 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 or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
KPMG LLP
Denver, Colorado
December 20, 2012
DAVIS GLOBAL FUND
|
Federal Income Tax Information
(Unaudited)
|
DAVIS INTERNATIONAL FUND
|
|
In early 2013, shareholders will receive information regarding all dividends and distributions paid to them by the Funds during calendar year 2012. 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 2012 with their 2012 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. 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 2012, $622,076 of dividends paid by the Fund constituted income dividends for federal income tax purposes. The Fund designates $450,218 or 72% as income qualifying for the corporate dividends-received deduction.
For the fiscal year 2012, certain dividends paid by the Fund constitute qualified dividend income for federal income tax purposes. The Fund designates $622,076 or 100% as qualified dividend income.
Pursuant to Section 853 of the Internal Revenue Code, Davis Global Fund designates $112,142 as foreign taxes paid during the year ended October 31, 2012. Approximately 73% of the ordinary income distribution deemed to be paid during the fiscal year ended October 31, 2012 was derived from foreign sourced income of $1,581,861. 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 2012, $693,502 of dividends paid by the Fund constituted income dividends for federal income tax purposes, of which no amount qualified for the corporate dividends-received deduction.
For the fiscal year 2012, certain dividends paid by the Fund constitute qualified dividend income for federal income tax purposes. The Fund designates $693,082 or 100% as qualified dividend income.
Pursuant to Section 853 of the Internal Revenue Code, Davis International Fund designates $83,368 as foreign taxes paid during the year ended October 31, 2012. Approximately 100% of the ordinary income distribution deemed to be paid during the fiscal year ended October 31, 2012 was derived from foreign sourced income of $996,998. 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 GLOBAL FUND
|
Fund Information
|
DAVIS INTERNATIONAL FUND
|
|
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
th
, no later than August 31
st
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.
Form N-Q
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is 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. The Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
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 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
To avoid sending duplicate copies of materials to households, the Funds will mail only one copy of each prospectus, Annual, and Semi-Annual Report 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 do not want the mailing of these documents to be combined with those to other members of your household, please contact the Davis Funds by phone at 1-800-279-0279. Individual copies of current prospectuses and reports will be sent to you within 30 days after the Funds receive your request to stop householding.
DAVIS GLOBAL FUND
|
Directors and Officers
|
DAVIS INTERNATIONAL FUND
|
|
For the purposes 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. Each Director serves until their retirement, resignation, death, or removal. Subject to exceptions and exemptions, which may be granted by the Independent Directors, Directors must retire at the close of business on the last day of the calendar year in which the Director attains age seventy-four (74).
Name
(birthdate)
|
Position(s)
Held
With
Fund
|
Term of
Office
and
Length of
Time Served
|
Principal Occupation(s)
During Past Five Years
|
Number of Portfolios
in Fund Complex
Overseen by Director
|
Other Directorships
Held by Director
|
|
|
|
|
|
|
Independent Directors
|
|
|
|
|
|
Marc P. Blum
(09/09/42)
|
Director
|
Director since 1986
|
Chief Executive Officer, World Total Return Fund, LLLP; of Counsel to Gordon Feinblatt LLC (law firm).
|
13
|
Director, Legg Mason Investment Counsel & Trust Company, N.A. (asset management company) and Rodney Trust Company (Delaware).
|
|
|
|
|
|
|
John S. Gates, Jr.
(08/02/53)
|
Director
|
Director since 2007
|
Chairman and Chief Executive Officer of PortaeCo LLC, a private investment company (beginning in 2006); Co-founder of CenterPoint Properties Trust (REIT); Co-chairman and Chief Executive Officer for 22 years (until 2006).
|
13
|
Director, DCT Industrial Trust (REIT); Chairman, Regional Transportation Authority of Chicago.
|
|
|
|
|
|
|
Thomas S. Gayner
(12/16/61)
|
Director/
Chairman
|
Director since 2004
|
President and Chief Investment Officer, Markel Corp. (diversified financial holding company).
|
13
|
Director, Washington Post Co. (publishing company); Director, Colfax Corp. (engineering and manufacturer of pumps and fluid handling equipment).
|
|
|
|
|
|
|
Samuel H. Iapalucci
(07/19/52)
|
Director
|
Director since 2006
|
Former Executive Vice President and Chief Financial Officer, CH2M-HILL Companies, Ltd. (engineering).
|
13
|
Director, Trow Global Holdings Inc. (engineering &
consulting).
|
|
|
|
|
|
|
Robert P. Morgenthau
(03/22/57)
|
Director
|
Director since 2002
|
Principal, Spears Abacus Advisors, LLC (investment management firm) since August 2011; former Chairman, NorthRoad Capital Management, LLC (investment management firm).
|
13
|
none
|
|
|
|
|
|
|
Marsha Williams
(03/28/51)
|
Director
|
Director since 1999
|
Retired; former Senior Vice President and Chief Financial Officer, Orbitz Worldwide, Inc. (travel-services provider) 2007-2010; former Executive Vice President and Chief Financial Officer, Equity Office Properties Trust (REIT) 2002-2007.
|
13
|
Director, Modine Manufacturing, Inc. (heat transfer technology); Director, Chicago Bridge & Iron Co., N.V. (industrial construction and engineering); Director, Fifth Third Bancorp (diversified financial services).
|
DAVIS GLOBAL FUND
|
Directors and Officers – (Continued)
|
DAVIS INTERNATIONAL FUND
|
|
Name
(birthdate)
|
Position(s) Held
With Fund
|
Term of Office
and Length of
Time Served
|
Principal Occupation(s)
During Past Five Years
|
Number of Portfolios
in Fund Complex
Overseen by Director
|
Other Directorships
Held by Director
|
|
|
|
|
|
|
Inside Directors
*
|
|
|
|
|
|
Andrew A. Davis
(06/25/63)
|
Director
|
Director since 1997
|
President or Vice President of each Davis Fund and Selected Fund; President, Davis Selected Advisers, L.P., and also serves as an executive officer in certain companies affiliated with the Adviser.
|
16
|
Director, Selected Funds (consisting of three portfolios) since 1998.
|
|
|
|
|
|
|
Christopher C. Davis
(07/13/65)
|
Director
|
Director since 1997
|
President or Vice President of each Davis Fund, Selected Fund, and Clipper Fund; Chairman, Davis Selected Advisers, L.P., and also serves as an executive officer in certain companies affiliated with the Adviser, including sole member of the Adviser’s general partner, Davis Investments, LLC; Employee of Shelby Cullom Davis & Co. (registered broker/dealer).
|
16
|
Director, Selected Funds (consisting of three portfolios) since 1998; Director, Washington Post Co. (publishing company).
|
* 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
Andrew A. Davis (born 06/25/63, Davis Funds officer since 1997).
See description in the section on Inside Directors.
Christopher C. Davis (born 07/13/65, Davis Funds officer since 1997).
See description in the section on Inside Directors.
Kenneth C. Eich (born 08/14/53, Davis Funds officer since 1997).
Executive Vice President and Principal Executive Officer of each of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of three portfolios), and Clipper Fund, Inc. (consisting of one portfolio); Chief Operating Officer, Davis Selected Advisers, L.P., and also serves as an executive officer in 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 each of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of three portfolios), and Clipper Fund, Inc. (consisting of one portfolio); Vice President and Director of Fund Accounting, Davis Selected Advisers, L.P.
Sharra L. Haynes (born 09/25/66, Davis Funds officer since 1997).
Vice President and Chief Compliance Officer of each of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of three portfolios), and Clipper Fund, Inc. (consisting of one portfolio); Vice President and Chief Compliance Officer, Davis Selected Advisers, L.P., and also serves as an executive officer in certain companies affiliated with the Adviser.
Thomas D. Tays (born 03/07/57, Davis Funds officer since 1997).
Vice President and Secretary of each of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of three portfolios), and Clipper Fund, Inc. (consisting of one portfolio); Vice President, Chief Legal Officer, and Secretary, Davis Selected Advisers, L.P., and also serves as an executive officer in certain companies affiliated with the Adviser.
Arthur Don (born 09/24/53, Davis Funds officer since 1991).
Assistant Secretary (for clerical purposes only) of each of the Davis Funds and Selected Funds; Shareholder, Greenberg Traurig, LLP (law firm); counsel to the Independent Directors and the Davis Funds.
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
|
|
Boston Financial Data Services, Inc.
|
|
c/o The Davis Funds
|
|
P.O. Box 8406
|
|
Boston, Massachusetts 02266-8406
|
|
|
|
Overnight Address:
|
|
30 Dan Road
|
|
Canton, Massachusetts 02021-2809
|
|
|
|
Custodian
|
|
State Street Bank and Trust Co.
|
|
One Lincoln Street
|
|
Boston, Massachusetts 02111
|
|
|
|
Counsel
|
|
Greenberg Traurig, LLP
|
|
77 West Wacker Drive, Suite 3100
|
|
Chicago, Illinois 60601
|
|
|
|
Independent Registered Public Accounting Firm
|
|
KPMG LLP
|
|
1225 Seventeenth Street, Suite 800
|
|
Denver, Colorado 80202
|
|
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.