----

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| DAVIS SERIES, INC. | Table of Contents |
|--------------------|-------------------|
| Shareholder Letter                                                                                                                                                                                 | 2      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |
| Management's Discussion of Fund Performance:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| Davis Opportunity Fund                                                                                                                                                                                                                     | 3      |
| Davis Government Bond Fund                                                                                                                                                                                                                 | 5      |
| Davis Financial Fund                                                                                                                                                                                                                       | 7      |
| Davis Appreciation & Income Fund                                                                                                                                                                                                       | 9      |
| Davis Real Estate Fund                                                                                                                                                                                                                     | 11     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |
| Fund Overview:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
| Davis Opportunity Fund                                                                                                                                                                                                                     | 13     |
| Davis Government Bond Fund                                                                                                                                                                                                                 | 14     |
| Davis Government Money Market Fund                                                                                                                                                                                                         | 15     |
| Davis Financial Fund                                                                                                                                                                                                                       | 16     |
| Davis Appreciation & Income Fund                                                                                                                                                                                                       | 17     |
| Davis Real Estate Fund                                                                                                                                                                                                                     | 18     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |
| Expense Example                                                                                                                                                                                    | 19     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |
| Schedule of Investments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
| Davis Opportunity Fund                                                                                                                                                                                                                     | 22     |
| Davis Government Bond Fund                                                                                                                                                                                                                 | 26     |
| Davis Government Money Market Fund                                                                                                                                                                                                         | 29     |
| Davis Financial Fund                                                                                                                                                                                                                       | 32     |
| Davis Appreciation & Income Fund                                                                                                                                                                                                       | 34     |
| Davis Real Estate Fund                                                                                                                                                                                                                     | 38     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |
| Statements of Assets and Liabilities                                                                                                                                                               | 41     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |
| Statements of Operations                                                                                                                                                                           | 43     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |
| Statements of Changes in Net Assets                                                                                                                                                                | 44     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |
| Notes to Financial Statements                                                                                                                                                                      | 46     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |
| Financial Highlights                                                                                                                                                                               | 57     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |
| Director Approval of Advisory Agreements                                                                                                                                                           | 65     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |
| Privacy Notice and Householding                                                                                                                                                                    | 69     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |
| Directors and Officers                                                                                                                                                                             | 70     |

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| DAVIS SERIES, INC. | Shareholder Letter |
|--------------------|--------------------|

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| DAVIS SERIES, INC.     | Management's Discussion of Fund Performance |
|------------------------|---------------------------------------------|
| DAVIS OPPORTUNITY FUND |                                        |

----

----

| DAVIS SERIES, INC.                   | Management's Discussion of Fund Performance |
|--------------------------------------|---------------------------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) |                                        |
|   Fund & Benchmark Index | 1-Year | 5-Year | 10-Year | SinceInception                                   | InceptionDate | Gross Expense Ratio | Net Expense Ratio |
|----------------------------------------|--------|--------|---------|--------------------------------------------------|---------------|---------------------|-------------------|
|  Class A - without sales charge   | 29.92% | 18.73% | 7.64%   | 11.13%             | 12/01/94      | 0.96%               | 0.96%             |
|  Class A - with sales charge      | 23.75% | 17.58% | 7.11%   | 10.85%        | 12/01/94      | 0.96%               | 0.96%             |
|  Class B†, **               | 24.69% | 17.39% | 7.00%   | 11.68%        | 05/01/84      | 1.90%               | 1.90%             |
|  Class C**                        | 27.87% | 17.78% | 6.80%   | 6.76%         | 08/15/97      | 1.74%               | 1.74%             |
|  Class Y                          | 30.22% | 19.04% | 7.95%   | 7.58%         | 09/18/97      | 0.72%               | 0.72%             |
|  Russell 3000® Index***      | 25.22% | 19.33% | 8.23%   | 10.04%        |          |                |              |

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| DAVIS SERIES, INC.         | Management's Discussion of Fund Performance |
|----------------------------|---------------------------------------------|
| DAVIS GOVERNMENT BOND FUND |                                        |

----

----

| DAVIS SERIES, INC.                       | Management's Discussion of Fund Performance |
|------------------------------------------|---------------------------------------------|
| DAVIS GOVERNMENT BOND FUND - (CONTINUED) |                                        |
|  Fund & Benchmark Index                             | 1-Year  | 5-Year  | 10-Year | SinceInception | InceptionDate | Gross Expense Ratio | Net Expense Ratio |
|--------------------------------------------------------------|---------|---------|---------|----------------|---------------|---------------------|-------------------|
|  Class A - without sales charge                         | 0.85%   | 1.12%   | 2.32%   | 3.67%          | 12/01/94      | 0.91%               | 0.91%             |
|  Class A - with sales charge                            | (3.94)% | 0.14%   | 1.82%   | 3.41%          | 12/01/94      | 0.91%               | 0.91%             |
|  Class B†, **                                     | (3.91)% | (0.18)% | 1.76%   | 4.91%          | 05/01/84      | 1.80%               | 1.80%             |
|  Class C**                                              | (0.99)% | 0.27%   | 1.50%   | 2.29%          | 08/19/97      | 1.69%               | 1.69%             |
|  Class Y                                                | 1.44%   | 1.38%   | 2.50%   | 3.05%          | 09/01/98      | 0.50%               | 0.50%             |
|  Citigroup U.S. Treasury/Agency  1-3 Year Index*** | 0.75%   | 1.19%   | 2.69%   | 4.27%          |          |                |              |

----

| DAVIS SERIES, INC.   | Management's Discussion of Fund Performance |
|----------------------|---------------------------------------------|
| DAVIS FINANCIAL FUND |                                        |

----

----

| DAVIS SERIES, INC.                 | Management's Discussion of Fund Performance |
|------------------------------------|---------------------------------------------|
| DAVIS FINANCIAL FUND - (CONTINUED) |                                        |
|  Fund & Benchmark Index     | 1-Year | 5-Year | 10-Year | SinceInception                                   | InceptionDate | Gross Expense Ratio | Net Expense Ratio |
|--------------------------------------|--------|--------|---------|--------------------------------------------------|---------------|---------------------|-------------------|
|  Class A - without sales charge | 21.14% | 16.17% | 5.64%   | 12.04%        | 05/01/91      | 0.87%               | 0.87%             |
|  Class A - with sales charge    | 15.39% | 15.04% | 5.13%   | 11.80%        | 05/01/91      | 0.87%               | 0.87%             |
|  Class B†, **             | 15.82% | 14.66% | 4.92%   | 10.67%        | 12/27/94      | 1.93%               | 1.93%             |
|  Class C**                      | 19.04% | 15.12% | 4.71%   | 5.75%         | 08/12/97      | 1.77%               | 1.77%             |
|  Class Y                        | 21.37% | 16.34% | 5.79%   | 7.66%         | 03/10/97      | 0.71%               | 0.71%             |
|  S&P 500® Index***     | 24.61% | 18.83% | 7.78%   | 9.57%         |          |                |              |

----

| DAVIS SERIES, INC.                   | Management's Discussion of Fund Performance |
|--------------------------------------|---------------------------------------------|
| DAVIS APPRECIATION & INCOME FUND |                                        |

----

----

| DAVIS SERIES, INC.                                 | Management's Discussion of Fund Performance |
|----------------------------------------------------|---------------------------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) |                                        |
|  Fund & Benchmark Index     | 1-Year | 5-Year | 10-Year | SinceInception                                  | InceptionDate | Gross Expense Ratio | Net Expense Ratio |
|--------------------------------------|--------|--------|---------|-------------------------------------------------|---------------|---------------------|-------------------|
|  Class A - without sales charge | 25.77% | 15.96% | 7.13%   | 9.04%        | 05/01/92      | 0.86%               | 0.86%             |
|  Class A - with sales charge    | 19.79% | 14.84% | 6.60%   | 8.80%        | 05/01/92      | 0.86%               | 0.86%             |
|  Class B†, **             | 20.52% | 14.64% | 6.47%   | 8.68%        | 02/03/95      | 1.87%               | 1.87%             |
|  Class C**                      | 23.70% | 15.02% | 6.25%   | 5.41%        | 08/12/97      | 1.72%               | 1.72%             |
|  Class Y                        | 25.95% | 16.18% | 7.37%   | 7.77%             | 11/13/96      | 0.74%               | 0.74%             |
|  S&P 500® Index***     | 24.61% | 18.83% | 7.78%   | 9.47%        |          |                |              |

----

| DAVIS SERIES, INC.     | Management's Discussion of Fund Performance |
|------------------------|---------------------------------------------|
| DAVIS REAL ESTATE FUND |                                        |

----

----

| DAVIS SERIES, INC.                   | Management's Discussion of Fund Performance |
|--------------------------------------|---------------------------------------------|
| DAVIS REAL ESTATE FUND - (CONTINUED) |                                        |
|  Fund & Benchmark Indices                       | 1-Year       | 5-Year       | 10-Year     | SinceInception                                         | InceptionDate | Gross Expense Ratio | Net Expense Ratio |
|----------------------------------------------------------|--------------|--------------|-------------|--------------------------------------------------------|---------------|---------------------|-------------------|
|  Class A - without sales charge                     | 11.56%       | 19.74%       | 7.04%       | 9.92%               | 01/03/94      | 0.96%               | 0.96%             |
|  Class A - with sales charge                        | 6.26%        | 18.58%       | 6.52%       | 9.66%               | 01/03/94      | 0.96%               | 0.96%             |
|  Class B†, **                                 | 6.37%        | 18.24%       | 6.38%       | 9.70%               | 12/27/94      | 2.05%               | 2.05%             |
|  Class C**                                          | 9.61%        | 18.73%       | 6.19%       | 6.94%               | 08/13/97      | 1.84%               | 1.84%             |
|  Class Y                                            | 11.84%       | 20.08%       | 7.39%       | 9.25%               | 11/08/96      | 0.75%               | 0.75%             |
|  S&P 500® Index***                         | 24.61%       | 18.83%       | 7.78%       | 9.37%               |          |                |              |
|  Wilshire U.S. Real Estate Securities Index*** |  13.77% |  24.07% |  9.47% |  10.77%        |          |                |              |

----

| DAVIS SERIES, INC.     | Fund Overview             |
|------------------------|---------------------------|
| DAVIS OPPORTUNITY FUND | June 30, 2014 (Unaudited) |
| Portfolio Composition             |    | Industry Weightings            |
|-----------------------------------|---------|--------------------------------|
| (% of Fund's 06/30/14 Net Assets) |    | (% of 06/30/14 Stock Holdings) |
|                              |    |                           |   |   |   |   |
|                              |    |                           |   | Fund |   | Russell 3000® |
| Common Stock (U.S.)               | 72.72%  |                           | Information Technology | 24.87% |   | 18.33% |
| Common Stock (Foreign)            | 19.51%  |                           | Retailing | 12.95% |   | 4.08% |
| Stock Warrants                    | 0.75%   |                           | Health Care | 12.28% |   | 12.99% |
| Short-Term Investments            | 7.14%   |                           | Diversified Financials | 8.82% |   | 4.61% |
| Other Assets & Liabilities    | (0.12)% |                           | Media | 6.99% |   | 3.48% |
|                              | 100.00% |                           | Capital Goods | 6.66% |   | 8.20% |
|                              |    |                           | Transportation | 5.55% |   | 2.28% |
|                              |    |                           | Banks | 4.34% |   | 5.90% |
|                              |    |                           | Materials | 3.99% |   | 3.93% |
|                              |    |                           | Consumer Services | 2.94% |   | 2.16% |
|                              |    |                           | Consumer Durables & Apparel | 2.28% |   | 1.51% |
|                              |    |                           | Other | 1.95% |   | 14.05% |
|                              |    |                           | Energy | 1.84% |   | 9.82% |
|                              |    |                           | Insurance | 1.80% |   | 3.03% |
|                              |    |                           | Food, Beverage & Tobacco | 1.42% |   | 4.53% |
|                              |    |                           | Commercial & Professional Services | 1.32% |   | 1.10% |
|                              |    |                           |   | 100.00% |   | 100.00% |
| Top 10 Long-Term Holdings            |
|--------------------------------------|
| (% of Fund's 06/30/14 Net Assets)    |
|                                      |   |   |   |
| Google Inc.*                         | Software & Services | 5.95% |
| UnitedHealth Group Inc.              | Heath Care Equipment & Services | 4.52% |
| Liberty Global PLC, Series C         | Media | 4.40% |
| Berkshire Hathaway Inc., Class B     | Diversified Financial Services | 4.25% |
| Vipshop Holdings Ltd., ADS           | Retailing | 3.30% |
| Laboratory Corp. of America Holdings | Heath Care Equipment & Services | 2.98% |
| Wesco Aircraft Holdings, Inc.        | Transportation | 2.86% |
| Las Vegas Sands Corp.                | Consumer Services | 2.73% |
| PACCAR Inc.                          | Capital Goods | 2.52% |
| Amazon.com, Inc.                     | Retailing | 2.47% |

----

| DAVIS SERIES, INC.         | Fund Overview             |
|----------------------------|---------------------------|
| DAVIS GOVERNMENT BOND FUND | June 30, 2014 (Unaudited) |
| Portfolio Composition             |    | Industry Weightings          |
|-----------------------------------|---------|------------------------------|
| (% of Fund's 06/30/14 Net Assets) |    | (% of 06/30/14 Fixed Income) |
|                              |    |                         |   |   |
| Fixed Income                      | 94.62%  |                         | Collateralized Mortgage Obligations | 67.45% |
| Short-Term Investments            | 5.29%   |                         | Fannie Mae Mortgage Pools | 24.81% |
| Other Assets & Liabilities    | 0.09%   |                         | Freddie Mac Mortgage Pools | 7.45% |
|                              | 100.00% |                         | Other Agencies | 0.29% |
|                              |    |                         |   | 100.00% |
| Top 10 Fixed Income Holdings                 |
|----------------------------------------------|
| (% of Fund's 06/30/14 Net Assets)       |
|                                              |   |   |   |
| Freddie Mac, 3.00%, 12/15/43                 | Collateralized Mortgage Obligations | 5.20% |
| Fannie Mae, 3.00%, 08/25/42                  | Collateralized Mortgage Obligations | 5.03% |
| Fannie Mae, 3.00%, 02/25/43                  | Collateralized Mortgage Obligations | 4.90% |
| Fannie Mae, 2.50%, 11/01/22, Pool No. AQ4765 | Fannie Mae Mortgage Pools | 4.39% |
| Fannie Mae, 3.00%, 08/25/42                  | Collateralized Mortgage Obligations | 4.08% |
| Fannie Mae, 3.65%, 01/01/18, Pool No. 467153 | Fannie Mae Mortgage Pools | 3.92% |
| Fannie Mae, 4.00%, 02/01/30, Pool No. MA0329 | Fannie Mae Mortgage Pools | 3.88% |
| Fannie Mae, 0.502%, 04/25/38                 | Collateralized Mortgage Obligations | 3.54% |
| Fannie Mae, 2.50%, 10/01/27, Pool No. AP9869 | Fannie Mae Mortgage Pools | 3.01% |
| Freddie Mac, 3.00%, 10/15/26                 | Collateralized Mortgage Obligations | 2.84% |

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| DAVIS SERIES, INC.                 | Fund Overview             |
|------------------------------------|---------------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND | June 30, 2014 (Unaudited) |
| Portfolio Composition             |    | Maturity Diversification           |
|-----------------------------------|---------|------------------------------------|
| (% of Fund's 06/30/14 Net Assets) |    | (% of 06/30/14 Portfolio Holdings) |
|                              |    |                               |   |   |
| Repurchase Agreements             | 35.90%  |                               | 0-30 Days | 69.77% |
| Federal Home Loan Bank            | 24.76%  |                               | 31-90 Days | 9.86% |
| Federal Farm Credit Bank          | 17.03%  |                               | 91-180 Days | 11.43% |
| Freddie Mac                       | 9.44%   |                               | 181-397 Days | 8.94% |
| Fannie Mae                        | 5.92%   |                               |   | 100.00% |
| Other Agencies                    | 2.67%   |                               |   |   |
| Other Assets & Liabilities    | 4.28%   |                               |   |   |
|                              | 100.00% |                               |   |   |

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| DAVIS SERIES, INC.   | Fund Overview             |
|----------------------|---------------------------|
| DAVIS FINANCIAL FUND | June 30, 2014 (Unaudited) |
| Portfolio Composition             |    | Industry Weightings            |
|-----------------------------------|---------|--------------------------------|
| (% of Fund's 06/30/14 Net Assets) |    | (% of 06/30/14 Stock Holdings) |
|                              |    |                           |   |   |   |   |
|                              |    |                           |   | Fund |   | S&P 500® |
| Common Stock (U.S.)               | 82.69%  |                           | Diversified Financials | 42.60% |   | 5.02% |
| Common Stock (Foreign)            | 15.66%  |                           | Insurance | 31.16% |   | 2.86% |
| Short-Term Investments            | 2.01%   |                           | Banks | 18.87% |   | 6.00% |
| Other Assets & Liabilities    | (0.36)% |                           | Energy | 4.41% |   | 10.85% |
|                              | 100.00% |                           | Information Technology | 2.96% |   | 18.82% |
|                              |    |                           | Health Care | – |   | 13.30% |
|                              |    |                           | Capital Goods | – |   | 7.79% |
|                              |    |                           | Food, Beverage & Tobacco | – |   | 5.23% |
|                              |    |                           | Retailing | – |   | 4.03% |
|                              |    |                           | Media | – |   | 3.60% |
|                              |    |                           | Other | – |   | 22.50% |
|                              |    |                           |   | 100.00% |   | 100.00% |
| Top 10 Long-Term Holdings                 |
|-------------------------------------------|
| (% of Fund's 06/30/14 Net Assets)         |
|                                           |   |   |   |
| American Express Co.                      | Consumer Finance | 9.90% |
| Wells Fargo & Co.                     | Banks | 9.88% |
| Bank of New York Mellon Corp.             | Capital Markets | 6.54% |
| Markel Corp.                              | Property & Casualty Insurance | 6.44% |
| American International Group, Inc.        | Multi-line Insurance | 4.71% |
| Visa Inc., Class A                        | Diversified Financial Services | 4.67% |
| Everest Re Group, Ltd.                    | Reinsurance | 4.64% |
| JPMorgan Chase & Co.                  | Banks | 4.41% |
| Brookfield Asset Management Inc., Class A | Capital Markets | 4.38% |
| Julius Baer Group Ltd.                    | Capital Markets | 4.36% |

----

| DAVIS SERIES, INC.                   | Fund Overview             |
|--------------------------------------|---------------------------|
| DAVIS APPRECIATION & INCOME FUND | June 30, 2014 (Unaudited) |
| Portfolio Composition             |    | Industry Weightings                 |
|-----------------------------------|---------|-------------------------------------|
| (% of Fund's 06/30/14 Net Assets) |    | (% of 06/30/14 Long-Term Portfolio) |
|                              |    |                                |   |   |   |   |
|                              |    |                                |   | Fund |   | S&P 500® |
| Common Stock (U.S.)               | 65.56%  |                                | Materials | 14.77% |   | 3.50% |
| Common Stock (Foreign)            | 6.17%   |                                | Capital Goods | 13.40% |   | 7.79% |
| Convertible Bonds                 | 21.39%  |                                | Energy | 12.01% |   | 10.85% |
| Convertible Preferred Stock       | 4.49%   |                                | Information Technology | 10.70% |   | 18.82% |
| Corporate Bonds (U.S.)            | 1.30%   |                                | Health Care | 7.27% |   | 13.30% |
| Corporate Bonds (Foreign)         | 0.33%   |                                | Banks | 6.39% |   | 6.00% |
| Short-Term Investments            | 0.22%   |                                | Retailing | 6.21% |   | 4.03% |
| Other Assets & Liabilities    | 0.54%   |                                | Real Estate | 5.08% |   | 2.24% |
|                              | 100.00% |                                | Utilities | 4.27% |   | 3.15% |
|                              |    |                                | Commercial & Professional Services | 3.55% |   | 0.68% |
|                              |    |                                | Media | 3.16% |   | 3.60% |
|                              |    |                                | Diversified Financials | 2.98% |   | 5.02% |
|                              |    |                                | Food & Staples Retailing | 2.95% |   | 2.26% |
|                              |    |                                | Food, Beverage & Tobacco | 2.54% |   | 5.23% |
|                              |    |                                | Consumer Services | 2.50% |   | 1.74% |
|                              |    |                                | Other | 2.22% |   | 11.79% |
|                              |    |                                |   | 100.00% |   | 100.00% |
| Top 10 Long-Term Holdings                                                           |
|------------------------------------------------------------------------------------------|
|  (% of Fund's 06/30/14 Net Assets)                                                  |
|                                                                                     |  |  |
| Intel Corp., Conv. Jr. Sub. Deb., 3.25%, 08/01/39                                   | Semiconductors & Semiconductor Equipment | 5.85% |
| United States Steel Corp., Conv. Sr. Notes,     2.75%, 04/01/19 | Materials | 4.81% |
| Devon Energy Corp.                                                                       | Energy | 4.59% |
| Allegheny Technologies, Inc.                                                             | Materials | 4.33% |
| Universal Health Services, Inc., Class B                                                 | Health Care Equipment & Services | 4.21% |
| United Rentals, Inc., Conv. Sr. Notes, 4.00%,     11/15/15      | Capital Goods | 3.91% |
| Nabors Industries Ltd.                                                                   | Energy | 3.83% |
| Kohl's Corp.                                                                             | Retailing | 3.74% |
| Quanta Services, Inc.                                                                    | Capital Goods | 3.53% |
| Waste Connections, Inc.                                                                  | Commercial & Professional Services | 3.52% |

----

| DAVIS SERIES, INC.     | Fund Overview             |
|------------------------|---------------------------|
| DAVIS REAL ESTATE FUND | June 30, 2014 (Unaudited) |
| Portfolio Composition             |    | Industry Weightings                 |
|-----------------------------------|---------|-------------------------------------|
| (% of Fund's 06/30/14 Net Assets) |    | (% of 06/30/14 Long-Term Portfolio) |
|                              |    |                                |   |   |   |
|                              |    |                                |   |   | Wilshire U.S. |
|                              |    |                                |   |   | Real Estate |
|                              |    |                                |   | Fund |   | Securities Index |
| Common Stock                      | 91.21%  |                                | Retail REITs | 22.12% |   | 24.26% |
| Convertible Bonds                 | 0.70%   |                                | Office REITs | 18.08% |   | 15.58% |
| Short-Term Investments            | 7.87%   |                                | Residential REITs | 17.43% |   | 18.05% |
| Other Assets & Liabilities    | 0.22%   |                                | Specialized REITs | 10.85% |   | 6.61% |
|                              | 100.00% |                                | Industrial REITs | 7.21% |   | 5.20% |
|                              |    |                                | Diversified REITs | 6.19% |   | 7.63% |
|                              |    |                                | Real Estate Operating Companies | 5.56% |   | 0.62% |
|                              |    |                                | Hotels & Resort REITs | 4.93% |   | 8.78% |
|                              |    |                                | Diversified Real Estate Activities | 2.88% |   | – |
|                              |    |                                | Telecommunication Services | 2.57% |   | – |
|                              |    |                                | Health Care REITs | 2.18% |   | 12.87% |
|                              |    |                                | Hotels, Resorts & Cruise Lines | – |   | 0.40% |
|                              |    |                                |   | 100.00% |   | 100.00% |
| Top 10 Long-Term Holdings              |
|----------------------------------------|
| (% of Fund's 06/30/14 Net Assets)      |
|                                        |   |   |   |
| Simon Property Group, Inc.             | Retail REITs | 5.32% |
| American Tower Corp.                   | Specialized REITs | 4.94% |
| AvalonBay Communities, Inc.            | Residential REITs | 4.83% |
| Forest City Enterprises, Inc., Class A | Real Estate Operating Companies | 4.42% |
| Alexandria Real Estate Equities, Inc.  | Office REITs | 3.73% |
| Acadia Realty Trust                    | Retail REITs | 3.15% |
| Essex Property Trust, Inc.             | Residential REITs | 3.08% |
| Post Properties, Inc.                  | Residential REITs | 3.05% |
| Corporate Office Properties Trust      | Office REITs | 2.95% |
| General Growth Properties, Inc.        | Retail REITs | 2.94% |

----

| DAVIS SERIES, INC. | Expense Example (Unaudited) |
|--------------------|-----------------------------|

----

| DAVIS SERIES, INC. | Expense Example (Unaudited) – (Continued) |
|--------------------|-------------------------------------------------|
|                                                    | BeginningAccount Value |   | EndingAccount Value |   | Expenses PaidDuring Period* |
|---------------------------------------------------------|------------------------|--------|---------------------|--------|-----------------------------|
|                                                    | (01/01/14)             |   | (06/30/14)          |   | (01/01/14-06/30/14)         |
|                                                    |                   |   |                |   |                        |
| Davis Opportunity Fund                                  |                   |   |                |   |                        |
| Class A (annualized expense ratio 0.96%**)              |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,091.27           |   | $4.98                       |
| Hypothetical                                            | $1,000.00              |   | $1,020.03           |   | $4.81                       |
| Class B (annualized expense ratio 1.90%**)              |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,085.75           |   | $9.83                       |
| Hypothetical                                            | $1,000.00              |   | $1,015.37           |   | $9.49                       |
| Class C (annualized expense ratio 1.74%**)              |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,086.75           |   | $9.00                       |
| Hypothetical                                            | $1,000.00              |   | $1,016.17           |   | $8.70                       |
| Class Y (annualized expense ratio 0.72%**)              |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,092.48           |   | $3.74                       |
| Hypothetical                                            | $1,000.00              |   | $1,021.22           |   | $3.61                       |
|                                                    |                   |   |                |   |                        |
| Davis Government Bond Fund                              |                   |   |                |   |                        |
| Class A (annualized expense ratio 0.91%**)              |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,009.73           |   | $4.53                       |
| Hypothetical                                            | $1,000.00              |   | $1,020.28           |   | $4.56                       |
| Class B (annualized expense ratio 1.80%**)              |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,006.47           |   | $8.95                       |
| Hypothetical                                            | $1,000.00              |   | $1,015.87           |   | $9.00                       |
| Class C (annualized expense ratio 1.69%**)              |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,005.60           |   | $8.40                       |
| Hypothetical                                            | $1,000.00              |   | $1,016.41           |   | $8.45                       |
| Class Y (annualized expense ratio 0.50%**)              |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,013.60           |   | $2.50                       |
| Hypothetical                                            | $1,000.00              |   | $1,022.32           |   | $2.51                       |
|                                                    |                   |   |                |   |                        |
| Davis Government Money Market Fund                      |                   |   |                |   |                        |
| Class A, B, C, and Y (annualized expense ratio 0.03%**) |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,000.34           |   | $0.15                       |
| Hypothetical                                            | $1,000.00              |   | $1,024.65           |   | $0.15                       |
|                                                    |                   |   |                |   |                        |
| Davis Financial Fund                                    |                   |   |                |   |                        |
| Class A (annualized expense ratio 0.87%**)              |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,059.18           |   | $4.44                       |
| Hypothetical                                            | $1,000.00              |   | $1,020.48           |   | $4.36                       |
| Class B (annualized expense ratio 1.93%**)              |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,053.93           |   | $9.83                       |
| Hypothetical                                            | $1,000.00              |   | $1,015.22           |   | $9.64                       |
| Class C (annualized expense ratio 1.77%**)              |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,054.75           |   | $9.02                       |
| Hypothetical                                            | $1,000.00              |   | $1,016.02           |   | $8.85                       |
| Class Y (annualized expense ratio 0.71%**)              |                   |   |                |   |                        |
| Actual                                                  | $1,000.00              |   | $1,060.23           |   | $3.63                       |
| Hypothetical                                            | $1,000.00              |   | $1,021.27           |   | $3.56                       |

----

| DAVIS SERIES, INC. | Expense Example (Unaudited) – (Continued) |
|--------------------|-------------------------------------------------|
|                                       | BeginningAccount Value |   | EndingAccount Value |   | Expenses PaidDuring Period* |
|--------------------------------------------|------------------------|--------|---------------------|--------|-----------------------------|
|                                       | (01/01/14)             |   | (06/30/14)          |   | (01/01/14-06/30/14)         |
|                                       |                   |   |                |   |                        |
| Davis Appreciation & Income Fund       |                   |   |                |   |                        |
| Class A (annualized expense ratio 0.86%**) |                   |   |                |   |                        |
| Actual                                     | $1,000.00              |   | $1,074.51           |   | $4.42                       |
| Hypothetical                               | $1,000.00              |   | $1,020.53           |   | $4.31                       |
| Class B (annualized expense ratio 1.87%**) |                   |   |                |   |                        |
| Actual                                     | $1,000.00              |   | $1,069.01           |   | $9.59                       |
| Hypothetical                               | $1,000.00              |   | $1,015.52           |   | $9.35                       |
| Class C (annualized expense ratio 1.72%**) |                   |   |                |   |                        |
| Actual                                     | $1,000.00              |   | $1,070.05           |   | $8.83                       |
| Hypothetical                               | $1,000.00              |   | $1,016.27           |   | $8.60                       |
| Class Y (annualized expense ratio 0.74%**) |                   |   |                |   |                        |
| Actual                                     | $1,000.00              |   | $1,075.18           |   | $3.81                       |
| Hypothetical                               | $1,000.00              |   | $1,021.12           |   | $3.71                       |
|                                       |                   |   |                |   |                        |
| Davis Real Estate Fund                     |                   |   |                |   |                        |
| Class A (annualized expense ratio 0.96%**) |                   |   |                |   |                        |
| Actual                                     | $1,000.00              |   | $1,155.11           |   | $5.31                       |
| Hypothetical                               | $1,000.00              |   | $1,020.03           |   | $4.81                       |
| Class B (annualized expense ratio 2.05%**) |                   |   |                |   |                        |
| Actual                                     | $1,000.00              |   | $1,149.21           |   | $10.92            |
| Hypothetical                               | $1,000.00              |   | $1,014.63           |   | $10.24            |
| Class C (annualized expense ratio 1.84%**) |                   |   |                |   |                        |
| Actual                                     | $1,000.00              |   | $1,150.18           |   | $9.81                       |
| Hypothetical                               | $1,000.00              |   | $1,015.67           |   | $9.20                       |
| Class Y (annualized expense ratio 0.75%**) |                   |   |                |   |                        |
| Actual                                     | $1,000.00              |   | $1,156.56           |   | $4.01                       |
| Hypothetical                               | $1,000.00              |   | $1,021.08           |   | $3.76                       |
| 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 and/or waivers from the Adviser.                                                                                   |

----

| DAVIS SERIES, INC.     | Schedule of Investments   |
|------------------------|---------------------------|
| DAVIS OPPORTUNITY FUND | June 30, 2014 (Unaudited) |
|                          | Shares                                                        |                                                            | Value (Note 1)               |
|-------------------------------|---------------------------------------------------------------|-----------------------------------------------------------------|------------------------------|
| COMMON STOCK – (92.23%) |
|                          | CONSUMER DISCRETIONARY – (23.39%)                       |
|                          |                                                               | Consumer Durables & Apparel – (2.12%)                 |
|                          |                                                          | Compagnie Financiere Richemont S.A., Unit A  (Switzerland) |                         |   | 55,900 |   | $ | 5,865,466 |
|                          | Hunter Douglas N.V.  (Netherlands)                       |                                                            |                         | 72,060 |   |   | 3,453,512 |
|                          | NIKE, Inc., Class B                                           |                                                            |                         | 51,870 |   |   | 4,022,518 |
|                          |                                                          |                                                            | 13,341,496                   |
|                          | Consumer Services – (2.73%)                             |
|                          | Las Vegas Sands Corp.                                         |                                                            |                         | 225,480 |   |   | 17,186,086 |
|                          | Media – (6.50%)                                         |
|                          | Liberty Global PLC, Series C  *                          |                                                            |                         | 654,530 |   |   | 27,702,982 |
|                          | Time Warner Cable Inc.                                        |                                                            |                         | 42,780 |   |   | 6,301,494 |
|                          | Twenty-First Century Fox, Inc., Class B                       |                                                            |                         | 201,750 |   |   | 6,904,894 |
|                          |                                                          |                                                            | 40,909,370                   |
|                          | Retailing – (12.04%)                                    |
|                          | Amazon.com, Inc.  *                                      |                                                            |                         | 47,920 |   |   | 15,563,697 |
|                          | Coupons.com Inc.  *                                      |                                                            |                         | 238,000 |   |   | 6,261,780 |
|                          | JD.com Inc., Class A, ADR  (China)*                      |                                                            |                         | 225,800 |   |   | 6,437,558 |
|                          | Jumei International Holding Ltd., Class A, ADR  (China)* |                                                            |                         | 51,100 |   |   | 1,389,920 |
|                          | Lowe's Cos, Inc.                                              |                                                            |                         | 132,920 |   |   | 6,378,831 |
|                          | Netflix Inc.  *                                          |                                                            |                         | 9,550 |   |   | 4,208,589 |
|                          | Priceline Group Inc.  *                                  |                                                            |                         | 10,415 |   |   | 12,533,046 |
|                          | TJX Cos, Inc.                                                 |                                                            |                         | 42,130 |   |   | 2,239,210 |
|                          | Vipshop Holdings Ltd., ADS  (China)*                     |                                                            |                         | 110,770 |   |   | 20,795,960 |
|                          |                                                          |                                                            | 75,808,591                   |
|                          |                                                          |                                                            | TOTAL CONSUMER DISCRETIONARY |   |   | 147,245,543 |
|                          | CONSUMER STAPLES – (3.14%)                              |
|                          | Food & Staples Retailing – (1.00%)                  |
|                          | Brasil Pharma S.A.  (Brazil)*                            |                                                            |                         | 553,100 |   |   | 923,711 |
|                          | Sysco Corp.                                                   |                                                            |                         | 143,100 |   |   | 5,359,095 |
|                          |                                                          |                                                            | 6,282,806                    |
|                          | Food, Beverage & Tobacco – (1.32%)                  |
|                          | Diageo PLC  (United Kingdom)                             |                                                            |                         | 74,971 |   |   | 2,394,178 |
|                          | Philip Morris International Inc.                              |                                                            |                         | 30,800 |   |   | 2,596,748 |
|                          | Unilever N.V., NY Shares  (Netherlands)                  |                                                            |                         | 76,185 |   |   | 3,333,855 |
|                          |                                                          |                                                            | 8,324,781                    |
|                          | Household & Personal Products – (0.82%)             |
|                          | Colgate-Palmolive Co.                                         |                                                            |                         | 75,950 |   |   | 5,178,271 |
|                          | TOTAL CONSUMER STAPLES                                        |                                                            |                         | 19,785,858 |
|                          | ENERGY – (1.71%)                                        |
|                          | Schlumberger Ltd.                                             |                                                            |                         | 45,550 |   |   | 5,372,623 |
|                          | Ultra Petroleum Corp.  *                                 |                                                            |                         | 181,670 |   |   | 5,393,782 |
|                          | TOTAL ENERGY                                                  |                                                            |                         | 10,766,405 |
|                          | FINANCIALS – (13.16%)                                   |
|                          | Banks – (3.28%)                                         |
|                          | U.S. Bancorp                                                  |                                                            |                         | 152,760 |   |   | 6,617,563 |
|                          | Wells Fargo & Co.                                         |                                                            |                         | 267,460 |   |   | 14,057,698 |
|                          |                                                          |                                                            | 20,675,261                   |

----

| DAVIS SERIES, INC.                   | Schedule of Investments   |
|--------------------------------------|---------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | June 30, 2014 (Unaudited) |
|                             | Shares                                                             |                                             | Value (Note 1)   |
|----------------------------------|--------------------------------------------------------------------|--------------------------------------------------|------------------|
| COMMON STOCK – (CONTINUED) |
|                             | FINANCIALS – (CONTINUED)                                     |
|                             |                                                                    | Diversified Financials – (8.21%)           |
|                             |                                                                    | Capital Markets – (1.71%)                  |
|                             |                                                               | CETIP S.A. - Mercados Organizados  (Brazil) |             |   | 199,800 |   | $ | 2,843,951 |
|                             | Charles Schwab Corp.                                               |                                             |             | 293,020 |   |   | 7,891,029 |
|                             |                                                               | 10,734,980                                       |
|                             | Diversified Financial Services – (6.50%)                     |
|                             | Berkshire Hathaway Inc., Class B  *                           |                                             |             | 211,411 |   |   | 26,756,176 |
|                             | BM&FBOVESPA S.A.  (Brazil)                                |                                             |             | 1,161,400 |   |   | 6,092,159 |
|                             | Visa Inc., Class A                                                 |                                             |             | 38,355 |   |   | 8,081,782 |
|                             |                                                               | 40,930,117                                       |
|                             |                                                               |                                             | 51,665,097       |
|                             | Insurance – (1.67%)                                          |
|                             | Property & Casualty Insurance – (1.67%)                  |
|                             | Markel Corp.  *                                               |                                             |             | 16,035 |   |   | 10,513,188 |
|                             |                                                               |                                             | TOTAL FINANCIALS |   |   | 82,853,546 |
|                             | HEALTH CARE – (11.42%)                                       |
|                             | Health Care Equipment & Services – (10.21%)              |
|                             | Diagnosticos da America S.A.  (Brazil)                        |                                             |             | 149,770 |   |   | 951,017 |
|                             | Express Scripts Holding Co.  *                                |                                             |             | 47,300 |   |   | 3,279,073 |
|                             | IDEXX Laboratories, Inc.  *                                   |                                             |             | 52,130 |   |   | 6,964,568 |
|                             | Laboratory Corp. of America Holdings  *                       |                                             |             | 183,000 |   |   | 18,739,200 |
|                             | Quest Diagnostics Inc.                                             |                                             |             | 53,030 |   |   | 3,112,331 |
|                             | UnitedHealth Group Inc.                                            |                                             |             | 348,100 |   |   | 28,457,175 |
|                             | WellPoint, Inc.                                                    |                                             |             | 25,580 |   |   | 2,752,664 |
|                             |                                                               |                                             | 64,256,028       |
|                             | Pharmaceuticals, Biotechnology & Life Sciences – (1.21%) |
|                             | Agilent Technologies, Inc.                                         |                                             |             | 28,234 |   |   | 1,621,761 |
|                             | Valeant Pharmaceuticals International, Inc.  (Canada)*        |                                             |             | 47,620 |   |   | 6,005,834 |
|                             |                                                               |                                             | 7,627,595        |
|                             | TOTAL HEALTH CARE                                                  |                                             |             | 71,883,623 |
|                             | INDUSTRIALS – (12.57%)                                       |
|                             | Capital Goods – (6.19%)                                      |
|                             | PACCAR Inc.                                                        |                                             |             | 253,040 |   |   | 15,897,238 |
|                             | Rockwell Automation, Inc.                                          |                                             |             | 34,500 |   |   | 4,318,020 |
|                             | Textron Inc.                                                       |                                             |             | 376,230 |   |   | 14,405,847 |
|                             | TransDigm Group, Inc.  *                                      |                                             |             | 26,030 |   |   | 4,353,778 |
|                             |                                                               |                                             | 38,974,883       |
|                             | Commercial & Professional Services – (1.22%)             |
|                             | Experian PLC  (United Kingdom)                                |                                             |             | 455,602 |   |   | 7,703,606 |
|                             | Transportation – (5.16%)                                     |
|                             | FedEx Corp.                                                        |                                             |             | 36,440 |   |   | 5,516,287 |
|                             | Kuehne & Nagel International AG  (Switzerland)            |                                             |             | 67,166 |   |   | 8,937,289 |
|                             | Wesco Aircraft Holdings, Inc.  *                              |                                             |             | 902,650 |   |   | 18,016,894 |
|                             |                                                               |                                             | 32,470,470       |
|                             | TOTAL INDUSTRIALS                                                  |                                             |             | 79,148,959 |
|                             | INFORMATION TECHNOLOGY – (23.13%)                            |
|                             | Semiconductors & Semiconductor Equipment – (2.52%)       |
|                             | Altera Corp.                                                       |                                             |             | 38,800 |   |   | 1,348,882 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments   |
|--------------------------------------|---------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | June 30, 2014 (Unaudited) |
|                                   | Shares/Units/ Principal                                                                                                                                                                                                                                                                |                                                                  | Value (Note 1)               |
|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|------------------------------|
| COMMON STOCK – (CONTINUED)       |
|                                   | INFORMATION TECHNOLOGY – (CONTINUED)                                                                                                                                                                                                                                             |
|                                   |                                                                                                                                                                                                                                                                                        | Semiconductors & Semiconductor Equipment – (Continued)      |
|                                   |                                                                                                                                                                                                                                                                                   | Applied Materials, Inc.                                               |                         |   | 116,400 |   | $ | 2,625,402 |
|                                   | Intel Corp.                                                                                                                                                                                                                                                                            |                                                                  |                         | 70,700 |   |   | 2,184,984 |
|                                   | Texas Instruments Inc.                                                                                                                                                                                                                                                                 |                                                                  |                         | 202,950 |   |   | 9,699,995 |
|                                   |                                                                                                                                                                                                                                                                                   |                                                                  | 15,859,263                   |
|                                   | Software & Services – (19.98%)                                                                                                                                                                                                                                               |
|                                   | 58.com Inc., Class A, ADR  (China)*                                                                                                                                                                                                                                               |                                                                  |                         | 22,050 |   |   | 1,192,023 |
|                                   | Angie's List Inc.  *                                                                                                                                                                                                                                                              |                                                                  |                         | 678,145 |   |   | 8,100,442 |
|                                   | ASAC II L.P., Private Placement  *(a)                                                                                                                                                                                                                                             |                                                                  |                         | 6,900,000 |   |   | 10,226,490 |
|                                   | Google Inc., Class A  *                                                                                                                                                                                                                                                           |                                                                  |                         | 32,313 |   |   | 18,896,158 |
|                                   | Google Inc., Class C  *                                                                                                                                                                                                                                                           |                                                                  |                         | 32,313 |   |   | 18,594,354 |
|                                   | GrubHub, Inc.  *                                                                                                                                                                                                                                                                  |                                                                  |                         | 146,220 |   |   | 5,177,650 |
|                                   | International Business Machines Corp.                                                                                                                                                                                                                                                  |                                                                  |                         | 5,344 |   |   | 968,707 |
|                                   | Microsoft Corp.                                                                                                                                                                                                                                                                        |                                                                  |                         | 281,850 |   |   | 11,754,554 |
|                                   | Oracle Corp.                                                                                                                                                                                                                                                                           |                                                                  |                         | 142,500 |   |   | 5,775,525 |
|                                   | Qihoo 360 Technology Co. Ltd., Class A, ADR  (China)*                                                                                                                                                                                                                             |                                                                  |                         | 140,520 |   |   | 12,933,461 |
|                                   | Salesforce.com, Inc.  *                                                                                                                                                                                                                                                           |                                                                  |                         | 62,350 |   |   | 3,621,288 |
|                                   | SAP SE, ADR  (Germany)                                                                                                                                                                                                                                                            |                                                                  |                         | 68,161 |   |   | 5,248,397 |
|                                   | SouFun Holdings Ltd., Class A, ADR  (China)                                                                                                                                                                                                                                       |                                                                  |                         | 1,064,410 |   |   | 10,420,574 |
|                                   | Twitter, Inc.  *                                                                                                                                                                                                                                                                  |                                                                  |                         | 80,540 |   |   | 3,299,724 |
|                                   | Youku Tudou Inc., ADR  (China)*                                                                                                                                                                                                                                                   |                                                                  |                         | 401,160 |   |   | 9,571,677 |
|                                   |                                                                                                                                                                                                                                                                                   |                                                                  | 125,781,024                  |
|                                   | Technology Hardware & Equipment – (0.63%)                                                                                                                                                                                                                                    |
|                                   | Hewlett-Packard Co.                                                                                                                                                                                                                                                                    |                                                                  |                         | 118,184 |   |   | 3,980,437 |
|                                   |                                                                                                                                                                                                                                                                                   |                                                                  | TOTAL INFORMATION TECHNOLOGY |   |   | 145,620,724 |
|                                   | MATERIALS – (3.71%)                                                                                                                                                                                                                                                              |
|                                   | Air Products and Chemicals, Inc.                                                                                                                                                                                                                                                       |                                                                  |                         | 31,620 |   |   | 4,066,964 |
|                                   | Lafarge S.A.  (France)                                                                                                                                                                                                                                                            |                                                                  |                         | 72,800 |   |   | 6,320,033 |
|                                   | Sherwin-Williams Co.                                                                                                                                                                                                                                                                   |                                                                  |                         | 13,130 |   |   | 2,716,728 |
|                                   | Sigma-Aldrich Corp.                                                                                                                                                                                                                                                                    |                                                                  |                         | 101,080 |   |   | 10,257,599 |
|                                   | TOTAL MATERIALS                                                                                                                                                                                                                                                                        |                                                                  |                         | 23,361,324 |
|                                   |                                                                                                                                                                                                                                                                                   |  TOTAL COMMON STOCK – (Identified cost $427,629,694)  |                         |   | 580,665,982 |
| STOCK WARRANTS – (0.75%)         |
|                                   | FINANCIALS – (0.75%)                                                                                                                                                                                                                                                             |
|                                   | Banks – (0.75%)                                                                                                                                                                                                                                                                  |
|                                   | Wells Fargo & Co., strike price $34.01, expires 10/28/18  *                                                                                                                                                                                                                   |                                                                  |                         | 20,450 |   |   | 4,726,448 |
|                                   |  TOTAL STOCK WARRANTS – (Identified cost $1,764,508)                                                                                                                                                                                                                   |                                                                  |                         | 4,726,448 |
| SHORT-TERM INVESTMENTS – (7.14%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.12%, 07/01/14, dated 06/30/14, repurchase value of $21,403,071 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.00%, 07/03/14-06/01/44, total market value $21,831,060) |                                                                  | $                            | 21,403,000 |   |   | 21,403,000 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments   |
|--------------------------------------|---------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | June 30, 2014 (Unaudited) |

|                               | Principal                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                              | Value (Note 1) |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|
| SHORT-TERM INVESTMENTS - CONTINUED |
|                               |                                                                                                                                                                                                                                                                        | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.11%, 07/01/14, dated 06/30/14, repurchase value of $19,858,061 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-5.00%, 04/15/42-06/20/44, total market value $20,255,160) |           | $ | 19,858,000 |   | $ | 19,858,000 |
|                               | SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.15%, 07/01/14, dated 06/30/14, repurchase value of $3,723,016 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.997%-5.00%, 11/01/22-06/01/44, total market value $3,797,460) |                                                                                                                                                                                                                                                                              |           | 3,723,000 |   |   | 3,723,000 |
|                               |                                                                                                                                                                                                                                                                        |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $44,984,000)                                                                                                                                                                                                     |           |   | 44,984,000 |
|                               |                                                                                                                                                                                                                                                                             | Total Investments – (100.12%) – (Identified cost $474,378,202) – (b)                                                                                                                                                                                            |           |   | 630,376,430 |
|                               | Liabilities Less Other Assets – (0.12%)                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                              |           | (758,231) |
|                               |                                                                                                                                                                                                                                                                             | Net Assets – (100.00%)                                                                                                                                                                                                                                                      |           | $ | 629,618,199 |
|                               |                                                                                                                                                                                                                                                                        |
|                               | ADR: American Depositary Receipt                                                                                                                                                                                                                                            |
|                               |                                                                                                                                                                                                                                                                        |
|                               | ADS: American Depositary Share                                                                                                                                                                                                                                              |
|                               |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                              |
|                               | *                                                                                                                                                                                                                                                                           | Non-Income producing security.                                                                                                                                                                                                                                                    |
|                               |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                              |
|                               | (a)                                                                                                                                                                                                                                                                         | Restricted Security ­– See Note 7 of the Notes to Financial Statements.                                                                                                                                                                                                |
|                               |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                              |
|                               | (b)                                                                                                                                                                                                                                                                         | Aggregate cost for federal income tax purposes is $479,780,842. At June 30, 2014 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:                                                                                              |
|                               |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                              |           |   |
|                               | Unrealized appreciation                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                              | $              | 161,732,313 |
|                               | Unrealized depreciation                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                              |           | (11,136,725) |
|                               | Net unrealized appreciation                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                              | $              | 150,595,588 |
|                               |
| See Notes to Financial Statements  |

----

| DAVIS SERIES, INC.         | Schedule of Investments   |
|----------------------------|---------------------------|
| DAVIS GOVERNMENT BOND FUND | June 30, 2014 (Unaudited) |
|                       | Principal                                                |   | Value (Note 1) |
|----------------------------|----------------------------------------------------------|--------|----------------|
| MORTGAGES – (94.34%) |
|                       | COLLATERALIZED MORTGAGE OBLIGATIONS – (63.82%)     |
|                       | Fannie Mae, 4.00%, 01/25/19                              |   | $              | 54,393 |   | $ | 54,555 |
|                       | Fannie Mae, 4.00%, 02/25/19                              |   |           | 643,649 |   |   | 671,158 |
|                       | Fannie Mae, 4.00%, 07/25/23                              |   |           | 451,207 |   |   | 460,223 |
|                       | Fannie Mae, 4.00%, 11/25/23                              |   |           | 307,405 |   |   | 313,275 |
|                       | Fannie Mae, 4.50%, 06/25/29   (a)              |   |           | 1,330,067 |   |   | 1,392,806 |
|                       | Fannie Mae, 0.652%, 06/25/32   (a)             |   |           | 147,545 |   |   | 148,629 |
|                       | Fannie Mae, 3.50%, 09/25/36                              |   |           | 268,469 |   |   | 272,471 |
|                       | Fannie Mae, 0.352%, 02/25/37   (a)             |   |           | 26,844 |   |   | 26,656 |
|                       | Fannie Mae, 0.402%, 03/25/37   (a)             |   |           | 396,089 |   |   | 395,342 |
|                       | Fannie Mae, 0.502%, 07/25/37   (a)             |   |           | 351,070 |   |   | 350,366 |
|                       | Fannie Mae, 0.502%, 04/25/38   (a)             |   |           | 3,362,500 |   |   | 3,345,230 |
|                       | Fannie Mae, 0.652%, 06/25/38   (a)             |   |           | 216,518 |   |   | 217,480 |
|                       | Fannie Mae, 3.00%, 08/25/42                              |   |           | 3,718,627 |   |   | 3,858,977 |
|                       | Fannie Mae, 3.00%, 08/25/42                              |   |           | 4,648,284 |   |   | 4,750,900 |
|                       | Fannie Mae, 3.00%, 10/25/42                              |   |           | 2,572,638 |   |   | 2,629,225 |
|                       | Fannie Mae, 3.00%, 02/25/43                              |   |           | 4,504,732 |   |   | 4,627,225 |
|                       | Fannie Mae Whole Loan, 5.31%, 08/25/33                   |   |           | 87,193 |   |   | 87,820 |
|                       | Fannie Mae Whole Loan, 5.09%, 11/25/43                   |   |           | 1,489,397 |   |   | 1,538,504 |
|                       | Fannie Mae Whole Loan, 6.2961%, 08/25/47   (a) |   |           | 428,252 |   |   | 484,122 |
|                       | Freddie Mac, 3.50%, 01/15/18                             |   |           | 36,732 |   |   | 36,966 |
|                       | Freddie Mac, 4.50%, 05/15/18                             |   |           | 1,349,968 |   |   | 1,425,647 |
|                       | Freddie Mac, 1.50%, 07/15/18                             |   |           | 305,459 |   |   | 306,854 |
|                       | Freddie Mac, 4.50%, 07/15/18                             |   |           | 398,513 |   |   | 417,846 |
|                       | Freddie Mac, 4.00%, 10/15/18                             |   |           | 1,346,088 |   |   | 1,402,453 |
|                       | Freddie Mac, 4.50%, 02/15/19                             |   |           | 2,522,946 |   |   | 2,653,302 |
|                       | Freddie Mac, 4.50%, 09/15/23                             |   |           | 336,258 |   |   | 343,559 |
|                       | Freddie Mac, 3.50%, 02/15/24                             |   |           | 787,097 |   |   | 805,732 |
|                       | Freddie Mac, 3.50%, 07/15/24                             |   |           | 394,281 |   |   | 401,453 |
|                       | Freddie Mac, 5.00%, 01/15/25                             |   |           | 2,000,000 |   |   | 2,129,441 |
|                       | Freddie Mac, 4.00%, 01/15/26                             |   |           | 1,335,019 |   |   | 1,413,726 |
|                       | Freddie Mac, 3.00%, 10/15/26                             |   |           | 2,582,872 |   |   | 2,686,282 |
|                       | Freddie Mac, 4.00%, 01/15/28                             |   |           | 912,414 |   |   | 939,060 |
|                       | Freddie Mac, 4.50%, 04/15/32                             |   |           | 414,011 |   |   | 420,675 |
|                       | Freddie Mac, 4.50%, 08/15/36                             |   |           | 431,707 |   |   | 454,505 |
|                       | Freddie Mac, 4.00%, 03/15/37                             |   |           | 1,610,385 |   |   | 1,690,886 |
|                       | Freddie Mac, 3.00%, 06/15/39                             |   |           | 494,651 |   |   | 510,061 |
|                       | Freddie Mac, 2.50%, 09/15/40                             |   |           | 578,244 |   |   | 589,042 |
|                       | Freddie Mac, 3.00%, 12/15/43                             |   |           | 4,701,150 |   |   | 4,912,013 |
|                       | Freddie Mac Structured Pass-Through, 6.50%, 02/25/43     |   |           | 603,337 |   |   | 711,044 |
|                       | Ginnie Mae, 4.00%, 05/20/33                              |   |           | 1,828,711 |   |   | 1,880,253 |
|                       | Ginnie Mae, 3.00%, 09/16/34                              |   |           | 1,500,000 |   |   | 1,536,035 |
|                       | Ginnie Mae, 3.536%, 09/16/35                             |   |           | 670,310 |   |   | 678,611 |
|                       | Ginnie Mae, 3.50%, 07/20/36                              |   |           | 873,353 |   |   | 907,797 |
|                       | Ginnie Mae, 5.3754%, 12/16/36   (a)            |   |           | 45,789 |   |   | 46,462 |
|                       | Ginnie Mae, 0.4518%, 05/16/37   (a)            |   |           | 1,077,939 |   |   | 1,073,467 |
|                       | Ginnie Mae, 3.00%, 12/20/37                              |   |           | 875,583 |   |   | 895,588 |

----

| DAVIS SERIES, INC.                       | Schedule of Investments   |
|------------------------------------------|---------------------------|
| DAVIS GOVERNMENT BOND FUND - (CONTINUED) | June 30, 2014 (Unaudited) |
|                                   | Principal                                                                                                                                                                                                                                                                            |                        | Value (Note 1)                            |
|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|-------------------------------------------|
| MORTGAGES – (CONTINUED)          |
|                                   | COLLATERALIZED MORTGAGE OBLIGATIONS – (CONTINUED)                                                                                                                                                                                                                              |
|                                   |                                                                                                                                                                                                                                                                                 | Ginnie Mae, 3.00%, 06/20/38 |                                      | $ | 926,869 |   | $ | 947,903 |
|                                   | Ginnie Mae, 2.7166%, 02/16/44                                                                                                                                                                                                                                                        |                        |                                      | 2,473,571 |   |   | 2,485,263 |
|                                   |                                                                                                                                                                                                                                                                                 |                        | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS |   |   | 60,326,890 |
|                                   | FANNIE MAE POOLS – (23.47%)                                                                                                                                                                                                                                                    |
|                                   | 4.96%, 01/01/15, Pool No. 725788                                                                                                                                                                                                                                                     |                        |                                      | 292,467 |   |   | 297,841 |
|                                   | 6.00%, 09/01/17, Pool No. 665776                                                                                                                                                                                                                                                     |                        |                                      | 469,357 |   |   | 505,398 |
|                                   | 3.65%, 01/01/18, Pool No. 467153                                                                                                                                                                                                                                                     |                        |                                      | 3,474,727 |   |   | 3,706,182 |
|                                   | 4.50%, 03/01/18, Pool No. AJ0354                                                                                                                                                                                                                                                     |                        |                                      | 465,529 |   |   | 485,553 |
|                                   | 3.50%, 01/01/21, Pool No. MA0629                                                                                                                                                                                                                                                     |                        |                                      | 1,108,060 |   |   | 1,188,111 |
|                                   | 2.50%, 11/01/22, Pool No. AQ4765                                                                                                                                                                                                                                                     |                        |                                      | 3,996,038 |   |   | 4,151,285 |
|                                   | 3.00%, 12/01/23, Pool No. MA1691                                                                                                                                                                                                                                                     |                        |                                      | 2,292,571 |   |   | 2,410,046 |
|                                   | 2.50%, 10/01/27, Pool No. AP9869                                                                                                                                                                                                                                                     |                        |                                      | 2,797,881 |   |   | 2,848,873 |
|                                   | 4.00%, 02/01/30, Pool No. MA0329                                                                                                                                                                                                                                                     |                        |                                      | 3,405,762 |   |   | 3,668,709 |
|                                   | 6.50%, 07/01/32, Pool No. 635069                                                                                                                                                                                                                                                     |                        |                                      | 95,271 |   |   | 105,729 |
|                                   | 2.029%, 01/01/36, Pool No. 848973 (b)                                                                                                                                                                                                                                                |                        |                                      | 229,052 |   |   | 236,601 |
|                                   | 5.606%, 04/01/36, Pool No. 851605 (b)                                                                                                                                                                                                                                                |                        |                                      | 269,556 |   |   | 284,237 |
|                                   | 6.00%, 09/01/37, Pool No. 888796                                                                                                                                                                                                                                                     |                        |                                      | 248,188 |   |   | 279,149 |
|                                   | 6.127%, 10/01/37, Pool No. AL1846 (b)                                                                                                                                                                                                                                                |                        |                                      | 1,913,344 |   |   | 2,022,198 |
|                                   | TOTAL FANNIE MAE POOLS                                                                                                                                                                                                                                                               |                        |                                      | 22,189,912 |
|                                   | FREDDIE MAC POOLS – (7.05%)                                                                                                                                                                                                                                                    |
|                                   | 3.50%, 03/01/21, Pool No. J14793                                                                                                                                                                                                                                                     |                        |                                      | 907,813 |   |   | 966,331 |
|                                   | 2.50%, 05/01/23, Pool No. G14738                                                                                                                                                                                                                                                     |                        |                                      | 2,534,115 |   |   | 2,595,362 |
|                                   | 5.50%, 12/01/23, Pool No. G13339                                                                                                                                                                                                                                                     |                        |                                      | 951,728 |   |   | 1,013,466 |
|                                   | 4.00%, 05/01/24, Pool No. J09596                                                                                                                                                                                                                                                     |                        |                                      | 868,993 |   |   | 928,504 |
|                                   | 3.50%, 01/01/26, Pool No. G18373                                                                                                                                                                                                                                                     |                        |                                      | 423,107 |   |   | 449,323 |
|                                   | 2.483%, 12/01/34, Pool No. 1H1238 (b)                                                                                                                                                                                                                                                |                        |                                      | 212,324 |   |   | 224,651 |
|                                   | 2.482%, 04/01/36, Pool No. 848422 (b)                                                                                                                                                                                                                                                |                        |                                      | 458,129 |   |   | 482,656 |
|                                   | TOTAL FREDDIE MAC POOLS                                                                                                                                                                                                                                                              |                        |                                      | 6,660,293 |
|                                   |  TOTAL MORTGAGES – (Identified cost $88,495,496)                                                                                                                                                                                                                     |                        |                                      | 89,177,095 |
| OTHER AGENCIES – (0.28%)         |
|                                   | Housing Urban Development, 6.00%, 08/01/20                                                                                                                                                                                                                                           |                        |                                      | 260,000 |   |   | 262,150 |
|                                   |  TOTAL OTHER AGENCIES – (Identified cost $260,000)                                                                                                                                                                                                                   |                        |                                      | 262,150 |
| SHORT-TERM INVESTMENTS – (5.29%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.12%, 07/01/14, dated 06/30/14, repurchase value of $2,380,008 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.00%, 07/03/14-06/01/44, total market value $2,427,600) |                        |                                      | 2,380,000 |   |   | 2,380,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.11%, 07/01/14, dated 06/30/14, repurchase value of $2,208,007 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-7.50%, 12/15/25-06/20/44, total market value $2,252,160)      |                        |                                      | 2,208,000 |   |   | 2,208,000 |

----

| DAVIS SERIES, INC.                       | Schedule of Investments   |
|------------------------------------------|---------------------------|
| DAVIS GOVERNMENT BOND FUND - (CONTINUED) | June 30, 2014 (Unaudited) |

|                                       | Principal                                     |                                                                                                                                                                                                                                                                                                                                                          | Value (Note 1) |
|--------------------------------------------|-----------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|
| SHORT-TERM INVESTMENTS – (CONTINUED) |
|                                       |                                          | SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.15%, 07/01/14, dated 06/30/14, repurchase value of $414,002 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.972%-4.50%, 01/01/23-06/01/44, total market value $422,280)                                                                                       |           | $ | 414,000 |   | $ | 414,000 |
|                                       |                                          |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,002,000)                                                                                                                                                                                                                                                                                  |           |   | 5,002,000 |
|                                       |                                               | Total Investments – (99.91%) – (Identified cost $93,757,496) – (c)                                                                                                                                                                                                                                                                          |           |   | 94,441,245 |
|                                       | Other Assets Less Liabilities – (0.09%) |                                                                                                                                                                                                                                                                                                                                                          |           | 81,933 |
|                                       |                                               | Net Assets – (100.00%)                                                                                                                                                                                                                                                                                                                                  |           | $ | 94,523,178 |
|                                       |
|                                       | (a)                                           | The interest rates on floating rate securities, shown as of June 30, 2014, may change daily or less frequently and are based on indices of market interest rates. For purposes of amortized cost valuation, the maturity dates of these securities are considered to be the effective maturities, based on the reset dates of the securities' variable rates. |
|                                       |
|                                       | (b)                                           | The interest rates on adjustable rate securities, shown as of June 30, 2014, may change daily or less frequently and are based on indices of market interest rates.                                                                                                                                                                                           |
|                                       |
|                                       | (c)                                           | Aggregate cost for federal income tax purposes is $93,757,496. At June 30, 2014 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:                                                                                                                                                                           |
|                                       |
|                                       | Unrealized appreciation                       |                                                                                                                                                                                                                                                                                                                                                          | $              | 1,101,292 |
|                                       | Unrealized depreciation                       |                                                                                                                                                                                                                                                                                                                                                          |           | (417,543) |
|                                       | Net unrealized appreciation                   |                                                                                                                                                                                                                                                                                                                                                          | $              | 683,749 |
|                                       |
| See Notes to Financial Statements          |

----

| DAVIS SERIES, INC.                 | Schedule of Investments   |
|------------------------------------|---------------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND | June 30, 2014 (Unaudited) |
|                                      | Principal                                                                       |                                                               | Value (Note 1) |
|-------------------------------------------|---------------------------------------------------------------------------------|--------------------------------------------------------------------|----------------|
| FANNIE MAE – (5.92%)                |
|                                      | 0.1323%, 09/11/14  (a)                                                     |                                                               | $              | 5,000,000 |   | $ | 5,000,308 |
|                                      | 0.625%, 10/30/14                                                                |                                                               |           | 3,976,000 |   |   | 3,982,124 |
|                                      | 1.15%, 11/18/14                                                                 |                                                               |           | 1,000,000 |   |   | 1,004,006 |
|                                      | 0.163%, 01/20/15  (a)                                                      |                                                               |           | 4,000,000 |   |   | 4,001,600 |
|                                      | 0.50%, 05/27/15                                                                 |                                                               |           | 2,872,000 |   |   | 2,881,179 |
|                                      |                                                                            |  TOTAL FANNIE MAE – (Identified cost $16,869,217)  |           |   | 16,869,217 |
| FEDERAL FARM CREDIT BANK – (17.03%) |
|                                      | 0.28%, 07/14/14  (a)                                                       |                                                               |           | 4,430,000 |   |   | 4,430,247 |
|                                      | 0.1333%, 07/23/14  (a)                                                     |                                                               |           | 3,000,000 |   |   | 3,000,078 |
|                                      | 0.122%, 07/25/14  (a)                                                      |                                                               |           | 6,000,000 |   |   | 6,000,108 |
|                                      | 0.161%, 08/27/14  (a)                                                      |                                                               |           | 3,000,000 |   |   | 3,000,261 |
|                                      | 3.00%, 09/22/14                                                                 |                                                               |           | 1,144,000 |   |   | 1,151,359 |
|                                      | 0.18%, 10/23/14  (a)                                                       |                                                               |           | 5,500,000 |   |   | 5,501,191 |
|                                      | 0.113%, 10/29/14  (a)                                                      |                                                               |           | 3,500,000 |   |   | 3,500,103 |
|                                      | 4.48%, 11/20/14                                                                 |                                                               |           | 3,000,000 |   |   | 3,049,886 |
|                                      | 0.1315%, 11/26/14  (a)                                                     |                                                               |           | 5,400,000 |   |   | 5,400,803 |
|                                      | 0.41%, 11/28/14  (a)                                                       |                                                               |           | 700,000 |   |   | 700,840 |
|                                      | 0.1395%, 01/28/15  (a)                                                     |                                                               |           | 4,470,000 |   |   | 4,471,337 |
|                                      | 0.24%, 03/04/15  (a)                                                       |                                                               |           | 1,500,000 |   |   | 1,501,437 |
|                                      | 0.178%, 03/20/15  (a)                                                      |                                                               |           | 1,400,000 |   |   | 1,400,770 |
|                                      | 0.1636%, 03/26/15  (a)                                                     |                                                               |           | 3,000,000 |   |   | 3,000,862 |
|                                      | 0.2104%, 04/06/15  (a)                                                     |                                                               |           | 1,450,000 |   |   | 1,451,064 |
|                                      | 0.1733%, 04/23/15  (a)                                                     |                                                               |           | 1,000,000 |   |   | 1,000,582 |
|                                      |  TOTAL FEDERAL FARM CREDIT BANK –(Identified cost $48,560,928)  |                                                               |           | 48,560,928 |
| FEDERAL HOME LOAN BANK – (24.76%)   |
|                                      | Discount Note, 0.0766%, 09/22/14  (b)                                      |                                                               |           | 900,000 |   |   | 899,824 |
|                                      | 0.19%, 07/18/14                                                                 |                                                               |           | 5,000,000 |   |   | 5,000,102 |
|                                      | 0.103%, 07/21/14  (a)                                                      |                                                               |           | 5,000,000 |   |   | 5,000,000 |
|                                      | 1.25%, 07/29/14                                                                 |                                                               |           | 3,000,000 |   |   | 3,002,514 |
|                                      | 0.132%, 08/15/14  (a)                                                      |                                                               |           | 2,265,000 |   |   | 2,265,061 |
|                                      | 0.083%, 08/22/14  (a)                                                      |                                                               |           | 5,000,000 |   |   | 4,999,831 |
|                                      | 0.125%, 08/22/14                                                                |                                                               |           | 5,000,000 |   |   | 4,999,594 |
|                                      | 0.109%, 09/18/14  (a)                                                      |                                                               |           | 5,000,000 |   |   | 5,000,000 |
|                                      | 0.18%, 10/01/14                                                                 |                                                               |           | 5,000,000 |   |   | 5,000,221 |
|                                      | 0.13%, 11/03/14                                                                 |                                                               |           | 5,025,000 |   |   | 5,024,804 |
|                                      | 0.131%, 12/09/14  (a)                                                      |                                                               |           | 5,000,000 |   |   | 5,000,000 |
|                                      | 2.75%, 12/12/14                                                                 |                                                               |           | 1,000,000 |   |   | 1,011,863 |
|                                      | 0.46%, 01/14/15                                                                 |                                                               |           | 4,000,000 |   |   | 4,005,996 |
|                                      | 0.09%, 02/23/15                                                                 |                                                               |           | 4,000,000 |   |   | 3,999,427 |
|                                      | 0.112%, 04/16/15  (a)                                                      |                                                               |           | 4,000,000 |   |   | 4,000,318 |
|                                      | 0.125%, 04/21/15                                                                |                                                               |           | 3,000,000 |   |   | 2,999,589 |
|                                      | 0.125%, 06/08/15                                                                |                                                               |           | 2,500,000 |   |   | 2,499,482 |

----

| DAVIS SERIES, INC.                               | Schedule of Investments   |
|--------------------------------------------------|---------------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND - (CONTINUED) | June 30, 2014 (Unaudited) |
|                                       | Principal                                                                                                                                                                                                                                                                              |                                                                           | Value (Note 1) |
|--------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|----------------|
| FEDERAL HOME LOAN BANK – (CONTINUED) |
|                                       | 2.875%, 06/12/15                                                                                                                                                                                                                                                                       |                                                                           | $              | 2,240,000 |   | $ | 2,298,101 |
|                                       | 5.50%, 06/12/15                                                                                                                                                                                                                                                                        |                                                                           |           | 600,000 |   |   | 630,386 |
|                                       | 0.731%, 06/18/15  (a)                                                                                                                                                                                                                                                             |                                                                           |           | 1,650,000 |   |   | 1,659,212 |
|                                       | 0.4806%, 06/24/15  (a)                                                                                                                                                                                                                                                            |                                                                           |           | 1,300,000 |   |   | 1,304,654 |
|                                       |                                                                                                                                                                                                                                                                                   |  TOTAL FEDERAL HOME LOAN BANK – (Identified cost $70,600,979)  |           |   | 70,600,979 |
| FREDDIE MAC – (9.44%)                |
|                                       | Strip, 0.1022%, 07/15/14  (b)                                                                                                                                                                                                                                                     |                                                                           |           | 1,000,000 |   |   | 999,961 |
|                                       | 5.00%, 07/15/14                                                                                                                                                                                                                                                                        |                                                                           |           | 5,670,000 |   |   | 5,680,619 |
|                                       | 1.00%, 07/30/14                                                                                                                                                                                                                                                                        |                                                                           |           | 3,000,000 |   |   | 3,002,028 |
|                                       | 0.50%, 09/19/14                                                                                                                                                                                                                                                                        |                                                                           |           | 4,900,000 |   |   | 4,903,568 |
|                                       | 0.75%, 09/22/14                                                                                                                                                                                                                                                                        |                                                                           |           | 2,000,000 |   |   | 2,002,648 |
|                                       | 5.00%, 11/13/14                                                                                                                                                                                                                                                                        |                                                                           |           | 4,000,000 |   |   | 4,071,287 |
|                                       | 0.1509%, 12/05/14  (a)                                                                                                                                                                                                                                                            |                                                                           |           | 2,250,000 |   |   | 2,250,490 |
|                                       | 0.35%, 03/18/15                                                                                                                                                                                                                                                                        |                                                                           |           | 4,000,000 |   |   | 4,006,221 |
|                                       |  TOTAL FREDDIE MAC – (Identified cost $26,916,822)                                                                                                                                                                                                                     |                                                                           |           | 26,916,822 |
| OTHER AGENCIES – (2.67%)             |
|                                       | Private Export Funding Corp., 3.05%, 10/15/14                                                                                                                                                                                                                                          |                                                                           |           | 4,500,000 |   |   | 4,537,689 |
|                                       | Private Export Funding Corp., 4.55%, 05/15/15                                                                                                                                                                                                                                          |                                                                           |           | 1,050,000 |   |   | 1,089,776 |
|                                       | USAID - Israel, 0.2015%, 08/15/14   (Israel)(b)                                                                                                                                                                                                                              |                                                                           |           | 2,000,000 |   |   | 1,999,502 |
|                                       |  TOTAL OTHER AGENCIES – (Identified cost $7,626,967)                                                                                                                                                                                                                   |                                                                           |           | 7,626,967 |
| REPURCHASE AGREEMENTS – (35.90%)     |
|                                       | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.12%, 07/01/14, dated 06/30/14, repurchase value of $48,698,162 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.00%, 07/03/14-06/01/44, total market value $49,671,960) |                                                                           |           | 48,698,000 |   |   | 48,698,000 |
|                                       | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.11%, 07/01/14, dated 06/30/14, repurchase value of $45,182,138 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.49%-7.00%, 08/15/23-06/20/44, total market value $46,085,640)      |                                                                           |           | 45,182,000 |   |   | 45,182,000 |
|                                       | SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.15%, 07/01/14, dated 06/30/14, repurchase value of $8,472,035 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 0.00%-5.90%, 12/01/17-06/01/44, total market value $8,641,440)             |                                                                           |           | 8,472,000 |   |   | 8,472,000 |
|                                       |  TOTAL REPURCHASE AGREEMENTS –(Identified cost $102,352,000)                                                                                                                                                                                                           |                                                                           |           | 102,352,000 |

----

| DAVIS SERIES, INC.                               | Schedule of Investments   |
|--------------------------------------------------|---------------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND - (CONTINUED) | June 30, 2014 (Unaudited) |
|   | Total Investments – (95.72%) – (Identified cost $272,926,913) – (c) |   | $      | 272,926,913 |
|--------|---------------------------------------------------------------------------------------|--------|--------|-------------|
|   | Other Assets Less Liabilities – (4.28%)                                         |   |   | 12,199,751  |
|   | Net Assets – (100.00%)                                                          |   | $      | 285,126,664 |
|   |
|                              | (a) | The interest rates on floating rate securities, shown as of June 30, 2014, may change daily or less frequently and are based on indices of market interest rates. For purposes of amortized cost valuation, the maturity dates of these securities are considered to be the effective maturities, based on the reset dates of the securities' variable rates. |
|-----------------------------------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                              |
|                              | (b) | Zero coupon bonds reflect the effective yield on the date of purchase.                                                                                                                                                                                                                                                                                        |
|                              |
|                              | (c) | Aggregate cost for federal income tax purposes is $272,926,913.                                                                                                                                                                                                                                                                                               |
|                              |
| See Notes to Financial Statements |

----

| DAVIS SERIES, INC.   | Schedule of Investments   |
|----------------------|---------------------------|
| DAVIS FINANCIAL FUND | June 30, 2014 (Unaudited) |

|                          | Shares/Units                                             |                   | Value (Note 1)                                 |
|-------------------------------|----------------------------------------------------------|------------------------|------------------------------------------------|
| COMMON STOCK – (98.35%) |
|                          | ENERGY – (4.33%)                                   |
|                          |                                                     |                   | Canadian Natural Resources Ltd.  (Canada) |   |   | 645,790 |   | $ | 29,648,219 |
|                          |                                                     |                   | TOTAL ENERGY                                   |   |   | 29,648,219 |
|                          | FINANCIALS – (91.10%)                              |
|                          |                                                          | Banks – (18.56%) |
|                          | ICICI Bank Ltd., ADR  (India)                       |                   |                                           | 121,697 |   |   | 6,072,680 |
|                          | JPMorgan Chase & Co.                                 |                   |                                           | 523,980 |   |   | 30,191,727 |
|                          | SKBHC Holdings LLC  *(a)                            |                   |                                           | 1,916 |   |   | 9,367,215 |
|                          | U.S. Bancorp                                             |                   |                                           | 316,171 |   |   | 13,696,528 |
|                          | Wells Fargo & Co.                                    |                   |                                           | 1,286,419 |   |   | 67,614,183 |
|                          |                                                     |                   | 126,942,333                                    |
|                          | Diversified Financials – (41.89%)                  |
|                          | Capital Markets – (21.35%)                         |
|                          | Bank of New York Mellon Corp.                            |                   |                                           | 1,193,374 |   |   | 44,727,658 |
|                          | Brookfield Asset Management Inc., Class A  (Canada) |                   |                                           | 680,090 |   |   | 29,937,562 |
|                          | Charles Schwab Corp.                                     |                   |                                           | 755,198 |   |   | 20,337,482 |
|                          | Goldman Sachs Group, Inc.                                |                   |                                           | 126,992 |   |   | 21,263,541 |
|                          | Julius Baer Group Ltd.  (Switzerland)               |                   |                                           | 722,832 |   |   | 29,800,110 |
|                          |                                                     | 146,066,353            |
|                          | Consumer Finance – (9.90%)                         |
|                          | American Express Co.                                     |                   |                                           | 713,782 |   |   | 67,716,498 |
|                          | Diversified Financial Services – (10.64%)          |
|                          | Berkshire Hathaway Inc., Class A  *                 |                   |                                           | 74 |   |   | 14,052,637 |
|                          | Cielo S.A.  (Brazil)                                |                   |                                           | 567,128 |   |   | 11,678,807 |
|                          | Moody's Corp.                                            |                   |                                           | 172,100 |   |   | 15,086,286 |
|                          | Visa Inc., Class A                                       |                   |                                           | 151,737 |   |   | 31,972,503 |
|                          |                                                     | 72,790,233             |
|                          |                                                     |                   | 286,573,084                                    |
|                          | Insurance – (30.65%)                               |
|                          | Insurance Brokers – (3.57%)                        |
|                          | Marsh & McLennan Cos, Inc.                           |                   |                                           | 471,330 |   |   | 24,424,321 |
|                          | Multi-line Insurance – (6.78%)                     |
|                          | American International Group, Inc.                       |                   |                                           | 589,800 |   |   | 32,191,284 |
|                          | Loews Corp.                                              |                   |                                           | 321,945 |   |   | 14,168,800 |
|                          |                                                     | 46,360,084             |
|                          | Property & Casualty Insurance – (11.83%)       |
|                          | ACE Ltd.                                                 |                   |                                           | 232,140 |   |   | 24,072,918 |
|                          | Markel Corp.  *                                     |                   |                                           | 67,186 |   |   | 44,049,829 |
|                          | Progressive Corp.                                        |                   |                                           | 504,665 |   |   | 12,798,304 |
|                          |                                                     | 80,921,051             |
|                          | Reinsurance – (8.47%)                              |
|                          | Alleghany Corp.  *                                  |                   |                                           | 59,718 |   |   | 26,163,650 |
|                          | Everest Re Group, Ltd.                                   |                   |                                           | 197,972 |   |   | 31,772,526 |
|                          |                                                     | 57,936,176             |
|                          |                                                     |                   | 209,641,632                                    |
|                          | TOTAL FINANCIALS                                         |                   |                                           | 623,157,049 |

----

| DAVIS SERIES, INC.                 | Schedule of Investments   |
|------------------------------------|---------------------------|
| DAVIS FINANCIAL FUND - (CONTINUED) | June 30, 2014 (Unaudited) |

|                                   | Shares/Principal                                                                                                                                                                                                                                                                     |                                                                                                                                                                                 | Value (Note 1)               |
|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|
| COMMON STOCK – (CONTINUED)       |
|                                   | INFORMATION TECHNOLOGY – (2.92%)                                                                                                                                                                                                                                               |
|                                   |                                                                                                                                                                                                                                                                                      | Software & Services – (2.92%)                                                                                                                                              |
|                                   |                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                 | Google Inc., Class A  * |   |   | 17,200 |   | $ | 10,058,302 |
|                                   | Google Inc., Class C  *                                                                                                                                                                                                                                                         |                                                                                                                                                                                 |                         | 17,200 |   |   | 9,897,654 |
|                              |                                                                                                                                                                                                                                                                       |                                                                                                                                                                       |          | TOTAL INFORMATION TECHNOLOGY |   |   | 19,955,956 |
|                                   |                                                                                                                                                                                                                                                                                 |  TOTAL COMMON STOCK – (Identified cost $373,185,678)                                                                                                                 |                         |   | 672,761,224 |
| SHORT-TERM INVESTMENTS – (2.01%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.12%, 07/01/14, dated 06/30/14, repurchase value of $6,538,022 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.00%, 07/03/14-06/01/44, total market value $6,668,760) |                                                                                                                                                                                 | $                            | 6,538,000 |   |   | 6,538,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.11%, 07/01/14, dated 06/30/14, repurchase value of $6,067,019 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-7.50%, 11/15/22-06/20/44, total market value $6,188,340)      |                                                                                                                                                                                 |                         | 6,067,000 |   |   | 6,067,000 |
|                                   | SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.15%, 07/01/14, dated 06/30/14, repurchase value of $1,138,005 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 0.00%-4.00%, 11/01/25-06/01/44, total market value $1,160,760)           |                                                                                                                                                                                 |                         | 1,138,000 |   |   | 1,138,000 |
|                                   |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $13,743,000)                                                                                                                                                                                                        |                                                                                                                                                                                 |                         | 13,743,000 |
|                                   |                                                                                                                                                                                                                                                                                      | Total Investments – (100.36%) – (Identified cost $386,928,678) – (b)                                                                                               |                         |   | 686,504,224 |
|                                   | Liabilities Less Other Assets – (0.36%)                                                                                                                                                                                                                                        |                                                                                                                                                                                 |                         | (2,442,026) |
|                                   |                                                                                                                                                                                                                                                                                      | Net Assets – (100.00%)                                                                                                                                                         |                         | $ | 684,062,198 |
|                                   |
|                                   | ADR: American Depositary Receipt                                                                                                                                                                                                                                                     |
|                                   |
|                                   | *                                                                                                                                                                                                                                                                                    | Non-Income producing security.                                                                                                                                                       |
|                                   |
|                                   | (a)                                                                                                                                                                                                                                                                                  | Restricted Security ­– See Note 7 of the Notes to Financial Statements.                                                                                                   |
|                                   |
|                                   | (b)                                                                                                                                                                                                                                                                                  | Aggregate cost for federal income tax purposes is $386,874,628. At June 30, 2014 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
|                                   |                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                 |                         |   |
|                                   | Unrealized appreciation                                                                                                                                                                                                                                                              |                                                                                                                                                                                 | $                            | 299,629,596 |
|                                   | Unrealized depreciation                                                                                                                                                                                                                                                              |                                                                                                                                                                                 |                         | – |
|                                   | Net unrealized appreciation                                                                                                                                                                                                                                                          |                                                                                                                                                                                 | $                            | 299,629,596 |
|                                   |
| See Notes to Financial Statements      |

----

| DAVIS SERIES, INC.                   | Schedule of Investments   |
|--------------------------------------|---------------------------|
| DAVIS APPRECIATION & INCOME FUND | June 30, 2014 (Unaudited) |

|                          | Shares                                                             |                              | Value (Note 1)               |
|-------------------------------|--------------------------------------------------------------------|-----------------------------------|------------------------------|
| COMMON STOCK – (71.73%) |
|                          | CONSUMER DISCRETIONARY – (11.47%)                            |
|                          |                                                                    | Consumer Services – (2.48%) |
|                          |                                                               | School Specialty, Inc.  *(a) |                         |   | 69,205 |   | $ | 8,027,780 |
|                          | Media – (3.14%)                                              |
|                          | Twenty-First Century Fox, Inc., Class A                            |                              |                         | 288,656 |   |   | 10,147,701 |
|                          | Retailing – (5.85%)                                          |
|                          | Amazon.com, Inc.  *                                           |                              |                         | 21,001 |   |   | 6,820,810 |
|                          | Kohl's Corp.                                                       |                              |                         | 229,200 |   |   | 12,074,256 |
|                          |                                                               |                              | 18,895,066                   |
|                          |                                                               |                              | TOTAL CONSUMER DISCRETIONARY |   |   | 37,070,547 |
|                          | CONSUMER STAPLES – (5.44%)                                   |
|                          | Food & Staples Retailing – (2.92%)                       |
|                          | Whole Foods Market, Inc.                                           |                              |                         | 244,484 |   |   | 9,446,862 |
|                          | Food, Beverage & Tobacco – (2.52%)                       |
|                          | Tyson Foods, Inc., Class A                                         |                              |                         | 217,000 |   |   | 8,146,180 |
|                          | TOTAL CONSUMER STAPLES                                             |                              |                         | 17,593,042 |
|                          | ENERGY – (11.92%)                                            |
|                          | Devon Energy Corp.                                                 |                              |                         | 187,020 |   |   | 14,849,388 |
|                          | Nabors Industries Ltd.                                             |                              |                         | 421,000 |   |   | 12,364,770 |
|                          | Transocean Ltd.  (Switzerland)                                |                              |                         | 251,131 |   |   | 11,308,429 |
|                          | TOTAL ENERGY                                                       |                              |                         | 38,522,587 |
|                          | FINANCIALS – (10.41%)                                        |
|                          | Banks – (6.34%)                                              |
|                          |                                                               | Banks – (6.22%)             |
|                          | Bank of America Corp.                                              |                              |                         | 622,866 |   |   | 9,573,450 |
|                          | Citigroup Inc.                                                     |                              |                         | 223,852 |   |   | 10,543,429 |
|                          |                                                               | 20,116,879                        |
|                          | Thrifts & Mortgage Finance – (0.12%)                     |
|                          | ADFITECH, Inc.  *                                             |                              |                         | 266,000 |   |   | 375,060 |
|                          |                                                               |                              | 20,491,939                   |
|                          | Diversified Financials – (2.96%)                             |
|                          | Consumer Finance – (2.96%)                                   |
|                          | American Express Co.                                               |                              |                         | 100,640 |   |   | 9,547,717 |
|                          | Real Estate – (1.11%)                                        |
|                          | Forest City Enterprises, Inc., Class A  *                     |                              |                         | 181,200 |   |   | 3,600,444 |
|                          | TOTAL FINANCIALS                                                   |                              |                         | 33,640,100 |
|                          | HEALTH CARE – (6.88%)                                        |
|                          | Health Care Equipment & Services – (4.21%)               |
|                          | Universal Health Services, Inc., Class B                           |                              |                         | 142,060 |   |   | 13,603,666 |
|                          | Pharmaceuticals, Biotechnology & Life Sciences – (2.67%) |
|                          | Valeant Pharmaceuticals International, Inc.  (Canada)*        |                              |                         | 68,446 |   |   | 8,632,409 |
|                          | TOTAL HEALTH CARE                                                  |                              |                         | 22,236,075 |
|                          | INDUSTRIALS – (12.61%)                                       |
|                          | Capital Goods – (9.09%)                                      |
|                          | General Electric Co.                                               |                              |                         | 330,200 |   |   | 8,677,656 |
|                          | Masco Corp.                                                        |                              |                         | 418,880 |   |   | 9,299,136 |
|                          | Quanta Services, Inc.  *                                      |                              |                         | 329,490 |   |   | 11,393,764 |
|                          |                                                               |                              | 29,370,556                   |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments   |
|----------------------------------------------------|---------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | June 30, 2014 (Unaudited) |
|                                        | Shares/Principal                                                                   |                                                                  | Value(Note 1) |
|---------------------------------------------|------------------------------------------------------------------------------------|-----------------------------------------------------------------------|---------------|
| COMMON STOCK – (Continued)            |
|                                        | INDUSTRIALS – (Continued)                                                    |
|                                        |                                                                                    | Commercial & Professional Services – (3.52%)                |
|                                        |                                                                               | Waste Connections, Inc.                                               |          |   | 234,670 |   | $ | 11,393,229 |
|                                        |                                                                               | TOTAL INDUSTRIALS                                                     |          |   | 40,763,785 |
|                                        | INFORMATION TECHNOLOGY – (4.77%)                                             |
|                                        | Semiconductors & Semiconductor Equipment – (4.77%)                       |
|                                        | Fairchild Semiconductor International, Inc.  *                                |                                                                  |          | 448,897 |   |   | 7,000,549 |
|                                        | International Rectifier Corp.  *                                              |                                                                  |          | 301,490 |   |   | 8,411,571 |
|                                        | TOTAL INFORMATION TECHNOLOGY                                                       |                                                                  |          | 15,412,120 |
|                                        | MATERIALS – (6.27%)                                                          |
|                                        | Allegheny Technologies, Inc.                                                       |                                                                  |          | 310,168 |   |   | 13,988,577 |
|                                        | Freeport-McMoRan Inc.                                                              |                                                                  |          | 172,232 |   |   | 6,286,468 |
|                                        | TOTAL MATERIALS                                                                    |                                                                  |          | 20,275,045 |
|                                        | UTILITIES – (1.96%)                                                          |
|                                        | AES Corp.                                                                          |                                                                  |          | 406,466 |   |   | 6,320,546 |
|                                        | TOTAL UTILITIES                                                                    |                                                                  |          | 6,320,546 |
|                                        |                                                                               |  TOTAL COMMON STOCK – (Identified cost $194,300,654)  |          |   | 231,833,847 |
| CONVERTIBLE PREFERRED STOCK – (4.49%) |
|                                        | INDUSTRIALS – (2.20%)                                                        |
|                                        | Transportation – (2.20%)                                                     |
|                                        | Continental Airlines Finance Trust II, 6.00%, Conv. Pfd.                           |                                                                  |          | 143,200 |   |   | 7,128,668 |
|                                        | TOTAL INDUSTRIALS                                                                  |                                                                  |          | 7,128,668 |
|                                        | UTILITIES – (2.29%)                                                          |
|                                        | AES Trust III, 6.75%, Conv. Pfd.                                                   |                                                                  |          | 141,417 |   |   | 7,389,038 |
|                                        | TOTAL UTILITIES                                                                    |                                                                  |          | 7,389,038 |
|                                        |  TOTAL CONVERTIBLE PREFERRED STOCK –(Identified cost $10,852,689)  |                                                                  |          | 14,517,706 |
| CONVERTIBLE BONDS – (21.39%)          |
|                                        | FINANCIALS – (3.24%)                                                         |
|                                        | Real Estate – (3.24%)                                                        |
|                                        | Forest City Enterprises, Inc., Conv. Sr. Notes, 4.25%, 08/15/18                    |                                                                  | $             | 9,230,000 |   |   | 10,464,513 |
|                                        | TOTAL FINANCIALS                                                                   | 10,464,513                                                            |
|                                        | INDUSTRIALS – (3.91%)                                                        |
|                                        | Capital Goods – (3.91%)                                                      |
|                                        | United Rentals, Inc., Conv. Sr. Notes, 4.00%, 11/15/15                             |                                                                  |          | 1,344,000 |   |   | 12,642,000 |
|                                        | TOTAL INDUSTRIALS                                                                  |                                                                  |          | 12,642,000 |
|                                        | INFORMATION TECHNOLOGY – (5.85%)                                             |
|                                        | Semiconductors & Semiconductor Equipment – (5.85%)                       |
|                                        | Intel Corp., Conv. Jr. Sub. Deb., 3.25%, 08/01/39                                  |                                                                  |          | 12,239,000 |   |   | 18,901,667 |
|                                        | TOTAL INFORMATION TECHNOLOGY                                                       |                                                                  |          | 18,901,667 |
|                                        | MATERIALS – (8.39%)                                                          |
|                                        | Molycorp, Inc., Conv. Sr. Notes, 3.25%, 06/15/16                                   |                                                                  |          | 7,235,000 |   |   | 5,390,075 |
|                                        | Molycorp, Inc., Conv. Sr. Notes, 6.00%, 09/01/17                                   |                                                                  |          | 9,383,000 |   |   | 6,169,322 |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments   |
|----------------------------------------------------|---------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | June 30, 2014 (Unaudited) |

|                                   | Principal                                                                                                                                                                                                                                                                        |                                                                      | Value (Note 1) |
|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|----------------|
| CONVERTIBLE BONDS – (CONTINUED)  |
|                                   | MATERIALS – (CONTINUED)                                                                                                                                                                                                                                                    |
|                                   |                                                                                                                                                                                                                                                                             | United States Steel Corp., Conv. Sr. Notes, 2.75%, 04/01/19               |           | $ | 12,475,000 |   | $ | 15,554,766 |
|                                   |                                                                                                                                                                                                                                                                             |                                                                      |           | TOTAL MATERIALS |   |   | 27,114,163 |
|                                   |                                                                                                                                                                                                                                                                             |  TOTAL CONVERTIBLE BONDS – (Identified cost $54,714,940)  |           |   | 69,122,343 |
| CORPORATE BONDS – (1.63%)        |
|                                   | CONSUMER DISCRETIONARY – (0.32%)                                                                                                                                                                                                                                           |
|                                   |                                                                                                                                                                                                                                                                                  | Retailing – (0.32%)                                                 |
|                                   | Kohl's Corp., Sr. Notes, 6.25%, 12/15/17                                                                                                                                                                                                                                         |                                                                      |           | 882,000 |   |   | 1,016,659 |
|                                   | TOTAL CONSUMER DISCRETIONARY                                                                                                                                                                                                                                                     |                                                                      |           | 1,016,659 |
|                                   | FINANCIALS – (0.69%)                                                                                                                                                                                                                                                       |
|                                   | Real Estate – (0.69%)                                                                                                                                                                                                                                                      |
|                                   | Thornburg Mortgage, Inc., Sr. Notes, 8.00%, 05/15/13   (b)                                                                                                                                                                                                             |                                                                      |           | 13,300,000 |   |   | 2,238,390 |
|                                   | TOTAL FINANCIALS                                                                                                                                                                                                                                                                 |                                                                      |           | 2,238,390 |
|                                   | HEALTH CARE – (0.33%)                                                                                                                                                                                                                                                      |
|                                   | Pharmaceuticals, Biotechnology & Life Sciences – (0.33%)                                                                                                                                                                                                               |
|                                   | Valeant Pharmaceuticals International, Inc., 144A Sr. Notes, 6.75%, 08/15/21   (Canada)(c)                                                                                                                                                                             |                                                                      |           | 1,000,000 |   |   | 1,068,750 |
|                                   | TOTAL HEALTH CARE                                                                                                                                                                                                                                                                |                                                                      |           | 1,068,750 |
|                                   | INDUSTRIALS – (0.29%)                                                                                                                                                                                                                                                      |
|                                   | Capital Goods – (0.29%)                                                                                                                                                                                                                                                    |
|                                   | Masco Corp., Sr. Notes, 6.125%, 10/03/16                                                                                                                                                                                                                                         |                                                                      |           | 859,500 |   |   | 950,822 |
|                                   | TOTAL INDUSTRIALS                                                                                                                                                                                                                                                                |                                                                      |           | 950,822 |
|                                   |  TOTAL CORPORATE BONDS – (Identified cost $12,663,890)                                                                                                                                                                                                           |                                                                      |           | 5,274,621 |
| SHORT-TERM INVESTMENTS – (0.22%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.12%, 07/01/14, dated 06/30/14, repurchase value of $335,001 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.00%, 07/03/14-06/01/44, total market value $341,700) |                                                                      |           | 335,000 |   |   | 335,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.11%, 07/01/14, dated 06/30/14, repurchase value of $311,001 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-7.50%, 10/15/22-04/20/43, total market value $317,220)      |                                                                      |           | 311,000 |   |   | 311,000 |
|                                   | SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.15%, 07/01/14, dated 06/30/14, repurchase value of $58,000 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.997%-4.50%, 11/01/25-06/01/44, total market value $59,160)            |                                                                      |           | 58,000 |   |   | 58,000 |
|                                   |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $704,000)                                                                                                                                                                                                       |                                                                      |           | 704,000 |
|                                   | Total Investments – (99.46%) – (Identified cost $273,236,173) – (d)                                                                                                                                                                                            |                                                                      |           | 321,452,517 |
|                                   | Other Assets Less Liabilities – (0.54%)                                                                                                                                                                                                                                    |                                                                      |           | 1,735,149 |
|                                   | Net Assets – (100.00%)                                                                                                                                                                                                                                                     |                                                                      | $              | 323,187,666 |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments   |
|----------------------------------------------------|---------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | June 30, 2014 (Unaudited) |
|  | *      |   | Non-Income producing security.                                                                                                                                                                                                                                                                                                                                                                                                             |
|--|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|  | (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 six months ended June 30, 2014. The aggregate fair value of the securities of affiliated companies held by the Fund as of June 30, 2014, amounts to $8,027,780. Transactions during the period in which the issuers were affiliates are as follows: |
| Security               |   | SharesDecember 31, 2013 |   | GrossAdditions |   | GrossReductions |   | SharesJune 30, 2014 |   | DividendIncome |
|------------------------|--------|-------------------------|--------|----------------|--------|-----------------|--------|---------------------|--------|----------------|
| School Specialty, Inc. |   | 69,205                  |   | –        |   | –         |   | 69,205              |   | $              | – |
|  | (b)    |   | This security is in default and is not accruing income. The interest rate shown is the original, contractual interest rate. See Note 1 of the Notes to Financial Statements.                                                                                            |
|--|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |   |   |                                                                                                                                                                                                                                                                    |
|  | (c)    |   | 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 $1,068,750 or 0.33% of the Fund's net assets as of June 30, 2014. |
|  |   |   |                                                                                                                                                                                                                                                                    |
|  | (d)    |   | Aggregate cost for federal income tax purposes is $273,236,173. At June 30, 2014 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:                                                                                    |
|   | Unrealized appreciation     |   | $      | 79,520,875   |
|--------|-----------------------------|--------|--------|--------------|
|   | Unrealized depreciation     |   |   | (31,304,531) |
|   | Net unrealized appreciation |   | $      | 48,216,344   |
| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC.     | Schedule of Investments   |
|------------------------|---------------------------|
| DAVIS REAL ESTATE FUND | June 30, 2014 (Unaudited) |
|                          | Shares                                                 |       | Value (Note 1) |
|-------------------------------|--------------------------------------------------------|------------|----------------|
| COMMON STOCK – (91.21%) |
|                          | FINANCIALS – (88.85%)                            |
|                          | Real Estate – (88.85%)                           |
|                          | Real Estate Investment Trusts (REITs) – (81.79%) |
|                          |   Diversified REITs – (5.69%)          |
|                          | Cousins Properties, Inc.                               |       |           | 84,280 |   | $ | 1,049,286 |
|                          | Liberty Property Trust                                 |       |           | 167,710 |   |   | 6,361,240 |
|                          | Vornado Realty Trust                                   |       |           | 57,684 |   |   | 6,156,614 |
|                          |                                                   | 13,567,140 |
|                          |   Health Care REITs – (2.01%)          |
|                          | Ventas, Inc.                                           |       |           | 74,740 |   |   | 4,790,834 |
|                          |   Hotel & Resort REITs – (4.53%)   |
|                          | Host Hotels & Resorts Inc.                         |       |           | 301,440 |   |   | 6,634,694 |
|                          | LaSalle Hotel Properties                               |       |           | 118,410 |   |   | 4,178,689 |
|                          |                                                   | 10,813,383 |
|                          |   Industrial REITs – (6.62%)           |
|                          | DCT Industrial Trust Inc.                              |       |           | 740,200 |   |   | 6,077,042 |
|                          | EastGroup Properties, Inc.                             |       |           | 79,020 |   |   | 5,075,455 |
|                          | First Industrial Realty Trust, Inc.                    |       |           | 63,300 |   |   | 1,192,572 |
|                          | Terreno Realty Corp.                                   |       |           | 178,940 |   |   | 3,458,910 |
|                          |                                                   | 15,803,979 |
|                          |   Office REITs – (16.62%)              |
|                          | Alexandria Real Estate Equities, Inc.                  |       |           | 114,503 |   |   | 8,890,013 |
|                          | BioMed Realty Trust, Inc.                              |       |           | 148,810 |   |   | 3,248,522 |
|                          | Boston Properties, Inc.                                |       |           | 56,710 |   |   | 6,701,988 |
|                          | Brandywine Realty Trust                                |       |           | 267,900 |   |   | 4,179,240 |
|                          | CoreSite Realty Corp.                                  |       |           | 105,570 |   |   | 3,491,200 |
|                          | Corporate Office Properties Trust                      |       |           | 253,038 |   |   | 7,036,986 |
|                          | DuPont Fabros Technology Inc.                          |       |           | 136,130 |   |   | 3,670,065 |
|                          | Highwoods Properties, Inc.                             |       |           | 58,000 |   |   | 2,433,100 |
|                          |                                                   | 39,651,114 |
|                          |   Residential REITs – (16.02%)         |
|                          | American Campus Communities, Inc.                      |       |           | 140,450 |   |   | 5,370,808 |
|                          | AvalonBay Communities, Inc.                            |       |           | 81,060 |   |   | 11,525,922 |
|                          | Education Realty Trust, Inc.                           |       |           | 319,210 |   |   | 3,428,315 |
|                          | Equity Lifestyle Properties, Inc.                      |       |           | 74,270 |   |   | 3,279,763 |
|                          | Essex Property Trust, Inc.                             |       |           | 39,730 |   |   | 7,346,474 |
|                          | Post Properties, Inc.                                  |       |           | 136,140 |   |   | 7,278,045 |
|                          |                                                   | 38,229,327 |
|                          |   Retail REITs – (20.33%)              |
|                          | Acadia Realty Trust                                    |       |           | 267,470 |   |   | 7,513,232 |
|                          | DDR Corp.                                              |       |           | 222,030 |   |   | 3,914,389 |
|                          | Federal Realty Investment Trust                        |       |           | 46,650 |   |   | 5,640,918 |
|                          | General Growth Properties, Inc.                        |       |           | 297,280 |   |   | 7,003,917 |
|                          | Simon Property Group, Inc.                             |       |           | 76,412 |   |   | 12,705,787 |
|                          | Tanger Factory Outlet Centers, Inc.                    |       |           | 167,410 |   |   | 5,854,328 |
|                          | Taubman Centers, Inc.                                  |       |           | 68,070 |   |   | 5,160,387 |
|                          | Washington Prime Group Inc.                            |       |           | 38,206 |   |   | 715,980 |
|                          |                                                   | 48,508,938 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments   |
|--------------------------------------|---------------------------|
| DAVIS REAL ESTATE FUND - (CONTINUED) | June 30, 2014 (Unaudited) |
|                                   | Shares/Principal                                                                                                                                                                                                                                                                     |                                                                     | Value (Note 1) |
|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|----------------|
| COMMON STOCK – (CONTINUED)       |
|                                   | FINANCIALS – (CONTINUED)                                                                                                                                                                                                                                                       |
|                                   |                                                                                                                                                                                                                                                                                      | Real Estate – (Continued)                                          |
|                                   |                                                                                                                                                                                                                                                                                      | Real Estate Investment Trusts (REITs) – (Continued)                |
|                                   |                                                                                                                                                                                                                                                                                      |   Specialized REITs – (9.97%)                            |
|                                   | American Tower Corp.                                                                                                                                                                                                                                                                 |                                                                     |           | 130,910 |   | $ | 11,779,282 |
|                                   | CubeSmart                                                                                                                                                                                                                                                                            |                                                                     |           | 271,320 |   |   | 4,970,582 |
|                                   | EPR Properties                                                                                                                                                                                                                                                                       |                                                                     |           | 55,330 |   |   | 3,091,287 |
|                                   | Weyerhaeuser Co.                                                                                                                                                                                                                                                                     |                                                                     |           | 119,300 |   |   | 3,947,637 |
|                                   |                                                                                                                                                                                                                                                                                 | 23,788,788                                                               |
|                                   |                                                                                                                                                                                                                                                                                 | 195,153,503                                                              |
|                                   | Real Estate Management & Development – (7.06%)                                                                                                                                                                                                                             |
|                                   |   Diversified Real Estate Activities – (2.64%)                                                                                                                                                                                                                       |
|                                   | Alexander & Baldwin Inc.                                                                                                                                                                                                                                                         |                                                                     |           | 152,310 |   |   | 6,313,249 |
|                                   |   Real Estate Operating Companies – (4.42%)                                                                                                                                                                                                                          |
|                                   | Forest City Enterprises, Inc., Class A  *                                                                                                                                                                                                                                       |                                                                     |           | 530,510 |   |   | 10,541,234 |
|                                   |                                                                                                                                                                                                                                                                                 | 16,854,483                                                               |
|                                   |                                                                                                                                                                                                                                                                                 | TOTAL FINANCIALS                                                         |           |   | 212,007,986 |
|                                   | TELECOMMUNICATION SERVICES – (2.36%)                                                                                                                                                                                                                                           |
|                                   | SBA Communications Corp., Class A  *                                                                                                                                                                                                                                            |                                                                     |           | 55,190 |   |   | 5,646,765 |
|                                   | TOTAL TELECOMMUNICATION SERVICES                                                                                                                                                                                                                                                     |                                                                     |           | 5,646,765 |
|                                   |  TOTAL COMMON STOCK – (Identified cost $196,705,490)                                                                                                                                                                                                                 |                                                                     |           | 217,654,751 |
| CONVERTIBLE BONDS – (0.70%)      |
|                                   | FINANCIALS – (0.70%)                                                                                                                                                                                                                                                           |
|                                   | Real Estate – (0.70%)                                                                                                                                                                                                                                                          |
|                                   | Real Estate Management & Development – (0.70%)                                                                                                                                                                                                                             |
|                                   |   Real Estate Operating Companies – (0.70%)                                                                                                                                                                                                                          |
|                                   | Forest City Enterprises, Inc., Conv. Sr. Notes, 5.00%, 10/15/16                                                                                                                                                                                                                      |                                                                     | $              | 1,040,000 |   |   | 1,664,000 |
|                                   |                                                                                                                                                                                                                                                                                 |  TOTAL CONVERTIBLE BONDS – (Identified cost $1,040,000)  |           |   | 1,664,000 |
| SHORT-TERM INVESTMENTS – (7.87%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.12%, 07/01/14, dated 06/30/14, repurchase value of $8,937,030 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.00%, 07/03/14-06/01/44, total market value $9,115,740) |                                                                     |           | 8,937,000 |   |   | 8,937,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement,0.11%, 07/01/14, dated 06/30/14, repurchase value of $8,292,025(collateralized by: U.S. Government agency mortgages in a pooled cashaccount, 2.50%-7.00%, 06/15/34-05/20/44, total market value$8,457,840)          |                                                                     |           | 8,292,000 |   |   | 8,292,000 |
|                                   | SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.15%, 07/01/14, dated 06/30/14, repurchase value of $1,555,006 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 0.00%-5.90%, 12/01/17-06/01/44, total market value $1,586,100)           |                                                                     |           | 1,555,000 |   |   | 1,555,000 |
|                                   |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $18,784,000)                                                                                                                                                                                                        |                                                                     |           | 18,784,000 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments   |
|--------------------------------------|---------------------------|
| DAVIS REAL ESTATE FUND - (CONTINUED) | June 30, 2014 (Unaudited) |
|   | Total Investments – (99.78%) – (Identified cost $216,529,490) – (a) |   | $      | 238,102,751 |
|--------|---------------------------------------------------------------------------------------|--------|--------|-------------|
|   | Other Assets Less Liabilities – (0.22%)                                         |   |   | 514,578     |
|   | Net Assets – (100.00%)                                                          |   | $      | 238,617,329 |
|   | *      |   | Non-Income producing security.                                                                                                                                                       |
|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                 |
|   | (a)    |   | Aggregate cost for federal income tax purposes is $216,663,593. At June 30, 2014 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
|   | Unrealized appreciation     |   | $      | 22,614,024  |
|--------|-----------------------------|--------|--------|-------------|
|   | Unrealized depreciation     |   |   | (1,174,866) |
|   | Net unrealized appreciation |   | $      | 21,439,158  |
| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC. | Statements of Assets and Liabilities |
|--------------------|--------------------------------------|
|               | At June 30, 2014 (Unaudited)         |
|                                                                                                  |                                                                                          | Davis Opportunity Fund |             | Davis Government Bond Fund |        | Davis Government Money Market Fund |            | Davis Financial Fund |             | Davis Appreciation & Income Fund |        | Davis Real Estate Fund |
|--------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|------------------------|-------------|----------------------------|--------|------------------------------------|------------|----------------------|-------------|--------------------------------------|--------|------------------------|
| ASSETS:                                                                                          |                                                                                          |                        |             |                            |   |                                    |       |                 |        |                                      |   |                        |  |   |  |  |   |  |  |
| Investments in securities at value* (see accompanying Schedules of Investments):                 |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                                             | Unaffiliated companies                                                                   |                   | $           | 630,376,430                |   | $                                  | 94,441,245 |                 | $           | 272,926,913                          |   | $                      | 686,504,224 |   | $ | 313,424,737 |   | $ | 238,102,751 |
|                                                                                             | Affiliated companies                                                                     |                   |        | –                    |   |                               | –    |                 |        | –                              |   |                   | – |   |   | 8,027,780 |   |   | – |
| Cash                                                                                             |                                                                                     |                   | 1,930       |                       |   | 1,712                              |       |                 | 1,176       |                                 |   | 93,540                 |   |   | 1,770 |   |   | 1,086 |
| Cash - foreign currencies**                                                                      |                                                                                     |                   | 1,569,295   |                       |   | –                            |       |                 | –     |                                 |   | –                |   |   | – |   |   | – |
| Receivables:                                                                                     |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                                             | Capital stock sold                                                                       |                   |        | 1,840,367                  |   |                               | 109,717    |                 |        | 17,865,758                           |   |                   | 382,277 |   |   | 448,020 |   |   | 252,595 |
|                                                                                             | Dividends and interest                                                                   |                   |        | 427,065                    |   |                               | 258,790    |                 |        | 306,255                              |   |                   | 197,382 |   |   | 755,839 |   |   | 913,080 |
|                                                                                             | Investment securities sold                                                               |                   |        | –                    |   |                               | –    |                 |        | –                              |   |                   | – |   |   | 1,388,557 |   |   | – |
| Prepaid expenses                                                                                 |                                                                                     |                   | 2,632       |                       |   | 491                                |       |                 | 1,835       |                                 |   | 3,580                  |   |   | 1,748 |   |   | 2,230 |
| Due from Adviser                                                                                 |                                                                                     |                   | –     |                       |   | –                            |       |                 | 46,700      |                                 |   | –                |   |   | – |   |   | – |
|                                                                    | Total assets                                                                             |                   |        | 634,217,719                |   |                               | 94,811,955 |                 |        | 291,148,637                          |   |                   | 687,181,003 |   |   | 324,048,451 |   |   | 239,271,742 |
|  LIABILITIES:                                                                               |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Payables:                                                                                        |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                                             | Capital stock redeemed                                                                   |                   |        | 1,006,842                  |   |                               | 143,869    |                 |        | 5,847,003                            |   |                   | 2,383,983 |   |   | 495,111 |   |   | 356,715 |
|                                                                                             | Distributions payable                                                                    |                   |        | –                    |   |                               | 38,800     |                 |        | –                              |   |                   | – |   |   | – |   |   | – |
|                                                                                             | Investment securities purchased                                                          |                   |        | 2,856,218                  |   |                               | –    |                 |        | –                              |   |                   | – |   |   | – |   |   | – |
| Accrued distribution and service plan fees                                                       |                                                                                     |                   | 241,289     |                       |   | 25,563                             |       |                 | –     |                                 |   | 210,585                |   |   | 123,453 |   |   | 86,848 |
| Accrued investment advisory fee                                                                  |                                                                                     |                   | 297,057     |                       |   | 25,000                             |       |                 | 124,663     |                                 |   | 327,936                |   |   | 152,205 |   |   | 114,656 |
| Accrued transfer agent fees                                                                      |                                                                                     |                   | 153,366     |                       |   | 41,025                             |       |                 | 35,977      |                                 |   | 156,665                |   |   | 64,624 |   |   | 78,398 |
| Other accrued expenses                                                                           |                                                                                     |                   | 44,748      |                       |   | 14,520                             |       |                 | 14,330      |                                 |   | 39,636                 |   |   | 25,392 |   |   | 17,796 |
|                                                                                             | Total liabilities                                                                        |                   |        | 4,599,520                  |   |                               | 288,777    |                 |        | 6,021,973                            |   |                   | 3,118,805 |   |   | 860,785 |   |   | 654,413 |
|  NET ASSETS                                                                                 |                                                                                     | $                      | 629,618,199 |                       | $      | 94,523,178                         |       | $                    | 285,126,664 |                                 | $      | 684,062,198            |   | $ | 323,187,666 |   | $ | 238,617,329 |
|  NET ASSETS CONSIST OF:                                                                     |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Par value of shares of capital stock                                                             |                                                                                     | $                      | 176,379     |                       | $      | 173,444                            |       | $                    | 2,851,267   |                                 | $      | 167,437                |   | $ | 87,330 |   | $ | 72,902 |
|  Additional paid-in capital                                                                 |                                                                                     |                   | 445,374,074 |                       |   | 99,398,908                         |       |                 | 282,275,397 |                                 |   | 333,400,955            |   |   | 321,228,240 |   |   | 260,097,082 |
|  Undistributed net investment income (loss)                                                 |                                                                                     |                   | (1,563,647) |                       |   | –                            |       |                 | –     |                                 |   | 3,392,443              |   |   | 675,259 |   |   | 3,943,723 |
|  Accumulated net realized gains (losses) from investments and foreign currency transactions |                                                                                     |                   | 29,641,453  |                       |   | (5,732,923)                        |       |                 | –     |                                 |   | 47,523,666             |   |   | (47,019,507) |   |   | (47,068,872) |
|  Net unrealized appreciation on investments and foreign currency transactions               |                                                                                     |                   | 155,989,940 |                       |   | 683,749                            |       |                 | –     |                                 |   | 299,577,697            |   |   | 48,216,344 |   |   | 21,572,494 |
|                                                                                             | Net Assets                                                                               |                   | $           | 629,618,199                |   | $                                  | 94,523,178 |                 | $           | 285,126,664                          |   | $                      | 684,062,198 |   | $ | 323,187,666 |   | $ | 238,617,329 |
|                                                                                             |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |
| *Including:                                                                                      |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                                             | Cost of unaffiliated companies                                                           |                   | $           | 474,378,202                |   | $                                  | 93,757,496 |                 | $           | 272,926,913                          |   | $                      | 386,928,678 |   | $ | 258,497,989 |   | $ | 216,529,490 |
|                                                                                             | Cost of affiliated companies                                                             |                   |        | –                    |   |                               | –    |                 |        | –                              |   |                   | – |   |   | 14,738,184 |   |   | – |
|                                                                                             |  Cost and market value of repurchase agreements (if greater than 10% of net assets) |                   |        | –                    |   |                               | –    |                 |        | 102,352,000                          |   |                   | – |   |   | – |   |   | – |
|                                                                                             |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |
| **Cost of cash - foreign currencies                                                              |                                                                                     |                   | 1,557,385   |                       |   | –                            |       |                 | –     |                                 |   | –                |   |   | – |   |   | – |

----

| DAVIS SERIES, INC. | Statements of Assets and Liabilities – (Continued) |
|--------------------|----------------------------------------------------------|
|               | At June 30, 2014 (Unaudited)                             |
|                                                                                                        |        | Davis Opportunity Fund |             | Davis Government Bond Fund |        | Davis Government Money Market Fund |        | Davis Financial Fund |             | Davis Appreciation & Income Fund |        | Davis Real Estate Fund |
|--------------------------------------------------------------------------------------------------------|--------|------------------------|-------------|----------------------------|--------|------------------------------------|--------|----------------------|-------------|--------------------------------------|--------|------------------------|
| CLASS A SHARES:                                                                                        |        |                        |             |                            |        |                                    |        |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net assets                                                                                             |   | $                      | 361,736,132 |                       | $      | 55,248,740                         |   | $                    | 266,564,041 |                                 | $      | 538,009,985            |   | $ | 228,318,477 |   | $ | 187,985,441 |
| Shares outstanding                                                                                     |   |                   | 9,985,028   |                       |   | 10,160,741                         |   |                 | 266,564,041 |                                 |   | 12,957,927             |   |   | 6,172,890 |   |   | 5,748,328 |
|  Net asset value and redemption price per share (Net assets ÷  Shares outstanding)      |   | $                      | 36.23       |                       | $      | 5.44                               |   | $                    | 1.00        |                                 | $      | 41.52                  |   | $ | 36.99 |   | $ | 32.70 |
|  Maximum offering price per share (100/95.25 of net asset value)†                           |   | $                      | 38.04       |                       | $      | 5.71                               |   | $                    | NA          |                                 | $      | 43.59                  |   | $ | 38.83 |   | $ | 34.33 |
|                                                                                                   |        |                        |             |                            |        |                                    |        |                      |             |                                      |        |                        |  |  |  |  |
|  CLASS B SHARES:                                                                                  |        |                        |             |                            |        |                                    |        |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net assets                                                                                             |   | $                      | 5,365,129   |                       | $      | 2,657,460                          |   | $                    | 7,507,927   |                                 | $      | 5,299,831              |   | $ | 5,978,681 |   | $ | 2,517,081 |
| Shares outstanding                                                                                     |   |                   | 175,100     |                       |   | 490,671                            |   |                 | 7,507,927   |                                 |   | 153,235                |   |   | 163,874 |   |   | 78,200 |
|  Net asset value and redemption price per share (Net assets ÷ Shares outstanding)            |   | $                      | 30.64       |                       | $      | 5.42                               |   | $                    | 1.00        |                                 | $      | 34.59                  |   | $ | 36.48 |   | $ | 32.19 |
|                                                                                                   |        |                        |             |                            |        |                                    |        |                      |             |                                      |        |                        |  |  |  |  |
|  CLASS C SHARES:                                                                                  |        |                        |             |                            |        |                                    |        |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net assets                                                                                             |   | $                      | 107,253,639 |                       | $      | 11,580,923                         |   | $                    | 7,004,369   |                                 | $      | 74,014,844             |   | $ | 67,305,685 |   | $ | 25,750,633 |
| Shares outstanding                                                                                     |   |                   | 3,318,201   |                       |   | 2,128,502                          |   |                 | 7,004,369   |                                 |   | 2,065,797              |   |   | 1,815,295 |   |   | 789,060 |
|  Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding) |   | $                      | 32.32       |                       | $      | 5.44                               |   | $                    | 1.00        |                                 | $      | 35.83                  |   | $ | 37.08 |   | $ | 32.63 |
|                                                                                                   |        |                        |             |                            |        |                                    |        |                      |             |                                      |        |                        |  |  |  |  |
|  CLASS Y SHARES:                                                                                  |        |                        |             |                            |        |                                    |        |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net assets                                                                                             |   | $                      | 155,263,299 |                       | $      | 25,036,055                         |   | $                    | 4,050,327   |                                 | $      | 66,737,538             |   | $ | 21,584,823 |   | $ | 22,364,174 |
| Shares outstanding                                                                                     |   |                   | 4,159,530   |                       |   | 4,564,452                          |   |                 | 4,050,327   |                                 |   | 1,566,752              |   |   | 580,905 |   |   | 674,644 |
|  Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding) |   | $                      | 37.33       |                       | $      | 5.49                               |   | $                    | 1.00        |                                 | $      | 42.60                  |   | $ | 37.16 |   | $ | 33.15 |
|                                                                                                   |        |                        |             |                            |        |                                    |        |                      |             |                                      |        |                        |  |  |  |  |
| †On purchases of $100,000 or more, the offering price is reduced.                                |        |                        |             |
|                                                                                                   |        |                        |             |                            |        |                                    |        |                      |             |                                      |        |                        |  |  |  |  |
| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC. | Statements of Operations                           |
|--------------------|----------------------------------------------------|
|               | For the six months ended June 30, 2014 (Unaudited) |
|                                                                                    |                                                                              | Davis Opportunity Fund |       | Davis Government Bond Fund |   | Davis Government Money Market Fund |      | Davis Financial Fund |      | Davis Appreciation & Income Fund |   | Davis Real Estate Fund |
|-----------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|------------------------|------------|----------------------------|--------|------------------------------------|-----------|----------------------|-----------|--------------------------------------|--------|------------------------|
| INVESTMENT INCOME:                                                                      |                                                                                   |                        |            |                            |   |                                    |           |                 |           |                                      |   |                        |  |   |  |  |   |  |  |
| Income:                                                                                 |                                                                                   |                        |            |                            |        |                                    |           |                      |           |                                      |        |                        |  |  |  |  |  |  |  |
| Dividends*                                                                              |                                                                              | $                      | 3,345,100  |                       | $      | –                            |      | $                    | –   |                                 | $      | 5,728,431              |   | $ | 1,829,213 |   | $ | 3,092,313 |
| Interest                                                                                |                                                                              |                   | 11,456     |                       |   | 1,025,235                          |      |                 | 153,809   |                                 |   | 8,457                  |   |   | 1,292,080 |   |   | 109,636 |
| Net securities lending fees                                                             |                                                                              |                   | 66,377     |                       |   | –                            |      |                 | –   |                                 |   | 4,383                  |   |   | – |   |   | – |
|                                                      | Total income                                                                      |                   |       | 3,422,933                  |   |                               | 1,025,235 |                 |      | 153,809                              |   |                   | 5,741,271 |   |   | 3,121,293 |   |   | 3,201,949 |
|                                                                                    |                                                                                   |                        |            |                            |        |                                    |           |                      |           |                                      |        |                        |  |  |  |  |
| Expenses:                                                                               |                                                                                   |                        |            |                            |        |                                    |           |                      |           |                                      |        |                        |  |  |  |  |  |  |  |
| Investment advisory fees (Note 3)                                                       |                                                                              |                   | 1,544,123  |                       |   | 144,583                            |      |                 | 724,318   |                                 |   | 1,790,636              |   |   | 848,557 |   |   | 628,931 |
| Custodian fees                                                                          |                                                                              |                   | 61,993     |                       |   | 20,968                             |      |                 | 26,249    |                                 |   | 60,670                 |   |   | 29,045 |   |   | 27,660 |
| Transfer agent fees:                                                                    |                                                                                   |                        |            |                            |        |                                    |           |                      |           |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                                    | Class A                                                                           |                   |       | 197,325                    |   |                               | 79,835    |                 |      | 77,396                               |   |                   | 258,424 |   |   | 99,324 |   |   | 116,401 |
|                                                                                    | Class B                                                                           |                   |       | 9,152                      |   |                               | 5,045     |                 |      | 2,288                                |   |                   | 8,694 |   |   | 8,261 |   |   | 5,539 |
|                                                                                    | Class C                                                                           |                   |       | 63,525                     |   |                               | 13,874    |                 |      | 2,075                                |   |                   | 54,504 |   |   | 30,887 |   |   | 23,739 |
|                                                                                    | Class Y                                                                           |                   |       | 61,904                     |   |                               | 4,024     |                 |      | 1,063                                |   |                   | 30,395 |   |   | 11,610 |   |   | 10,379 |
| Audit fees                                                                              |                                                                              |                   | 11,700     |                       |   | 9,660                              |      |                 | 11,700    |                                 |   | 18,120                 |   |   | 12,300 |   |   | 16,020 |
| Legal fees                                                                              |                                                                              |                   | 6,323      |                       |   | 1,097                              |      |                 | 3,103     |                                 |   | 7,376                  |   |   | 3,507 |   |   | 2,594 |
| Accounting fees (Note 3)                                                                |                                                                              |                   | 4,500      |                       |   | 1,500                              |      |                 | 2,496     |                                 |   | 6,750                  |   |   | 3,750 |   |   | 3,000 |
| Reports to shareholders                                                                 |                                                                              |                   | 33,000     |                       |   | 8,101                              |      |                 | 9,500     |                                 |   | 32,500                 |   |   | 17,500 |   |   | 17,000 |
| Directors' fees and expenses                                                            |                                                                              |                   | 29,548     |                       |   | 7,418                              |      |                 | 16,189    |                                 |   | 33,656                 |   |   | 17,588 |   |   | 13,820 |
| Registration and filing fees                                                            |                                                                              |                   | 32,250     |                       |   | 24,195                             |      |                 | 26,250    |                                 |   | 33,500                 |   |   | 26,750 |   |   | 29,855 |
| Excise tax expense (Note 1)                                                             |                                                                              |                   | –    |                       |   | –                            |      |                 | 4,056     |                                 |   | –                |   |   | – |   |   | – |
| Miscellaneous                                                                           |                                                                              |                   | 10,916     |                       |   | 7,629                              |      |                 | 5,552     |                                 |   | 13,782                 |   |   | 11,740 |   |   | 8,402 |
| Payments under distribution plan (Note 3):                                              |                                                                                   |                        |            |                            |        |                                    |           |                      |           |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                                    | Class A                                                                           |                   |       | 371,303                    |   |                               | 44,840    |                 |      | –                              |   |                   | 403,278 |   |   | 153,243 |   |   | 162,024 |
|                                                                                    | Class B                                                                           |                   |       | 31,288                     |   |                               | 15,240    |                 |      | –                              |   |                   | 26,656 |   |   | 33,764 |   |   | 13,867 |
|                                                                                    | Class C                                                                           |                   |       | 510,963                    |   |                               | 61,815    |                 |      | –                              |   |                   | 347,595 |   |   | 322,629 |   |   | 124,395 |
| Total expenses                                                                          |                                                                              |                   | 2,979,813  |                       |   | 449,824                            |      |                 | 912,235   |                                 |   | 3,126,536              |   |   | 1,630,455 |   |   | 1,203,626 |
| Reimbursement/waiver of expenses by Adviser (Note 3)                                    |                                                                              |                   | –    |                       |   | –                            |      |                 | (861,902) |                                 |   | –                |   |   | – |   |   | – |
|                                                                                    | Net expenses                                                                      |                   |       | 2,979,813                  |   |                               | 449,824   |                 |      | 50,333                               |   |                   | 3,126,536 |   |   | 1,630,455 |   |   | 1,203,626 |
| Net investment income                                                                   |                                                                              |                   | 443,120    |                       |   | 575,411                            |      |                 | 103,476   |                                 |   | 2,614,735              |   |   | 1,490,838 |   |   | 1,998,323 |
|                                                                                    |                                                                                   |                        |            |                            |        |                                    |           |                      |           |                                      |        |                        |  |  |  |  |
| REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: |                                                                                   |                        |            |                            |        |                                    |           |                      |           |                                      |        |                        |  |  |  |  |  |  |  |
| Net realized gain (loss) from:                                                          |                                                                                   |                        |            |                            |        |                                    |           |                      |           |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                                    | Investment transactions                                                           |                   |       | 44,327,971                 |   |                               | (376,445) |                 |      | –                              |   |                   | 51,593,281 |   |   | 7,584,643 |   |   | 4,870,538 |
|                                                                                    | Foreign currency transactions                                                     |                   |       | (2,827)                    |   |                               | –   |                 |      | –                              |   |                   | 1,618 |   |   | – |   |   | 153 |
| Net realized gain (loss)                                                                |                                                                              |                   | 44,325,144 |                       |   | (376,445)                          |      |                 | –   |                                 |   | 51,594,899             |   |   | 7,584,643 |   |   | 4,870,691 |
| Net change in unrealized appreciation (depreciation)                                    |                                                                              |                   | 4,807,902  |                       |   | 778,262                            |      |                 | –   |                                 |   | (16,272,407)           |   |   | 13,093,344 |   |   | 26,135,260 |
|                                                                                    | Net realized and unrealized gain on investments and foreign currency transactions |                   |       | 49,133,046                 |   |                               | 401,817   |                 |      | –                              |   |                   | 35,322,492 |   |   | 20,677,987 |   |   | 31,005,951 |
| Net increase in net assets resulting from operations                                    |                                                                              | $                      | 49,576,166 |                       | $      | 977,228                            |      | $                    | 103,476   |                                 | $      | 37,937,227             |   | $ | 22,168,825 |   | $ | 33,004,274 |
|                                                                                    |                                                                                   |                        |            |                            |        |                                    |           |                      |           |                                      |        |                        |  |  |  |  |
| *Net of foreign taxes withheld as follows                                               |                                                                              | $                      | 112,306    |                       | $      | –                            |      | $                    | –   |                                 | $      | 80,056                 |   | $ | – |   | $ | 5,191 |
| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC. | Statements of Changes in Net Assets                |
|--------------------|----------------------------------------------------|
|               | For the six months ended June 30, 2014 (Unaudited) |
|                                                                                                        |                                                 | Davis Opportunity Fund |        | Davis Government Bond Fund |   | Davis Government Money Market Fund |        | Davis Financial Fund |        | Davis Appreciation & Income Fund |   | Davis Real Estate Fund |
|-------------------------------------------------------------------------------------------------------------|------------------------------------------------------|------------------------|-------------|----------------------------|--------|------------------------------------|-------------|----------------------|-------------|--------------------------------------|--------|------------------------|
|                                                                                                             |                                                      |                   |             |                            |   |                                    |             |                 |             |                                      |   |                        |  |   |  |  |
| OPERATIONS:                                                                                                 |                                                      |                        |             |                            |        |                                    |             |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net investment income                                                                                       |                                                 | $                      | 443,120     |                       | $      | 575,411                            |        | $                    | 103,476     |                                 | $      | 2,614,735              |   | $ | 1,490,838 |   | $ | 1,998,323 |
|  Net realized gain (loss) from investments and foreign currency transactions                           |                                                 |                   | 44,325,144  |                       |   | (376,445)                          |        |                 | –     |                                 |   | 51,594,899             |   |   | 7,584,643 |   |   | 4,870,691 |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions |                                                 |                   | 4,807,902   |                       |   | 778,262                            |        |                 | –     |                                 |   | (16,272,407)           |   |   | 13,093,344 |   |   | 26,135,260 |
|                                                                               | Net increase in net assets resulting from operations |                   |        | 49,576,166                 |   |                               | 977,228     |                 |        | 103,476                              |   |                   | 37,937,227 |   |   | 22,168,825 |   |   | 33,004,274 |
|                                                                                                        |                                                      |                        |             |                            |        |                                    |             |                      |             |                                      |        |                        |  |  |  |  |
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                           |                                                      |                        |             |                            |        |                                    |             |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net investment income:                                                                                      |                                                      |                        |             |                            |        |                                    |             |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                                                        | Class A                                              |                   |        | –                    |   |                               | (339,670)   |                 |        | (96,869)                             |   |                   | – |   |   | (691,867) |   |   | (649,655) |
|                                                                                                        | Class B                                              |                   |        | –                    |   |                               | (2,697)     |                 |        | (2,808)                              |   |                   | – |   |   | (4,888) |   |   | (2,838) |
|                                                                                                        | Class C                                              |                   |        | –                    |   |                               | (23,827)    |                 |        | (2,530)                              |   |                   | – |   |   | (71,750) |   |   | (35,758) |
|                                                                                                        | Class Y                                              |                   |        | –                    |   |                               | (202,981)   |                 |        | (1,269)                              |   |                   | – |   |   | (70,979) |   |   | (87,111) |
|                                                                                                        |                                                      |                        |             |                            |        |                                    |             |                      |             |                                      |        |                        |  |  |  |  |
| CAPITAL SHARE TRANSACTIONS:                                                                                 |                                                      |                        |             |                            |        |                                    |             |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net increase (decrease) in net assets resulting from capital share transactions (Note 4):                   |                                                      |                        |             |                            |        |                                    |             |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                                              | Class A                                              |                   |        | 21,223,672                 |   |                               | (3,264,056) |                 |        | (47,903,237)                         |   |                   | (30,368,785) |   |   | 1,427,539 |   |   | (9,959,789) |
|                                                                                                        | Class B                                              |                   |        | (2,383,636)                |   |                               | (765,991)   |                 |        | (1,063,595)                          |   |                   | (715,784) |   |   | (2,381,510) |   |   | (916,438) |
|                                                                                                        | Class C                                              |                   |        | (1,358,526)                |   |                               | (2,449,233) |                 |        | (822,577)                            |   |                   | 50,257 |   |   | (1,674,238) |   |   | (1,947,127) |
|                                                                                                        | Class Y                                              |                   |        | 39,760,463                 |   |                               | (476,495)   |                 |        | 510,764                              |   |                   | 3,588,458 |   |   | (520,410) |   |   | (59,547) |
|                                                                                                        |  Total increase (decrease) in net assets        |                   |        | 106,818,139                |   |                               | (6,547,722) |                 |        | (49,278,645)                         |   |                   | 10,491,373 |   |   | 18,180,722 |   |   | 19,346,011 |
|                                                                                                        |                                                      |                        |             |                            |        |                                    |             |                      |             |                                      |        |                        |  |  |  |  |
| NET ASSETS:                                                                                                 |                                                      |                        |             |                            |        |                                    |             |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Beginning of period                                                                                         |                                                 |                   | 522,800,060 |                       |   | 101,070,900                        |        |                 | 334,405,309 |                                 |   | 673,570,825            |   |   | 305,006,944 |   |   | 219,271,318 |
| End of period*                                                                                              |                                                 | $                      | 629,618,199 |                       | $      | 94,523,178                         |        | $                    | 285,126,664 |                                 | $      | 684,062,198            |   | $ | 323,187,666 |   | $ | 238,617,329 |
|                                                                                                        |                                                      |                        |             |                            |        |                                    |             |                      |             |                                      |        |                        |  |  |  |  |
| *Including undistributed net investment income (loss) of                                                    |                                                 | $                      | (1,563,647) |                       | $      | –                            |        | $                    | –     |                                 | $      | 3,392,443              |   | $ | 675,259 |   | $ | 3,943,723 |
| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC. | Statements of Changes in Net Assets  |
|--------------------|--------------------------------------|
|               | For the year ended December 31, 2013 |
|                                                                                                        |                                                            | Davis Opportunity Fund |        | Davis Government Bond Fund |   | Davis Government Money Market Fund |         | Davis Financial Fund |        | Davis Appreciation & Income Fund |   | Davis Real Estate Fund |
|-------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|------------------------|-------------|----------------------------|--------|------------------------------------|--------------|----------------------|-------------|--------------------------------------|--------|------------------------|
|                                                                                                             |                                                                 |                   |             |                            |   |                                    |              |                 |             |                                      |   |                        |  |   |  |  |
| OPERATIONS:                                                                                                 |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net investment income (loss)                                                                                |                                                            | $                      | 904,382     |                       | $      | (607,884)                          |         | $                    | 99,611      |                                 | $      | 4,413,079              |   | $ | 3,862,255 |   | $ | 3,284,841 |
|  Net realized gain from investments and foreign currency transactions                                  |                                                            |                   | 48,307,104  |                       |   | 9,676                              |         |                 | –     |                                 |   | 7,635,138              |   |   | 29,771,897 |   |   | 41,424,315 |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions |                                                            |                   | 103,132,818 |                       |   | (1,635,752)                        |         |                 | –     |                                 |   | 149,367,771            |   |   | 49,020,285 |   |   | (48,206,006) |
|                                                                          | Net increase (decrease) in net assets resulting from operations |                   |        | 152,344,304                |   |                               | (2,233,960)  |                 |        | 99,611                               |   |                   | 161,415,988 |   |   | 82,654,437 |   |   | (3,496,850) |
|                                                                                                        |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                           |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net investment income:                                                                                      |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                                              | Class A                                                         |                   |        | (574,311)                  |   |                               | (619,018)    |                 |        | (90,207)                             |   |                   | (2,560,605) |   |   | (3,201,151) |   |   | (2,348,932) |
|                                                                                                        | Class B                                                         |                   |        | –                    |   |                               | –      |                 |        | (4,565)                              |   |                   | – |   |   | (31,444) |   |   | (4,821) |
|                                                                                                        | Class C                                                         |                   |        | –                    |   |                               | (529)        |                 |        | (3,744)                              |   |                   | – |   |   | (294,998) |   |   | (91,796) |
|                                                                                                        | Class Y                                                         |                   |        | (392,143)                  |   |                               | (297,472)    |                 |        | (1,095)                              |   |                   | (355,648) |   |   | (286,492) |   |   | (313,948) |
|                                                                                                        |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Realized gains from investment transactions:                                                                |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                                                        | Class A                                                         |                   |        | –                    |   |                               | –      |                 |        | –                              |   |                   | (7,754,389) |   |   | – |   |   | – |
|                                                                                                        | Class B                                                         |                   |        | –                    |   |                               | –      |                 |        | –                              |   |                   | (98,305) |   |   | – |   |   | – |
|                                                                                                        | Class C                                                         |                   |        | –                    |   |                               | –      |                 |        | –                              |   |                   | (1,148,859) |   |   | – |   |   | – |
|                                                                                                        | Class Y                                                         |                   |        | –                    |   |                               | –      |                 |        | –                              |   |                   | (780,634) |   |   | – |   |   | – |
|                                                                                                        |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |
| CAPITAL SHARE TRANSACTIONS:                                                                                 |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net increase (decrease) in net assets resulting from capital share transactions (Note 4):                   |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                                                        | Class A                                                         |                   |        | (979,321)                  |   |                               | (35,681,844) |                 |        | 77,510,737                           |   |                   | (9,968,159) |   |   | (89,878,735) |   |   | (29,140,869) |
|                                                                                                        | Class B                                                         |                   |        | (4,110,220)                |   |                               | (4,157,311)  |                 |        | (3,136,920)                          |   |                   | (1,159,189) |   |   | (3,929,039) |   |   | (1,115,370) |
|                                                                                                        | Class C                                                         |                   |        | (6,533,613)                |   |                               | (9,237,745)  |                 |        | (1,860,891)                          |   |                   | 4,610,280 |   |   | (10,904,040) |   |   | (4,140,328) |
|                                                                                                        | Class Y                                                         |                   |        | 16,105,197                 |   |                               | 2,031,969    |                 |        | 648,096                              |   |                   | 17,250,253 |   |   | (5,909,432) |   |   | (1,793,208) |
|                                                                                                        | Total increase (decrease) in net assets                         |                   |        | 155,859,893                |   |                               | (50,195,910) |                 |        | 73,161,022                           |   |                   | 159,450,733 |   |   | (31,780,894) |   |   | (42,446,122) |
|                                                                                                        |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |
| NET ASSETS:                                                                                                 |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Beginning of year                                                                                           |                                                            |                   | 366,940,167 |                       |   | 151,266,810                        |         |                 | 261,244,287 |                                 |   | 514,120,092            |   |   | 336,787,838 |   |   | 261,717,440 |
| End of year*                                                                                                |                                                            | $                      | 522,800,060 |                       | $      | 101,070,900                        |         | $                    | 334,405,309 |                                 | $      | 673,570,825            |   | $ | 305,006,944 |   | $ | 219,271,318 |
|                                                                                                        |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |
| *Including undistributed (overdistributed) net investment income of                                         |                                                            | $                      | (2,006,767) |                       | $      | (6,236)                            |         | $                    | –     |                                 | $      | 777,708                |   | $ | 23,905 |   | $ | 2,720,762 |
|                                                                                                        |                                                                 |                        |             |                            |        |                                    |              |                      |             |                                      |        |                        |  |  |  |  |
| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC. | Notes to Financial Statements |
|--------------------|-------------------------------|
|               | June 30, 2014 (Unaudited)     |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | June 30, 2014 (Unaudited)                         |
| 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)                         |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | June 30, 2014 (Unaudited)                         |
|                                                                                     | Investments in Securities at Value |
|------------------------------------------------------------------------------------------|------------------------------------|
|                                                                                     |                               |   |   |   | Davis |   |   |   | Davis |   |   |
|                                                                                     | Davis                              |   | Davis |   | Government |   | Davis |   | Appreciation |   | Davis |
|                                                                                     | Opportunity                        |   | Government |   | Money Market |   | Financial |   | & Income |   | Real Estate |
|                                                                                     | Fund                               |   | Bond Fund |   | Fund |   | Fund |   | Fund |   | Fund |
| Valuation inputs                                                                         |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 1 – Quoted Prices:                                                           |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities:                                                                       |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Discretionary                                                                   | $                                  | 147,245,543 |   | $ | – |   | $ | – |   | $ | – |   | $ | 29,042,767 |   | $ | – |
| Consumer Staples                                                                         |                               | 19,785,858 |   |   | – |   |   | – |   |   | – |   |   | 17,593,042 |   |   | – |
| Energy                                                                                   |                               | 10,766,405 |   |   | – |   |   | – |   |   | 29,648,219 |   |   | 38,522,587 |   |   | – |
| Financials                                                                               |                               | 87,579,994 |   |   | – |   |   | – |   |   | 613,789,834 |   |   | 33,265,040 |   |   | 212,007,986 |
| Health Care                                                                              |                               | 71,883,623 |   |   | – |   |   | – |   |   | – |   |   | 22,236,075 |   |   | – |
| Industrials                                                                              |                               | 79,148,959 |   |   | – |   |   | – |   |   | – |   |   | 40,763,785 |   |   | – |
| Information Technology                                                                   |                               | 135,394,234 |   |   | – |   |   | – |   |   | 19,955,956 |   |   | 15,412,120 |   |   | – |
| Materials                                                                                |                               | 23,361,324 |   |   | – |   |   | – |   |   | – |   |   | 20,275,045 |   |   | – |
| Telecommunication Services                                                               |                               | – |   |   | – |   |   | – |   |   | – |   |   | – |   |   | 5,646,765 |
| Utilities                                                                                |                               | – |   |   | – |   |   | – |   |   | – |   |   | 13,709,584 |   |   | – |
| Total Level 1                                                                            |                               | 575,165,940 |   |   | – |   |   | – |   |   | 663,394,009 |   |   | 230,820,045 |   |   | 217,654,751 |
|                                                                                     |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 2 – Other Significant                                                        |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Observable Inputs:                                                                       |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities:                                                                       |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Discretionary                                                                   |                               | – |   |   | – |   |   | – |   |   | – |   |   | 8,027,780 |   |   | – |
| Financials                                                                               |                               | – |   |   | – |   |   | – |   |   | – |   |   | 375,060 |   |   | – |
| Industrials                                                                              |                               | – |   |   | – |   |   | – |   |   | – |   |   | 7,128,668 |   |   | – |
| Debt securities issued by U.S. Treasuries and U.S. Government corporations and agencies: |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term                                                                                |                               | – |   |   | 89,439,245 |   |   | – |   |   | – |   |   | – |   |   | – |
| Short-term                                                                               |                               | – |   |   | – |   |   | 170,574,913 |   |   | – |   |   | – |   |   | – |
| Convertible debt securities                                                              |                               | – |   |   | – |   |   | – |   |   | – |   |   | 69,122,343 |   |   | 1,664,000 |
| Corporate debt securities                                                                |                               | – |   |   | – |   |   | – |   |   | – |   |   | 5,274,621 |   |   | – |
| Short-term securities                                                                    |                               | 44,984,000 |   |   | 5,002,000 |   |   | 102,352,000 |   |   | 13,743,000 |   |   | 704,000 |   |   | 18,784,000 |
| Total Level 2                                                                            |                               | 44,984,000 |   |   | 94,441,245 |   |   | 272,926,913 |   |   | 13,743,000 |   |   | 90,632,472 |   |   | 20,448,000 |
|                                                                                     |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 3 – Significant Unobservable                                                 |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Inputs:                                                                                  |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities:                                                                       |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financials                                                                               |                               | – |   |   | – |   |   | – |   |   | 9,367,215 |   |   | – |   |   | – |
| Information Technology                                                                   |                               | 10,226,490 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Total Level 3                                                                            |                               | 10,226,490 |   |   | – |   |   | – |   |   | 9,367,215 |   |   | – |   |   | – |
| Total Investments                                                                        | $                                  | 630,376,430 |   | $ | 94,441,245 |   | $ | 272,926,913 |   | $ | 686,504,224 |   | $ | 321,452,517 |   | $ | 238,102,751 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | June 30, 2014 (Unaudited)                         |
|  |                                                                                                                                                                             |   | DavisOpportunity Fund |       | DavisFinancial Fund |
|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|------------|---------------------|
|  | Investment Securities:                                                                                                                                                           |   |                  |       |                |   |   |
|  | Beginning balance                                                                                                                                                                |   | $                     | 7,781,130  |                | $ | 8,175,480 |
|  | Net change unrealized appreciation (depreciation)                                                                                                                                |   |                  | 2,445,360  |                |   | 1,191,735 |
|  | Ending balance                                                                                                                                                                   |   | $                     | 10,226,490 |                | $ | 9,367,215 |
|  |                                                                                                                                                                             |   |                  |       |                |   |   |
|  | Net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at June 30, 2014 and included in the change in net assets for the period |   | $                     | 2,445,360  |                | $ | 1,191,735 |
| Assets Table                |
|-----------------------------|
|                        |   | DavisOpportunity Fund |   | DavisFinancial Fund |
| Investments at Value:       |   |   |   |   |
| Equity securities:          |   |   |   |   |   |   |
| Fair value at June 30, 2014 |   | $ | 10,226,490    |   | $ | 9,367,215    |
|                        |   |   |   |   |
| Valuation technique         |   | Liquidationproceeds/Waterfallmethodology based onunderlying investmentvalue, then applyingliquidity discount |   | Index-based value adjustment with liquidity discount |
| Unobservable input          |   | Discount rate |   | Discount rate |
| Amount                      |   | 13.10% |   | 25% |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | June 30, 2014 (Unaudited)                         |
|          | Capital Loss Carryforwards |
|---------------|----------------------------|
|          |                       |   |   |   |   | Davis |   |   |
|          | Davis                      |   | Davis |   |   | Appreciation |   | Davis |
|          | Opportunity                |   | Government |   |   | & Income |   | Real Estate |
|          | Fund                       |   | Bond Fund |   |   | Fund |   | Fund |
| Expiring      |                       |   |   |   |   |   |   |   |   |   |   |   |
| 12/31/2014    | $                          | – |   | $ | 304,000 |   |   | $ | – |   | $ | – |
| 12/31/2015    |                       | – |   |   | 136,000 |   |   |   | – |   |   | – |
| 12/31/2016    |                       | – |   |   | – |   |   |   | – |   |   | – |
| 12/31/2017    |                       | 11,235,000 |   |   | 355,000 |   |   |   | 23,269,000 |   |   | 51,805,000 |
| 12/31/2018    |                       | – |   |   | 625,000 |   |   |   | 31,335,000 |   |   | – |
|          |                       |   |   |   |   |   |   |   |   |   |   |   |
| No Expiration |                       |   |   |   |   |   |   |   |   |   |   |   |
| Short-term    |                       | – |   |   | 2,386,000 |   |   |   | – |   |   | – |
| Long-term     |                       | – |   |   | 1,550,000 |   |   |   | – |   |   | – |
| Total         | $                          | 11,235,000 |   | $ | 5,356,000 |   |   | $ | 54,604,000 |   | $ | 51,805,000 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | June 30, 2014 (Unaudited)                         |
|  |                |        |        |       |   |       |   | Davis        |        |        |
|--|---------------------|-------------|-------------|------------|--------|------------|--------|--------------|-------------|-------------|
|  |                | Davis       |        | Davis      |   | Davis      |   | Appreciation |        | Davis       |
|  |                | Opportunity |        | Government |   | Financial  |   | & Income |        | Real Estate |
|  |                | Fund        |        | Bond Fund  |   | Fund       |   | Fund         |        | Fund        |
|  | Cost of purchases   | $           | 127,824,051 |       | $      | 24,165,956 |   | $            | 137,286,538 |        | $ | 14,790,704 |   | $ | 44,263,721 |
|  | Proceeds from sales |        | 96,357,093  |       |   | 19,667,769 |   |         | 160,291,033 |        |   | 16,700,651 |   |   | 65,557,620 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | June 30, 2014 (Unaudited)                         |
|                          | Expiring   |    | Expiring   |
|-------------------------------|------------|---------|------------|
|                          | 12/31/2016 |    | 12/31/2017 |
| Amount eligible for recapture | $          | 123,429 |       | $ | 137,584 |
|                                | Six months ended June 30, 2014 (Unaudited) |
|-------------------------------------|--------------------------------------------|
|                                |                                       |   |   |   | Davis |   |   |   | Davis |   |   |
|                                | Davis                                      |   | Davis |   | Government |   | Davis |   | Appreciation |   | Davis |
|                                | Opportunity                                |   | Government |   | Money |   | Financial |   | & Income |   | Real Estate |
|                                | Fund                                       |   | Bond Fund |   | Market Fund |   | Fund |   | Fund |   | Fund |
| Transfer agent fees paid to Adviser | $                                          | 19,938 |   | $ | 4,563 |   | $ | 8,797 |   | $ | 33,342 |   | $ | 12,902 |   | $ | 16,488 |
| Accounting fees paid to Adviser     |                                       | 4,500 |   |   | 1,500 |   |   | 2,496 |   |   | 6,750 |   |   | 3,750 |   |   | 3,000 |
|               | Six months ended June 30, 2014 (Unaudited) |
|--------------------|--------------------------------------------|
|               | Davis                                      |   | Davis Government |   | Davis |   | Davis Appreciation |   | Davis Real |
|               | Opportunity Fund                           |   | Bond Fund |   | Financial Fund |   | & Income Fund |   | Estate Fund |
| Distribution fees: |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class B            | $                                          | 23,570 |   | $ | 11,431 |   | $ | 20,065 |   | $ | 25,353 |   | $ | 10,399 |
| Class C            |                                       | 383,222 |   |   | 46,361 |   |   | 260,696 |   |   | 241,972 |   |   | 93,296 |
|               |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Service fees:      |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class A            |                                       | 371,303 |   |   | 44,840 |   |   | 403,278 |   |   | 153,243 |   |   | 162,024 |
| Class B            |                                       | 7,718 |   |   | 3,809 |   |   | 6,591 |   |   | 8,411 |   |   | 3,468 |
| Class C            |                                       | 127,741 |   |   | 15,454 |   |   | 86,899 |   |   | 80,657 |   |   | 31,099 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | June 30, 2014 (Unaudited)                         |
|                                                   | Six months ended June 30, 2014 (Unaudited) |
|--------------------------------------------------------|--------------------------------------------|
|                                                   |                                       |   |   |   |   |   | Davis |   |   |
|                                                   | Davis                                      |   | Davis |   | Davis |   | Appreciation |   | Davis |
|                                                   | Opportunity                                |   | Government |   | Financial |   | & Income |   | Real Estate |
|                                                   | Fund                                       |   | Bond Fund |   | Fund |   | Fund |   | Fund |
| Class A commissions retained by Distributor            | $                                          | 23,148 |   | $ | 411 |   | $ | 21,859 |   | $ | 10,746 |   | $ | 5,040 |
| Class A commissions re-allowed to investment dealers   |                                       | 133,128 |   |   | 2,214 |   |   | 118,686 |   |   | 57,852 |   |   | 26,963 |
| Total commissions earned on sales of Class A           | $                                          | 156,276 |   | $ | 2,625 |   | $ | 140,545 |   | $ | 68,598 |   | $ | 32,003 |
|                                                   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission advances by the Distributor on the sale of: |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class C                                                | $                                          | 49,159 |   | $ | 571 |   | $ | 51,707 |   | $ | 13,521 |   | $ | 3,515 |
|                                                   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CDSCs received by the Distributor from:                |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class B                                                |                                       | 2,167 |   |   | 5,373 |   |   | 4,105 |   |   | 4,991 |   |   | 2,419 |
| Class C                                                |                                       | 699 |   |   | 12 |   |   | 3,557 |   |   | 591 |   |   | 488 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | June 30, 2014 (Unaudited)                         |

|                                                          | Six months ended June 30, 2014 (Unaudited) |
|---------------------------------------------------------------|--------------------------------------------|
|                                                          |                                       | Sold |   |   | Reinvestment of Distributions |   |   | Redeemed |   |   | Net Increase (Decrease) |
| Davis Opportunity Fund                                        |                                       |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                                       | 1,421,101 |   |   | – |   |   | (809,464) |   |   | 611,637 |
| Class B                                                       |                                       | 9,506 |   |   | – |   |   | (90,578) |   |   | (81,072) |
| Class C                                                       |                                       | 172,965 |   |   | – |   |   | (218,431) |   |   | (45,466) |
| Class Y                                                       |                                       | 1,496,303 |   |   | – |   |   | (389,039) |   |   | 1,107,264  |
| Value:        Class A | $                                          | 49,223,700 |   | $ | – |   | $ | (28,000,028) |   | $ | 21,223,672  |
| Class B                                                       |                                       | 274,578 |   |   | – |   |   | (2,658,214) |   |   | (2,383,636) |
| Class C                                                       |                                       | 5,382,894 |   |   | – |   |   | (6,741,420) |   |   | (1,358,526) |
| Class Y                                                       |                                       | 53,585,625 |   |   | – |   |   | (13,825,162) |   |   | 39,760,463  |
|                                                          |                                       |   |   |   |   |   |   |   |   |   |   |
| Davis Government Bond Fund                                    |                                       |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                                       | 346,566 |   |   | 59,983 |   |   | (1,008,012) |   |   | (601,463) |
| Class B                                                       |                                       | 25,093 |   |   | 409 |   |   | (167,075) |   |   | (141,573) |
| Class C                                                       |                                       | 81,698 |   |   | 3,748 |   |   | (536,393) |   |   | (450,947) |
| Class Y                                                       |                                       | 28,011 |   |   | 36,878 |   |   | (151,913) |   |   | (87,024) |
| Value:        Class A      | $                                          | 1,882,516 |   | $ | 326,040 |   | $ | (5,472,612) |   | $ | (3,264,056) |
| Class B                                                       |                                       | 135,844 |   |   | 2,212 |   |   | (904,047) |   |   | (765,991) |
| Class C                                                       |                                       | 443,779 |   |   | 20,390 |   |   | (2,913,402) |   |   | (2,449,233) |
| Class Y                                                       |                                       | 153,341 |   |   | 202,280 |   |   | (832,116) |   |   | (476,495) |
|                                                          |                                       |   |   |   |   |   |   |   |   |   |   |
| Davis Government Money Market Fund                            |                                       |   |   |   |   |   |   |   |   |   |   |
| Shares:    Class A                        |                                       | 155,050,099 |   |   | 92,670 |   |   | (203,046,006) |   |   | (47,903,237) |
| Class B                                                       |                                       | 342,721 |   |   | 2,549 |   |   | (1,408,865) |   |   | (1,063,595) |
| Class C                                                       |                                       | 1,067,767 |   |   | 2,373 |   |   | (1,892,717) |   |   | (822,577) |
| Class Y                                                       |                                       | 753,036 |   |   | 1,269 |   |   | (243,541) |   |   | 510,764  |
| Value:       Class A       | $                                          | 155,050,099 |   | $ | 92,670 |   | $ | (203,046,006) |   | $ | (47,903,237) |
| Class B                                                       |                                       | 342,721 |   |   | 2,549 |   |   | (1,408,865) |   |   | (1,063,595) |
| Class C                                                       |                                       | 1,067,767 |   |   | 2,373 |   |   | (1,892,717) |   |   | (822,577) |
| Class Y                                                       |                                       | 753,036 |   |   | 1,269 |   |   | (243,541) |   |   | 510,764  |
|                                                          |                                       |   |   |   |   |   |   |   |   |   |   |
| Davis Financial Fund                                          |                                       |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                                       | 636,439 |   |   | – |   |   | (1,415,183) |   |   | (778,744) |
| Class B                                                       |                                       | 1,090 |   |   | – |   |   | (23,055) |   |   | (21,965) |
| Class C                                                       |                                       | 166,476 |   |   | – |   |   | (166,164) |   |   | 312  |
| Class Y                                                       |                                       | 237,486 |   |   | – |   |   | (145,042) |   |   | 92,444  |
| Value:        Class A      | $                                          | 24,727,226 |   | $ | – |   | $ | (55,096,011) |   | $ | (30,368,785) |
| Class B                                                       |                                       | 35,276 |   |   | – |   |   | (751,060) |   |   | (715,784) |
| Class C                                                       |                                       | 5,633,196 |   |   | – |   |   | (5,582,939) |   |   | 50,257  |
| Class Y                                                       |                                       | 9,397,893 |   |   | – |   |   | (5,809,435) |   |   | 3,588,458  |
|                                                          |                                       |   |   |   |   |   |   |   |   |   |   |
| Davis Appreciation & Income Fund                          |                                       |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                                       | 431,283 |   |   | 12,027 |   |   | (403,865) |   |   | 39,445  |
| Class B                                                       |                                       | 6,455 |   |   | 121 |   |   | (75,201) |   |   | (68,625) |
| Class C                                                       |                                       | 46,442 |   |   | 1,803 |   |   | (95,587) |   |   | (47,342) |
| Class Y                                                       |                                       | 50,723 |   |   | 1,803 |   |   | (67,919) |   |   | (15,393) |
| Value:        Class A | $                                          | 15,205,567 |   | $ | 433,570 |   | $ | (14,211,598) |   | $ | 1,427,539 |
| Class B                                                       |                                       | 231,451 |   |   | 4,324 |   |   | (2,617,285) |   |   | (2,381,510) |
| Class C                                                       |                                       | 1,637,112 |   |   | 65,318 |   |   | (3,376,668) |   |   | (1,674,238) |
| Class Y                                                       |                                       | 1,815,950 |   |   | 65,294 |   |   | (2,401,654) |   |   | (520,410) |
|                                                          |                                       |   |   |   |   |   |   |   |   |   |   |
| Davis Real Estate Fund                                        |                                       |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                                       | 162,610 |   |   | 17,521 |   |   | (505,312) |   |   | (325,181) |
| Class B                                                       |                                       | 63 |   |   | 87 |   |   | (30,394) |   |   | (30,244) |
| Class C                                                       |                                       | 22,326 |   |   | 1,114 |   |   | (87,630) |   |   | (64,190) |
| Class Y                                                       |                                       | 40,289 |   |   | 2,697 |   |   | (44,365) |   |   | (1,379) |
| Value:        Class A | $                                          | 5,042,055 |   | $ | 540,701 |   | $ | (15,542,545) |   | $ | (9,959,789) |
| Class B                                                       |                                       | 1,780 |   |   | 2,663 |   |   | (920,881) |   |   | (916,438) |
| Class C                                                       |                                       | 689,219 |   |   | 34,385 |   |   | (2,670,731) |   |   | (1,947,127) |
| Class Y                                                       |                                       | 1,256,392 |   |   | 84,318 |   |   | (1,400,257) |   |   | (59,547) |
|                                                          |                                       |   |   |   |   |   |   |   |   |   |   |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | June 30, 2014 (Unaudited)                         |
|                                                          | Year ended December 31, 2013 |
|---------------------------------------------------------------|------------------------------|
|                                                          |                         | Sold |   |   | Reinvestment of Distributions |   |   | Redeemed |   |   | Net Increase (Decrease) |
| Davis Opportunity Fund                                        |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:    Class A                        |                         | 2,057,843 |   |   | 16,427 |   |   | (2,119,486) |   |   | (45,216) |
| Class B                                                       |                         | 16,160 |   |   | – |   |   | (186,149) |   |   | (169,989) |
| Class C                                                       |                         | 284,375 |   |   | – |   |   | (554,784) |   |   | (270,409) |
| Class Y                                                       |                         | 1,308,511 |   |   | 11,482 |   |   | (807,196) |   |   | 512,797 |
| Value:        Class A | $                            | 58,854,102 |   | $ | 528,790 |   | $ | (60,362,213) |   | $ | (979,321) |
| Class B                                                       |                         | 385,362 |   |   | – |   |   | (4,495,582) |   |   | (4,110,220) |
| Class C                                                       |                         | 7,449,896 |   |   | – |   |   | (13,983,509) |   |   | (6,533,613) |
| Class Y                                                       |                         | 38,785,424 |   |   | 380,290 |   |   | (23,060,517) |   |   | 16,105,197 |
|                                                          |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Government Bond Fund                                    |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                         | 1,767,294 |   |   | 107,505 |   |   | (8,382,235) |   |   | (6,507,436) |
| Class B                                                       |                         | 46,910 |   |   | – |   |   | (808,120) |   |   | (761,210) |
| Class C                                                       |                         | 219,032 |   |   | 81 |   |   | (1,904,205) |   |   | (1,685,092) |
| Class Y                                                       |                         | 708,997 |   |   | 53,603 |   |   | (397,878) |   |   | 364,722  |
| Value:        Class A | $                            | 9,701,887 |   | $ | 589,252 |   | $ | (45,972,983) |   | $ | (35,681,844) |
| Class B                                                       |                         | 257,483 |   |   | – |   |   | (4,414,794) |   |   | (4,157,311) |
| Class C                                                       |                         | 1,201,899 |   |   | 450 |   |   | (10,440,094) |   |   | (9,237,745) |
| Class Y                                                       |                         | 3,933,463 |   |   | 295,765 |   |   | (2,197,259) |   |   | 2,031,969  |
|                                                          |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Government Money Market Fund                            |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:    Class A                        |                         | 383,045,661 | * |   | 89,376 |   |   | (305,624,300) |   |   | 77,510,737  |
| Class B                                                       |                         | 789,713 |   |   | 4,194 |   |   | (3,930,827) |   |   | (3,136,920) |
| Class C                                                       |                         | 3,196,515 |   |   | 3,432 |   |   | (5,060,838) |   |   | (1,860,891) |
| Class Y                                                       |                         | 1,985,466 |   |   | 1,092 |   |   | (1,338,462) |   |   | 648,096  |
| Value:        Class A | $                            | 383,045,661 | * | $ | 89,376 |   | $ | (305,624,300) |   | $ | 77,510,737  |
| Class B                                                       |                         | 789,713 |   |   | 4,194 |   |   | (3,930,827) |   |   | (3,136,920) |
| Class C                                                       |                         | 3,196,515 |   |   | 3,432 |   |   | (5,060,838) |   |   | (1,860,891) |
| Class Y                                                       |                         | 1,985,466 |   |   | 1,092 |   |   | (1,338,462) |   |   | 648,096  |
|                                                          |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Financial Fund                                          |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                         | 2,506,434 |   |   | 180,798 |   |   | (2,966,254) |   |   | (279,022) |
| Class B                                                       |                         | 17,434 |   |   | 2,906 |   |   | (59,300) |   |   | (38,960) |
| Class C                                                       |                         | 414,610 |   |   | 33,452 |   |   | (298,892) |   |   | 149,170  |
| Class Y                                                       |                         | 702,998 |   |   | 27,927 |   |   | (271,656) |   |   | 459,269  |
| Value:        Class A | $                            | 88,577,107 |   | $ | 6,897,456 |   | $ | (105,442,722) |   | $ | (9,968,159) |
| Class B                                                       |                         | 491,278 |   |   | 92,873 |   |   | (1,743,340) |   |   | (1,159,189) |
| Class C                                                       |                         | 12,686,790 |   |   | 1,106,587 |   |   | (9,183,097) |   |   | 4,610,280  |
| Class Y                                                       |                         | 26,123,978 |   |   | 1,091,959 |   |   | (9,965,684) |   |   | 17,250,253  |
|                                                          |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Appreciation & Income Fund                          |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                         | 1,326,305 |   |   | 87,043 |   |   | (4,261,710) |   |   | (2,848,362) |
| Class B                                                       |                         | 19,956 |   |   | 915 |   |   | (148,875) |   |   | (128,004) |
| Class C                                                       |                         | 97,647 |   |   | 8,725 |   |   | (464,881) |   |   | (358,509) |
| Class Y                                                       |                         | 131,051 |   |   | 8,509 |   |   | (339,236) |   |   | (199,676) |
| Value:        Class A      | $                            | 40,041,844 |   | $ | 2,689,327 |   | $ | (132,609,906) |   | $ | (89,878,735) |
| Class B                                                       |                         | 587,426 |   |   | 27,714 |   |   | (4,544,179) |   |   | (3,929,039) |
| Class C                                                       |                         | 3,021,785 |   |   | 270,683 |   |   | (14,196,508) |   |   | (10,904,040) |
| Class Y                                                       |                         | 4,024,042 |   |   | 265,755 |   |   | (10,199,229) |   |   | (5,909,432) |
|                                                          |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Real Estate Fund                                        |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                         | 584,877 |   |   | 70,786 |   |   | (1,642,863) |   |   | (987,200) |
| Class B                                                       |                         | 21,438 |   |   | 150 |   |   | (60,371) |   |   | (38,783) |
| Class C                                                       |                         | 79,370 |   |   | 2,997 |   |   | (224,139) |   |   | (141,772) |
| Class Y                                                       |                         | 94,308 |   |   | 10,266 |   |   | (166,560) |   |   | (61,986) |
| Value:        Class A      | $                            | 17,469,088 |   | $ | 2,076,783 |   | $ | (48,686,740) |   | $ | (29,140,869) |
| Class B                                                       |                         | 642,252 |   |   | 4,343 |   |   | (1,761,965) |   |   | (1,115,370) |
| Class C                                                       |                         | 2,363,426 |   |   | 87,809 |   |   | (6,591,563) |   |   | (4,140,328) |
| Class Y                                                       |                         | 2,851,859 |   |   | 305,022 |   |   | (4,950,089) |   |   | (1,793,208) |
|                                                          |                         |   |   |   |   |   |   |   |   |   |   |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | June 30, 2014 (Unaudited)                         |
| Fund              |   | Security                        | AcquisitionDate |   |  Units |   | Cost per Unit |     | Valuation perUnit as ofJune 30, 2014 |
|-------------------|--------|---------------------------------|-----------------|--------|-------------|--------|---------------|----------|--------------------------------------|
| Davis Opportunity |   |                            |            |   |        |   |          |     |                                 |   |   |
| Fund              |   | ASAC II L.P., Private Placement | 10/10/13        |   | 6,900,000   |   | $             | 1.00     |                                 | $ | 1.48 |
| Davis Financial   |   |                            |            |   |        |   |          |     |                                 |   |   |
| Fund              |   | SKBHC Holdings LLC              | 11/08/10        |   | 1,916       |   | $             | 4,888.79 |                                 | $ | 4,888.54 |

----

| DAVIS SERIES, INC. |
|--------------------|

| 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 ofPeriod | Net Investment Income (Loss)             | Net Realized and Unrealized Gains (Losses) | Total from Investment Operations |
| Davis Opportunity Fund Class A:                   |                                |                                     |   |   |
|    Six months ended June 30, 2014d | $33.20                              | $0.04e                                   | $2.99 | $3.03 |
| Year ended December 31, 2013                      | $23.42                              | $0.10e                                   | $9.74 | $9.84 |
| Year ended December 31, 2012                      | $21.16                              | $0.19e                                   | $2.39 | $2.58 |
| Year ended December 31, 2011                      | $22.57                              | $0.20e                                   | $(1.02) | $(0.82) |
| Year ended December 31, 2010                      | $20.08                              | $0.24e                                   | $2.54 | $2.78 |
| Year ended December 31, 2009                      | $13.92                              | $0.09e                                   | $6.15 | $6.24 |
| Davis Opportunity Fund Class B:                   |                                |                                     |   |   |
|    Six months ended June 30, 2014d | $28.22                              | $(0.11)e                                 | $2.53 | $2.42 |
| Year ended December 31, 2013                      | $20.05                              | $(0.14)e                                 | $8.31 | $8.17 |
| Year ended December 31, 2012                      | $18.13                              | $(0.03)e                                 | $2.03 | $2.00 |
| Year ended December 31, 2011                      | $19.34                              | $(0.01)e                                 | $(0.88) | $(0.89) |
| Year ended December 31, 2010                      | $17.21                              | $0.05e                                   | $2.17 | $2.22 |
| Year ended December 31, 2009                      | $12.00                              | $(0.05)e                                 | $5.26 | $5.21 |
| Davis Opportunity Fund Class C:                   |                                |                                     |   |   |
|    Six months ended June 30, 2014d | $29.74                              | $(0.08)e                                 | $2.66 | $2.58 |
| Year ended December 31, 2013                      | $21.10                              | $(0.11)e                                 | $8.75 | $8.64 |
| Year ended December 31, 2012                      | $19.08                              | $0.01e                                   | $2.14 | $2.15 |
| Year ended December 31, 2011                      | $20.34                              | $0.02e                                   | $(0.92) | $(0.90) |
| Year ended December 31, 2010                      | $18.10                              | $0.07e                                   | $2.29 | $2.36 |
| Year ended December 31, 2009                      | $12.60                              | $(0.03)e                                 | $5.53 | $5.50 |
| Davis Opportunity Fund Class Y:                   |                                |                                     |   |   |
|    Six months ended June 30, 2014d | $34.17                              | $0.10e                                   | $3.06 | $3.16 |
| Year ended December 31, 2013                      | $24.09                              | $0.17e                                   | $10.04 | $10.21 |
| Year ended December 31, 2012                      | $21.77                              | $0.24e                                   | $2.47 | $2.71 |
| Year ended December 31, 2011                      | $23.22                              | $0.27e                                   | $(1.06) | $(0.79) |
| Year ended December 31, 2010                      | $20.65                              | $0.30e                                   | $2.63 | $2.93 |
| Year ended December 31, 2009                      | $14.31                              | $0.15e                                   | $6.33 | $6.48 |
| Davis Government Bond Fund Class A:               |                                |                                     |   |   |
|    Six months ended June 30, 2014d | $5.42                               | $0.03e                                   | $0.02 | $0.05 |
| Year ended December 31, 2013                      | $5.55                               | $(0.02)e                                 | $(0.06) | $(0.08) |
| Year ended December 31, 2012                      | $5.60                               | $0.02e                                   | $0.02 | $0.04 |
| Year ended December 31, 2011                      | $5.62                               | $0.13                                    | $(0.02) | $0.11 |
| Year ended December 31, 2010                      | $5.66                               | $0.15                                    | $(0.04) | $0.11 |
| Year ended December 31, 2009                      | $5.65                               | $0.18                                    | $0.01 | $0.19 |
| Davis Government Bond Fund Class B:               |                                |                                     |   |   |
|    Six months ended June 30, 2014d | $5.39                               | $0.01e                                   | $0.02 | $0.03 |
| Year ended December 31, 2013                      | $5.53                               | $(0.07)e                                 | $(0.07) | $(0.14) |
| Year ended December 31, 2012                      | $5.58                               | $(0.03)e                                 | $0.02 | $(0.01) |
| Year ended December 31, 2011                      | $5.60                               | $0.08                                    | $(0.02) | $0.06 |
| Year ended December 31, 2010                      | $5.65                               | $0.10                                    | $(0.05) | $0.05 |
| Year ended December 31, 2009                      | $5.64                               | $0.13                                    | $0.01 | $0.14 |

----

| 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 Returna | Net Assets, End of Period (in thousands) | Gross Expense Ratio | Net Expense Ratiob | Net Investment Income (Loss) Ratio | Portfolio Turnoverc |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $–                          | $–          | $–            | $36.23                         | 9.13%         | $361,736 | 0.96%f | 0.96%f | 0.26%f | 18% |
| $(0.06)                              | $–                          | $–          | $(0.06)             | $33.20                         | 42.03%g       | $311,241 | 0.98% | 0.98% | 0.34% | 47% |
| $(0.32)                              | $–                          | $–          | $(0.32)             | $23.42                         | 12.18%        | $220,539 | 1.02% | 1.02% | 0.83% | 19% |
| $(0.59)                              | $–                          | $–          | $(0.59)             | $21.16                         | (3.63)%       | $235,743 | 1.02% | 1.02% | 0.90% | 53% |
| $(0.29)                              | $–                          | $–          | $(0.29)             | $22.57                         | 13.92%g       | $296,880 | 1.05% | 1.05% | 1.18% | 24% |
| $(0.08)                              | $–                          | $–          | $(0.08)             | $20.08                         | 44.81%        | $319,877 | 1.17% | 1.17% | 0.56% | 24% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $–                          | $–          | $–            | $30.64                         | 8.58%         | $5,365 | 1.90%f | 1.90%f | (0.68)%f | 18% |
| $–                             | $–                          | $–          | $–            | $28.22                         | 40.75%g       | $7,228 | 1.95% | 1.95% | (0.63)% | 47% |
| $(0.08)                              | $–                          | $–          | $(0.08)             | $20.05                         | 11.03%        | $8,546 | 2.01% | 2.01% | (0.16)% | 19% |
| $(0.32)                              | $–                          | $–          | $(0.32)             | $18.13                         | (4.61)%       | $12,228 | 1.98% | 1.98% | (0.06)% | 53% |
| $(0.09)                              | $–                          | $–          | $(0.09)             | $19.34                         | 12.91%g       | $19,593 | 1.99% | 1.99% | 0.24% | 24% |
| $–                             | $–                          | $–          | $–            | $17.21                         | 43.42%        | $23,525 | 2.11% | 2.11% | (0.38)% | 24% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $–                          | $–          | $–            | $32.32                         | 8.68%         | $107,254 | 1.74%f | 1.74%f | (0.52)%f | 18% |
| $–                             | $–                          | $–          | $–            | $29.74                         | 40.95%g       | $100,034 | 1.78% | 1.78% | (0.46)% | 47% |
| $(0.13)                              | $–                          | $–          | $(0.13)             | $21.10                         | 11.23%        | $76,682 | 1.82% | 1.82% | 0.03% | 19% |
| $(0.36)                              | $–                          | $–          | $(0.36)             | $19.08                         | (4.40)%       | $87,674 | 1.82% | 1.82% | 0.10% | 53% |
| $(0.12)                              | $–                          | $–          | $(0.12)             | $20.34                         | 13.06%g       | $116,235 | 1.84% | 1.84% | 0.39% | 24% |
| $–                             | $–                          | $–          | $–            | $18.10                         | 43.65%        | $131,972 | 1.96% | 1.96% | (0.23)% | 24% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $–                          | $–          | $–            | $37.33                         | 9.25%         | $155,263 | 0.72%f | 0.72%f | 0.50%f | 18% |
| $(0.13)                              | $–                          | $–          | $(0.13)             | $34.17                         | 42.40%g       | $104,297 | 0.74% | 0.74% | 0.58% | 47% |
| $(0.39)                              | $–                          | $–          | $(0.39)             | $24.09                         | 12.40%        | $61,172 | 0.77% | 0.77% | 1.08% | 19% |
| $(0.66)                              | $–                          | $–          | $(0.66)             | $21.77                         | (3.38)%       | $171,853 | 0.77% | 0.77% | 1.15% | 53% |
| $(0.36)                              | $–                          | $–          | $(0.36)             | $23.22                         | 14.31%g       | $183,554 | 0.75% | 0.75% | 1.48% | 24% |
| $(0.14)                              | $–                          | $–          | $(0.14)             | $20.65                         | 45.31%        | $78,231 | 0.81% | 0.81% | 0.92% | 24% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.03)                              | $–                          | $–          | $(0.03)             | $5.44                          | 0.97%         | $55,249 | 0.91%f | 0.91%f | 1.22%f | 22% |
| $(0.05)                              | $–                          | $–          | $(0.05)             | $5.42                          | (1.52)%       | $58,280 | 0.81% | 0.81% | (0.41)% | 26% |
| $(0.09)                              | $–                          | $–          | $(0.09)             | $5.55                          | 0.67%         | $95,888 | 0.70% | 0.70% | 0.27% | 28% |
| $(0.13)                              | $–                          | $–          | $(0.13)             | $5.60                          | 2.01%         | $108,955 | 0.74% | 0.74% | 1.49% | 27% |
| $(0.15)                              | $–                          | $–          | $(0.15)             | $5.62                          | 1.95%         | $112,118 | 0.75% | 0.75% | 2.00% | 33% |
| $(0.18)                              | $–                          | $–          | $(0.18)             | $5.66                          | 3.37%         | $100,617 | 0.72% | 0.72% | 2.78% | 48% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–h                            | $–                          | $–          | $–h           | $5.42                          | 0.65%         | $2,657 | 1.80%f | 1.80%f | 0.33%f | 22% |
| $–                             | $–                          | $–          | $–            | $5.39                          | (2.53)%       | $3,409 | 1.72% | 1.72% | (1.32)% | 26% |
| $(0.04)                              | $–                          | $–          | $(0.04)             | $5.53                          | (0.20)%       | $7,707 | 1.63% | 1.63% | (0.66)% | 28% |
| $(0.08)                              | $–                          | $–          | $(0.08)             | $5.58                          | 1.09%         | $10,970 | 1.66% | 1.66% | 0.57% | 27% |
| $(0.10)                              | $–                          | $–          | $(0.10)             | $5.60                          | 0.84%         | $14,021 | 1.65% | 1.65% | 1.10% | 33% |
| $(0.13)                              | $–                          | $–          | $(0.13)             | $5.65                          | 2.42%         | $16,322 | 1.65% | 1.65% | 1.85% | 48% |

----

| DAVIS SERIES, INC. |
|--------------------|

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

|                                                     |                                 | Income (Loss) from Investment Operations |
|----------------------------------------------------------|--------------------------------------|------------------------------------------|
|                                                     | Net Asset Value, Beginning of Period | Net Investment Income (Loss)             | Net Realized and Unrealized Gains (Losses) | Total from Investment Operations |
| Davis Government Bond Fund Class C:                      |                                 |                                     |   |   |
|    Six months ended June 30, 2014d        | $5.42                                | $0.01e                                   | $0.02 | $0.03 |
| Year ended December 31, 2013                             | $5.55                                | $(0.07)e                                 | $(0.06) | $(0.13) |
| Year ended December 31, 2012                             | $5.60                                | $(0.03)e                                 | $0.02 | $(0.01) |
| Year ended December 31, 2011                             | $5.62                                | $0.08                                    | $(0.02) | $0.06 |
| Year ended December 31, 2010                             | $5.66                                | $0.10                                    | $(0.04) | $0.06 |
| Year ended December 31, 2009                             | $5.65                                | $0.13                                    | $0.01 | $0.14 |
| Davis Government Bond Fund Class Y:                      |                                 |                                     |   |   |
|    Six months ended June 30, 2014d        | $5.46                                | $0.04e                                   | $0.03 | $0.07 |
| Year ended December 31, 2013                             | $5.60                                | $–e,h                              | $(0.07) | $(0.07) |
| Year ended December 31, 2012                             | $5.64                                | $0.03e                                   | $0.03 | $0.06 |
| Year ended December 31, 2011                             | $5.66                                | $0.14                                    | $(0.02) | $0.12 |
| Year ended December 31, 2010                             | $5.70                                | $0.16                                    | $(0.04) | $0.12 |
| Year ended December 31, 2009                             | $5.69                                | $0.18                                    | $0.01 | $0.19 |
| Davis Government Money Market Fund Class A, B, C, and Y: |                                 |                                     |   |   |
|    Six months ended June 30, 2014d        | $1.000                               | $– i                               | $– | $– i |
| Year ended December 31, 2013                             | $1.000                               | $–i                                | $– | $–i |
| Year ended December 31, 2012                             | $1.000                               | $–i                                | $– | $–i |
| Year ended December 31, 2011                             | $1.000                               | $–i                                | $– | $–i |
| Year ended December 31, 2010                             | $1.000                               | $–i                                | $– | $–i |
| Year ended December 31, 2009                             | $1.000                               | $0.003                                   | $– | $0.003 |
| Davis Financial Fund Class A:                            |                                 |                                     |   |   |
|    Six months ended June 30, 2014d        | $39.20                               | $0.17e                                   | $2.15 | $2.32 |
| Year ended December 31, 2013                             | $30.41                               | $0.29e                                   | $9.26 | $9.55 |
| Year ended December 31, 2012                             | $26.36                               | $0.28e                                   | $4.51 | $4.79 |
| Year ended December 31, 2011                             | $31.76                               | $0.27e                                   | $(3.17) | $(2.90) |
| Year ended December 31, 2010                             | $28.76                               | $0.23e                                   | $3.00 | $3.23 |
| Year ended December 31, 2009                             | $19.72                               | $0.12e                                   | $8.96 | $9.08 |
| Davis Financial Fund Class B:                            |                                 |                                     |   |   |
|    Six months ended June 30, 2014d        | $32.82                               | $(0.02)e                                 | $1.79 | $1.77 |
| Year ended December 31, 2013                             | $25.70                               | $(0.08)e                                 | $7.77 | $7.69 |
| Year ended December 31, 2012                             | $22.35                               | $(0.05)e                                 | $3.81 | $3.76 |
| Year ended December 31, 2011                             | $27.27                               | $(0.06)e                                 | $(2.72) | $(2.78) |
| Year ended December 31, 2010                             | $24.79                               | $(0.08)e                                 | $2.56 | $2.48 |
| Year ended December 31, 2009                             | $17.17                               | $(0.11)e                                 | $7.73 | $7.62 |
| Davis Financial Fund Class C:                            |                                 |                                     |   |   |
|    Six months ended June 30, 2014d        | $33.97                               | $–e,h                              | $1.86 | $1.86 |
| Year ended December 31, 2013                             | $26.53                               | $(0.04)e                                 | $8.05 | $8.01 |
| Year ended December 31, 2012                             | $23.06                               | $0.01e                                   | $3.92 | $3.93 |
| Year ended December 31, 2011                             | $28.05                               | $(0.01)e                                 | $(2.78) | $(2.79) |
| Year ended December 31, 2010                             | $25.44                               | $(0.03)e                                 | $2.64 | $2.61 |
| Year ended December 31, 2009                             | $17.58                               | $(0.08)e                                 | $7.94 | $7.86 |

----

| Financial Highlights – (Continued) |
|------------------------------------------|
| Dividends and Distributions          |                              |              |                | Ratios to Average Net Assets   |          |
|--------------------------------------|-----------------------------------|-------------------|---------------------|--------------------------------|---------------|
| Dividends from Net Investment Income | Distributions from Realized Gains | Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Returna | Net Assets, End of Period (in thousands) | Gross Expense Ratio | Net Expense Ratiob | Net Investment Income (Loss) Ratio | Portfolio Turnoverc |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.01)                              | $–                          | $–          | $(0.01)             | $5.44                          | 0.56%         | $11,581 | 1.69%f | 1.69%f | 0.44%f | 22% |
| $–h                            | $–                          | $–          | $–h           | $5.42                          | (2.34)%       | $13,973 | 1.63% | 1.63% | (1.23)% | 26% |
| $(0.04)                              | $–                          | $–          | $(0.04)             | $5.55                          | (0.15)%       | $23,673 | 1.57% | 1.57% | (0.60)% | 28% |
| $(0.08)                              | $–                          | $–          | $(0.08)             | $5.60                          | 1.16%         | $28,729 | 1.59% | 1.59% | 0.64% | 27% |
| $(0.10)                              | $–                          | $–          | $(0.10)             | $5.62                          | 1.10%         | $34,572 | 1.56% | 1.56% | 1.19% | 33% |
| $(0.13)                              | $–                          | $–          | $(0.13)             | $5.66                          | 2.49%         | $40,882 | 1.58% | 1.58% | 1.92% | 48% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.04)                              | $–                          | $–          | $(0.04)             | $5.49                          | 1.36%         | $25,036 | 0.50%f | 0.50%f | 1.63%f | 22% |
| $(0.07)                              | $–                          | $–          | $(0.07)             | $5.46                          | (1.34)%       | $25,409 | 0.47% | 0.47% | (0.07)% | 26% |
| $(0.10)                              | $–                          | $–          | $(0.10)             | $5.60                          | 1.11%         | $23,999 | 0.44% | 0.44% | 0.53% | 28% |
| $(0.14)                              | $–                          | $–          | $(0.14)             | $5.64                          | 2.16%         | $3,821 | 0.60% | 0.60% | 1.63% | 27% |
| $(0.16)                              | $–                          | $–          | $(0.16)             | $5.66                          | 2.11%         | $3,416 | 0.58% | 0.58% | 2.17% | 33% |
| $(0.18)                              | $–                          | $–          | $(0.18)             | $5.70                          | 3.44%         | $3,032 | 0.64% | 0.64% | 2.86% | 48% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $– i                           | $–                          | $–          | $– i          | $1.000                         | 0.03%         | $285,127 | 0.62%f | 0.03%f | 0.07%f | NA |
| $–i                            | $–                          | $–          | $–i           | $1.000                         | 0.04%         | $334,405 | 0.64% | 0.09% | 0.04% | NA |
| $–i                            | $–                          | $–          | $–i           | $1.000                         | 0.04%         | $261,244 | 0.63% | 0.16% | 0.04% | NA |
| $–i                            | $–                          | $–          | $–i           | $1.000                         | 0.03%         | $240,424 | 0.63% | 0.12% | 0.03% | NA |
| $–i                            | $–                          | $–          | $–i           | $1.000                         | 0.02%         | $320,687 | 0.61% | 0.21% | 0.02% | NA |
| $(0.003)                             | $–                          | $–          | $(0.003)            | $1.000                         | 0.28%         | $299,642 | 0.63% | 0.47% | 0.30% | NA |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $–                          | $–          | $–            | $41.52                         | 5.92%         | $538,010 | 0.87%f | 0.87%f | 0.89%f | 21% |
| $(0.19)                              | $(0.57)                           | $–          | $(0.76)             | $39.20                         | 31.45%        | $538,410 | 0.88% | 0.88% | 0.83% | 0%j |
| $(0.33)                              | $(0.41)                           | $–          | $(0.74)             | $30.41                         | 18.15%        | $426,149 | 0.91% | 0.91% | 0.96% | 10% |
| $(0.47)                              | $(2.03)                           | $–          | $(2.50)             | $26.36                         | (9.02)%       | $377,885 | 0.91% | 0.91% | 0.87% | 12% |
| $(0.23)                              | $–                          | $–          | $(0.23)             | $31.76                         | 11.25%        | $487,948 | 0.95% | 0.95% | 0.79% | 2% |
| $(0.04)                              | $–                          | $–          | $(0.04)             | $28.76                         | 46.02%k       | $584,626 | 1.05% | 1.05% | 0.51% | 9% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $–                          | $–          | $–            | $34.59                         | 5.39%         | $5,300 | 1.93%f | 1.93%f | (0.17)%f | 21% |
| $–                             | $(0.57)                           | $–          | $(0.57)             | $32.82                         | 29.97%        | $5,751 | 1.99% | 1.99% | (0.28)% | 0%j |
| $–                             | $(0.41)                           | $–          | $(0.41)             | $25.70                         | 16.81%        | $5,504 | 2.09% | 2.09% | (0.22)% | 10% |
| $(0.11)                              | $(2.03)                           | $–          | $(2.14)             | $22.35                         | (10.09)%      | $6,483 | 2.02% | 2.02% | (0.24)% | 12% |
| $–                             | $–                          | $–          | $–            | $27.27                         | 10.00%        | $11,103 | 2.07% | 2.07% | (0.33)% | 2% |
| $–                             | $–                          | $–          | $–            | $24.79                         | 44.38%k       | $14,397 | 2.19% | 2.19% | (0.63)% | 9% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $–                          | $–          | $–            | $35.83                         | 5.48%         | $74,015 | 1.77%f | 1.77%f | (0.01)%f | 21% |
| $–                             | $(0.57)                           | $–          | $(0.57)             | $33.97                         | 30.24%        | $70,174 | 1.79% | 1.79% | (0.08)% | 0%j |
| $(0.05)                              | $(0.41)                           | $–          | $(0.46)             | $26.53                         | 17.04%        | $50,844 | 1.84% | 1.84% | 0.03% | 10% |
| $(0.17)                              | $(2.03)                           | $–          | $(2.20)             | $23.06                         | (9.85)%       | $52,859 | 1.81% | 1.81% | (0.03)% | 12% |
| $–                             | $–                          | $–          | $–            | $28.05                         | 10.26%        | $70,964 | 1.86% | 1.86% | (0.12)% | 2% |
| $–                             | $–                          | $–          | $–            | $25.44                         | 44.71%k       | $74,530 | 1.95% | 1.95% | (0.39)% | 9% |

----

| DAVIS SERIES, INC. |
|--------------------|

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

|                                              |                                 | Income (Loss) from Investment Operations |
|---------------------------------------------------|--------------------------------------|------------------------------------------|
|                                              | Net Asset Value, Beginning of Period | Net Investment Income (Loss)             | Net Realized and Unrealized Gains (Losses) | Total from Investment Operations |
| Davis Financial Fund Class Y:                     |                                 |                                     |   |   |
|    Six months ended June 30, 2014d | $40.18                               | $0.21e                                   | $2.21 | $2.42 |
| Year ended December 31, 2013                      | $31.15                               | $0.35e                                   | $9.51 | $9.86 |
| Year ended December 31, 2012                      | $27.00                               | $0.34e                                   | $4.62 | $4.96 |
| Year ended December 31, 2011                      | $32.48                               | $0.30e                                   | $(3.22) | $(2.92) |
| Year ended December 31, 2010                      | $29.40                               | $0.25e                                   | $3.09 | $3.34 |
| Year ended December 31, 2009                      | $20.16                               | $0.14e                                   | $9.16 | $9.30 |
| Davis Appreciation & Income Fund Class A:     |                                 |                                     |   |   |
|    Six months ended June 30, 2014d | $34.53                               | $0.20e                                   | $2.37 | $2.57 |
| Year ended December 31, 2013                      | $27.23                               | $0.40e                                   | $7.30 | $7.70 |
| Year ended December 31, 2012                      | $25.54                               | $0.44e                                   | $1.71 | $2.15 |
| Year ended December 31, 2011                      | $28.08                               | $0.45e                                   | $(2.53) | $(2.08) |
| Year ended December 31, 2010                      | $23.70                               | $0.40e                                   | $4.38 | $4.78 |
| Year ended December 31, 2009                      | $16.15                               | $0.38e                                   | $7.58 | $7.96 |
| Davis Appreciation & Income Fund Class B:     |                                 |                                     |   |   |
|    Six months ended June 30, 2014d | $34.15                               | $0.03e                                   | $2.33 | $2.36 |
| Year ended December 31, 2013                      | $26.93                               | $0.11e                                   | $7.22 | $7.33 |
| Year ended December 31, 2012                      | $25.27                               | $0.19e                                   | $1.68 | $1.87 |
| Year ended December 31, 2011                      | $27.78                               | $0.19e                                   | $(2.49) | $(2.30) |
| Year ended December 31, 2010                      | $23.44                               | $0.16e                                   | $4.35 | $4.51 |
| Year ended December 31, 2009                      | $15.98                               | $0.20e                                   | $7.49 | $7.69 |
| Davis Appreciation & Income Fund Class C:     |                                 |                                     |   |   |
|    Six months ended June 30, 2014d | $34.69                               | $0.05e                                   | $2.38 | $2.43 |
| Year ended December 31, 2013                      | $27.36                               | $0.15e                                   | $7.33 | $7.48 |
| Year ended December 31, 2012                      | $25.67                               | $0.23e                                   | $1.70 | $1.93 |
| Year ended December 31, 2011                      | $28.22                               | $0.22e                                   | $(2.53) | $(2.31) |
| Year ended December 31, 2010                      | $23.81                               | $0.19e                                   | $4.42 | $4.61 |
| Year ended December 31, 2009                      | $16.24                               | $0.23e                                   | $7.59 | $7.82 |
| Davis Appreciation & Income Fund Class Y:     |                                 |                                     |   |   |
|    Six months ended June 30, 2014d | $34.68                               | $0.22e                                   | $2.38 | $2.60 |
| Year ended December 31, 2013                      | $27.34                               | $0.45e                                   | $7.35 | $7.80 |
| Year ended December 31, 2012                      | $25.65                               | $0.50e                                   | $1.71 | $2.21 |
| Year ended December 31, 2011                      | $28.21                               | $0.51e                                   | $(2.55) | $(2.04) |
| Year ended December 31, 2010                      | $23.80                               | $0.44e                                   | $4.43 | $4.87 |
| Year ended December 31, 2009                      | $16.22                               | $0.44e                                   | $7.60 | $8.04 |
| Davis Real Estate Fund Class A:                   |                                 |                                     |   |   |
|    Six months ended June 30, 2014d | $28.41                               | $0.28e                                   | $4.12 | $4.40 |
| Year ended December 31, 2013                      | $29.25                               | $0.42e                                   | $(0.90) | $(0.48) |
| Year ended December 31, 2012                      | $25.31                               | $0.39e                                   | $3.87 | $4.26 |
| Year ended December 31, 2011                      | $23.38                               | $0.31e                                   | $1.94 | $2.25 |
| Year ended December 31, 2010                      | $19.79                               | $0.30e                                   | $3.65 | $3.95 |
| Year ended December 31, 2009                      | $15.29                               | $0.39e                                   | $4.35 | $4.74 |

----

| Financial Highlights – (Continued) |
|------------------------------------------|
| Dividends and Distributions          |                              |              |                | Ratios to Average Net Assets   |          |
|--------------------------------------|-----------------------------------|-------------------|---------------------|--------------------------------|---------------|
| Dividends from Net Investment Income | Distributions from Realized Gains | Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Returna | Net Assets, End of Period (in thousands) | Gross Expense Ratio | Net Expense Ratiob | Net Investment Income (Loss) Ratio | Portfolio Turnoverc |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $–                          | $–          | $–            | $42.60                         | 6.02%         | $66,738 | 0.71%f | 0.71%f | 1.05%f | 21% |
| $(0.26)                              | $(0.57)                           | $–          | $(0.83)             | $40.18                         | 31.71%        | $59,236 | 0.71% | 0.71% | 1.00% | 0%j |
| $(0.40)                              | $(0.41)                           | $–          | $(0.81)             | $31.15                         | 18.33%        | $31,623 | 0.72% | 0.72% | 1.15% | 10% |
| $(0.53)                              | $(2.03)                           | $–          | $(2.56)             | $27.00                         | (8.90)%       | $26,607 | 0.75% | 0.75% | 1.03% | 12% |
| $(0.26)                              | $–                          | $–          | $(0.26)             | $32.48                         | 11.37%        | $20,989 | 0.86% | 0.86% | 0.88% | 2% |
| $(0.06)                              | $–                          | $–          | $(0.06)             | $29.40                         | 46.13%k       | $15,478 | 0.95% | 0.95% | 0.61% | 9% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.11)                              | $–                          | $–          | $(0.11)             | $36.99                         | 7.45%         | $228,318 | 0.86%f | 0.86%f | 1.16%f | 5% |
| $(0.40)                              | $–                          | $–          | $(0.40)             | $34.53                         | 28.44%        | $211,772 | 0.93% | 0.93% | 1.31% | 18% |
| $(0.46)                              | $–                          | $–          | $(0.46)             | $27.23                         | 8.44%         | $244,543 | 0.95% | 0.95% | 1.64% | 11% |
| $(0.46)                              | $–                          | $–          | $(0.46)             | $25.54                         | (7.45)%       | $269,626 | 0.93% | 0.93% | 1.61% | 20% |
| $(0.40)                              | $–                          | $–          | $(0.40)             | $28.08                         | 20.34%        | $317,324 | 0.94% | 0.94% | 1.58% | 20% |
| $(0.41)                              | $–                          | $–          | $(0.41)             | $23.70                         | 49.68%        | $275,411 | 1.06% | 1.06% | 1.98% | 15% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.03)                              | $–                          | $–          | $(0.03)             | $36.48                         | 6.90%         | $5,979 | 1.87%f | 1.87%f | 0.15%f | 5% |
| $(0.11)                              | $–                          | $–          | $(0.11)             | $34.15                         | 27.26%        | $7,940 | 1.88% | 1.88% | 0.36% | 18% |
| $(0.21)                              | $–                          | $–          | $(0.21)             | $26.93                         | 7.39%         | $9,710 | 1.89% | 1.89% | 0.70% | 11% |
| $(0.21)                              | $–                          | $–          | $(0.21)             | $25.27                         | (8.31)%       | $13,604 | 1.84% | 1.84% | 0.70% | 20% |
| $(0.17)                              | $–                          | $–          | $(0.17)             | $27.78                         | 19.31%        | $18,850 | 1.85% | 1.85% | 0.67% | 20% |
| $(0.23)                              | $–                          | $–          | $(0.23)             | $23.44                         | 48.28%        | $19,801 | 1.99% | 1.99% | 1.05% | 15% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.04)                              | $–                          | $–          | $(0.04)             | $37.08                         | 7.00%         | $67,306 | 1.72%f | 1.72%f | 0.30%f | 5% |
| $(0.15)                              | $–                          | $–          | $(0.15)             | $34.69                         | 27.40%        | $64,616 | 1.74% | 1.74% | 0.50% | 18% |
| $(0.24)                              | $–                          | $–          | $(0.24)             | $27.36                         | 7.54%         | $60,770 | 1.75% | 1.75% | 0.84% | 11% |
| $(0.24)                              | $–                          | $–          | $(0.24)             | $25.67                         | (8.21)%       | $68,768 | 1.74% | 1.74% | 0.80% | 20% |
| $(0.20)                              | $–                          | $–          | $(0.20)             | $28.22                         | 19.43%        | $85,427 | 1.76% | 1.76% | 0.76% | 20% |
| $(0.25)                              | $–                          | $–          | $(0.25)             | $23.81                         | 48.36%        | $87,739 | 1.89% | 1.89% | 1.15% | 15% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.12)                              | $–                          | $–          | $(0.12)             | $37.16                         | 7.52%         | $21,585 | 0.74%f | 0.74%f | 1.28%f | 5% |
| $(0.46)                              | $–                          | $–          | $(0.46)             | $34.68                         | 28.70%        | $20,679 | 0.75% | 0.75% | 1.49% | 18% |
| $(0.52)                              | $–                          | $–          | $(0.52)             | $27.34                         | 8.62%         | $21,765 | 0.75% | 0.75% | 1.84% | 11% |
| $(0.52)                              | $–                          | $–          | $(0.52)             | $25.65                         | (7.30)%       | $25,514 | 0.74% | 0.74% | 1.80% | 20% |
| $(0.46)                              | $–                          | $–          | $(0.46)             | $28.21                         | 20.66%        | $30,878 | 0.73% | 0.73% | 1.79% | 20% |
| $(0.46)                              | $–                          | $–          | $(0.46)             | $23.80                         | 50.05%        | $46,112 | 0.80% | 0.80% | 2.24% | 15% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.11)                              | $–                          | $–          | $(0.11)             | $32.70                         | 15.51%        | $187,985 | 0.96%f | 0.96%f | 1.84%f | 21% |
| $(0.36)                              | $–                          | $–          | $(0.36)             | $28.41                         | (1.67)%       | $172,531 | 0.98% | 0.98% | 1.40% | 75% |
| $(0.32)                              | $–                          | $–          | $(0.32)             | $29.25                         | 16.86%        | $206,497 | 1.01% | 1.01% | 1.38% | 50% |
| $(0.32)                              | $–                          | $–          | $(0.32)             | $25.31                         | 9.69%         | $180,770 | 1.08% | 1.08% | 1.26% | 68% |
| $(0.36)                              | $–                          | $–          | $(0.36)             | $23.38                         | 20.09%        | $246,372 | 1.11% | 1.11% | 1.36% | 43% |
| $(0.24)                              | $–                          | $–          | $(0.24)             | $19.79                         | 31.72%        | $233,995 | 1.35% | 1.35% | 2.55% | 64% |

----

| DAVIS SERIES, INC. |
|--------------------|

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

|                                              |                                 | Income (Loss) from Investment Operations |
|---------------------------------------------------|--------------------------------------|------------------------------------------|
|                                              | Net Asset Value, Beginning of Period | Net Investment Income (Loss)             | Net Realized and Unrealized Gains (Losses) | Total from Investment Operations |
| Davis Real Estate Fund Class B:                   |                                 |                                     |   |   |
|    Six months ended June 30, 2014d | $28.04                               | $0.10e                                   | $4.08 | $4.18 |
| Year ended December 31, 2013                      | $28.86                               | $0.10e                                   | $(0.88) | $(0.78) |
| Year ended December 31, 2012                      | $24.98                               | $0.07e                                   | $3.83 | $3.90 |
| Year ended December 31, 2011                      | $23.08                               | $0.03e                                   | $1.91 | $1.94 |
| Year ended December 31, 2010                      | $19.55                               | $0.08e                                   | $3.57 | $3.65 |
| Year ended December 31, 2009                      | $15.13                               | $0.22e                                   | $4.32 | $4.54 |
| Davis Real Estate Fund Class C:                   |                                 |                                     |   |   |
|    Six months ended June 30, 2014d | $28.41                               | $0.14e                                   | $4.12 | $4.26 |
| Year ended December 31, 2013                      | $29.25                               | $0.16e                                   | $(0.90) | $(0.74) |
| Year ended December 31, 2012                      | $25.31                               | $0.16e                                   | $3.86 | $4.02 |
| Year ended December 31, 2011                      | $23.38                               | $0.10e                                   | $1.95 | $2.05 |
| Year ended December 31, 2010                      | $19.80                               | $0.12e                                   | $3.64 | $3.76 |
| Year ended December 31, 2009                      | $15.32                               | $0.27e                                   | $4.36 | $4.63 |
| Davis Real Estate Fund Class Y:                   |                                 |                                     |   |   |
|    Six months ended June 30, 2014d | $28.78                               | $0.32e                                   | $4.18 | $4.50 |
| Year ended December 31, 2013                      | $29.63                               | $0.49e                                   | $(0.91) | $(0.42) |
| Year ended December 31, 2012                      | $25.64                               | $0.46e                                   | $3.93 | $4.39 |
| Year ended December 31, 2011                      | $23.69                               | $0.36e                                   | $1.98 | $2.34 |
| Year ended December 31, 2010                      | $20.05                               | $0.33e                                   | $3.75 | $4.08 |
| Year ended December 31, 2009                      | $15.46                               | $0.46e                                   | $4.41 | $4.87 |
| 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. Total returns are not annualized for periods less than one year. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                         |
| b      | The ratios in this column reflect the impact, if any, of the reduction of expenses paid indirectly and of certain reimbursements and/or waivers 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.                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                         |
| d      | Unaudited.                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                         |
| e      | Per share calculations were based on average shares outstanding for the period.                                                                                                                                                                                                                                                                                                                                              |

----

| Financial Highlights – (Continued) |
|------------------------------------------|
| Dividends and Distributions          |                              |              |                | Ratios to Average Net Assets   |          |
|--------------------------------------|-----------------------------------|-------------------|---------------------|--------------------------------|---------------|
| Dividends from Net Investment Income | Distributions from Realized Gains | Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Returna | Net Assets, End of Period (in thousands) | Gross Expense Ratio | Net Expense Ratiob | Net Investment Income (Loss) Ratio | Portfolio Turnoverc |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.03)                              | $–                          | $–          | $(0.03)             | $32.19                         | 14.92%        | $2,517 | 2.05%f | 2.05%f | 0.75%f | 21% |
| $(0.04)                              | $–                          | $–          | $(0.04)             | $28.04                         | (2.71)%       | $3,041 | 2.06% | 2.06% | 0.32% | 75% |
| $(0.02)                              | $–                          | $–          | $(0.02)             | $28.86                         | 15.60%        | $4,250 | 2.11% | 2.11% | 0.28% | 50% |
| $(0.04)                              | $–                          | $–          | $(0.04)             | $24.98                         | 8.42%         | $4,252 | 2.19% | 2.19% | 0.15% | 68% |
| $(0.12)                              | $–                          | $–          | $(0.12)             | $23.08                         | 18.73%        | $5,645 | 2.20% | 2.20% | 0.27% | 43% |
| $(0.12)                              | $–                          | $–          | $(0.12)             | $19.55                         | 30.38%        | $6,616 | 2.46% | 2.46% | 1.44% | 64% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.04)                              | $–                          | $–          | $(0.04)             | $32.63                         | 15.02%        | $25,751 | 1.84%f | 1.84%f | 0.96%f | 21% |
| $(0.10)                              | $–                          | $–          | $(0.10)             | $28.41                         | (2.54)%       | $24,243 | 1.85% | 1.85% | 0.53% | 75% |
| $(0.08)                              | $–                          | $–          | $(0.08)             | $29.25                         | 15.90%        | $29,102 | 1.86% | 1.86% | 0.53% | 50% |
| $(0.12)                              | $–                          | $–          | $(0.12)             | $25.31                         | 8.80%         | $26,408 | 1.89% | 1.89% | 0.45% | 68% |
| $(0.18)                              | $–                          | $–          | $(0.18)             | $23.38                         | 19.07%        | $30,034 | 1.92% | 1.92% | 0.55% | 43% |
| $(0.15)                              | $–                          | $–          | $(0.15)             | $19.80                         | 30.70%        | $29,222 | 2.18% | 2.18% | 1.72% | 64% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.13)                              | $–                          | $–          | $(0.13)             | $33.15                         | 15.66%        | $22,364 | 0.75%f | 0.75%f | 2.05%f | 21% |
| $(0.43)                              | $–                          | $–          | $(0.43)             | $28.78                         | (1.45)%       | $19,456 | 0.76% | 0.76% | 1.62% | 75% |
| $(0.40)                              | $–                          | $–          | $(0.40)             | $29.63                         | 17.14%        | $21,868 | 0.76% | 0.76% | 1.63% | 50% |
| $(0.39)                              | $–                          | $–          | $(0.39)             | $25.64                         | 9.97%         | $18,605 | 0.79% | 0.79% | 1.55% | 68% |
| $(0.44)                              | $–                          | $–          | $(0.44)             | $23.69                         | 20.52%        | $18,498 | 0.77% | 0.77% | 1.70% | 43% |
| $(0.28)                              | $–                          | $–          | $(0.28)             | $20.05                         | 32.37%        | $25,947 | 0.92% | 0.92% | 2.98% | 64% |
| f                                 | Annualized.                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                              |                                                                                                                                                                                                                                                                                                                                                                       |
| g                                 | Davis Opportunity Fund made favorable investments in initial public offerings (IPOs), which had a material impact on the investment performance, adding approximately 3% to the Fund's total return in 2013 and approximately 2% to the Fund's total return in 2010. The rapid appreciation was an unusual occurrence and such performance may not continue in the future. |
|                              |                                                                                                                                                                                                                                                                                                                                                                       |
| h                                 | Less than $0.005 per share.                                                                                                                                                                                                                                                                                                                                                |
|                              |                                                                                                                                                                                                                                                                                                                                                                       |
| i                                 | Less than $0.0005 per share.                                                                                                                                                                                                                                                                                                                                               |
|                              |                                                                                                                                                                                                                                                                                                                                                                       |
| j                                 | Less than 0.50%.                                                                                                                                                                                                                                                                                                                                                           |
|                              |                                                                                                                                                                                                                                                                                                                                                                       |
| k                                 | Davis Financial Fund received a favorable class action settlement from a company that it no longer owns. This settlement had a material impact on the investment performance, adding approximately 1% to the Fund's total return in 2009. This was a one-time event that is unlikely to be repeated.                                                                       |
|                              |                                                                                                                                                                                                                                                                                                                                                                       |
| See Notes to Financial Statements |

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| DAVIS SERIES, INC. | Director Approval of Advisory Agreements (Unaudited) |
|--------------------|------------------------------------------------------|
| 1.  | Achieves satisfactory investment results over the long-term after all costs;                                                                                                                                     |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.  | Handles shareholder transactions, inquiries, requests, and records efficiently and effectively, and provides quality accounting, legal, and compliance services, and oversees third-party service providers; and |
| 3.  | Fosters healthy investor behavior.                                                                                                                                                                               |

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| DAVIS SERIES, INC. | Director Approval of Advisory Agreements (Unaudited) – (Continued) |
|--------------------|--------------------------------------------------------------------------|

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| DAVIS SERIES, INC. | Director Approval of Advisory Agreements (Unaudited) – (Continued) |
|--------------------|--------------------------------------------------------------------------|

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| DAVIS SERIES, INC. | Director Approval of Advisory Agreements (Unaudited) – (Continued) |
|--------------------|--------------------------------------------------------------------------|
|   |
|--------|

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| DAVIS SERIES, INC. | Privacy Notice and Householding |
|--------------------|---------------------------------|

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| DAVIS SERIES, INC. | Directors and Officers |
|--------------------|------------------------|
| 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 |
|-----------------|----------------------------|------------------------------------------|------------------------------------------------|-----------------------------------------------------------|--------------------------------------|
|            |                       |                                     |                                           |                                                      |                                 |
|                           |              |                |                                                                                                                                                                |     |                                                                                                                                                                                                                     |
|--------------------------------|-------------------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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); Chairman, Regional Transportation Authority of Chicago (public transportation system).                                                                                            |
|                           |              |                |                                                                                                                                                                |     |                                                                                                                                                                                                                     |
| 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 HoldingsCompany (publishingcompany); Director, ColfaxCorp. (engineering andmanufacturer of pumps andfluid 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, ModineManufacturing Company (heattransfer technology); Director,Chicago Bridge & IronCompany, N.V. (industrialconstruction and engineering);Director, Fifth Third Bancorp(diversified financial services). |

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| DAVIS SERIES, INC. | 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 |
|-----------------|----------------------------|-----------------------------------------------|------------------------------------------------|-----------------------------------------------------------|--------------------------------------|
|            |                       |                                          |                                           |                                                      |                                 |
|                          |     |                |                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                    |
|-------------------------------|----------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------|
| 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.                                                                                                                                                                     | 15     | Director, Selected Funds (consisting of two portfolios) since 1998.                                                     |
|                          |     |                |                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                    |
| Christopher C.Davis(07/13/65) | Director | Director since 1997 | President or Vice President of each Davis Fund, Selected Fund, and Clipper Fund; Chairman, Davis Selected Advisers, L.P., and also serves as an executive officer 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). | 15     | Director, Selected Funds(consisting of two portfolios)since 1998; Director, GrahamHoldings Company (publishingcompany). |

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| DAVIS SERIES INC. |
|-------------------|
| 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                                             |   |

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|   | (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. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

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| By     | /s/ Kenneth C. Eich         |
|--------|-----------------------------|
|   | Kenneth C. Eich             |
|   | Principal Executive Officer |
| By     | /s/ Kenneth C. Eich         |
|--------|-----------------------------|
|   | Kenneth C. Eich             |
|   | Principal Executive Officer |
| By     | /s/ Douglas A. Haines       |
|--------|-----------------------------|
|   | Douglas A. Haines           |
|   | Principal Financial Officer |

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