UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-01701

DAVIS NEW YORK VENTURE FUND, INC.

(Exact name of registrant as specified in charter)

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(Address of principal executive offices)

Ryan M. Charles

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(Name and address of agent for service)

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

Date of fiscal year end: July 31, 2015

Date of reporting period: July 31, 2015

____________________

ITEM 1. REPORT TO STOCKHOLDERS

DAVIS NEW YORK VENTURE FUND Table of Contents

Shareholder Letter	2
Management's Discussion of Fund Performance	3
Fund Overview	5
Expense Example	7
Schedule of Investments	9
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	16
Notes to Financial Statements	17
Federal Income Tax Information	24
Financial Highlights	25
Report of Independent Registered Public Accounting Firm	27
Director Approval of Advisory Agreements	28
Privacy Notice and Householding	31
Directors and Officers	32

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

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

Portfolio Proxy Voting Policies and Procedures

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

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

Form N-Q

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Form N-Q is available without charge, upon request, by calling 1-800-279-0279, on the Fund's website at www.davisfunds.com, and on the SEC's website at www.sec.gov. The Fund's Form N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

DAVIS NEW YORK VENTURE FUND Shareholder Letter

Dear Fellow Shareholder,

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

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

We thank you for your continued trust. We will do our best to earn it in the years ahead.

Sincerely,

Christopher C. Davis	Danton G. Goei
President & Portfolio Manager	Portfolio Manager
September 4, 2015

2

DAVIS NEW YORK VENTURE FUND Management's Discussion of Fund Performance

Performance Overview

Davis New York Venture Fund's Class A shares delivered a total return on net asset value of 9.76% for the twelve-month period ended July 31, 2015 ("Period"). The Fund's benchmark, the Standard & Poor's 500^® Index ("Index"), returned 11.21% over the same Period. The sectors¹ within the Index that reported the strongest performance over the Period were Health Care, Consumer Discretionary, and Consumer Staples. The sectors within the Index that reported the weakest performance were Energy, Materials, and Telecommunication Services. The three weakest sectors reported negative performance returns for the Period.

The Fund's Absolute Performance

Consumer Discretionary companies were the most important contributor² to the Fund's absolute performance over the Period. Amazon³ (the Fund's third largest holding, as of July 31, 2015) was the overall top contributor for the Period. Liberty Global, an international cable company, was also a top contributor for the Period. Las Vegas Sands was a leading detractor.

Financial companies were also an important contributor to the Fund's absolute performance. The Fund had more holdings in Financial companies than any other sector. Wells Fargo (the Fund's second largest holding, as of July 31, 2015), Berkshire Hathaway, Bank of New York Mellon, and JPMorgan Chase were all top contributors to performance for the Period. American Express was a leading detractor.

Health Care companies were another important contributor to the Fund's absolute performance, with all Health Care holdings producing positive returns for the Period. UnitedHealth Group, Valeant Pharmaceuticals, and Express Scripts were all top contributors.

Energy companies were the most important detractor from the Fund's absolute performance. Encana, a North American oil and natural gas producer, was the overall lead detractor for the Period. Ultra Petroleum, Cabot Oil & Gas, Canadian Natural Resources, and EOG Resources were all leading detractors for the Period. The Fund no longer holds Canadian Natural Resources.

Material companies were also an important detractor from the Fund's absolute performance. LafargeHolcim and Praxair were leading detractors for the Period. LafargeHolcim, an international building materials company, was created through a merger between Holcim and Lafarge in July 2015.

Google (the Fund's largest holding, as of July 31, 2015) was another top contributor to the Fund's absolute performance from the Information Technology sector. International Business Machines, also an Information Technology company, was a leading detractor from the Fund's absolute performance. The Fund no longer holds International Business Machines.

The Fund had approximately 14% of its net assets invested in foreign companies, as of July 31, 2015. As a whole, foreign companies underperformed the domestic companies held by the Fund.

The Fund's Relative Performance

Energy companies were the most important detractor from the Fund's performance relative to the Index over the Period. The Fund's Energy holdings significantly underperformed the corresponding sector within the Index; however, the Fund benefited from a lower average weighting in the weakest performing sector of the Index.

Information Technology companies were another important detractor from the Fund's relative performance. The Fund's Information Technology holdings underperformed the corresponding sector within the Index and suffered from a lower average weighting.

Consumer Discretionary companies were the most important contributor to the Fund's relative performance. The Fund's Consumer Discretionary holdings outperformed the corresponding sector within the Index. The Fund benefited from a higher average weighting in a strong performing sector of the Index.

Health Care companies were also an important contributor to the Fund's relative performance. The Fund's Health Care holdings significantly outperformed the corresponding sector within the Index. The Fund suffered from a lower average weighting than the Index.

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

¹The companies included in the Standard & Poor's 500^® Index are divided into ten sectors. One or more industry groups make up a sector.

²A company's or sector's contribution to or detraction from the Fund's performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.

³This Management Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund's holdings of each company discussed.

3

DAVIS NEW YORK VENTURE FUND Management's Discussion of Fund Performance – (Continued)

Comparison of a $10,000 investment in Davis New York Venture Fund Class A versus the

Standard & Poor's 500^® Index over 10 years for an investment made on July 31, 2005

Average Annual Total Return for periods ended July 31, 2015

Fund & Benchmark Index	1-Year	5-Year	10-Year	Since Inception	Inception Date	Gross Expense Ratio	Net Expense Ratio
Class A - without sales charge	9.76%	13.43%	6.37%	11.84%	02/17/69	0.86%	0.86%
Class A - with sales charge	4.55%	12.33%	5.85%	11.72%	02/17/69	0.86%	0.86%
Class B†, **	5.23%	12.15%	5.74%	10.01%	12/01/94	1.80%	1.80%
Class C**	8.03%	12.55%	5.54%	9.36%	12/20/94	1.64%	1.64%
Class R	9.45%	13.09%	6.03%	7.72%	08/20/03	1.16%	1.16%
Class Y	10.02%	13.72%	6.64%	8.79%	10/02/96	0.62%	0.62%
S&P 500® Index***	11.21%	16.24%	7.72%	10.03%

The Standard & Poor's 500^® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations, and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in the Index.

The performance data for Davis New York Venture Fund contained in this report represents past performance, assumes that all distributions were reinvested, and should not be considered as an indication of future performance from an investment in the Fund today. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Fund performance changes over time and current performance may be higher or lower than stated. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For more current information please call Davis Funds Investor Services at 1-800-279-0279.

*Reflects 4.75% front-end sales charge.

^†Because Class B shares automatically convert to Class A shares after 7 years, the "10-Year" and "Since Inception" returns for Class B reflect Class A performance for the period after conversion.

**Includes any applicable contingent deferred sales charge.

***Inception return is from February 17, 1969.

4

DAVIS NEW YORK VENTURE FUND	Fund Overview
	July 31, 2015

Portfolio Composition		Industry Weightings
(% of Fund's 07/31/15 Net Assets)		(% of 07/31/15 Stock Holdings)
			Fund	S&P 500®
Common Stock (U.S.)	85.18%	Diversified Financials	18.58%	5.08%
Common Stock (Foreign)	13.56%	Information Technology	15.37%	19.80%
Preferred Stock (Foreign)	0.71%	Banks	13.18%	6.30%
Short-Term Investments	0.08%	Retailing	12.11%	5.15%
Other Assets & Liabilities	0.47%	Health Care	10.28%	15.56%
	100.00%	Materials	7.28%	2.93%
		Energy	5.26%	7.13%
		Capital Goods	4.27%	7.19%
		Media	3.23%	3.45%
		Insurance	2.65%	2.82%
		Consumer Services	2.43%	1.87%
		Other	2.30%	15.94%
		Food, Beverage & Tobacco	1.64%	5.31%
		Consumer Durables & Apparel	1.42%	1.47%
			100.00%	100.00%

Top 10 Long-Term Holdings
(% of Fund's 07/31/15 Net Assets)
Google Inc.*	Software & Services	6.89%
Wells Fargo & Co.	Banks	6.76%
Amazon.com, Inc.	Retailing	6.28%
American Express Co.	Consumer Finance	4.66%
Berkshire Hathaway Inc., Class A	Diversified Financial Services	4.46%
JPMorgan Chase & Co.	Banks	4.27%
Bank of New York Mellon Corp.	Capital Markets	3.92%
Express Scripts Holding Co.	Health Care Equipment & Services	3.62%
Liberty Global PLC, Series C	Media	3.07%
ASAC II L.P., Private Placement	Software & Services	2.68%

*Google Inc. holding includes Class A and Class C.

5

DAVIS NEW YORK VENTURE FUND	Fund Overview – (Continued)
	July 31, 2015

New Positions Added (08/01/14-07/31/15)

(Highlighted positions are those greater than 1.50% of the Fund's 07/31/15 net assets)

Security	Industry	Date of 1st Purchase	% of Fund's 07/31/15 Net Assets
Advance Auto Parts, Inc.	Retailing	05/15/15	0.85%
Cabot Oil & Gas Corp.	Energy	04/28/15	2.05%
Capital One Financial Corp.	Consumer Finance	07/24/15	1.03%
Citizens Financial Group Inc.	Banks	09/23/14	1.14%
Didi Kuaidi Joint Co., Series A-17,     Private Placement, Pfd.	Software & Services	07/27/15	0.71%
Encana Corp.	Energy	08/25/14	1.75%
Halliburton Co.	Energy	12/11/14	–
International Business Machines Corp.	Software & Services	09/08/14	–
Precision Castparts Corp.	Capital Goods	04/01/15	1.28%
Standard Chartered PLC	Banks	06/11/15	0.93%
United Technologies Corp.	Capital Goods	07/22/15	1.01%

Positions Closed (08/01/14-07/31/15)

(Gains and losses greater than $75,000,000 are highlighted)

Security	Industry	Date of Final Sale	Realized Gain (Loss)
Activision Blizzard, Inc.	Software & Services	11/20/14	$	88,716,799
Agilent Technologies, Inc.	Pharmaceuticals, Biotechnology &
	Life Sciences	05/01/15		31,525,349
Air Products and Chemicals, Inc.	Materials	09/15/14		119,441,640
Alleghany Corp.	Reinsurance	08/21/14		27,884,905
Brookfield Asset Management Inc., Class A	Capital Markets	05/06/15		52,889,200
Canadian Natural Resources Ltd.	Energy	12/19/14		43,549,659
CVS Health Corp.	Food & Staples Retailing	10/03/14		270,716,893
Everest Re Group, Ltd.	Reinsurance	05/11/15		78,546,942
Experian PLC	Commercial & Professional Services	06/08/15		2,146,070
Fairfax Financial Holdings Ltd., 144A	Multi-line Insurance	01/15/15		15,093,160
Halliburton Co.	Energy	04/06/15		27,779,830
Hang Lung Group Ltd.	Real Estate	03/09/15		18,746,237
Harley-Davidson, Inc.	Automobiles & Components	10/08/14		15,763,345
Hewlett-Packard Co.	Technology Hardware & Equipment	09/19/14		41,708,083
International Business Machines Corp.	Software & Services	10/28/14		(39,048,389)
Julius Baer Group Ltd.	Capital Markets	06/03/15		157,726,153
Keysight Technologies, Inc.	Technology Hardware & Equipment	05/12/15		13,482,812
Martin Marietta Materials, Inc.	Materials	08/18/14		48,499,547
Monsanto Co.	Materials	11/17/14		63,908,066
Nestle S.A.	Food, Beverage & Tobacco	11/05/14		13,445,573
Netflix Inc.	Retailing	03/19/15		98,714,262
Philip Morris International Inc.	Food, Beverage & Tobacco	11/10/14		82,794,939
Schlumberger Ltd.	Energy	09/10/14		24,628,080
Sysco Corp.	Food & Staples Retailing	03/24/15		16,738,312
Textron Inc.	Capital Goods	02/10/15		44,427,411
Twitter, Inc.	Software & Services	08/13/14		12,275,811
Walt Disney Co.	Media	10/21/14		69,819,795

6

DAVIS NEW YORK VENTURE FUND Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and (2) ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for each class is for the six-month period ended July 31, 2015.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

7

DAVIS NEW YORK VENTURE FUND Expense Example – (Continued)

	Beginning Account Value	Ending Account Value	Expenses Paid During Period*
	(02/01/15)	(07/31/15)	(02/01/15-07/31/15)
Class A (annualized expense ratio 0.85%**)
Actual	$1,000.00	$1,098.48	$4.42
Hypothetical	$1,000.00	$1,020.58	$4.26
Class B (annualized expense ratio 1.78%**)
Actual	$1,000.00	$1,093.38	$9.24
Hypothetical	$1,000.00	$1,015.97	$8.90
Class C (annualized expense ratio 1.64%**)
Actual	$1,000.00	$1,094.27	$8.52
Hypothetical	$1,000.00	$1,016.66	$8.20
Class R (annualized expense ratio 1.15%**)
Actual	$1,000.00	$1,097.17	$5.98
Hypothetical	$1,000.00	$1,019.09	$5.76
Class Y (annualized expense ratio 0.61%**)
Actual	$1,000.00	$1,099.88	$3.18
Hypothetical	$1,000.00	$1,021.77	$3.06

Hypothetical assumes 5% annual return before expenses.

*Expenses are equal to each Class's annualized operating expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

**The expense ratios reflect the impact, if any, of certain reimbursements from the Adviser.

8

DAVIS NEW YORK VENTURE FUND	Schedule of Investments
	July 31, 2015

						Shares		Value (Note 1)
COMMON STOCK – (98.74%)
	CONSUMER DISCRETIONARY – (19.09%)
		Consumer Durables & Apparel – (1.41%)
				Compagnie Financiere Richemont S.A., Unit A  (Switzerland)			2,105,587	$	181,730,266
				Hunter Douglas N.V.  (Netherlands)			1,142,122		48,919,111
									230,649,377
		Consumer Services – (2.42%)
				Las Vegas Sands Corp.			7,057,029		395,475,905
		Media – (3.22%)
				Liberty Global PLC, LiLAC Class C  *			531,151		22,600,475
				Liberty Global PLC, Series C  *			10,220,428		502,231,832
									524,832,307
		Retailing – (12.04%)
				Advance Auto Parts, Inc.			800,056		139,377,756
				Amazon.com, Inc.  *			1,913,814		1,026,091,376
				CarMax, Inc.  *			6,684,961		431,246,834
				Liberty Interactive Corp., Liberty Ventures, Series A  *			1,312,259		54,432,503
				Liberty Interactive Corp., QVC Group, Series A  *			2,327,118		67,602,778
				Liberty TripAdvisor Holdings Inc., Series A  *			752,280		22,034,281
				Priceline Group Inc.  *			181,470		225,670,648
									1,966,456,176
					Total Consumer Discretionary				3,117,413,765
	CONSUMER STAPLES – (2.69%)
		Food & Staples Retailing – (1.06%)
				Costco Wholesale Corp.			1,195,967		173,774,005
		Food, Beverage & Tobacco – (1.63%)
				Diageo PLC  (United Kingdom)			4,785,498		133,734,292
				Heineken Holding N.V.  (Netherlands)			1,898,514		131,858,191
									265,592,483
					Total Consumer Staples				439,366,488
	ENERGY – (5.23%)
				Cabot Oil & Gas Corp.			12,812,273		335,169,062
				Encana Corp.  (Canada)			37,617,289		285,515,223
				EOG Resources, Inc.			886,592		68,436,036
				Occidental Petroleum Corp.			1,201,000		84,310,200
				Ultra Petroleum Corp.  *(a)			10,431,297		81,155,491
					Total Energy				854,586,012
	FINANCIALS – (34.22%)
		Banks – (13.10%)
				Citizens Financial Group Inc.			7,148,436		186,359,727
				JPMorgan Chase & Co.			10,181,682		697,750,667
				Standard Chartered PLC  (United Kingdom)			9,928,916		151,984,912
				Wells Fargo & Co.			19,083,032		1,104,335,062
									2,140,430,368
		Diversified Financials – (18.48%)
			Capital Markets – (5.78%)
				Bank of New York Mellon Corp.			14,748,830		640,099,222
				Charles Schwab Corp.			8,715,920		304,011,290
									944,110,512

9

DAVIS NEW YORK VENTURE FUND	Schedule of Investments - (Continued)
	July 31, 2015

						Shares		Value (Note 1)
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Diversified Financials – (Continued)
			Consumer Finance – (5.69%)
				American Express Co.			9,993,174	$	760,080,814
				Capital One Financial Corp.			2,071,000		168,372,300
									928,453,114
			Diversified Financial Services – (7.01%)
				Berkshire Hathaway Inc., Class A  *			3,406		728,884,000
				Moody's Corp.			1,191,025		131,524,891
				Visa Inc., Class A			3,779,855		284,774,276
									1,145,183,167
									3,017,746,793
		Insurance – (2.64%)
			Multi-line Insurance – (1.03%)
				Fairfax Financial Holdings Ltd.  (Canada)			31,337		15,104,080
				Loews Corp.			4,031,184		153,628,422
									168,732,502
			Property & Casualty Insurance – (1.61%)
				ACE Ltd.			1,730,586		188,235,839
				Markel Corp.  *			83,421		74,223,835
									262,459,674
									431,192,176
					Total Financials				5,589,369,337
	HEALTH CARE – (10.22%)
		Health Care Equipment & Services – (8.77%)
				Express Scripts Holding Co.  *			6,558,843		590,754,989
				Laboratory Corp. of America Holdings  *			1,840,373		234,261,079
				Quest Diagnostics Inc.			2,727,137		201,289,982
				UnitedHealth Group Inc.			3,347,071		406,334,420
									1,432,640,470
		Pharmaceuticals, Biotechnology & Life Sciences – (1.45%)
				Valeant Pharmaceuticals International, Inc.  (Canada)*			919,121		236,701,231
					Total Health Care				1,669,341,701
	INDUSTRIALS – (5.47%)
		Capital Goods – (4.24%)
				Orascom Construction Ltd.  (United Arab Emirates)*			3,307,041		42,330,125
				PACCAR Inc.			3,137,692		203,447,949
				Precision Castparts Corp.			1,075,921		209,718,521
				Schneider Electric SE  (France)			1,049,456		73,291,652
				United Technologies Corp.			1,640,300		164,538,493
									693,326,740
		Transportation – (1.23%)
				Kuehne & Nagel International AG  (Switzerland)			1,314,689		181,495,925
				Wesco Aircraft Holdings, Inc.  *			1,294,957		18,634,431
									200,130,356
					Total Industrials				893,457,096

10

DAVIS NEW YORK VENTURE FUND	Schedule of Investments - (Continued)
	July 31, 2015

									Shares/Units/ Principal			Value (Note 1)
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (14.58%)
		Semiconductors & Semiconductor Equipment – (1.54%)
				Texas Instruments Inc.							5,048,664	$	252,332,227
		Software & Services – (13.04%)
				ASAC II L.P., Private Placement  *(b)							247,000,000		437,684,000
				Google Inc., Class A  *							847,655		557,333,162
				Google Inc., Class C  *							906,740		567,265,611
				Microsoft Corp.							4,111,385		192,001,680
				Oracle Corp.							4,604,023		183,884,679
				Qihoo 360 Technology Co. Ltd., Class A, ADR  (China)*							2,139,595		132,676,286
				SouFun Holdings Ltd., Class A, ADR  (China)							8,731,906		58,241,813
													2,129,087,231
								Total Information Technology					2,381,419,458
	MATERIALS – (7.24%)
				Ecolab Inc.							2,490,942		288,475,993
				LafargeHolcim Ltd.  (Switzerland)*							4,609,812		319,255,677
				OCI N.V.  (Netherlands)*							6,614,083		222,021,733
				Praxair, Inc.							3,095,471		353,317,060
								Total Materials					1,183,070,463
						TOTAL COMMON STOCK – (Identified cost $9,812,817,958)							16,128,024,320
PREFERRED STOCK – (0.71%)
	INFORMATION TECHNOLOGY – (0.71%)
		Software & Services – (0.71%)
				Didi Kuaidi Joint Co., Series A-17, Private Placement  (China)*(b)							4,288,797		115,602,379
						TOTAL PREFERRED STOCK – (Identified cost $118,801,658)							115,602,379
SHORT-TERM INVESTMENTS – (0.08%)
				Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.20%, 08/03/15, dated 07/31/15, repurchase value of $4,980,083 (collateralized by: U.S. Government agency obligation in a pooled cash account, 2.75%, 02/15/24, total market value $5,079,600)						$	4,980,000		4,980,000
				Nomura Securities International, Inc. Joint Repurchase Agreement, 0.15%, 08/03/15, dated 07/31/15, repurchase value of $3,696,046 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.543%-4.681%, 06/20/65, total market value $3,769,920)							3,696,000		3,696,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.27%, 08/03/15, dated 07/31/15, repurchase value of $4,928,111 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.959%-3.772%, 07/01/22-07/01/40, total market value $5,026,560)							4,928,000		4,928,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $13,604,000)							13,604,000
					Total Investments – (99.53%) – (Identified cost $9,945,223,616) – (c)								16,257,230,699
					Other Assets Less Liabilities – (0.47%)								76,195,787
							Net Assets – (100.00%)					$	16,333,426,486
	ADR: American Depositary Receipt
	*		Non-Income producing security.

11

DAVIS NEW YORK VENTURE FUND	Schedule of Investments - (Continued)
	July 31, 2015

  (a)   Affiliated Company. Represents ownership of at least 5% of the voting securities of the issuer and is an affiliate, as defined in the Investment Company Act of 1940, at or during the year ended July 31, 2015. The aggregate fair value of the securities of affiliated companies held by the Fund as of July 31, 2015, amounts to $81,155,491. Transactions during the period in which the issuers were affiliates are as follows:

Security	Shares July 31, 2014	Gross Additions	Gross Reductions (1)	Shares July 31, 2015		Dividend Income
Ultra Petroleum Corp.	8,218,580	2,549,500	336,783	10,431,297	$	–

(1) Gross reductions due entirely from in-kind redemptions.

	(b)	Restricted Security – See Note 7 of the Notes to Financial Statements.
	(c)	Aggregate cost for federal income tax purposes is $9,945,153,293. At July 31, 2015 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
			Unrealized appreciation		$	7,240,378,637
			Unrealized depreciation			(928,301,231)
				Net unrealized appreciation	$	6,312,077,406
See Notes to Financial Statements

12

DAVIS NEW YORK VENTURE FUND	Statement of Assets and Liabilities
	At July 31, 2015

ASSETS:
Investments in securities at value* (see accompanying Schedule of Investments):
	Unaffiliated companies		$	16,176,075,208
	Affiliated companies			81,155,491
Cash				23,587,220
Cash - foreign currencies**				54
Receivables:
	Capital stock sold			11,632,312
	Dividends and interest			14,723,607
	Investment securities sold			109,905,236
Prepaid expenses				83,703
		Total assets		16,417,162,831
LIABILITIES:
Payables:
	Capital stock redeemed			26,348,960
	Investment securities purchased			41,422,943
Accrued distribution and service plan fees				4,534,919
Accrued investment advisory fee				7,209,189
Other accrued expenses				4,220,334
		Total liabilities		83,736,345
NET ASSETS			$	16,333,426,486
NET ASSETS CONSIST OF:
Par value of shares of capital stock			$	23,498,590
Additional paid-in capital				9,384,474,368
Undistributed net investment income				4,844,577
Accumulated net realized gains from investments				608,850,664
Net unrealized appreciation on investments and foreign currency transactions				6,311,758,287
		Net Assets	$	16,333,426,486
*Including:
	Cost of unaffiliated companies		$	9,667,346,447
	Cost of affiliated companies			277,877,169
**Cost of cash - foreign currencies				54

13

DAVIS NEW YORK VENTURE FUND	Statement of Assets and Liabilities – (Continued)
	At July 31, 2015

 

CLASS A SHARES:
Net assets	$	9,011,720,296
Shares outstanding		257,006,037
Net asset value and redemption price per share (Net assets ÷ Shares outstanding)	$	35.06
Maximum offering price per share (100/95.25 of $35.06)†	$	36.81
CLASS B SHARES:
Net assets	$	80,090,605
Shares outstanding		2,479,628
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)	$	32.30
CLASS C SHARES:
Net assets	$	3,049,773,006
Shares outstanding		92,745,780
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)	$	32.88
CLASS R SHARES:
Net assets	$	256,500,467
Shares outstanding		7,293,487
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)	$	35.17
CLASS Y SHARES:
Net assets	$	3,935,342,112
Shares outstanding		110,446,862
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)	$	35.63
†On purchases of $100,000 or more, the offering price is reduced.

See Notes to Financial Statements

14

DAVIS NEW YORK VENTURE FUND	Statement of Operations
	For the year ended July 31, 2015

INVESTMENT INCOME:
Income:
Dividends*					$	227,916,557
Interest						180,767
Net securities lending fees						772,520
		Total income				228,869,844
Expenses:
Investment advisory fees (Note 3)			$	92,683,056
Custodian fees				2,364,047
Transfer agent fees:
		Class A		9,667,105
		Class B		286,478
		Class C		3,332,442
		Class R		336,256
		Class Y		3,943,398
Audit fees				99,000
Legal fees				49,987
Accounting fees (Note 3)				448,751
Reports to shareholders				1,219,704
Directors' fees and expenses				478,403
Registration and filing fees				250,002
Interest expense (Note 5)				17,415
Miscellaneous				544,401
Payments under distribution plan (Note 3):
		Class A		22,243,470
		Class B		1,073,816
		Class C		31,733,712
		Class R		1,405,286
		Total expenses				172,176,729
Net investment income						56,693,115
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
	Investment transactions:
	Unaffiliated companies					3,942,027,403
	Affiliated companies					(3,018,867)
	Foreign currency transactions					201,417
Net realized gain						3,939,209,953
Net decrease in unrealized appreciation						(2,327,015,612)
		Net realized and unrealized gain on investments and foreign currency transactions				1,612,194,341
Net increase in net assets resulting from operations					$	1,668,887,456
*Net of foreign taxes withheld as follows					$	6,403,352

See Notes to Financial Statements

15

DAVIS NEW YORK VENTURE FUND Statements of Changes in Net Assets

		Year ended July 31,
		2015		2014
OPERATIONS:
Net investment income		$	56,693,115	$	95,944,438
Net realized gain from investments and foreign currency transactions			3,939,209,953		2,857,862,217
Net decrease in unrealized appreciation on investments and foreign currency transactions			(2,327,015,612)		(302,535,832)
	Net increase in net assets resulting from operations		1,668,887,456		2,651,270,823
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
	Class A		(39,959,266)		(54,531,175)
	Class R		(375,977)		(650,722)
	Class Y		(30,734,884)		(37,377,766)
Realized gains from investment transactions:
	Class A		(1,846,445,358)		(1,360,036,528)
	Class B		(20,415,105)		(19,403,137)
	Class C		(637,820,126)		(415,913,765)
	Class R		(52,766,201)		(37,854,971)
	Class Y		(897,640,187)		(627,247,743)
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from capital share transactions (Note 4):
	Class A		(1,115,162,689)		(285,335,766)
	Class B		(39,164,299)		(76,332,422)
	Class C		142,731,762		98,807,331
	Class R		(23,160,746)		(29,771,676)
	Class Y		(700,207,802)		(110,655,027)
	Total decrease in net assets		(3,592,233,422)		(305,032,544)
NET ASSETS:
Beginning of year			19,925,659,908		20,230,692,452
End of year*		$	16,333,426,486	$	19,925,659,908
*Including undistributed net investment income of		$	4,844,577	$	18,101,725
See Notes to Financial Statements

16

DAVIS NEW YORK VENTURE FUND	Notes to Financial Statements
	July 31, 2015

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Fund is a separate series of Davis New York Venture Fund, Inc. (a Maryland corporation). The Fund is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund's investment objective is long-term growth of capital. The Fund offers shares in five classes, Class A, Class B, Class C, Class R, and Class Y. Class A shares are sold with a front-end sales charge and Class B and Class C shares are sold at net asset value and may be subject to a contingent deferred sales charge upon redemption. Class B shares automatically convert to Class A shares after 7 years. Class R and Class Y shares are sold at net asset value and are not subject to any contingent deferred sales charge upon redemption. Class R shares generally are available only to retirement and benefit plans. Class Y shares are only available to certain qualified investors. Income, expenses (other than those attributable to a specific class), and gains and losses are allocated daily to each class based upon the relative proportion of net assets represented by each class. Operating expenses directly attributable to a specific class, such as distribution and transfer agent fees, are charged against the operations of that class. All classes have identical rights with respect to voting (exclusive of each class' distribution arrangement), liquidation, and distributions. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation - The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange ("Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the average of closing bid and asked prices. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Fund's assets are valued. Fixed income securities with more than 60 days to maturity are generally valued using evaluated prices or matrix pricing methods determined by an independent pricing service which takes into consideration factors such as yield, maturity, liquidity, ratings, and traded prices in identical or similar securities. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what Davis Selected Advisers, L.P. ("Davis Advisors" or "Adviser"), the Fund's investment adviser, identifies as a significant event occurring before the Fund's assets are valued, but after the close of their respective exchanges will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Fund's Pricing Committee and Board of Directors. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser's portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Adviser may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer's industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation of the security was readily available. Fair value determinations are subject to review, approval, and ratification by the Fund's Board of Directors at its next regularly scheduled meeting covering the period in which the fair valuation was determined. Fair valuation methods used by the Fund for restricted securities may incorporate appropriate securities indexes to adjust values daily. The Fund may price partnerships by calculating the liquidation value of the investment on a daily basis using the closing price of the underlying stock and a waterfall schedule, which apportions the value of the partnership's interests based on the value of the net assets of the investment. A liquidity discount is then applied to the liquidation value.

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

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

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

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment

speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

17

DAVIS NEW YORK VENTURE FUND	Notes to Financial Statements – (Continued)
	July 31, 2015

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

Value Measurements - (Continued)

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

The following is a summary of the inputs used as of July 31, 2015 in valuing the Fund's investments carried at value:

	Investments in Securities at Value
	Valuation Inputs
			Level 2:		Level 3:
			Other Significant		Significant
	Level 1:		Observable		Unobservable
	Quoted Prices		Inputs		Inputs		Total
Equity securities:
Consumer Discretionary	$	3,117,413,765	$	–	$	–	$	3,117,413,765
Consumer Staples		439,366,488		–		–		439,366,488
Energy		854,586,012		–		–		854,586,012
Financials		5,589,369,337		–		–		5,589,369,337
Health Care		1,669,341,701		–		–		1,669,341,701
Industrials		893,457,096		–		–		893,457,096
Information Technology		1,943,735,458		–		553,286,379		2,497,021,837
Materials		1,183,070,463		–		–		1,183,070,463
Short-term securities		–		13,604,000		–		13,604,000
Total Investments	$	15,690,340,320	$	13,604,000	$	553,286,379	$	16,257,230,699
Level 2 to Level 1 Transfers*:
Consumer Discretionary	$	230,649,377
Consumer Staples		265,592,483
Industrials		254,787,577
Materials		222,021,733
Total	$	973,051,170

*Application of fair value procedures for securities traded on foreign exchanges triggered the transfers of investments between Level 1 and Level 2 of the fair value hierarchy during the year ended July 31, 2015.

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the year ended July 31, 2015:

Investment Securities:
Beginning balance	$	371,759,700
Cost of purchases		118,801,658
Change in unrealized appreciation (depreciation)		62,725,021
Ending balance	$	553,286,379
Change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at July 31, 2015 and included in the change in net assets for the period	$	62,725,021

There were no transfers of investments into or out of Level 3 of the fair value hierarchy during the period. The cost of purchases may include securities received through corporate actions or exchanges. Realized and unrealized gains (losses) are included in the related amounts on investments in the Statement of Operations.

18

DAVIS NEW YORK VENTURE FUND	Notes to Financial Statements – (Continued)
	July 31, 2015

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

Value Measurements - (Continued)

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

Assets Table

	Fair Value at		Valuation	Unobservable
Investments at Value	July 31, 2015		Technique	Input	Amount
Equity securities	$	437,684,000	Liquidation proceeds/Waterfall methodology based on underlying  investment value, then applying liquidity discount	Discount rate	8.35%
		115,602,379	Transaction price adjusted by daily movement of securities index	–	–

The significant unobservable input used above in the fair value measurement of certain equity securities is the discount rate, which, if changed, would affect the fair value of the Fund's investment. An increase in the discount rate would result in a decrease in the fair value of the investment.

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

Currency Translation - The market values of all assets and liabilities denominated in foreign currencies are recorded in the financial statements after translation to the U.S. Dollar based upon the mean between the bid and offered quotations of the currencies against U.S. Dollars on the date of valuation. The cost basis of such assets and liabilities is determined based upon historical exchange rates. Income and expenses are translated at average exchange rates in effect as accrued or incurred.

Foreign Currency- The Fund may enter into forward purchases or sales of foreign currencies to hedge certain foreign currency denominated assets and liabilities against declines in market value relative to the U.S. Dollar. Forward currency contracts are marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. When the forward currency contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the forward currency contract at the time it was opened and value at the time it was closed. Investments in forward currency contracts may expose the Fund to risks resulting from unanticipated movements in foreign currency exchange rates or failure of the counter-party to the agreement to perform in accordance with the terms of the contract.

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

Federal Income Taxes- It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies, and to distribute substantially all of its taxable income, including any net realized gains on investments not offset by loss carryovers, to shareholders. Therefore, no provision for federal income or excise tax is required. The Adviser has analyzed the Fund's tax positions taken on federal and state income tax returns for all open tax years and has concluded that as of July 31, 2015, no provision for income tax is required in the Fund's financial statements related to these tax positions. The Fund's federal and state (Arizona) income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. The earliest tax year that remains subject to examination by these jurisdictions is 2012.

19

DAVIS NEW YORK VENTURE FUND	Notes to Financial Statements – (Continued)
	July 31, 2015

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

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

Dividends and Distributions to Shareholders- Dividends and distributions to shareholders are recorded on the ex-dividend date. Net investment income (loss), net realized gains (losses), and net unrealized appreciation (depreciation) on investments may differ for financial statement and tax purposes primarily due to differing treatments of foreign currency transactions, wash sales, partnership income, equalization accounting for tax purposes, and commission repayments. The character of dividends and distributions made during the fiscal year from net investment income and net realized securities gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which income or realized gain was recorded by the Fund. The Fund adjusts certain components of capital to reflect permanent differences between financial statement amounts and net income and realized gains/losses determined in accordance with income tax rules. Accordingly, during the year ended July 31, 2015, amounts have been reclassified to reflect an increase in undistributed net investment income of $1,119,864, a decrease in accumulated net realized gains from investments and foreign currency transactions of $552,823,745, and an increase in additional paid-in capital of $551,703,881. Net assets have not been affected by this reclassification.

The tax character of distributions paid during the years ended July 31, 2015 and 2014 was as follows:

	2015		2014
Ordinary income	$	117,434,971	$	140,071,530
Long-term capital gain		3,408,722,133		2,412,944,277
Total	$	3,526,157,104	$	2,553,015,807

As of July 31, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed net investment income	$	82,953,573
Undistributed long-term capital gain		531,159,685
Net unrealized appreciation on investments		6,311,828,610
Total	$	6,925,941,868

Indemnification - Under the Fund's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, some of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined and the Fund has 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 Fund 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.

20

DAVIS NEW YORK VENTURE FUND	Notes to Financial Statements – (Continued)
	July 31, 2015

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 July 31, 2015 were $4,239,401,465 and $9,498,220,698, respectively.

NOTE 3 - FEES AND OTHER TRANSACTIONS WITH AFFILIATES

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

Certain directors and officers of the Fund are also directors and officers of the general partner of the Adviser.

Investment Advisory Fees -Advisory fees are paid monthly to the Adviser. The annual rate is 0.55% of the average net assets on the first $3 billion, 0.54% on the next $1 billion, 0.53% on the next $1 billion, 0.52% on the next $1 billion, 0.51% on the next $1 billion, 0.50% on the next $3 billion, 0.485% on the next $8 billion, 0.47% on the next $7 billion, 0.455% on the next $8 billion, 0.44% on the next $7 billion, 0.425% on the next $8 billion, 0.41% on the next $7 billion, and 0.395% of the average net assets in excess of $55 billion. Advisory fees paid during the year ended July 31, 2015 approximated 0.51% of the average net assets.

Transfer Agent and Accounting Fees -Boston Financial Data Services, Inc. is the Fund's 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 July 31, 2015 amounted to $1,079,525. State Street Bank and Trust Company ("State Street Bank") is the Fund's primary accounting provider. Fees for such services are included in the custodian fees as State Street Bank also serves as the Fund's custodian. The Adviser is also paid for certain accounting services. The fee paid to the Adviser for these services during the year ended July 31, 2015 amounted to $448,751.

Distribution Plan Fees-The Fund has adopted separate Distribution Plans ("12b-1 Plans") for Class A, Class B, Class C, and Class R shares. Under the 12b-1 Plans, the Fund reimburses Davis Distributors, LLC ("Distributor"), the Fund's Underwriter, for amounts paid to dealers as a service fee or commissions with respect to Class A shares sold by dealers, which remain outstanding during the period. The service fee is paid at an annual rate up to 0.25% of the average net assets maintained by the responsible dealers. The Fund pays the Distributor 12b-1 fees on Class B and Class C shares at an annual rate equal to the lesser of 1.25% of the average daily net asset value of Class B or Class C 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 Fund pays the 12b-1 fees on Class B and Class C shares in order: (i) to pay the Distributor distribution fees or commissions on Class B and Class C shares which have been sold and (ii) to enable the Distributor to pay service fees on Class B and Class C shares which have been sold. Payments under the Class R Distribution Plan are limited to an annual rate of 0.75% of the average daily net asset value of the Class R shares or the maximum amount provided by applicable rule or regulation of the FINRA (1.00%). The effective rate of the Class R Distribution Plan is currently 0.50%, of which 0.25% may be used to pay distribution fees and 0.25% may be used to pay service fees.

	Year ended July 31, 2015
	Class A		Class B		Class C		Class R
Distribution fees	$	–	$	809,394	$	23,800,284	$	702,643
Service fees		22,243,470		264,422		7,933,428		702,643

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

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

21

DAVIS NEW YORK VENTURE FUND	Notes to Financial Statements – (Continued)
	July 31, 2015

NOTE 3 - FEES AND OTHER TRANSACTIONS WITH AFFILIATES – (CONTINUED)

Sales Charges - (Continued)

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

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

Year ended July 31, 2015
Class A Commissions				Commission advances by the Distributor on the sale of				CDSCs received by the Distributor from
Retained		Re-allowed to
by Distributor		investment dealers		Class B		Class C		Class B		Class C
$	357,959	$	1,967,271	$	178,854	$	848,607	$	126,582	$	73,707

NOTE 4 - CAPITAL STOCK

At July 31, 2015, 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 2.225 billion shares are classified as Davis New York Venture Fund.Transactions in capital stock were as follows:

	Year ended July 31, 2015
		Sold		Reinvestment of Distributions		Redeemed			Net Increase (Decrease)
Shares:Class A		10,559,639		50,162,927		(85,279,449)	*		(24,556,883)
Class B		166,404		583,276		(1,810,105)			(1,060,425)
Class C		3,086,807		18,299,229		(16,111,083)			5,274,953
Class R		948,241		1,496,026		(2,953,253)			(508,986)
Class Y		28,408,969		24,679,242		(71,322,138)	*		(18,233,927)
Value:Class A	$	400,788,980	$	1,774,359,428	$	(3,290,311,097)	*	$	(1,115,162,689)
Class B		5,866,737		19,180,916		(64,211,952)			(39,164,299)
Class C		110,583,230		608,985,175		(576,836,643)			142,731,762
Class R		36,064,305		53,075,292		(112,300,343)			(23,160,746)
Class Y		1,134,579,922		888,283,992		(2,723,071,716)	*		(700,207,802)

	Year ended July 31, 2014
		Sold		Reinvestment of Distributions		Redeemed		Net Increase (Decrease)
Shares:Class A		16,026,861		32,267,370		(55,079,674)		(6,785,443)
Class B		238,670		483,589		(2,694,907)		(1,972,648)
Class C		4,293,075		10,259,696		(11,867,582)		2,685,189
Class R		1,183,925		949,803		(2,854,941)		(721,213)
Class Y		27,349,220		15,469,905		(45,483,849)		(2,664,724)
Value:Class A	$	653,960,016	$	1,303,910,421	$	(2,243,206,203)	$	(285,335,766)
Class B		9,208,490		18,404,386		(103,945,298)		(76,332,422)
Class C		167,248,740		395,364,430		(463,805,839)		98,807,331
Class R		48,218,942		38,484,160		(116,474,778)		(29,771,676)
Class Y		1,124,775,588		633,020,343		(1,868,450,958)		(110,655,027)

* Includes redemptions as a result of in-kind transfers of securities (see Note 8 of the Notes to Financial Statements).

22

DAVIS NEW YORK VENTURE FUND	Notes to Financial Statements – (Continued)
	July 31, 2015

NOTE 5 - BANK BORROWINGS

The 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. The 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 Fund utilized the line of credit for ten days during the year ended July 31, 2015, whereby the average daily loan balance was $45,365,800 at an average interest rate of 1.38%. The Fund had gross borrowings and gross repayments of $91,903,000 during the year ended July 31, 2015. The Fund had no borrowings outstanding at any month end during the year ended July 31, 2015.

NOTE 6 - SECURITIES LOANED

The Fund has entered into a securities lending arrangement with State Street Bank. Under the terms of the agreement, the Fund receives fee income from lending transactions; in exchange for such fees, State Street Bank is authorized to loan securities on behalf of the Fund, against receipt of collateral at least equal to the value of the securities loaned. As of July 31, 2015, the Fund did not have any securities on loan. The Fund bears the risk of any deficiency in the amount of the collateral available for return to a borrower due to a loss in an approved investment.

NOTE 7 - RESTRICTED SECURITIES

Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Board of Directors.The aggregate value of restricted securities amounted to $553,286,379 or 3.39% of the Fund's net assets as of July 31, 2015. Information regarding restricted securities is as follows:

Security	Acquisition Date	Units/Shares	Cost per Unit/Share		Valuation per Unit/Share as of July 31, 2015
ASAC II L.P., Private Placement	10/10/13	247,000,000	$	1.00	$	1.7720
Didi Kuaidi Joint Co., Series A-17,       Private Placement	07/27/15	4,288,797		27.7005		26.9545

NOTE 8 - IN-KIND REDEMPTIONS

During the year ended July 31, 2015, the Fund's Class A shareholders redeemed 8,872,450 shares in exchange for portfolio securities valued at $343,192,278 and Class Y shareholders redeemed 5,413,430 shares in exchange for portfolio securities valued at $197,590,200. The Fund realized a gain of $176,579,054 and $97,278,537, respectively.

These gains are not taxable to the Fund for federal income tax purposes.

23

DAVIS NEW YORK VENTURE FUND Federal Income Tax Information (Unaudited)

In early 2016, shareholders will receive information regarding all dividends and distributions paid to them by the Fund during the calendar year 2015. Regulations of the U.S. Treasury Department require the Fund 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 2015 with their 2015 Form 1099-DIV.

The information is presented to assist shareholders in reporting distributions received from the Fund 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.

During the fiscal year 2015, the Fund designated long-term capital gain distributions in the amount of $3,686,568,423. The Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of long-term capital gain. As a result the Fund paid long-term capital gain distributions in the amount of $3,408,722,133.

During the fiscal year 2015, $117,434,971 of dividends paid by the Fund constituted income dividends for federal income tax purposes. The Fund designates $112,768,808 or 96% as income qualifying for the corporate dividends-received deduction.

For the fiscal year 2015, certain dividends paid by the Fund constitute qualified dividend income for federal income tax purposes. The Fund designates $117,434,971 or 100% as qualified dividend income.

24

DAVIS NEW YORK VENTURE FUND

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

		Income (Loss) from Investment Operations
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)a	Net Realized and Unrealized Gains	Total from Investment Operations
Davis New York Venture Fund Class A:
Year ended July 31, 2015	$39.35	$0.15	$3.33	$3.48
Year ended July 31, 2014	$39.18	$0.22	$5.22	$5.44
Year ended July 31, 2013	$34.89	$0.43	$8.76	$9.19
Year ended July 31, 2012	$34.57	$0.30	$0.22	$0.52
Year ended July 31, 2011	$30.22	$0.32	$4.41	$4.73
Davis New York Venture Fund Class B:
Year ended July 31, 2015	$36.94	$(0.18)	$3.08	$2.90
Year ended July 31, 2014	$37.21	$(0.15)	$4.95	$4.80
Year ended July 31, 2013	$33.22	$0.08	$8.34	$8.42
Year ended July 31, 2012	$33.01	$(0.01)	$0.22	$0.21
Year ended July 31, 2011	$28.88	$0.01	$4.23	$4.24
Davis New York Venture Fund Class C:
Year ended July 31, 2015	$37.44	$(0.15)	$3.15	$3.00
Year ended July 31, 2014	$37.61	$(0.09)	$4.99	$4.90
Year ended July 31, 2013	$33.53	$0.12	$8.44	$8.56
Year ended July 31, 2012	$33.28	$0.03	$0.22	$0.25
Year ended July 31, 2011	$29.12	$0.05	$4.25	$4.30
Davis New York Venture Fund Class R:
Year ended July 31, 2015	$39.45	$0.03	$3.35	$3.38
Year ended July 31, 2014	$39.28	$0.10	$5.23	$5.33
Year ended July 31, 2013	$34.91	$0.30	$8.80	$9.10
Year ended July 31, 2012	$34.57	$0.20	$0.22	$0.42
Year ended July 31, 2011	$30.23	$0.20	$4.42	$4.62
Davis New York Venture Fund Class Y:
Year ended July 31, 2015	$39.88	$0.25	$3.37	$3.62
Year ended July 31, 2014	$39.63	$0.32	$5.30	$5.62
Year ended July 31, 2013	$35.29	$0.52	$8.87	$9.39
Year ended July 31, 2012	$34.98	$0.39	$0.21	$0.60
Year ended July 31, 2011	$30.56	$0.41	$4.47	$4.88

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.

25

Financial Highlights

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
$(0.17)	$(7.60)	$–	$(7.77)	$35.06	9.76%	$9,012	0.86%	0.86%	0.39%	23%
$(0.20)	$(5.07)	$–	$(5.27)	$39.35	13.92%	$11,080	0.86%	0.86%	0.55%	20%
$(0.61)	$(4.29)	$–	$(4.90)	$39.18	27.84%	$11,297	0.88%	0.88%	1.14%	7%
$(0.20)	$–	$–	$(0.20)	$34.89	1.54%	$12,016	0.90%	0.90%	0.89%	11%
$(0.38)	$–	$–	$(0.38)	$34.57	15.70%	$17,369	0.89%	0.89%	0.93%	8%
$–	$(7.54)	$–	$(7.54)	$32.30	8.72%	$80	1.80%	1.80%	(0.55)%	23%
$–	$(5.07)	$–	$(5.07)	$36.94	12.90%	$131	1.79%	1.79%	(0.38)%	20%
$(0.14)	$(4.29)	$–	$(4.43)	$37.21	26.64%	$205	1.81%	1.81%	0.21%	7%
$–	$–	$–	$–	$33.22	0.64%	$290	1.82%	1.82%	(0.03)%	11%
$(0.11)	$–	$–	$(0.11)	$33.01	14.68%	$484	1.79%	1.79%	0.03%	8%
$–	$(7.56)	$–	$(7.56)	$32.88	8.91%	$3,050	1.64%	1.64%	(0.39)%	23%
$–	$(5.07)	$–	$(5.07)	$37.44	13.03%	$3,275	1.64%	1.64%	(0.23)%	20%
$(0.19)	$(4.29)	$–	$(4.48)	$37.61	26.85%	$3,188	1.67%	1.67%	0.35%	7%
$–	$–	$–	$–	$33.53	0.75%	$2,985	1.68%	1.68%	0.11%	11%
$(0.14)	$–	$–	$(0.14)	$33.28	14.78%	$3,731	1.67%	1.67%	0.15%	8%
$(0.06)	$(7.60)	$–	$(7.66)	$35.17	9.45%	$257	1.16%	1.16%	0.09%	23%
$(0.09)	$(5.07)	$–	$(5.16)	$39.45	13.58%	$308	1.16%	1.16%	0.25%	20%
$(0.44)	$(4.29)	$–	$(4.73)	$39.28	27.45%	$335	1.18%	1.18%	0.84%	7%
$(0.08)	$–	$–	$(0.08)	$34.91	1.24%	$462	1.20%	1.20%	0.59%	11%
$(0.28)	$–	$–	$(0.28)	$34.57	15.33%	$737	1.22%	1.22%	0.60%	8%
$(0.27)	$(7.60)	$–	$(7.87)	$35.63	10.02%	$3,935	0.62%	0.62%	0.63%	23%
$(0.30)	$(5.07)	$–	$(5.37)	$39.88	14.23%	$5,131	0.62%	0.62%	0.79%	20%
$(0.76)	$(4.29)	$–	$(5.05)	$39.63	28.14%	$5,206	0.64%	0.64%	1.38%	7%
$(0.29)	$–	$–	$(0.29)	$35.29	1.79%	$5,691	0.64%	0.64%	1.15%	11%
$(0.46)	$–	$–	$(0.46)	$34.98	16.05%	$7,420	0.62%	0.62%	1.20%	8%

c	The ratios in this column reflect the impact, if any, of the reduction of expenses paid indirectly and of certain reimbursements from the Adviser.
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.
See Notes to Financial Statements

26

DAVIS NEW YORK VENTURE FUND Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Directors

Davis New York Venture Fund, Inc.:

We have audited the accompanying statement of assets and liabilities of Davis New York Venture Fund (a series of Davis New York Venture Fund, Inc.), including the schedule of investments, as of July 31, 2015, and the related statement 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 in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these fi-nancial 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 July 31, 2015, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and signifi-cant 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 New York Venture Fund as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

September 21, 2015

27

DAVIS NEW YORK VENTURE FUND Director Approval of Advisory Agreements (Unaudited)

Process of Annual Review

The Board of Directors of the Davis Funds oversees the management of each Davis Fund and, as required by law, determines annually whether to approve the continuance of each Davis Fund's advisory agreement with Davis Selected Advisers, L.P. and sub-advisory agreement with Davis Selected Advisers-NY, Inc. (jointly "Davis Advisors" and "Advisory Agreements").

With the assistance of counsel to the Independent Directors, the Independent Directors undertook a comprehensive review process in anticipation of their annual contract review meeting held in March 2015. As part of this process, Davis Advisors provided the Independent Directors material, including recent investment performance data, that was responsive to questions submitted to Davis Advisors by the Independent Directors. At this meeting, the Independent Directors reviewed and evaluated all information they deemed reasonably necessary under the circumstances and were provided guidance by their independent counsel. In reaching their decision, the Independent Directors also took into account information furnished to them throughout the year and otherwise provided to them during their quarterly meetings or through other prior communications. Upon completion of this review, the Independent Directors found that the terms of the Advisory Agreements were fair and reasonable and that continuation of the Advisory Agreements was in the best interest of Davis New York Venture Fund and its shareholders.

Reasons the Independent Directors Approved Continuation of the Advisory Agreements

The Independent Directors' determinations were based upon a comprehensive consideration of all information provided to them, and they did not identify any single item or piece of information as the controlling factor. Each Independent Director did not necessarily attribute the same weight to each factor. The following facts and conclusions were important, but not exclusive, in the Independent Directors' recommendation to renew the Advisory Agreements.

The Independent Directors considered the performance of the Fund on an absolute basis as well as relative to its benchmark and other comparable funds. The Independent Directors not only considered the investment performance of the Fund, but also the full range and quality of services provided by Davis Advisors to the Fund and its shareholders, including whether it:

1. Achieves satisfactory investment results over the long-term, after all costs;

2. Efficiently and effectively handles shareholder transactions, inquiries, requests, and records, provides quality accounting, legal, and compliance services, and oversees third-party service providers; and

3. Fosters healthy investor behavior.

Davis Advisors is reimbursed a portion of its costs in providing some, but not all, of these services.

A shareholder's ultimate return is the product of a fund's results as well as the shareholder's behavior, specifically in selecting when to invest or redeem. The Independent Directors concluded that, through its actions and communications, Davis Advisors has attempted to have a meaningful, positive impact on investor behavior.

Davis Advisors (and its affiliates) and members of the Davis family are some of the largest shareholders in the Davis Funds. The Independent Directors concluded that this investment tends to align Davis Advisors' and the Davis family's interests with other shareholders, as they face the same risks, pay the same fees, and are motivated to achieve satisfactory long-term returns. In addition, the Independent Directors concluded that significant investments by Davis Advisors and the Davis family have contributed to the economies of scale that have lowered fees and expenses for Davis Funds' shareholders over time.

The Independent Directors noted the importance of reviewing quantitative measures, but recognized that qualitative factors are also important in assessing whether Davis Funds' shareholders are likely to be well served by the renewal of the Advisory Agreements. They noted both the value and shortcomings of purely quantitative measures, including the data provided by independent service providers, and concluded that, while such measures and data may be informative, the judgment of the Independent Directors must take many factors into consideration in representing the shareholders of the Davis Funds, including those listed below. In connection with reviewing comparative performance information, the Independent Directors generally give greater weight to longer-term measurements.

The Independent Directors noted that Davis Advisors employs a disciplined, company-specific, research-driven, businesslike, long-term investment philosophy. The Independent Directors considered the quality of Davis Advisors' investment process, as well as the experience, capability, and integrity of its senior management and other personnel.

28

DAVIS NEW YORK VENTURE FUND	Director Approval of Advisory Agreements
	(Unaudited) – (Continued)

Reasons the Independent Directors Approved Continuation of the Advisory Agreements – (Continued)

The Independent Directors recognized Davis Advisors' (i) efforts to minimize transaction costs by generally having a long-term time horizon and low portfolio turnover; (ii) focus on tax efficiency; (iii) record of generally producing satisfactory after-tax results over longer-term periods; (iv) efforts towards fostering healthy investor behavior by, among other things, providing informative and substantial educational material; and (v) efforts to promote shareholder interests by actively speaking out on corporate governance issues.

The Independent Directors assessed (i) comparative fee and expense information for other funds, as selected and analyzed by a nationally recognized independent service provider; (ii) information regarding fees charged by Davis Advisors to other advisory clients, including funds that it sub-advises and private accounts, as well as the differences in the services provided to such other clients; and (iii) the fee schedule and breakpoints of the Fund, including an assessment of competitive fee schedules and breakpoints, if applicable.

The Independent Directors reviewed (i) the management fee schedule for the Fund; (ii) profitability of the Fund to Davis Advisors; (iii) the extent to which economies of scale might be realized if the Fund's net assets increase; and (iv) whether the fee schedule reflected those potential economies of scale. The Independent Directors considered the nature, quality, and extent of the services being provided to the Fund and the costs incurred by Davis Advisors in providing such services. The Independent Directors considered various potential benefits that Davis Advisors may receive in connection with the services it provides under the Advisory Agreements with the Fund, including a review of portfolio brokerage practices. The Independent Directors noted that Davis Advisors does not use client commissions to pay for publications that are available to the general public or for third-party research services.

The Independent Directors compared the fees paid to Davis Advisors by the Davis Funds with those paid by Davis Advisors' sub-advised clients, private account clients, and managed money/wrap clients. To the extent sub-advised or private account fees were lower than fees paid by the Funds, the Independent Directors noted that the range of services provided to the Funds is more extensive, with greater risks associated with operating SEC registered, publicly traded mutual funds. Serving as the primary adviser for mutual funds is more work because of the complex overlay of regulatory, tax, and accounting issues, which are unique to mutual funds. In addition, the operational work required to service shareholders is more extensive because of the significantly larger number of shareholders, and managing trading is more complex because of the greater frequency of fund flows. With respect to risk, not only has regulation become more complex and burdensome, but the scrutiny of regulators and shareholders has become more intense. The Independent Directors concluded that reasonable justifications existed for the differences between the fee rates for the Fund and Davis Advisors' other lines of business.

The Independent Directors noted that Davis New York Venture Fund's Class A shares underperformed its benchmark, the Standard & Poor's 500^® Index ("S&P 500^®"), over the one-, three-, five-, and ten-year time periods, all ended February 28, 2015. The Fund had outperformed the S&P 500^® since inception for the period ended February 28, 2015.

Lipper (an independent service provider) presented a report to the Independent Directors that compared the Fund to all retail and institutional large-cap core funds ("Performance Universe"), as well as the relevant Lipper Index. The report indicated that the Fund underperformed the Performance Universe and the Lipper Index over the one-, two-, three-, four-, five-, and ten-year time periods, all ended December 31, 2014.

The Independent Directors also reviewed the Fund's performance versus the S&P 500^® and the Lipper Large-Cap Core category ("Lipper LCC") when measured over rolling five- and ten-year time frames. The Fund outperformed the S&P 500^® in 29 out of 41 rolling five-year time frames and outperformed the Lipper LCC category in 32 out of 41 rolling five-year time frames, all ended December 31 for each year from 1974 through 2014. The Fund outperformed the S&P 500^® in 33 out of 36 rolling ten-year time frames and outperformed the Lipper LCC category in 32 out of 36 rolling ten-year time frames, all ended December 31 for each year from 1979 through 2014.

The Independent Directors considered Davis New York Venture Fund's Class A shares management fee and total expense ratio. The management fee and total expense ratio were reasonable and below the median of its peer group, as determined by Lipper.

29

DAVIS NEW YORK VENTURE FUND	Director Approval of Advisory Agreements
	(Unaudited) – (Continued)

Approval of Advisory Agreements

The Independent Directors concluded that Davis Advisors had provided Davis New York Venture Fund and its shareholders a reasonable level of both investment and non-investment services. The Independent Directors further concluded that shareholders have received a significant benefit from Davis Advisors' shareholder-oriented approach, as well as the execution of its investment discipline.

The Independent Directors determined that the advisory fee for Davis New York Venture Fund was reasonable in light of the nature, quality, and extent of the services being provided to the Fund, the costs incurred by Davis Advisors in providing such service, and in comparison to the range of the average advisory fees of its peer group, as determined by an independent service provider. The Independent Directors found that the terms of the Advisory Agreements were fair and reasonable and that continuation of the Advisory Agreements was in the best interest of the Fund and its shareholders. The Independent Directors and the full Board of Directors therefore voted to continue the Advisory Agreements.

30

DAVIS NEW YORK VENTURE FUND Privacy Notice and Householding

Privacy Notice

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

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

Householding

To avoid sending duplicate copies of materials to households, the Fund will mail only one copy of each prospectus, Annual, and Semi-Annual Report to shareholders having the same last name and address on the Fund's records. The consolidation of these mailings, called householding, benefits the Fund 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 Fund receives your request to stop householding.

31

DAVIS NEW YORK VENTURE FUND Directors and Officers

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, Rodney Trust Company (trust and asset management company).
John S. Gates, Jr. (08/02/53)	Director	Director since 2007	Chairman and Chief Executive Officer of PortaeCo LLC (private investment company).	13	Director, DCT Industrial Trust (REIT).
Thomas S. Gayner (12/16/61)	Director/ Chairman	Director since 2004	President and Chief Investment Officer, Markel Corp. (diversified financial holding company).	13	Director, Graham Holdings Company (educational and media company); Director, Colfax Corp. (engineering and manufacturer of pumps and fluid handling equipment).
Samuel H. Iapalucci (07/19/52)	Director	Director since 2006	Retired; Executive Vice President and Chief Financial Officer, CH2M- HILL Companies, Ltd. (engineering) until 2008.	13	Director, exp Global Inc. (engineering).
Robert P. Morgenthau (03/22/57)	Director	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
Marsha Williams (03/28/51)	Director	Director since 1999	Retired; Senior Vice President and Chief Financial Officer, Orbitz Worldwide, Inc.(travel-services provider) 2007-2010.	13	Director, Modine Manufacturing Company (heat transfer technology); Director, Chicago Bridge & Iron Company, N.V. (industrial construction and engineering); Director, Fifth Third Bancorp (diversified financial services).

32

DAVIS NEW YORK VENTURE FUND Directors and Officers – (Continued)

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

Interested 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 of certain companies affiliated with the Adviser.	16	Director, Selected Funds (consisting of two portfolios) since 1998; Trustee of Clipper Funds Trust (consisting of one portfolio) since 2014.
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 of 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 two portfolios) since 1998; Trustee of Clipper Funds Trust (consisting of one portfolio) since 2014; Director, Graham Holdings Company (educational and media 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 Interested Directors.

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

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

Douglas A. Haines (born 03/04/71, Davis Funds officer since 2004). Vice President, Treasurer, Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer of each of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), and Clipper Funds Trust (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 two portfolios), and Clipper Funds Trust (consisting of one portfolio); Vice President and Chief Compliance Officer, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

Ryan M. Charles (born 07/25/78, Davis Funds officer since 2014). Vice President and Secretary of each of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), and Clipper Funds Trust (consisting of one portfolio); Vice President, Chief Legal Officer, and Secretary, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

33

DAVIS NEW YORK VENTURE FUND

Investment Adviser

Davis Selected Advisers, L.P. (Doing business as "Davis Advisors")

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

(800) 279-0279

Distributor

Davis Distributors, LLC

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

Transfer Agent

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

DAVIS RESEARCH FUND Table of Contents

Management's Discussion of Fund Performance	2
Fund Overview	4
Expense Example	6
Schedule of Investments	7
Statement of Assets and Liabilities	11
Statement of Operations	12
Statements of Changes in Net Assets	13
Notes to Financial Statements	14
Federal Income Tax Information	18
Financial Highlights	19
Report of Independent Registered Public Accounting Firm	20
Director Approval of Advisory Agreements	21
Privacy Notice and Householding	24
Directors and Officers	25

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

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

Portfolio Proxy Voting Policies and Procedures

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

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

Form N-Q

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Form N-Q is available without charge, upon request, by calling 1-800-279-0279 and on the SEC's website at www.sec.gov. The Fund's 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 RESEARCH FUND Management's Discussion of Fund Performance

Performance Overview

Davis Research Fund's Class A shares delivered a total return on net asset value of 10.17% for the year ended July 31, 2015 ("Period"). The Fund's benchmark, the Standard & Poor's 500^® Index ("Index"), returned 11.21% over the same Period. The sectors¹ within the Index that reported the strongest performance over the Period were Health Care, Consumer Discretionary, and Consumer Staples. The sectors within the Index that reported the weakest performance were Energy, Materials, and Telecommunication Services. The three weakest sectors reported negative performance returns for the Period.

The Fund's Absolute Performance

Consumer Discretionary companies were the most important contributor² to the Fund's absolute performance over the Period. Time Warner Cable³ (the Fund's third largest holding, as of July 31, 2015), Liberty Global (an international cable company and the Fund's largest holding, as of July 31, 2015), Amazon.com, Lowe's, NIKE, and Jarden (a consumer products company) were all top contributors for the Period. Las Vegas Sands (the Fund's second largest holding, as of July 31, 2015) was the overall lead detractor for the Period.

Health Care companies were another important contributor to the Fund's absolute performance. UnitedHealth Group and Valeant Pharmaceuticals International were the overall top contributors for the Period. Diagnosticos da America, a Brazilian diagnostic medical services company, was the only Health Care holding that reported negative performance and was a leading detractor.

Energy companies were the most important detractor from the Fund's absolute performance, with all Energy holdings producing double-digit negative returns for the Period.Transocean, Halliburton, and Canadian Natural Resources were all leading detractors from performance. The Fund no longer holds Canadian Natural Resources.

Holdings from the Materials and Information Technology sectors were among the top contributors and bottom detractors during the Period. In the Materials sector, Sherwin-Williams was a top contributor to performance, while LafargeHolcim (an international building materials company) was a leading detractor. LafargeHolcim was created through a merger between Holcim and Lafarge in July 2015. In the Information Technology sector, MasterCard was a top contributor, while International Business Machines, Applied Materials, and SAP were all leading detractors from performance. The Fund no longer holds International Business Machines.

The Fund had approximately 13% of its net assets invested in foreign companies at July 31, 2015. As a whole, foreign companies underperformed the domestic companies held by the Fund.

The Fund's Relative Performance

Information Technology companies were the most important detractor from the Fund's performance relative to the Index over the Period. The Fund's Information Technology holdings underperformed the corresponding sector within the Index. The Fund and the Index had a similar average weighting.

Consumer Staple companies were another important detractor from the Fund's relative performance. The Fund's Consumer Staple holdings underperformed the corresponding sector within the Index and suffered from a lower average weighting in a strong performing sector.

Energy companies were the most important contributor to the Fund's relative performance. The Fund's Energy holdings underperformed the corresponding sector within the Index; however, the Fund benefited from a lower average weighting in the weakest performing sector of the Index.

Consumer Discretionary companies were also an important contributor to the Fund's relative performance. The Fund's Consumer Discretionary holdings slightly outperformed the corresponding sector within the Index. The Fund benefited from a higher average weighting in a strong performing sector.

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

Class A shares of Davis Research Fund have been registered with the Securities and Exchange Commission and, as of the date of this report, in selected states where eligible investors are residents. Shares of Davis Research Fund currently are not available for public sale in any other state or jurisdiction. Currently, only the directors, officers, and employees of the Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) are eligible to purchase Fund shares. The Adviser reserves the right to reject any offer to purchase shares.

¹The companies included in the Standard & Poor's 500^® Index are divided into ten sectors. One or more industry groups make up a sector.

²A company's or sector's contribution to or detraction from the Fund's performance is a product of both its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.

³This Management Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund's holdings of each company discussed.

2

DAVIS RESEARCH FUND Management's Discussion of Fund Performance – (Continued)

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

Standard & Poor's 500^® Index for an investment made on July 31, 2005

Average Annual Total Return for periods ended July 31, 2015

Fund & Benchmark Index	1-Year	5-Year	10-Year	Since Fund's Inception (10/31/01)	Gross Expense Ratio	Net Expense Ratio
Class A - without sales charge	10.17%	13.99%	5.92%	7.16%	0.68%	0.68%
Class A - with sales charge	4.94%	12.89%	5.41%	6.78%	0.68%	0.68%
S&P 500® Index	11.21%	16.24%	7.72%	7.24%

The Standard & Poor's 500^® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations, and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in the Index.

The performance data for Davis Research Fund contained in this report represents past performance, assumes that all distributions were reinvested, and should not be considered as an indication of future performance from an investment in the Fund today. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Fund performance changes over time and current performance may be higher or lower than stated. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratio may vary in future years. For more current information please call Davis Funds Investor Services at 1-800-279-0279.

*Reflects 4.75% front-end sales charge.

3

DAVIS RESEARCH FUND	Fund Overview
	July 31, 2015

Portfolio Composition		Industry Weightings
(% of Fund's 07/31/15 Net Assets)		(% of 07/31/15 Stock Holdings)
			Fund	S&P 500®
Common Stock (U.S.)	72.94%	Information Technology	20.82%	19.80%
Common Stock (Foreign)	12.57%	Health Care	10.91%	15.56%
Short-Term Investments	14.56%	Retailing	10.51%	5.15%
Other Assets & Liabilities	(0.07)%	Media	8.64%	3.45%
	100.00%	Diversified Financials	8.34%	5.08%
		Capital Goods	7.38%	7.19%
		Materials	6.97%	2.93%
		Insurance	6.48%	2.82%
		Banks	5.38%	6.30%
		Consumer Durables & Apparel	3.69%	1.47%
		Consumer Services	3.40%	1.87%
		Commercial & Professional Services	3.38%	0.65%
		Household & Personal Products	2.43%	1.84%
		Other	1.67%	25.89%
			100.00%	100.00%

Top 10 Long-Term Holdings
(% of Fund's 07/31/15 Net Assets)
Liberty Global PLC, Series C	Media		3.63%
Las Vegas Sands Corp.	Consumer Services	2.91%
Time Warner Cable Inc.	Media	2.87%
MasterCard, Inc., Class A	Software & Services	2.67%
Texas Instruments Inc.	Semiconductors & Semiconductor Equipment		2.56%
Berkshire Hathaway Inc.*	Diversified Financial Services		2.28%
Oracle Corp.	Software & Services	2.14%
Colgate-Palmolive Co.	Household & Personal Products		2.08%
Microsoft Corp.	Software & Services		2.02%
Sherwin-Williams Co.	Materials		2.01%

* Berkshire Hathaway Inc. holding includes Class A and Class B.

4

DAVIS RESEARCH FUND	Fund Overview – (Continued)
	July 31, 2015

New Positions Added (08/01/14-07/31/15)

(Highlighted positions are those greater than 1.50% of the Fund's 07/31/15 net assets)

Security	Industry	Date of 1st Purchase	% of Fund's 7/31/15 Net Assets
Advance Auto Parts, Inc.	Retailing	05/15/15	1.94%
Allergan PLC	Pharmaceuticals, Biotechnology &
	Life Sciences	06/22/15	1.24%
Baidu, Inc., Class A, ADR	Software & Services	06/10/15	0.42%
Cable One, Inc.	Media	07/24/15	0.06%
Compagnie Financiere Richemont S.A.,
Unit A	Consumer Durables & Apparel	10/07/14	–
Citizens Financial Group Inc.	Banks	09/24/14	0.54%
Jarden Corp.	Consumer Durables & Apparel	08/04/14	1.62%
JD.com Inc., Class A, ADR	Retailing	01/06/15	0.60%
Liberty Interactive Corp., Liberty Ventures,
Series A	Retailing	06/01/15	1.33%
Precision Castparts Corp.	Capital Goods	04/01/15	1.72%
Priceline Group Inc.	Retailing	11/11/14	0.82%
Qihoo 360 Technology Co. Ltd.,
Class A, ADR	Software & Services	01/06/15	0.47%
Rockwell Automation, Inc.	Capital Goods	06/19/15	0.24%
Standard Chartered PLC	Banks	06/11/15	0.81%
Time Warner Cable Inc.	Media	10/15/14	2.87%
United Technologies Corp.	Capital Goods	06/22/15	1.56%
Vipshop Holdings Ltd., Class A, ADR	Retailing	01/06/15	0.40%
W.W. Grainger, Inc.	Capital Goods	06/19/15	0.47%

Positions Closed (08/01/14-07/31/15)

(Gains greater than $100,000 are highlighted)

		Date of		Realized
Security	Industry	Final Sale		Gain (Loss)
Air Products and Chemicals, Inc.	Materials	09/15/14	$	231,537
Anthem Inc.	Health Care Equipment & Services	04/16/15		352,298
AutoZone, Inc.	Retailing	10/07/14		45,516
Canadian Natural Resources Ltd.	Energy	12/10/14		(38,882)
Compagnie Financiere Richemont S.A.,
Unit A	Consumer Durables & Apparel	06/22/15		15,381
CVS Health Corp.	Food & Staples Retailing	12/11/14		441,255
International Business Machines Corp.	Software & Services	10/22/14		40,378
Keysight Technologies, Inc.	Technology Hardware & Equipment	05/08/15		69,255
Schindler Holding AG - Participation
Certificate	Capital Goods	08/05/14		1,058
Sysco Corp.	Food & Staples Retailing	03/24/15		25,520
Unilever N.V., NY Shares	Food, Beverage & Tobacco	10/15/14		(31,493)

5

DAVIS RESEARCH FUND Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including advisory and administrative fees and other Fund expenses. The Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is for the six-month period ended July 31, 2015.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	(02/01/15)	(07/31/15)	(02/01/15-07/31/15)
Class A
Actual	$1,000.00	$1,066.56	$3.48
Hypothetical	$1,000.00	$1,021.42	$3.41
Hypothetical assumes 5% annual return before expenses.
*Expenses are equal to the Class's annualized operating expense ratio (0.68%)**, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
**The expense ratio reflects the impact, if any, of certain reimbursements from the Adviser.

6

DAVIS RESEARCH FUND	Schedule of Investments
	July 31, 2015

						Shares/Units		Value (Note 1)
COMMON STOCK – (85.51%)
	CONSUMER DISCRETIONARY – (22.44%)
		Consumer Durables & Apparel – (3.16%)
				Jarden Corp.  *			16,500	$	907,500
				NIKE, Inc., Class B			7,440		857,237
									1,764,737
		Consumer Services – (2.91%)
				Las Vegas Sands Corp.			28,980		1,624,039
		Media – (7.39%)
				Cable One, Inc.  *			80		33,218
				Liberty Global PLC, LiLAC Class C  *			2,063		87,781
				Liberty Global PLC, Series C  *			41,270		2,028,008
				Time Warner Cable Inc.			8,455		1,606,534
				Twenty-First Century Fox, Inc., Class B			11,220		376,094
									4,131,635
		Retailing – (8.98%)
				Advance Auto Parts, Inc.			6,210		1,081,844
				Amazon.com, Inc.  *			1,589		851,942
				JD.com Inc., Class A, ADR  (China)*			10,150		335,255
				Liberty Interactive Corp., Liberty Ventures, Series A  *			17,980		745,810
				Lowe's Cos, Inc.			3,130		217,097
				Priceline Group Inc.  *			370		460,121
				Tiffany & Co.			5,000		478,500
				TJX Cos, Inc.			8,990		627,682
				Vipshop Holdings Ltd., Class A, ADR  (China)*			11,500		224,135
									5,022,386
					Total Consumer Discretionary				12,542,797
	CONSUMER STAPLES – (2.72%)
		Food, Beverage & Tobacco – (0.64%)
				Nestle S.A.  (Switzerland)			4,765		360,962
		Household & Personal Products – (2.08%)
				Colgate-Palmolive Co.			17,090		1,162,462
					Total Consumer Staples				1,523,424
	ENERGY – (0.78%)
				Boardwalk Pipeline Partners, L.P.			22,090		307,493
				Halliburton Co.			1,055		44,089
				Transocean Ltd.  (Switzerland)			6,255		82,941
					Total Energy				434,523
	FINANCIALS – (17.28%)
		Banks – (4.60%)
				Citizens Financial Group Inc.			11,680		304,498
				JPMorgan Chase & Co.			12,670		868,275
				Standard Chartered PLC  (United Kingdom)			29,710		454,780
				U.S. Bancorp			20,925		946,019
									2,573,572
		Diversified Financials – (7.14%)
			Capital Markets – (3.61%)
				Bank of New York Mellon Corp.			21,780		945,252
				Brookfield Asset Management Inc., Class A  (Canada)			10,500		365,715
				Franklin Resources, Inc.			7,000		318,850

7

DAVIS RESEARCH FUND	Schedule of Investments - (Continued)
	July 31, 2015

						Shares		Value (Note 1)
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Diversified Financials – (Continued)
			Capital Markets – (Continued)
				Goldman Sachs Group, Inc.			1,890	$	387,582
									2,017,399
			Diversified Financial Services – (3.53%)
				Berkshire Hathaway Inc., Class A  *			4		856,000
				Berkshire Hathaway Inc., Class B  *			2,915		416,087
				Visa Inc., Class A			9,280		699,155
									1,971,242
									3,988,641
		Insurance – (5.54%)
			Multi-line Insurance – (2.55%)
				Fairfax Financial Holdings Ltd.  (Canada)			760		366,311
				Loews Corp.			27,770		1,058,315
									1,424,626
			Property & Casualty Insurance – (1.68%)
				ACE Ltd.			4,000		435,080
				Progressive Corp.			7,350		224,175
				W. R. Berkley Corp.			5,080		283,058
									942,313
			Reinsurance – (1.31%)
				Everest Re Group, Ltd.			4,000		732,480
									3,099,419
					Total Financials				9,661,632
	HEALTH CARE – (9.33%)
		Health Care Equipment & Services – (6.38%)
				Diagnosticos da America S.A.  (Brazil)			47,510		141,533
				Express Scripts Holding Co.  *			9,685		872,328
				Laboratory Corp. of America Holdings  *			5,895		750,375
				Quest Diagnostics Inc.			11,610		856,934
				UnitedHealth Group Inc.			7,780		944,492
									3,565,662
		Pharmaceuticals, Biotechnology & Life Sciences – (2.95%)
				Agilent Technologies, Inc.			9,190		376,330
				Allergan PLC  *			2,100		695,415
				Valeant Pharmaceuticals International, Inc.  (Canada)*			2,245		578,155
									1,649,900
					Total Health Care				5,215,562
	INDUSTRIALS – (9.20%)
		Capital Goods – (6.31%)
				Brenntag AG  (Germany)			8,635		480,144
				Precision Castparts Corp.			4,925		959,981
				Rockwell Automation, Inc.			1,125		131,377
				Schneider Electric SE  (France)			6,265		437,534
				Textron Inc.			8,660		378,442
				United Technologies Corp.			8,700		872,697
				W.W. Grainger, Inc.			1,160		265,304
									3,525,479

8

DAVIS RESEARCH FUND	Schedule of Investments - (Continued)
	July 31, 2015

						Shares		Value (Note 1)
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (CONTINUED)
		Commercial & Professional Services – (2.89%)
			Experian PLC  (United Kingdom)				48,405	$	907,856
			Republic Services, Inc.				16,630		707,274
									1,615,130
					Total Industrials				5,140,609
	INFORMATION TECHNOLOGY – (17.80%)
		Semiconductors & Semiconductor Equipment – (5.54%)
			Applied Materials, Inc.				51,990		902,546
			First Solar, Inc.  *				4,030		178,529
			Intel Corp.				20,270		586,817
			Texas Instruments Inc.				28,650		1,431,927
									3,099,819
		Software & Services – (10.41%)
			Baidu, Inc., Class A, ADR  (China)*				1,370		236,544
			MasterCard, Inc., Class A				15,300		1,490,220
			Microsoft Corp.				24,210		1,130,607
			Oracle Corp.				29,950		1,196,203
			Qihoo 360 Technology Co. Ltd., Class A, ADR  (China)*				4,220		261,682
			salesforce.com, inc.  *				8,055		590,432
			SAP SE, ADR  (Germany)				12,730		912,359
									5,818,047
		Technology Hardware & Equipment – (1.85%)
			Apple Inc.				3,290		399,077
			Hewlett-Packard Co.				20,830		635,732
									1,034,809
					Total Information Technology				9,952,675
	Materials – (5.96%)
			Cemex S.A.B. de C.V., ADR  (Mexico)*				23,540		200,090
			Ecolab Inc.				3,975		460,345
			LafargeHolcim Ltd.  (Switzerland)*				9,846		681,891
			Praxair, Inc.				7,565		863,469
			Sherwin-Williams Co.				4,050		1,124,928
					Total Materials				3,330,723
				TOTAL COMMON STOCK – (Identified cost $36,721,867)					47,801,945

9

DAVIS RESEARCH FUND	Schedule of Investments - (Continued)
	July 31, 2015

							Principal			Value (Note 1)
SHORT-TERM INVESTMENTS – (14.56%)
			Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.20%, 08/03/15, dated 07/31/15, repurchase value of $2,980,050 (collateralized by: U.S. Government agency obligation in a pooled cash account, 2.75%, 02/15/24, total market value $3,039,600)					$	2,980,000	$	2,980,000
			Nomura Securities International, Inc. Joint Repurchase Agreement, 0.15%, 08/03/15, dated 07/31/15, repurchase value of $2,211,028 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.94%-4.00%, 06/01/40-06/15/50, total market value $2,255,220)						2,211,000		2,211,000
			SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.27%, 08/03/15, dated 07/31/15, repurchase value of $2,948,066 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.73%-6.00%, 12/01/18-08/01/44, total market value $3,006,960)						2,948,000		2,948,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,139,000)						8,139,000
				Total Investments – (100.07%) – (Identified cost $44,860,867) – (a)							55,940,945
				Liabilities Less Other Assets – (0.07%)							(38,051)
						Net Assets – (100.00%)				$	55,902,894
	ADR: American Depositary Receipt
	*	Non-Income producing security.
	(a)	Aggregate cost for federal income tax purposes is $44,851,496. At July 31, 2015 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
				Unrealized appreciation						$	12,155,090
				Unrealized depreciation							(1,065,641)
						Net unrealized appreciation				$	11,089,449
See Notes to Financial Statements

10

DAVIS RESEARCH FUND	Statement of Assets and Liabilities
	At July 31, 2015

ASSETS:
Investments in securities at value* (see accompanying Schedule of Investments)			$	55,940,945
Cash				1,699
Receivables:
	Dividends and interest			41,657
	Investment securities sold			100,390
Prepaid expenses				114
		Total assets		56,084,805
LIABILITIES:
Payables:
	Capital stock redeemed			22,809
	Investment securities purchased			100,403
Accrued audit fees				14,490
Accrued investment advisory fee				26,720
Other accrued expenses				17,489
		Total liabilities		181,911
NET ASSETS			$	55,902,894
NET ASSETS CONSIST OF:
Par value of shares of capital stock			$	145,342
Additional paid-in capital				46,602,350
Undistributed net investment income				192,454
Accumulated net realized losses from investments				(2,116,326)
Net unrealized appreciation on investments and foreign currency transactions				11,079,074
		Net Assets	$	55,902,894
CLASS A SHARES:
Net assets			$	55,902,894
Shares outstanding				2,906,845
Net asset value and redemption price per share (Net assets ÷ Shares outstanding)			$	19.23
Maximum offering price per share (100/95.25 of $19.23)†			$	20.19
*Including:
	Cost of Investments		$	44,860,867
	Cost and market value of repurchase agreements (if greater than 10% of net assets)			8,139,000
†On purchases of $100,000 or more, the offering price is reduced.

See Notes to Financial Statements

11

DAVIS RESEARCH FUND	Statement of Operations
	For the year ended July 31, 2015

INVESTMENT INCOME:
Income:
Dividends*					$	677,070
Interest						5,793
		Total income				682,863
Expenses:
Investment advisory fees (Note 3)			$	284,358
Custodian fees				27,569
Transfer agent fees				1,037
Audit fees				19,320
Legal fees				137
Accounting fees (Note 3)				2,003
Directors' fees and expenses				4,573
Registration and filing fees				4,477
Miscellaneous				10,391
		Total expenses				353,865
Net investment income						328,998
REALIZED & UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain from:
	Investment transactions					3,627,618
	Foreign currency transactions					2,705
Net realized gain						3,630,323
Net increase in unrealized appreciation						920,802
		Net realized and unrealized gain on investments and foreign currency transactions				4,551,125
Net increase in net assets resulting from operations					$	4,880,123
*Net of foreign taxes withheld as follows					$	13,229

See Notes to Financial Statements

12

DAVIS RESEARCH FUND Statements of Changes in Net Assets

		Year ended July 31,
		2015		2014
OPERATIONS:
Net investment income		$	328,998	$	418,792
Net realized gain from investments and foreign currency transactions			3,630,323		3,149,219
Net increase in unrealized appreciation on investments and foreign currency transactions			920,802		2,678,102
	Net increase in net assets resulting from operations		4,880,123		6,246,113
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			(385,212)		(441,607)
CAPITAL SHARE TRANSACTIONS:
Net increase in net assets resulting from capital share transactions (Note 4)			5,288,241		401,385
	Total increase in net assets		9,783,152		6,205,891
NET ASSETS:
Beginning of year			46,119,742		39,913,851
End of year*		$	55,902,894	$	46,119,742
*Including undistributed net investment income of		$	192,454	$	258,943

See Notes to Financial Statements

13

DAVIS RESEARCH FUND	Notes to Financial Statements
	July 31, 2015

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Fund is a separate series of Davis New York Venture Fund, Inc. (a Maryland corporation). The Fund is registered under the Investment Company Act of 1940, as amended, as a non-diversified, open-end management investment company. The Fund's investment objective is long-term growth of capital. The Fund commenced operations on October 31, 2001. Prior to January 19, 2011, the Fund offered shares in three classes, Class A, Class B, and Class C. The Fund ceased operations of Class B and Class C shares on January 19, 2011. Class A shares are sold with a front-end sales charge. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

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

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

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

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

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment

                 speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

14

DAVIS RESEARCH FUND	Notes to Financial Statements – (Continued)
	July 31, 2015

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

Value Measurements - (Continued)

The following is a summary of the inputs used as of July 31, 2015 in valuing the Fund's investments carried at value:

	Investments in Securities at Value
	Valuation Inputs
			Level 2:		Level 3:
			Other Significant		Significant
	Level 1:		Observable		Unobservable
	Quoted Prices		Inputs		Inputs		Total
Equity securities:
Consumer Discretionary	$	12,542,797	$	–	$	–	$	12,542,797
Consumer Staples		1,523,424		–		–		1,523,424
Energy		434,523		–		–		434,523
Financials		9,661,632		–		–		9,661,632
Health Care		5,215,562		–		–		5,215,562
Industrials		5,140,609		–		–		5,140,609
Information Technology		9,952,675		–		–		9,952,675
Materials		3,330,723		–		–		3,330,723
Short-term securities		–		8,139,000		–		8,139,000
Total Investments	$	47,801,945	$	8,139,000	$	–	$	55,940,945
Level 2 to Level 1 Transfers*:
Consumer Staples	$	360,962
Industrials		1,825,534
Total	$	2,186,496

*Application of fair value procedures for securities traded on foreign exchanges triggered the transfers of investments between Level 1 and Level 2 of the fair value hierarchy during the year ended July 31, 2015.

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

Currency Translation - The market values of all assets and liabilities denominated in foreign currencies are recorded in the financial statements after translation to the U.S. Dollar based upon the mean between the bid and offered quotations of the currencies against U.S. Dollars on the date of valuation. The cost basis of such assets and liabilities is determined based upon historical exchange rates. Income and expenses are translated at average exchange rates in effect as accrued or incurred.

Foreign Currency- The Fund may enter into forward purchases or sales of foreign currencies to hedge certain foreign currency denominated assets and liabilities against declines in market value relative to the U.S. Dollar. Forward currency contracts are marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. When the forward currency contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the forward currency contract at the time it was opened and value at the time it was closed. Investments in forward currency contracts may expose the Fund to risks resulting from unanticipated movements in foreign currency exchange rates or failure of the counter-party to the agreement to perform in accordance with the terms of the contract.

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

15

DAVIS RESEARCH FUND	Notes to Financial Statements – (Continued)
	July 31, 2015

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

Federal Income Taxes- It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies, and to distribute substantially all of its taxable income, including any net realized gains on investments not offset by loss carryovers, to shareholders. Therefore, no provision for federal income or excise tax is required. The Adviser has analyzed the Fund's tax positions taken on federal and state income tax returns for all open tax years and has concluded that as of July 31, 2015, no provision for income tax is required in the Fund's financial statements related to these tax positions. The Fund's federal and state (Arizona) income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. The earliest tax year that remains subject to examination by these jurisdictions is 2012.

At July 31, 2015, the Fund had available for federal income tax purposes unused capital loss carryforwards as follows:

	Capital Loss Carryforwards
Expiring
07/31/2018	$	1,709,000
07/31/2019		417,000
Total	$	2,126,000

Utilized
During the year ended July 31, 2015	$	3,627,000

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

Dividends and Distributions to Shareholders -Dividends and distributions to shareholders are recorded on the ex-dividend date. Net investment income (loss), net realized gains (losses), and net unrealized appreciation (depreciation) on investments may differ for financial statement and tax purposes primarily due to differing treatments of wash sales, partnership income, and foreign currency transactions. The character of dividends and distributions made during the fiscal year from net investment income and net realized securities gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which income or realized gain was recorded by the Fund. The Fund adjusts certain components of capital to reflect permanent differences between financial statement amounts and net income and realized gains/losses determined in accordance with income tax rules. Accordingly, during the year ended July 31, 2015, amounts have been reclassified to reflect a decrease in undistributed net investment income and a corresponding decrease in accumulated net realized losses from investments and foreign currency transactions of $10,275. Net assets have not been affected by this reclassification.

The tax character of distributions paid during the years ended July 31, 2015 and 2014 was as follows:

	2015		2014
Ordinary income	$	385,212	$	441,607

As of July 31, 2015, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed net investment income	$	193,200
Accumulated net realized losses from investments and
foreign currency transactions		(2,125,692)
Net unrealized appreciation on investments		11,088,445
Total	$	9,155,953

16

DAVIS RESEARCH FUND	Notes to Financial Statements – (Continued)
	July 31, 2015

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

Indemnification - Under the Fund's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, some of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined and the Fund has 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 Fund 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 July 31, 2015 were $12,431,909 and $13,095,551, respectively.

NOTE 3 - FEES AND OTHER TRANSACTIONS WITH AFFILIATES

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

Certain directors and officers of the Fund are also directors and officers of the general partner of the Adviser.

As of July 31, 2015, one related shareholder's investment in the Fund represents 99% of outstanding shares. Investment activities of this shareholder could have a material impact on the Fund.

Investment Advisory Fees -Advisory fees are paid monthly to the Adviser. The fixed annual rate is 0.55% of the average net assets.

Transfer Agent and Accounting Fees -Boston Financial Data Services, Inc. is the Fund's 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 July 31, 2015 amounted to $222. State Street Bank and Trust Company ("State Street Bank") is the Fund's primary accounting provider. Fees for such services are included in the custodian fees as State Street Bank also serves as the Fund's custodian. The Adviser is also paid for certain accounting services. The fee paid to the Adviser for these services during the year ended July 31, 2015 amounted to $2,003.

Distribution Plan Fee -The Fund has adopted a Distribution Plan ("12b-1 Plan") for Class A shares. Under the 12b-1 Plan, the Fund reimburses Davis Distributors, LLC ("Distributor"), the Fund's Underwriter, for amounts paid to dealers as a service fee or commissions with respect to Class A shares sold by dealers, which remain outstanding during the period. The service fee is paid at an annual rate up to 0.25% of the average net assets maintained by the responsible dealers. There was no service fee for Class A shares of the Fund for the year ended July 31, 2015.

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

17

DAVIS RESEARCH FUND	Notes to Financial Statements – (Continued)
	July 31, 2015

NOTE 3 - FEES AND OTHER TRANSACTIONS WITH AFFILIATES – (CONTINUED)

Sales Charges - (Continued)

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

The Distributor received no commissions earned on sales of Class A shares of the Fund for the year ended July 31, 2015.

NOTE 4 - CAPITAL STOCK

At July 31, 2015, 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 500 million shares are classified as Davis Research Fund.Transactions in capital stock were as follows:

	Year ended July 31, 2015
		Sold		Reinvestment of Distributions		Redeemed		Net Increase
Shares:Class A		269,294		20,943		(5,330)		284,907
Value:Class A	$	5,006,066	$	384,507	$	(102,332)	$	5,288,241

	Year ended July 31, 2014
		Sold		Reinvestment of Distributions		Redeemed		Net Increase
Shares:Class A		186		26,721		(2,474)		24,433
Value:Class A	$	2,982	$	440,621	$	(42,218)	$	401,385

NOTE 5 - BANK BORROWINGS

The 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. The 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 Fund had no borrowings during the year ended July 31, 2015.

FEDERAL INCOME TAX INFORMATION (UNAUDITED)

In early 2016, shareholders will receive information regarding all dividends and distributions paid to them by the Fund during the calendar year 2015. Regulations of the U.S. Treasury Department require the Fund 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 2015 with their 2015 Form 1099-DIV.

The information is presented to assist shareholders in reporting distributions received from the Fund 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.

During the fiscal year 2015, $385,212 of dividends paid by the Fund constituted income dividends for federal income tax purposes. The Fund designates $385,212 or 100% as income qualifying for the corporate dividends-received deduction.

For the fiscal year 2015, certain dividends paid by the Fund constitute qualified dividend income for federal income tax purposes. The Fund designates $385,212 or 100% as qualified dividend income.

18

DAVIS RESEARCH FUND Financial Highlights

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

Class A
		Year ended  July 31,
		2015			2014			2013			2012			2011
Net Asset Value, Beginning of Period		$	17.59		$	15.37		$	12.37		$	12.12		$	10.55
Income from Investment Operations:
Net Investment Income		0.11			0.16			0.22			0.17			0.13
Net Realized and Unrealized Gains		1.67			2.23			3.00			0.18			1.57
	Total from Investment Operations	1.78			2.39			3.22			0.35			1.70
Dividends and Distributions:
Dividends from Net Investment Income		(0.14)			(0.17)			(0.22)			(0.10)			(0.13)
	Total Dividends and Distributions	(0.14)			(0.17)			(0.22)			(0.10)			(0.13)
Net Asset Value, End of Period		$	19.23		$	17.59		$	15.37		$	12.37		$	12.12
Total Returna		10.17		%	15.62		%	26.36		%	2.95		%	16.16		%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)		$	55,903		$	46,120		$	39,914		$	31,635		$	30,781
Ratio of Expenses to Average Net Assets:
	Gross	0.68		%	0.70		%	0.71		%	0.78		%	0.82		%
	Netb	0.68		%	0.70		%	0.71		%	0.78		%	0.82		%
Ratio of Net Investment Income to Average    Net Assets		0.64		%	0.96		%	1.61		%	1.43		%	1.09		%
Portfolio Turnover Ratec		27		%	27		%	45		%	28		%	30		%

a	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.
b	The Net Ratio of Expenses to Average Net Assets reflects 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.
See Notes to Financial Statements

19

DAVIS RESEARCH FUND Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Directors

Davis New York Venture Fund, Inc.:

We have audited the accompanying statement of assets and liabilities of Davis Research Fund (a series of Davis New York Venture Fund, Inc.) including the schedule of investments, as of July 31, 2015, and the related statement of operations for the year then ended, the statement 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 in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's 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 July 31, 2015, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and signifi-cant 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 Research Fund as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

September 21, 2015

20

DAVIS RESEARCH FUND Director Approval of Advisory Agreements (Unaudited)

Process of Annual Review

The Board of Directors of the Davis Funds oversees the management of each Davis Fund and, as required by law, annually determines whether to approve the continuance of each Davis Fund's Advisory Agreement with Davis Selected Advisers, L.P. and Sub-Advisory Agreement with Davis Selected Advisers-NY, Inc. (jointly "Davis Advisors" and "Advisory Agreements").

With the assistance of counsel to the Independent Directors, the Independent Directors undertook a comprehensive review process in anticipation of their annual contract review meeting, held in March 2015. As part of this process, Davis Advisors provided the Independent Directors material, including recent investment performance data, that was responsive to questions submitted to Davis Advisors by the Independent Directors. At this meeting, the Independent Directors reviewed and evaluated all information they deemed reasonably necessary under the circumstances and were provided guidance by their independent counsel. In reaching their decision, the Independent Directors also took into account information furnished to them throughout the year and otherwise provided to them during their quarterly meetings or through other prior communications. Upon completion of this review, the Independent Directors found that the terms of the Advisory Agreements were fair and reasonable and that continuation of the Advisory Agreements was in the best interest of Davis Research Fund and its shareholders.

Reasons the Independent Directors Approved Continuation of the Advisory Agreements

The Independent Directors' determinations were based upon a comprehensive consideration of all information provided to them, and they did not identify any single item or piece of information as the controlling factor. Each Independent Director did not necessarily attribute the same weight to each factor. The following facts and conclusions were important, but not exclusive, in the Independent Directors' recommendation to renew the Advisory Agreements.

The Independent Directors considered the performance of the Fund on an absolute basis as well as relative to its benchmark and other comparable funds. The Independent Directors not only considered the investment performance of the Fund, but also the full range and quality of services provided by Davis Advisors to the Fund and its shareholders, including whether it:

1. Achieves satisfactory investment results over the long-term, after all costs;

2. Efficiently and effectively handles shareholder transactions, inquiries, requests, and records, provides quality accounting, legal, and compliance services, and oversees third-party service providers; and

3. Fosters healthy investor behavior.

Davis Advisors is reimbursed a portion of its costs in providing some, but not all, of these services.

A shareholder's ultimate return is the product of a fund's results as well as the shareholder's behavior, specifically in selecting when to invest or redeem. The Independent Directors concluded that, through its actions and communications, Davis Advisors has attempted to have a meaningful, positive impact on investor behavior.

Davis Advisors (and its affiliates) and members of the Davis family are some of the largest shareholders in the Davis Funds. The Independent Directors concluded that this investment tends to align Davis Advisors' and the Davis family's interests with other shareholders, as they face the same risks, pay the same fees, and are motivated to achieve satisfactory long-term returns. In addition, the Independent Directors concluded that significant investments by Davis Advisors and the Davis family have contributed to the economies of scale that have lowered fees and expenses for Davis Funds' shareholders over time.

The Independent Directors noted the importance of reviewing quantitative measures, but recognized that qualitative factors are also important in assessing whether Davis Funds' shareholders are likely to be well served by the renewal of the Advisory Agreements. They noted both the value and shortcomings of purely quantitative measures, including the data provided by independent service providers, and concluded that, while such measures and data may be informative, the judgment of the Independent Directors must take many factors into consideration in representing the shareholders of the Davis Funds, including those listed below. In connection with reviewing comparative performance information, the Independent Directors generally give greater weight to longer-term measurements.

The Independent Directors noted that Davis Advisors employs a disciplined, company-specific, research-driven, businesslike, long-term investment philosophy. The Independent Directors considered the quality of Davis Advisors' investment process, as well as the experience, capability, and integrity of its senior management and other personnel.

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DAVIS RESEARCH FUND Director Approval of Advisory Agreements (Unaudited) – (Continued)

Reasons the Independent Directors Approved Continuation of the Advisory Agreements – (Continued)

The Independent Directors recognized Davis Advisors' (i) efforts to minimize transaction costs by generally having a long-term time horizon and low portfolio turnover; (ii) focus on tax efficiency; (iii) record of generally producing satisfactory after-tax results over longer-term periods; (iv) efforts towards fostering healthy investor behavior by, among other things, providing informative and substantial educational material; and (v) efforts to promote shareholder interests by actively speaking out on corporate governance issues.

The Independent Directors assessed (i) comparative fee and expense information for other funds, as selected and analyzed by a nationally recognized independent service provider; (ii) information regarding fees charged by Davis Advisors to other advisory clients, including funds that it sub-advises and private accounts, as well as the differences in the services provided to such other clients; and (iii) the fee schedule of the Fund, including an assessment of competitive fee schedules.

The Independent Directors reviewed (i) the fixed management fee for the Fund; (ii) profitability of the Fund to Davis Advisors; (iii) the extent to which economies of scale might be realized if the Fund's net assets increase; and (iv) whether the fixed fee schedule reflected those potential economies of scale. The Independent Directors considered the nature, quality, and extent of the services being provided to the Fund and the costs incurred by Davis Advisors in providing such services. The Independent Directors considered various potential benefits that Davis Advisors may receive in connection with the services it provides under the Advisory Agreements with the Fund, including a review of portfolio brokerage practices. The Independent Directors noted that Davis Advisors does not use client commissions to pay for publications that are available to the general public or for third-party research services.

The Independent Directors compared the fees paid to Davis Advisors by the Davis Funds with those paid by Davis Advisors' sub-advised clients, private account clients, and managed money/wrap clients. To the extent sub-advised or private account fees were lower than fees paid by the Funds, the Independent Directors noted that the range of services provided to the Funds is more extensive, with greater risks associated with operating SEC registered, publicly traded mutual funds. Serving as the primary adviser for mutual funds is more work because of the complex overlay of regulatory, tax, and accounting issues, which are unique to mutual funds. In addition, the operational work required to service shareholders is more extensive because of the significantly larger number of shareholders, and managing trading is more complex because of the greater frequency of fund flows. With respect to risk, not only has regulation become more complex and burdensome, but the scrutiny of regulators and shareholders has become more intense.

The Independent Directors noted that Class A shares of the Fund have been registered with the Securities and Exchange Commission and, as of the date of their review, in selected states where eligible investors are residents. Shares of the Fund are not available for general public sale in any other state or jurisdiction; only the directors, officers, and employees of the Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) are eligible to purchase Fund shares. The Independent Directors also noted that Davis Selected Advisers, L.P. was the beneficial owner of 98.5% of all outstanding shares as of the year end 2014.

The Independent Directors noted that the Davis Research Fund's Class A shares underperformed its benchmark, the Standard & Poor's 500^® Index ("S&P 500^®"), over the one-, three-, five-, and ten-year time periods, all ended February 28, 2015. Lipper (an independent service provider) presented a report to the Independent Directors that compared the Fund to all retail and institutional large-cap core funds ("Performance Universe"), as well as the relevant Lipper Index. The report indicated that the Fund underperformed the Performance Universe and the Lipper Index over the one-, two-, three-, four-, five-, and ten-year time periods, all ended December 31, 2014. The Independent Directors also reviewed the Fund's performance versus the S&P 500^® and the Lipper Large-Cap Core category ("Lipper LCC") when measured over rolling five- and ten-year time periods. The Fund outperformed the S&P 500^® in 3 out of 9 rolling five-year time periods and outperformed the Lipper LCC category in 4 out of 9 rolling five-year time periods, all periods ended December 31 for each year from 2006 through 2014. The Fund outperformed the S&P 500^® in 1 out of 4 rolling ten-year time periods and outperformed the Lipper LCC category in 3 out of 4 rolling ten-year time periods, all periods ended December 31 for each year from 2011 through 2014.

The Independent Directors considered the management fee and total expense ratio for the Fund. The management fee and total expense ratio were reasonable and below the average and median of its peer group, as determined by Lipper.

22

DAVIS RESEARCH FUND Director Approval of Advisory Agreements (Unaudited) – (Continued)

Approval of Advisory Agreements

The Independent Directors concluded that Davis Advisors had provided Davis Research Fund and its shareholders a reasonable level of both investment and non-investment services. The Independent Directors further concluded that shareholders have received a significant benefit from Davis Advisors' shareholder-oriented approach, as well as the execution of its investment discipline.

The Independent Directors determined that the advisory fee for Davis Research Fund was reasonable in light of the nature, quality, and extent of the services being provided to the Fund, the costs incurred by Davis Advisors in providing such service, and in comparison to the range of the average advisory fees of its peer group, as determined by an independent service provider. The Independent Directors found that the terms of the Advisory Agreements were fair and reasonable and that continuation of the Advisory Agreements was in the best interest of the Fund and its shareholders. The Independent Directors and the full Board of Directors therefore voted to continue the Advisory Agreements.

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DAVIS RESEARCH FUND Privacy Notice and Householding

Privacy Notice

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

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

Householding

To avoid sending duplicate copies of materials to households, the Fund will mail only one copy of each prospectus, Annual, and Semi-Annual Report to shareholders having the same last name and address on the Fund's records. The consolidation of these mailings, called householding, benefits the Fund 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 Fund receives your request to stop householding.

24

DAVIS RESEARCH FUND Directors and Officers

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, Rodney Trust Company (trust and asset management company).
John S. Gates, Jr. (08/02/53)	Director	Director since 2007	Chairman and Chief Executive Officer of PortaeCo LLC (private investment company).	13	Director, DCT Industrial Trust (REIT).
Thomas S. Gayner (12/16/61)	Director/ Chairman	Director since 2004	President and Chief Investment Officer, Markel Corp. (diversified financial holding company).	13	Director, Graham Holdings Company (educational and media company); Director, Colfax Corp. (engineering and manufacturer of pumps and fluid handling equipment).
Samuel H. Iapalucci (07/19/52)	Director	Director since 2006	Retired; Executive Vice President and Chief Financial Officer, CH2M- HILL Companies, Ltd. (engineering) until 2008.	13	Director, exp Global Inc. (engineering).
Robert P. Morgenthau (03/22/57)	Director	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
Marsha Williams (03/28/51)	Director	Director since 1999	Retired; Senior Vice President and Chief Financial Officer, Orbitz Worldwide, Inc. (travel-services provider) 2007-2010.	13	Director, Modine Manufacturing Company (heat transfer technology); Director, Chicago Bridge & Iron Company, N.V. (industrial construction and engineering); Director, Fifth Third Bancorp (diversified financial services).

25

DAVIS RESEARCH FUND Directors and Officers – (Continued)

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

Interested 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 of certain companies affiliated with the Adviser.	16	Director, Selected Funds (consisting of two portfolios) since 1998; Trustee of Clipper Funds Trust (consisting of one portfolio) since 2014.
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 of 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 two portfolios) since 1998; Trustee of Clipper Funds Trust (consisting of one portfolio) since 2014; Director, Graham Holdings Company (educational and media 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 Interested Directors.

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

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

Douglas A. Haines (born 03/04/71, Davis Funds officer since 2004). Vice President, Treasurer, Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer of each of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), and Clipper Funds Trust (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 two portfolios), and Clipper Funds Trust (consisting of one portfolio); Vice President and Chief Compliance Officer, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

Ryan M. Charles (born 07/25/78, Davis Funds officer since 2014). Vice President and Secretary of each of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), and Clipper Funds Trust (consisting of one portfolio); Vice President, Chief Legal Officer, and Secretary, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

26

DAVIS RESEARCH FUND

Investment Adviser

Davis Selected Advisers, L.P. (Doing business as "Davis Advisors")

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

(800) 279-0279

Distributor

Davis Distributors, LLC

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

Transfer Agent

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 Research Fund, including management fee, charges, and expenses, see the current prospectus, which must precede or accompany this report. The Fund's Statement of Additional Information contains additional information about the Fund's Directors and is available without charge, upon request, by calling 1-800-279-0279.

ITEM 2.  CODE OF ETHICS

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

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

ITEM 3.  AUDIT COMMITTEE FINANCIAL EXPERT

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

ITEM 4.  PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a) Audit Fees.  The aggregate Audit Fees billed by KPMP LLP ("KPMG") for professional    services rendered for the audits of the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal year ends July 31, 2015 and July 31, 2014 were $118,320 and $118,320, 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, 2015 and July 31, 2014 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, 2015 and July 31, 2014 were $17,670 and $15,654, 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, 2015 and July 31, 2014 were $0 and $8,486, 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.

 (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, 2015 and July 31, 2014.  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 trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.  No such services were rendered.

ITEM 5.  AUDIT COMMITTEE OF LISTED REGISTRANTS

Not Applicable

ITEM 6.  SCHEDULE OF INVESTMENTS

Not Applicable.  The complete Schedule of Investments is included in Item 1 of this for N-CSR

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

Not Applicable

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

Not Applicable

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

Not Applicable

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

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

ITEM 11.  CONTROLS AND PROCUDURES

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2 (c) under the Investment Company Act of 1940, as amended) are effective as of a date within 90 days of the filing date of this report.

(b) There have been no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls.

ITEM 12.  EXHIBITS

(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.

(a)(3)  Not applicable

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached.

SIGNATURES

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

DAVIS NEW YORK VENTURE FUND, INC.

By	/s/ Kenneth C. Eich
	Kenneth C. Eich
	Principal Executive Officer

Date:  September 21, 2015

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

By	/s/ Kenneth C. Eich
	Kenneth C. Eich
	Principal Executive Officer

Date:  September 21, 2015

By	/s/ Douglas A. Haines
	Douglas A. Haines
	Principal Financial Officer

Date:  September 21, 2015