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DAVIS RESEARCH FUND
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Schedule of Investments - (Continued)
|
|
|
October 31, 2012
(Unaudited)
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|
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Principal
|
|
Value
|
SHORT-TERM INVESTMENTS
– (2.28%)
|
|
|
Banc of America Securities LLC Joint Repurchase Agreement, 0.30%, 11/01/12, dated 10/31/12, repurchase value of $304,003 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.789%-4.50%, 11/01/41-04/01/42, total market value $310,080)
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|
|
|
|
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Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.33%, 11/01/12, dated 10/31/12, repurchase value of $445,004 (collateralized by: U.S. Government agency obligations in a pooled cash account, 1.75%-2.625%, 06/30/14-11/15/21, total market value $453,900)
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|
|
|
|
|
|
|
|
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TOTAL SHORT-TERM INVESTMENTS – (Identified cost $749,000)
|
|
|
|
|
|
|
|
|
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|
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Total Investments – (99.90%) – (Identified cost $27,536,135) – (b)
|
|
|
32,740,239
|
|
|
|
Other Assets Less Liabilities – (0.10%)
|
|
|
32,228
|
|
|
Net Assets – (100.00%)
|
|
|
$
|
32,772,467
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|
|
ADR: American Depositary Receipt
|
|
|
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|
|
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*
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Non-Income producing security.
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(a)
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This security is subject to Rule 144A. The Board of Directors of the Fund has determined that there is sufficient liquidity in this security to realize current valuations. This security amounted to $319,875 or 0.98% of the Fund's net assets as of October 31, 2012.
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(b)
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Aggregate cost for federal income tax purposes is $27,544,026. At October 31, 2012 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
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|
|
|
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Unrealized appreciation
|
|
$
|
6,304,244
|
|
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|
Unrealized depreciation
|
|
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(1,108,031)
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|
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Net unrealized appreciation
|
|
$
|
5,196,213
|
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) are valued at the last reported sales price on the day of valuation. Securities traded in the over-the-counter market (e.g. NASDAQ) and listed securities for which no sale was reported on that date are stated 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. (“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 standardized 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 they deem 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. 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.
To assess the continuing appropriateness of security valuations, the Adviser may compare prior day prices, prices of comparable securities, and 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. For those securities valued by fair valuations, the Pricing Committee reviews and affirms the reasonableness of the valuation on a regular basis after considering all relevant information that is reasonably available.
Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value.
|
DAVIS RESEARCH FUND
|
Schedule of Investments - (Continued)
|
|
|
October 31, 2012
(Unaudited)
|
Security Valuation
–
(Continued)
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.
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Level 1 –
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quoted prices in active markets for identical securities
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Level 2 –
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other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment
speeds, credit risk, etc.)
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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 risk 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 October 31, 2012 in valuing the Fund's investments carried at value:
|
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Investments in Securities at Value
|
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Valuation Inputs
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Level 2:
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Level 3:
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Other Significant
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Significant
|
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Level 1:
|
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Observable
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Unobservable
|
|
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Quoted Prices
|
|
Inputs
|
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Inputs
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Total
|
|
Equity securities
:
|
|
|
|
|
|
|
|
|
|
|
|
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Consumer discretionary
|
$
|
2,603,132
|
|
$
|
–
|
|
$
|
–
|
|
$
|
2,603,132
|
|
Consumer staples
|
|
5,468,817
|
|
|
–
|
|
|
–
|
|
|
5,468,817
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|
Energy
|
|
937,029
|
|
|
–
|
|
|
–
|
|
|
937,029
|
|
Financials
|
|
6,491,024
|
|
|
–
|
|
|
–
|
|
|
6,491,024
|
|
Health care
|
|
1,515,750
|
|
|
–
|
|
|
–
|
|
|
1,515,750
|
|
Industrials
|
|
4,491,717
|
|
|
–
|
|
|
–
|
|
|
4,491,717
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|
Information technology
|
|
6,934,857
|
|
|
–
|
|
|
–
|
|
|
6,934,857
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|
Materials
|
|
3,085,538
|
|
|
–
|
|
|
–
|
|
|
3,085,538
|
|
Telecommunication services
|
|
143,500
|
|
|
–
|
|
|
–
|
|
|
143,500
|
|
Corporate debt securities
|
|
–
|
|
|
319,875
|
|
|
–
|
|
|
319,875
|
|
Short-term securities
|
|
–
|
|
|
749,000
|
|
|
–
|
|
|
749,000
|
|
Total Investments
|
$
|
31,671,364
|
|
$
|
1,068,875
|
|
$
|
–
|
|
$
|
32,740,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no transfers of assets (or investments) between Level 1 and Level 2 of the fair value hierarchy during the three months ended October 31, 2012.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.
ITEM 2. CONTROLS AND PROCEDURES
|
(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-3(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 3. EXHIBITS
EX-99.CERT - Section 302 Certification
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
DAVIS NEW YORK VENTURE FUND, INC.
By /s/ Kenneth C. Eich
Kenneth C. Eich
Principal Executive Officer
Date: December 28, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /s/ Kenneth C. Eich
Kenneth C. Eich
Principal Executive Officer
Date: December 28, 2012
By /s/ Douglas A. Haines
Douglas A. Haines
Principal Financial officer
Date: December 28, 2012
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