----

----

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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                                                                                                                                                                                | 16     |
| Davis Government Money Market Fund                                                                                                                                                                        | 16     |
| Davis Financial Fund                                                                                                                                                                                      | 17     |
| Davis Appreciation & Income Fund                                                                                                                                                                      | 18     |
| Davis Real Estate Fund                                                                                                                                                                                    | 20     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| Expense Example                                                                                                                                                             | 22     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| Schedule of Investments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| Davis Opportunity Fund                                                                                                                                                                                    | 25     |
| Davis Government Bond Fund                                                                                                                                                                                | 29     |
| Davis Government Money Market Fund                                                                                                                                                                        | 32     |
| Davis Financial Fund                                                                                                                                                                                      | 34     |
| Davis Appreciation & Income Fund                                                                                                                                                                      | 36     |
| Davis Real Estate Fund                                                                                                                                                                                    | 40     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| Statements of Assets and Liabilities                                                                                                                                        | 43     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| Statements of Operations                                                                                                                                                    | 45     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| Statements of Changes in Net Assets                                                                                                                                         | 46     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| Notes to Financial Statements                                                                                                                                               | 48     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| Financial Highlights                                                                                                                                                        | 61     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| Report of Independent Registered Public Accounting Firm                                                                                                                     | 67     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| Federal Income Tax Information                                                                                                                                              | 68     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| Privacy Notice and Householding                                                                                                                                             | 69     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| Directors and Officers                                                                                                                                                      | 70     |

----

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

|                      |
|----------------------|
| Christopher C. Davis |
| President            |

----

| 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   | 42.03% | 20.43% | 7.14%   | 10.92%         | 12/01/94      | 0.98%               | 0.98%             |
|  Class A - with sales charge      | 35.28% | 19.26% | 6.61%   | 10.64%         | 12/01/94      | 0.98%               | 0.98%             |
|  Class B†, **               | 36.75% | 19.07% | 6.51%   | 11.56%         | 05/01/84      | 1.95%               | 1.95%             |
|  Class C**                        | 39.95% | 19.47% | 6.30%   | 6.43%          | 08/15/97      | 1.78%               | 1.78%             |
|  Class Y                          | 42.40% | 20.77% | 7.46%   | 7.24%          | 09/18/97      | 0.74%               | 0.74%             |
|  Russell 3000® Index***      | 33.55% | 18.71% | 7.88%   | 9.93%          |          |                |              |

----

| 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                         | (1.52)% | 1.28%   | 2.10%   | 3.71%          | 12/01/94      | 0.81%               | 0.81%             |
|  Class A - with sales charge                            | (6.20)% | 0.30%   | 1.60%   | 3.45%          | 12/01/94      | 0.81%               | 0.81%             |
|  Class B†, **                                     | (6.43)% | (0.07)% | 1.55%   | 4.96%          | 05/01/84      | 1.72%               | 1.72%             |
|  Class C**                                              | (3.32)% | 0.44%   | 1.31%   | 2.32%          | 08/19/97      | 1.63%               | 1.63%             |
|  Class Y                                                | (1.34)% | 1.48%   | 2.27%   | 3.06%          | 09/01/98      | 0.47%               | 0.47%             |
|  Citigroup U.S. Treasury/Agency  1-3 Year Index*** | 0.37%   | 1.17%   | 2.64%   | 4.36%          |          |                |              |

----

| 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 | 31.45% | 18.08% | 5.45%   | 12.03%         | 05/01/91      | 0.88%               | 0.88%             |
|  Class A - with sales charge    | 25.21% | 16.93% | 4.93%   | 11.79%         | 05/01/91      | 0.88%               | 0.88%             |
|  Class B†, **             | 25.97% | 16.52% | 4.73%   | 10.63%         | 12/27/94      | 1.99%               | 1.99%             |
|  Class C**                      | 29.24% | 17.00% | 4.51%   | 5.59%          | 08/12/97      | 1.79%               | 1.79%             |
|  Class Y                        | 31.71% | 18.24% | 5.60%   | 7.52%          | 03/10/97      | 0.71%               | 0.71%             |
|  S&P 500® Index***     | 32.39% | 17.94% | 7.41%   | 9.46%          |          |                |              |

----

| 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 | 28.44% | 18.35% | 6.67%   |     8.90% | 05/01/92      | 0.93%               | 0.93%             |
|  Class A - with sales charge    | 22.34% | 17.20% | 6.15%   |     8.65% | 05/01/92      | 0.93%               | 0.93%             |
|  Class B†, **             | 23.26% | 17.05% | 6.01%   |     8.50% | 02/03/95      | 1.88%               | 1.88%             |
|  Class C**                      | 26.40% | 17.38% | 5.79%   |     5.15% | 08/12/97      | 1.74%               | 1.74%             |
|  Class Y                        | 28.70% | 18.60% | 6.92%   |     7.54% | 11/13/96      | 0.75%               | 0.75%             |
|  S&P 500® Index***     | 32.39% | 17.94% | 7.41%   |     9.35% |          |                |              |

----

| 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                     | (1.67)%     | 14.80%       | 6.18%       | 9.38%          | 01/03/94      | 0.98%               | 0.98%             |
|  Class A - with sales charge                        | (6.34)%     | 13.68%       | 5.66%       | 9.12%          | 01/03/94      | 0.98%               | 0.98%             |
|  Class B†, **                                 | (6.60)%     | 13.31%       | 5.54%       | 9.13%          | 12/27/94      | 2.06%               | 2.06%             |
|  Class C**                                          | (3.51)%     | 13.85%       | 5.35%       | 6.24%          | 08/13/97      | 1.85%               | 1.85%             |
|  Class Y                                            | (1.45)%     | 15.16%       | 6.54%       | 8.61%          | 11/08/96      | 0.76%               | 0.76%             |
|  S&P 500® Index***                         | 32.39%      | 17.94%       | 7.41%       | 9.23%          |          |                |              |
|  Wilshire U.S. Real Estate Securities Index*** |  2.15% |  16.81% |  8.41% |  10.14%   |          |                |              |

----

| DAVIS SERIES, INC.     | Fund Overview     |
|------------------------|-------------------|
| DAVIS OPPORTUNITY FUND | December 31, 2013 |

| Portfolio Composition                   |    | Industry Weightings            |
|-----------------------------------------|---------|--------------------------------|
| (% of Fund’s 12/31/13 Net Assets) |    | (% of 12/31/13 Stock Holdings) |
|                                    |    |                           |   |   |   |   |
|                                    |    |                           |   | Fund |   | Russell 3000® |
| Common Stock (U.S.)                     | 79.39%  |                           | Information Technology | 26.60%     |   | 18.17%    |
| Common Stock (Foreign)                  | 16.49%  |                           | Health Care | 13.39%     |   | 12.62%    |
| Stock Warrants                          | 0.67%   |                           | Retailing | 10.34%     |   | 4.60%    |
| Short-Term Investments                  | 3.70%   |                           | Transportation | 7.67%    |   | 2.08%    |
| Other Assets & Liabilities          | (0.25)% |                           | Diversified Financials | 7.13%     |   | 7.52%    |
|                                    | 100.00% |                           | Capital Goods | 6.54%    |   | 8.64%    |
|                                    |    |                           | Media | 6.27%    |   | 3.81%    |
|                                    |    |                           | Banks | 4.85%    |   | 3.47%    |
|                                    |    |                           | Materials | 4.14%    |   | 3.83%    |
|                                    |    |                           | Insurance | 3.32%    |   | 3.21%    |
|                                    |    |                           | Consumer Durables & Apparel | 2.60%    |   | 1.63%    |
|                                    |    |                           | Other | 2.21%    |   | 14.34%    |
|                                    |    |                           | Food, Beverage & Tobacco | 1.83%    |   | 4.59%    |
|                                    |    |                           | Energy | 1.83%    |   | 9.29%    |
|                                    |    |                           | Consumer Services | 1.28%    |   | 2.20%    |
|                                    |    |                           |   | 100.00%    |   | 100.00%    |
|                                    |    |                           |   |   |   |
|                                    |    |                           |   |   |   |

|                                 |                                |                    |
|--------------------------------------|-------------------------------------|-------------------------|
| Google Inc., Class A                 | Software & Services             | 8.37%    |
| UnitedHealth Group Inc.              | Heath Care Equipment & Services | 5.01%    |
| Berkshire Hathaway Inc., Class B     | Diversified Financial Services      | 4.79%    |
| Liberty Global PLC, Series C         | Media                               | 4.50%    |
| Laboratory Corp. of America Holdings | Heath Care Equipment & Services | 4.31%    |
| Vipshop Holdings Ltd., ADS           | Retailing                           | 4.15%    |
| Wesco Aircraft Holdings, Inc.        | Transportation                      | 3.78%    |
| PACCAR Inc.                          | Capital Goods                       | 2.86%    |
| Wells Fargo & Co.                | Commercial Banks                    | 2.83%    |
| Textron Inc.                         | Capital Goods                       | 2.65%    |

----

| DAVIS SERIES, INC.                   | Fund Overview     |
|--------------------------------------|-------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | December 31, 2013 |

| Security                             | Industry                               |  Date of 1stPurchase | % of Fund’s12/31/13Net Assets |
|--------------------------------------|----------------------------------------|---------------------------|-------------------------------------|
| 58.com Inc., Class A, ADR            | Software & Services                | 10/31/13                  | 0.16%                     |
| Altera Corp.                         | Semiconductors & Semiconductor     |                      |                                |
|                                 |    Equipment            | 01/25/13                  | 0.24%                     |
| Applied Materials, Inc.              | Semiconductors & Semiconductor     |                      |                                |
|                                 |    Equipment            | 01/25/13                  | 0.39%                     |
| ASAC II L.P., Private Placement      | Software & Services                | 10/10/13                  | 1.49%                     |
| Boeing Co.                           | Capital Goods                          | 02/12/13                  | –                   |
| C.H. Robinson Worldwide, Inc.        | Transportation                         | 04/12/13                  | 0.39%                     |
| Colgate-Palmolive Co.                | Household & Personal Products      | 08/01/13                  | 0.95%                     |
| Diagnosticos da America S.A.         | Health Care Equipment & Services   | 04/03/13                  | 0.19%                     |
| DISH Network Corp., Class A          | Media                                  | 08/01/13                  | 0.57%                     |
| Experian PLC                         | Commercial & Professional Services | 09/05/13                  | 0.89%                     |
| Laboratory Corp. of America Holdings | Health Care Equipment & Services   | 01/25/13                  | 4.31%                     |
| Lafarge S.A.                         | Materials                              | 08/28/13                  | 1.04%                     |
| Las Vegas Sands Corp.                | Consumer Services                      | 08/01/13                  | 1.23%                     |
| Liberty Global PLC, Series C         | Media                                  | 06/03/13                  | 4.50%                     |
| Lowe's Cos, Inc.                     | Retailing                              | 08/01/13                  | 1.13%                     |
| Motorola Solutions, Inc.             | Technology Hardware & Equipment    | 01/25/13                  | –                   |
| NIKE, Inc., Class B                  | Consumer Durables & Apparel        | 08/01/13                  | 0.82%                     |
| Priceline.com Inc.                   | Retailing                              |  08/01/13       | 2.10%                     |
| Qihoo 360 Technology Co. Ltd.,       |                                   |                      |                                |
|   Class A, ADR             | Software & Services                | 12/18/13                  | 1.04%                     |
| Salesforce.com, Inc.                 | Software & Services                | 08/02/13                  | 0.55%                     |
| Sherwin-Williams Co.                 | Materials                              | 08/01/13                  | 0.46%                     |
| SINA Corp.                           | Software & Services                | 04/26/13                  | 1.27%                     |
| Springleaf Holdings Inc.             | Consumer Finance                       | 10/15/13                  | 0.24%                     |
| Textron Inc.                         | Capital Goods                          | 07/05/13                  | 2.65%                     |
| Time Warner Cable Inc.               | Media                                  | 10/10/13                  | 0.98%                     |
| TJX Cos, Inc.                        | Retailing                              | 08/01/13                  | 0.53%                     |
| TransDigm Group, Inc.                | Capital Goods                          | 09/26/13                  | 0.80%                     |
| Twitter, Inc.                        | Software & Services                | 11/07/13                  | 1.95%                     |
| Unilever N.V., NY Shares             | Food, Beverage & Tobacco           | 08/01/13                  | 0.88%                     |
| UnitedHealth Group Inc.              | Health Care Equipment & Services   | 01/29/13                  | 5.01%                     |
| WellPoint, Inc.                      | Health Care Equipment & Services   | 11/08/13                  | 0.74%                     |
| Wesco Aircraft Holdings, Inc.        | Transportation                         | 05/23/13                  | 3.78%                     |
| zulily, inc., Class A                | Retailing                              | 11/15/13                  | 1.39%                     |

----

| DAVIS SERIES, INC.                   | Fund Overview     |
|--------------------------------------|-------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | December 31, 2013 |

|                                           |                                   | Date of        | Realized    |
|------------------------------------------------|----------------------------------------|----------------|-------------|
| Security                                       | Industry                               | Final Sale     | Gain (Loss) |
| 3M Co.                                         | Capital Goods                          | 12/17/13       | $           | 1,519,783    |
| America Movil S.A.B. de C.V.,                  |                                   |           |        |   |
|    Series L, ADR                | Telecommunication Services             | 10/01/13       |        | (644,172)    |
| Automatic Data Processing, Inc.                | Software & Services                | 07/25/13       |        | 1,017,512    |
| Boeing Co.                                     | Capital Goods                          | 11/06/13       |        | 1,320,182    |
| CETIP S.A. - Mercados Organizados,Stock Rights |  Capital Markets                  |  06/13/13 |        |    5    |
| Coca-Cola Co.                                  | Food, Beverage & Tobacco           | 11/06/13       |        | 3,371,619    |
| Cummins Inc.                                   | Capital Goods                          | 08/01/13       |        | 619,549    |
| CVS Caremark Corp.                             | Food & Staples Retailing           | 11/12/13       |        | 1,273,422    |
| Deere & Co.                                | Capital Goods                          | 10/04/13       |        | 403,916    |
| Eli Lilly and Co.                              | Pharmaceuticals, Biotechnology &   |           |        |   |
|                                           |    Life Sciences        | 07/24/13       |        | 1,485,626    |
| Emerson Electric Co.                           | Capital Goods                          | 07/26/13       |        | 1,238,137    |
| Exxon Mobil Corp.                              | Energy                                 | 07/25/13       |        | 1,329,007    |
| Groupon, Inc.                                  | Retailing                              | 06/20/13       |        | (4,455,159)    |
| Heineken Holding N.V.                          | Food, Beverage & Tobacco           | 06/12/13       |        | 376,605    |
| JPMorgan Chase & Co.                       | Diversified Financial Services         | 11/08/13       |        | 2,436,540    |
| Kellogg Co.                                    | Food, Beverage & Tobacco           | 09/10/13       |        | 462,276    |
| Medtronic, Inc.                                | Health Care Equipment & Services   | 07/25/13       |        | 2,881,351    |
| Motorola Solutions, Inc.                       | Technology Hardware & Equipment    | 05/23/13       |        | (16,364)    |
| Nielsen Holdings N.V.                          | Commercial & Professional Services | 07/08/13       |        | 3,487,336    |
| Noble Energy, Inc.                             | Energy                                 | 07/25/13       |        | 734,721    |
| Nokia Oyj, ADR                                 | Technology Hardware & Equipment    | 01/25/13       |        | (217,799)    |
| Oaktree Capital Group LLC, Class A             | Capital Markets                        | 08/06/13       |        | 2,785,318    |
| Procter & Gamble Co.                       | Household & Personal Products      | 09/10/13       |        | 1,021,736    |
| Sysco Corp.                                    | Food & Staples Retailing           | 07/24/13       |        | 1,098,510    |
| Techne Corp.                                   | Pharmaceuticals, Biotechnology &   |           |        |   |
|                                           |    Life Sciences        | 06/12/13       |        | (32,393)    |
| Tiffany & Co.                              | Retailing                              | 07/25/13       |        | 1,474,568    |
| Wal-Mart Stores, Inc.                          | Food & Staples Retailing           | 12/20/13       |        | 1,597,353    |
| Walt Disney Co.                                | Media                                  | 11/06/13       |        | 8,162,104    |

----

| DAVIS SERIES, INC.         | Fund Overview     |
|----------------------------|-------------------|
| DAVIS GOVERNMENT BOND FUND | December 31, 2013 |

| Portfolio Composition                   |    | Industry Weightings          |
|-----------------------------------------|---------|------------------------------|
| (% of Fund’s 12/31/13 Net Assets) |    | (% of 12/31/13 Fixed Income) |
|                                    |    |                         |   |   |
| Fixed Income                            | 94.69%  |                         | Collateralized Mortgage Obligations | 68.32% |
| Short-Term Investments                  | 5.42%   |                         | Fannie Mae Mortgage Pools | 21.87% |
| Other Assets & Liabilities          | (0.11)% |                         | Freddie Mac Mortgage Pools | 7.53% |
|                                    | 100.00% |                         | Ginnie Mae Mortgage Pools | 2.00% |
|                                    |    |                         | Other Agencies | 0.28% |
|                                    |    |                         |   | 100.00% |

|                                         |                                |   |
|----------------------------------------------|-------------------------------------|--------|
| Fannie Mae, 3.00%, 02/25/43                  | Collateralized Mortgage Obligations | 4.82%  |
| Ginnie Mae, 2.00%, 11/16/27                  | Collateralized Mortgage Obligations | 4.39%  |
| Fannie Mae, 2.50%, 11/01/22, Pool No. AQ4765 | Fannie Mae Mortgage Pools           | 4.36%  |
| Fannie Mae, 3.50%, 12/25/31                  | Collateralized Mortgage Obligations | 4.35%  |
| Fannie Mae, 2.00%, 01/25/28                  | Collateralized Mortgage Obligations | 4.35%  |
| Fannie Mae, 4.00%, 02/01/30, Pool No. MA0329 | Fannie Mae Mortgage Pools           | 3.90%  |
| Freddie Mac, 4.50%, 02/15/19                 | Collateralized Mortgage Obligations | 3.21%  |
| Fannie Mae, 2.50%, 10/01/27, Pool No. AP9869 | Fannie Mae Mortgage Pools           | 2.89%  |
| Freddie Mac, 3.00%, 10/15/26                 | Collateralized Mortgage Obligations | 2.86%  |
| Fannie Mae, 3.00%, 10/25/42                  | Collateralized Mortgage Obligations | 2.78%  |

| DAVIS GOVERNMENT MONEY MARKET FUND |   |
|------------------------------------|--------|

| Portfolio Composition                   |    | Maturity Diversification           |
|-----------------------------------------|---------|------------------------------------|
| (% of Fund’s 12/31/13 Net Assets) |    | (% of 12/31/13 Portfolio Holdings) |
|                                    |    |                               |   |   |
| Repurchase Agreements                   | 28.17%  |                               | 0-30 Days | 61.30%  |
| Federal Home Loan Bank                  | 25.03%  |                               | 31-90 Days | 16.78%  |
| Federal Farm Credit Bank                | 12.03%  |                               | 91-180 Days | 8.66%  |
| Fannie Mae                              | 11.78%  |                               | 181-397 Days | 13.26%  |
| Freddie Mac                             | 8.05%   |                               |   | 100.00%  |
| Other Agencies                          | 0.60%   |                               |   |   |
| Other Assets & Liabilities          | 14.34%  |                               |   |   |
|                                    | 100.00% |                               |   |   |

----

| DAVIS SERIES, INC.   | Fund Overview     |
|----------------------|-------------------|
| DAVIS FINANCIAL FUND | December 31, 2013 |

| Portfolio Composition                   |    | Industry Weightings            |
|-----------------------------------------|---------|--------------------------------|
| (% of Fund’s 12/31/13 Net Assets) |    | (% of 12/31/13 Stock Holdings) |
|                                    |    |                           |   |   |   |   |
|                                    |    |                           |   | Fund |   | S&P 500® |
| Common Stock (U.S.)                     | 81.48%  |                           | Diversified Financials | 45.76%   |   | 8.44%    |
| Common Stock (Foreign)                  | 16.57%  |                           | Insurance | 29.49%   |   | 3.01%    |
| Short-Term Investments                  | 2.49%   |                           | Banks | 13.83%   |   | 2.85%    |
| Other Assets & Liabilities          | (0.54)% |                           | Food & Staples Retailing | 3.42%   |   | 2.34%    |
|                                    | 100.00% |                           | Information Technology | 2.92%   |   | 18.63%    |
|                                    |    |                           | Energy | 2.88%   |   | 10.28%    |
|                                    |    |                           | Retailing | 1.58%   |   | 4.48%    |
|                                    |    |                           | Real Estate | 0.12%   |   | 1.88%    |
|                                    |    |                           | Health Care | –   |   | 12.95%    |
|                                    |    |                           | Capital Goods | –   |   | 8.29%    |
|                                    |    |                           | Other | –   |   | 26.85%    |
|                                    |    |                           |   | 100.00%   |   | 100.00%    |

|                               |                              |                     |
|------------------------------------|-----------------------------------|--------------------------|
| American Express Co.               | Consumer Finance                  | 12.68%    |
| Wells Fargo & Co.              | Commercial Banks                  | 8.67%     |
| Bank of New York Mellon Corp.      | Capital Markets                   | 6.19%     |
| Markel Corp.                       | Property & Casualty Insurance | 5.79%     |
| American International Group, Inc. | Multi-line Insurance              | 5.40%     |
| Julius Baer Group Ltd.             | Capital Markets                   | 5.15%     |
| Visa Inc., Class A                 | Diversified Financials Services   | 5.02%     |
| Oaktree Capital Group LLC, Class A | Capital Markets                   | 4.70%     |
| Everest Re Group, Ltd.             | Reinsurance                       | 4.58%     |
| Alleghany Corp.                    | Reinsurance                       | 4.47%     |

----

| DAVIS SERIES, INC.                   | Fund Overview     |
|--------------------------------------|-------------------|
| DAVIS APPRECIATION & INCOME FUND | December 31, 2013 |

| Portfolio Composition                   |    | Industry Weightings                 |
|-----------------------------------------|---------|-------------------------------------|
| (% of Fund’s 12/31/13 Net Assets) |    | (% of 12/31/13 Long-Term Portfolio) |
|                                    |    |                                |   |   |   |   |
|                                    |    |                                |   | Fund |   | S&P 500® |
| Common Stock (U.S.)                     | 65.46%  |                                | Materials | 16.14%   |   | 3.50%    |
| Common Stock (Foreign)                  | 6.81%   |                                | Capital Goods | 13.57%   |   | 8.29%    |
| Convertible Bonds                       | 20.36%  |                                | Energy | 10.44%   |   | 10.28%    |
| Convertible Preferred Stock             | 4.63%   |                                | Diversified Financials | 10.02%   |   | 8.44%    |
| Corporate Bonds (U.S.)                  | 1.35%   |                                | Information Technology | 9.38%   |   | 18.63%    |
| Corporate Bonds (Foreign)               | 0.35%   |                                | Health Care | 7.79%   |   | 12.95%    |
| Short-Term Investments                  | 0.79%   |                                | Retailing | 6.82%   |   | 4.48%    |
| Other Assets & Liabilities          | 0.25%   |                                | Real Estate | 4.86%   |   | 1.88%    |
|                                    | 100.00% |                                | Utilities | 4.32%   |   | 2.92%    |
|                                    |    |                                | Commercial & Professional Services | 3.39%   |   | 0.68%    |
|                                    |    |                                | Media | 3.37%   |   | 3.71%    |
|                                    |    |                                | Food, Beverage & Tobacco | 3.16%   |   | 5.26%    |
|                                    |    |                                | Food & Staples Retailing | 2.54%   |   | 2.34%    |
|                                    |    |                                | Transportation | 2.31%   |   | 1.97%    |
|                                    |    |                                | Other | 1.89%   |   | 14.67%    |
|                                    |    |                                |   | 100.00%   |   | 100.00%    |

|                                                                                     |                                               |                    |
|------------------------------------------------------------------------------------------|----------------------------------------------------|-------------------------|
| United States Steel Corp., Conv. Sr. Notes,     2.75%, 04/01/19 | Materials                                          | 5.43%    |
| Intel Corp., Conv. Jr. Sub. Deb., 3.25%, 08/01/39                                        | Semiconductors & Semiconductor Equipment       | 5.05%    |
| Allegheny Technologies, Inc.                                                             | Materials                                          | 4.30%    |
| Kohl's Corp.                                                                             | Retailing                                          | 4.26%    |
| Quanta Services, Inc.                                                                    | Capital Goods                                      | 3.86%    |
| Universal Health Services, Inc., Class B                                                 | Health Care Equipment & Services               | 3.84%    |
| Devon Energy Corp.                                                                       | Energy                                             | 3.79%    |
| Citigroup Inc.                                                                           | Diversified Financial Services                     | 3.53%    |
| Valeant Pharmaceuticals International, Inc.                                              | Pharmaceuticals, Biotechnology & Life Sciences | 3.52%    |
| Waste Connections, Inc.                                                                  | Commercial & Professional Services             | 3.36%    |

----

| DAVIS SERIES, INC.                                 | Fund Overview     |
|----------------------------------------------------|-------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | December 31, 2013 |

| Security                                    | Industry    | Date of 1stPurchase | % of Fund’s 12/31/13Net Assets |
|---------------------------------------------|-------------|---------------------|--------------------------------------|
| Forest City Enterprises, Inc., Class A      | Real Estate | 04/01/13            | 1.42%                 |
| Molycorp, Inc., Conv. Sr. Notes,            |        |                |                                 |
|    5.50%, 02/01/18           | Materials   | 01/25/13            | –               |
| United States Steel Corp., Conv. Sr. Notes, |        |                |                                 |
|    2.75%, 04/01/19           | Materials   | 04/01/13            | 5.43%                 |

| Security                                      | Industry                           | Date ofFinal Sale | RealizedGain (Loss) |
|-----------------------------------------------|------------------------------------|-------------------|---------------------|
| ADFITECH, Inc., Sr. Bond,                     |                               |              |                |   |
|    8.00%, 03/15/20             | Consumer Finance                   | 09/30/13          | $                   | 23,990    |
| Alexandria Real Estate Equities, Inc., 7.00%, |                               |              |                |   |
|    Series D, Cum. Conv. Pfd.   | Real Estate                        | 05/14/13          |                | 4,466,323    |
| Allegheny Technologies, Inc., Conv. Sr.       |                               |              |                |   |
|    Notes, 4.25%, 06/01/14      | Materials                          | 01/16/13          |                | (2,008,865)    |
| Digital Realty Trust, L.P., 144A Conv.        |                               |              |                |   |
|    Sr. Notes, 5.50%, 04/15/29  | Real Estate                        | 07/29/13          |                | 690,832    |
| Forest City Enterprises, Inc., Conv.          |                               |              |                |   |
|    Sr. Notes, 3.625%, 10/15/14 | Real Estate                        | 04/01/13          |                | 1,912,805    |
| Intel Corp.                                   | Semiconductors & Semiconductor |              |                |   |
|                                          |    Equipment        | 07/16/13          |                | 480,752    |
| Molycorp, Inc.                                | Materials                          | 10/02/13          |                | (4,299,395)    |
| Molycorp, Inc., Conv. Sr. Notes,              |                               |              |                |   |
|    5.50%, 02/01/18             | Materials                          | 01/29/13          |                | 42,600    |
| Molycorp, Inc., Sr. Notes,                    |                               |              |                |   |
|    10.00%, 06/01/20            | Materials                          | 10/16/13          |                | (7,250)    |
| News Corp., Class A                           | Media                              | 12/17/13          |                | 464,382    |
| Tyson Foods, Inc., Conv. Sr. Notes,           |                               |              |                |   |
|    3.25%, 10/15/13             | Food, Beverage & Tobacco       | 09/06/13          |                | 7,176,542    |
| United States Steel Corp.                     | Materials                          | 12/19/13          |                | (287,102)    |
| United States Steel Corp., Conv. Sr. Notes,   |                               |              |                |             |
|    4.00%, 05/15/14             | Materials                          | 01/30/13          |                | (2,253,689)    |

----

| DAVIS SERIES, INC.     | Fund Overview     |
|------------------------|-------------------|
| DAVIS REAL ESTATE FUND | December 31, 2013 |

| Portfolio Composition                   |    | Industry Weightings                 |
|-----------------------------------------|---------|-------------------------------------|
| (% of Fund’s 12/31/13 Net Assets) |    | (% of 12/31/13 Long-Term Portfolio) |
|                                    |    |                                |   |   |   |
|                                    |    |                                |   |   | Wilshire U.S. |
|                                    |    |                                |   |   | Real Estate |
|                                    |    |                                |   | Fund |   | Securities Index |
| Common Stock (U.S.)                     | 91.21%  |                                | Retail REITs | 23.10%    |   | 24.59%      |
| Common Stock (Foreign)                  | 1.29%   |                                | Residential REITs | 22.27%    |   | 17.46%      |
| Convertible Bonds                       | 3.53%   |                                | Office REITs | 18.62%    |   | 15.05%      |
| Preferred Stock                         | 0.43%   |                                | Specialized REITs | 16.46%    |   | 27.97%      |
| Short-Term Investments                  | 3.19%   |                                | Diversified REITs | 6.93%    |   | 7.61%      |
| Other Assets & Liabilities          | 0.35%   |                                | Real Estate Operating Companies | 6.23%    |   | 1.65%      |
|                                    | 100.00% |                                | Industrial REITs | 3.44%    |   | 5.39%      |
|                                    |    |                                | Telecommunication Services | 1.76%    |   | –      |
|                                    |    |                                | Diversified Real Estate Activities | 1.19%    |   | –      |
|                                    |    |                                | Hotels, Resorts & Cruise Lines | –    |   | 0.28%      |
|                                    |    |                                |   | 100.00%    |   | 100.00%      |

|                                   |                            |                                |
|----------------------------------------|---------------------------------|-------------------------------------|
| Simon Property Group, Inc.             | Retail REITs                    | 7.31%      |
| AvalonBay Communities, Inc.            | Residential REITs               | 6.37%      |
| Forest City Enterprises, Inc., Class A | Real Estate Operating Companies | 5.27%      |
| American Campus Communities, Inc.      | Residential REITs               | 5.07%      |
| American Tower Corp.                   | Specialized REITs               | 4.00%      |
| Essex Property Trust, Inc.             | Residential REITs               | 3.95%      |
| Boston Properties, Inc.                | Office REITs                    | 3.81%      |
| Ventas, Inc.                           | Specialized REITs               | 3.55%      |
| Alexandria Real Estate Equities, Inc.  | Office REITs                    | 3.20%      |
| Federal Realty Investment Trust        | Retail REITs                    | 2.96%      |

----

| DAVIS SERIES, INC.                   | Fund Overview     |
|--------------------------------------|-------------------|
| DAVIS REAL ESTATE FUND - (CONTINUED) | December 31, 2013 |

| Security                            | Industry                           |  Date of 1stPurchase        | % of Fund’s 12/31/13Net Assets |
|-------------------------------------|------------------------------------|----------------------------------|--------------------------------------|
| Acadia Realty Trust                 | Retail REITs                       | 05/06/13                         | 1.98%                 |
| Alexander & Baldwin Inc.        | Diversified Real Estate Activities | 11/20/13                         | 1.14%                 |
| British Land Co. PLC                | Diversified REITs                  | 04/10/13                         | 0.43%                 |
| Campus Crest Communities, Inc.      | Residential REITs                  | 03/01/13                         | 0.90%                 |
| Colonial Properties Trust           | Residential REITs                  | 03/08/13                         | –               |
| Cousins Properties, Inc.            | Diversified REITs                  | 07/31/13                         | 0.40%                 |
| CubeSmart                           | Specialized REITs                  | 11/22/13                         | 1.90%                 |
| Equity Lifestyle Properties, Inc.   | Residential REITs                  | 10/23/13     | 1.18%                 |
| General Growth Properties, Inc.     | Retail REITs                       |  01/31/13                   | 2.62%                 |
| Hammerson PLC                       | Retail REITs                       | 04/10/13                         | 0.32%                 |
| Land Securities Group PLC           | Diversified REITs                  | 04/10/13                         | 0.53%                 |
| Liberty Property Trust              | Diversified REITs                  | 01/03/13                         | 2.50%                 |
| Prologis, Inc.                      | Industrial REITs                   | 09/05/13                         | –               |
| SBA Communications Corp., Class A   | Telecommunication Services         | 01/31/13                         | 1.70%                 |
| Sunstone Hotel Investors, Inc.      | Specialized REITs                  | 01/31/13                         | –               |
| Tanger Factory Outlet Centers, Inc. | Retail REITs                       | 08/07/13                         | 1.87%                 |

| Security                                       | Industry          | Date ofFinal Sale | RealizedGain (Loss) |
|------------------------------------------------|-------------------|-------------------|---------------------|
| Alexandria Real Estate Equities, Inc., 7.00%,  |              |              |                |   |
|    Series D, Cum. Conv. Pfd.    | Office REITs      | 05/14/13          | $                   | 7,635,304     |
| Brandywine Realty Trust                        | Office REITs      | 01/07/13          |                | 95,414     |
| BRE Properties, Inc.                           | Residential REITs | 12/20/13          |                | 578,156     |
| CBL & Associates Properties, Inc., 7.375%, |              |              |                |   |
|    Series D, Pfd.               | Retail REITs      | 06/26/13          |                | 1,662,068     |
| Colonial Properties Trust                      | Residential REITs | 06/21/13          |                | (66,209)     |
| Digital Realty Trust, Inc.                     | Office REITs      | 11/06/13          |                | (440,558)     |
| Equity Residential                             | Residential REITs | 05/21/13          |                | 76,551         |
| Home Properties, Inc.                          | Residential REITs | 02/06/13          |                | (48,448)             |
| Kimco Realty Corp.                             | Retail REITs      | 04/10/13          |                | 1,420,056             |
| Macerich Co.                                   | Retail REITs      | 02/06/13          |                | 498,384             |
| Prologis, Inc.                                 | Industrial REITs  | 10/24/13          |                | 147,644                 |
| Prologis, Inc., 6.75%, Series M, Pfd.          | Industrial REITs  | 04/19/13          |                | 2,161,761         |
| Public Storage                                 | Specialized REITs | 11/22/13          |                | 1,316,748                 |
| Rayonier Inc.                                  | Specialized REITs | 11/08/13          |                | 1,896,768         |
| Sunstone Hotel Investors, Inc.                 | Specialized REITs | 07/29/13          |                | 167,768                 |
| Taubman Centers, Inc., 6.50%, Series J, Pfd.   | Retail REITs      | 06/25/13          |                | (45,785)                 |

----

| DAVIS SERIES, INC. | Expense Example |
|--------------------|-----------------|

----

| DAVIS SERIES, INC. | Expense Example – (Continued) |
|--------------------|-------------------------------------|

|                                                    | Beginning Account Value |   | Ending Account Value  |   | Expenses Paid During Period* |
|---------------------------------------------------------|-------------------------|--------|-----------------------|--------|------------------------------|
|                                                    | (07/01/13)              |   | (12/31/13)            |   | (07/01/13-12/31/13)          |
|                                                    |                    |   |                  |   |                         |
| Davis Opportunity Fund                                  |                    |   |                  |   |                         |
| Class A (annualized expense ratio 0.96%**)              |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $1,190.51   |   | $5.30                        |
| Hypothetical                                            | $1,000.00               |   | $1,020.37   |   | $4.89                        |
| Class B (annualized expense ratio 1.93%**)              |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $1,185.22   |   | $10.63                       |
| Hypothetical                                            | $1,000.00               |   | $1,015.48   |   | $9.80                        |
| Class C (annualized expense ratio 1.76%**)              |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $1,185.81   |   | $9.70                        |
| Hypothetical                                            | $1,000.00               |   | $1,016.33   |   | $8.94                        |
| Class Y (annualized expense ratio 0.73%**)              |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $1,191.94   |   | $4.03                        |
| Hypothetical                                            | $1,000.00               |   | $1,021.53        |   | $3.72                        |
|                                                    |                    |   |                  |   |                         |
| Davis Government Bond Fund                              |                    |   |                  |   |                         |
| Class A (annualized expense ratio 0.85%**)              |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $998.81               |   | $4.28                        |
| Hypothetical                                            | $1,000.00               |   | $1,020.92   |   | $4.33                        |
| Class B (annualized expense ratio 1.74%**)              |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $994.46               |   | $8.75                        |
| Hypothetical                                            | $1,000.00               |   | $1,016.43   |   | $8.84                        |
| Class C (annualized expense ratio 1.65%**)              |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $994.50               |   | $8.29                        |
| Hypothetical                                            | $1,000.00               |   | $1,016.89   |   | $8.39                        |
| Class Y (annualized expense ratio 0.48%**)              |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $1,000.75   |   | $2.42                        |
| Hypothetical                                            | $1,000.00               |   | $1,022.79   |   | $2.45                        |
|                                                    |                    |   |                  |   |                         |
| Davis Government Money Market Fund                      |                    |   |                  |   |                         |
| Class A, B, C, and Y (annualized expense ratio 0.10%**) |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $1,000.00   |   | $0.50                        |
| Hypothetical                                            | $1,000.00               |   | $1,024.70   |   | $0.51                        |
|                                                    |                    |   |                  |   |                         |
| Davis Financial Fund                                    |                    |   |                  |   |                         |
| Class A (annualized expense ratio 0.88%**)              |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $1,143.75   |   | $4.76                        |
| Hypothetical                                            | $1,000.00               |   | $1,020.77   |   | $4.48                        |
| Class B (annualized expense ratio 1.98%**)              |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $1,136.88   |   | $10.66             |
| Hypothetical                                            | $1,000.00               |   | $1,015.22   |   | $10.06             |
| Class C (annualized expense ratio 1.78%**)              |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $1,138.06             |   | $9.59                        |
| Hypothetical                                            | $1,000.00               |   | $1,016.23             |   | $9.05                        |
| Class Y (annualized expense ratio 0.71%**)              |                    |   |                  |   |                         |
| Actual                                                  | $1,000.00               |   | $1,144.73   |   | $3.84                        |
| Hypothetical                                            | $1,000.00               |   | $1,021.63   |   | $3.62                        |

----

| DAVIS SERIES, INC. | Expense Example – (Continued) |
|--------------------|-------------------------------------|

|                                       | Beginning Account Value |   | Ending Account Value  |   | Expenses Paid During Period* |
|--------------------------------------------|-------------------------|--------|-----------------------|--------|------------------------------|
|                                       | (07/01/13)              |   | (12/31/13)            |   | (07/01/13-12/31/13)          |
|                                       |                    |   |                  |   |                         |
| Davis Appreciation & Income Fund       |                    |   |                  |   |                         |
| Class A (annualized expense ratio 0.92%**) |                    |   |                  |   |                         |
| Actual                                     | $1,000.00               |   | $1,170.45   |   | $5.03                        |
| Hypothetical                               | $1,000.00               |   | $1,020.57   |   | $4.69                        |
| Class B (annualized expense ratio 1.87%**) |                    |   |                  |   |                         |
| Actual                                     | $1,000.00               |   | $1,164.79   |   | $10.20             |
| Hypothetical                               | $1,000.00               |   | $1,015.78   |   | $9.50                        |
| Class C (annualized expense ratio 1.73%**) |                    |   |                  |   |                         |
| Actual                                     | $1,000.00               |   | $1,165.34   |   | $9.44                        |
| Hypothetical                               | $1,000.00               |   | $1,016.48   |   | $8.79                        |
| Class Y (annualized expense ratio 0.74%**) |                    |   |                  |   |                         |
| Actual                                     | $1,000.00               |   | $1,171.44   |   | $4.05                        |
| Hypothetical                               | $1,000.00               |   | $1,021.48   |   | $3.77                        |
|                                       |                    |   |                  |   |                         |
| Davis Real Estate Fund                     |                    |   |                  |   |                         |
| Class A (annualized expense ratio 0.98%**) |                    |   |                  |   |                         |
| Actual                                     | $1,000.00               |   | $965.83               |   | $4.86                        |
| Hypothetical                               | $1,000.00               |   | $1,020.27   |   | $4.99                        |
| Class B (annualized expense ratio 2.06%**) |                    |   |                  |   |                         |
| Actual                                     | $1,000.00               |   | $960.41               |   | $10.18             |
| Hypothetical                               | $1,000.00               |   | $1,014.82   |   | $10.46             |
| Class C (annualized expense ratio 1.85%**) |                    |   |                  |   |                         |
| Actual                                     | $1,000.00               |   | $961.64               |   | $9.15                        |
| Hypothetical                               | $1,000.00               |   | $1,015.88   |   | $9.40                        |
| Class Y (annualized expense ratio 0.76%**) |                    |   |                  |   |                         |
| Actual                                     | $1,000.00               |   | $967.02               |   | $3.77                        |
| Hypothetical                               | $1,000.00               |   | $1,021.37   |   | $3.87                        |

| 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 184/365 (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 | December 31, 2013       |

|                          | Shares                                                |                                            | Value(Note 1)                                                        |
|-------------------------------|-------------------------------------------------------|-------------------------------------------------|----------------------------------------------------------------------|
| COMMON STOCK – (95.88%) |
|                          | CONSUMER DISCRETIONARY – (19.77%)               |
|                          |                                                  | Consumer Durables & Apparel – (2.51%) |
|                          |                                                  |                                            | Compagnie Financiere Richemont S.A., Unit A  (Switzerland) |   |   | 55,900 |   | $ | 5,564,621 |
|                          | Hunter Douglas N.V.  (Netherlands)          |                                            |                                                                 | 72,060 |   |   | 3,261,472 |
|                          | NIKE, Inc., Class B                                   |                                            |                                                                 | 54,520 |   |   | 4,287,453 |
|                          |                                                  |                                            | 13,113,546                                                           |
|                          | Consumer Services – (1.23%)                     |
|                          | Las Vegas Sands Corp.                                 |                                            |                                                                 | 81,650 |   |   | 6,439,736 |
|                          | Media – (6.05%)                                 |
|                          | DISH Network Corp., Class A  *              |                                            |                                                                 | 51,900 |   |   | 3,005,270 |
|                          | Liberty Global PLC, Series C  *             |                                            |                                                                 | 278,590 |   |   | 23,499,066 |
|                          | Time Warner Cable Inc.                                |                                            |                                                                 | 37,800 |   |   | 5,121,900 |
|                          |                                                  |                                            | 31,626,236                                                           |
|                          | Retailing – (9.98%)                             |
|                          | Lowe's Cos, Inc.                                      |                                            |                                                                 | 119,370 |   |   | 5,914,784 |
|                          | Netflix Inc.  *                             |                                            |                                                                 | 9,550 |   |   | 3,515,880 |
|                          | Priceline.com Inc.  *                       |                                            |                                                                 | 9,455 |   |   | 10,988,554 |
|                          | TJX Cos, Inc.                                         |                                            |                                                                 | 43,740 |   |   | 2,787,550 |
|                          | Vipshop Holdings Ltd., ADS  (China)*        |                                            |                                                                 | 259,530 |   |   | 21,717,470 |
|                          | zulily, inc., Class A  *                    |                                            |                                                                 | 175,000 |   |   | 7,246,750 |
|                          |                                                  |                                            | 52,170,988                                                           |
|                          |                                                  |                                            |                                                                 | Total Consumer Discretionary |   |   | 103,350,506 |
|                          | CONSUMER STAPLES – (3.02%)                      |
|                          | Food & Staples Retailing – (0.30%)          |
|                          | Brasil Pharma S.A.  (Brazil)*               |                                            |                                                                 | 553,100 |   |   | 1,584,807 |
|                          | Food, Beverage & Tobacco – (1.77%)          |
|                          | Diageo PLC  (United Kingdom)                |                                            |                                                                 | 74,190 |   |   | 2,457,098 |
|                          | Philip Morris International Inc.                      |                                            |                                                                 | 25,150 |   |   | 2,191,320 |
|                          | Unilever N.V., NY Shares  (Netherlands)     |                                            |                                                                 | 114,290 |   |   | 4,597,887 |
|                          |                                                  |                                            | 9,246,305                                                            |
|                          | Household & Personal Products – (0.95%)     |
|                          | Colgate-Palmolive Co.                                 |                                            |                                                                 | 75,950 |   |   | 4,952,699 |
|                          | Total Consumer Staples                                |                                            |                                                                 | 15,783,811 |
|                          | ENERGY – (1.77%)                                |
|                          | Schlumberger Ltd.                                     |                                            |                                                                 | 102,550 |   |   | 9,240,781 |
|                          | Total Energy                                          |                                            |                                                                 | 9,240,781 |
|                          | FINANCIALS – (14.10%)                           |
|                          | Banks – (4.01%)                                 |
|                          | Commercial Banks – (4.01%)                      |
|                          | U.S. Bancorp                                          |                                            |                                                                 | 152,760 |   |   | 6,171,504 |
|                          | Wells Fargo & Co.                                 |                                            |                                                                 | 325,960 |   |   | 14,798,584 |
|                          |                                                  |                                            | 20,970,088                                                           |
|                          | Diversified Financials – (6.88%)                |
|                          | Capital Markets – (1.85%)                       |
|                          | CETIP S.A. - Mercados Organizados  (Brazil) |                                            |                                                                 | 199,800 |   |   | 2,049,448 |
|                          | Charles Schwab Corp.                                  |                                            |                                                                 | 293,020 |   |   | 7,618,520 |
|                          |                                                  | 9,667,968                                       |
|                          | Consumer Finance – (0.24%)                      |
|                          | Springleaf Holdings Inc.  *                 |                                            |                                                                 | 50,150 |   |   | 1,267,792 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments |
|--------------------------------------|-------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | December 31, 2013  |

|                             | Shares                                                             |                                       | Value(Note 1)                                  |
|----------------------------------|--------------------------------------------------------------------|--------------------------------------------|------------------------------------------------|
| COMMON STOCK – (CONTINUED) |
|                             | FINANCIALS – (CONTINUED)                                     |
|                             |                                                               | Diversified Financials – (Continued) |
|                             |                                                               |                                       | Diversified Financial Services – (4.79%) |
|                             |                                                               |                                       | Berkshire Hathaway Inc., Class B  *  |   |   | 211,411 |   | $ | 25,064,888 |
|                             |                                                               |                                       | 36,000,648                                     |
|                             | Insurance – (3.21%)                                          |
|                             | Multi-line Insurance – (0.59%)                               |
|                             | Loews Corp.                                                        |                                       |                                           | 64,140 |   |   | 3,094,114 |
|                             | Property & Casualty Insurance – (2.62%)                  |
|                             | Chubb Corp.                                                        |                                       |                                           | 45,260 |   |   | 4,373,474 |
|                             | Markel Corp.  *                                          |                                       |                                           | 16,035 |   |   | 9,305,912 |
|                             |                                                               | 13,679,386                                 |
|                             |                                                               |                                       | 16,773,500                                     |
|                             |                                                               |                                       |                                           | Total Financials |   |   | 73,744,236 |
|                             | HEALTH CARE – (12.93%)                                       |
|                             | Health Care Equipment & Services – (11.32%)              |
|                             | Diagnosticos da America S.A.  (Brazil)                   |                                       |                                           | 163,600 |   |   | 1,009,649 |
|                             | IDEXX Laboratories, Inc.  *                              |                                       |                                           | 52,130 |   |   | 5,546,111 |
|                             | Laboratory Corp. of America Holdings  *                  |                                       |                                           | 246,610 |   |   | 22,532,756 |
|                             | UnitedHealth Group Inc.                                            |                                       |                                           | 348,100 |   |   | 26,211,930 |
|                             | WellPoint, Inc.                                                    |                                       |                                           | 41,900 |   |   | 3,871,141 |
|                             |                                                               |                                       | 59,171,587                                     |
|                             | Pharmaceuticals, Biotechnology & Life Sciences – (1.61%) |
|                             | Agilent Technologies, Inc.                                         |                                       |                                           | 28,234 |   |   | 1,614,702 |
|                             | Johnson & Johnson                                              |                                       |                                           | 74,330 |   |   | 6,807,885 |
|                             |                                                               |                                       | 8,422,587                                      |
|                             | Total Health Care                                                  |                                       |                                           | 67,594,174 |
|                             | INDUSTRIALS – (14.61%)                                       |
|                             | Capital Goods – (6.31%)                                      |
|                             | PACCAR Inc.                                                        |                                       |                                           | 253,040 |   |   | 14,971,111 |
|                             | Textron Inc.                                                       |                                       |                                           | 376,230 |   |   | 13,830,215 |
|                             | TransDigm Group, Inc.  *                                 |                                       |                                           | 26,030 |   |   | 4,191,351 |
|                             |                                                               |                                       | 32,992,677                                     |
|                             | Commercial & Professional Services – (0.89%)             |
|                             | Experian PLC  (United Kingdom)                           |                                       |                                           | 253,100 |   |   | 4,669,007 |
|                             | Transportation – (7.41%)                                     |
|                             | C.H. Robinson Worldwide, Inc.                                      |                                       |                                           | 34,500 |   |   | 2,012,902 |
|                             | Expeditors International of Washington, Inc.                       |                                       |                                           | 64,650 |   |   | 2,860,439 |
|                             | FedEx Corp.                                                        |                                       |                                           | 36,440 |   |   | 5,238,979 |
|                             | Kuehne & Nagel International AG  (Switzerland)       |                                       |                                           | 67,166 |   |   | 8,816,926 |
|                             | Wesco Aircraft Holdings, Inc.  *                         |                                       |                                           | 902,650 |   |   | 19,786,088 |
|                             |                                                               |                                       | 38,715,334                                     |
|                             | Total Industrials                                                  |                                       |                                           | 76,377,018 |
|                             | INFORMATION TECHNOLOGY – (25.68%)                            |
|                             | Semiconductors & Semiconductor Equipment – (2.69%)       |
|                             | Altera Corp.                                                       |                                       |                                           | 38,800 |   |   | 1,261,970 |
|                             | Applied Materials, Inc.                                            |                                       |                                           | 116,400 |   |   | 2,058,534 |
|                             | Intel Corp.                                                        |                                       |                                           | 70,700 |   |   | 1,835,018 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments |
|--------------------------------------|-------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | December 31, 2013  |

|                             | Shares/Units                                                              |                                                             | Value(Note 1)          |
|----------------------------------|---------------------------------------------------------------------------|------------------------------------------------------------------|------------------------|
| COMMON STOCK – (CONTINUED) |
|                             | INFORMATION TECHNOLOGY – (CONTINUED)                                |
|                             |                                                                      | Semiconductors & Semiconductor Equipment – (Continued) |
|                             |                                                                      |                                                             | Texas Instruments Inc. |   |   | 202,950 |   | $ | 8,910,520 |
|                             |                                                                      |                                                             | 14,066,042             |
|                             | Software & Services – (22.36%)                                  |
|                             | 58.com Inc., Class A, ADR  (China)*                             |                                                             |                   | 22,050 |   |   | 845,397 |
|                             | Angie's List Inc.  *                                            |                                                             |                   | 678,145 |   |   | 10,287,460 |
|                             | ASAC II L.P., Private Placement  *(a)                           |                                                             |                   | 6,900,000 |   |   | 7,781,130 |
|                             | Google Inc., Class A  *                                         |                                                             |                   | 39,033 |   |   | 43,735,696 |
|                             | International Business Machines Corp.                                     |                                                             |                   | 5,344 |   |   | 1,002,374 |
|                             | Microsoft Corp.                                                           |                                                             |                   | 281,850 |   |   | 10,548,236 |
|                             | Oracle Corp.                                                              |                                                             |                   | 141,250 |   |   | 5,404,225 |
|                             | Qihoo 360 Technology Co. Ltd., Class A, ADR  (China)*           |                                                             |                   | 66,500 |   |   | 5,456,325 |
|                             | Salesforce.com, Inc.  *                                         |                                                             |                   | 52,350 |   |   | 2,889,196 |
|                             | SAP AG, ADR  (Germany)                                          |                                                             |                   | 61,661 |   |   | 5,373,140 |
|                             | SINA Corp.  (China)*                                            |                                                             |                   | 79,000 |   |   | 6,655,750 |
|                             | Twitter, Inc.  *                                                |                                                             |                   | 160,540 |   |   | 10,218,371 |
|                             | Youku Tudou Inc., ADR  (China)*                                 |                                                             |                   | 220,830 |   |   | 6,691,149 |
|                             |                                                                      |                                                             | 116,888,449            |
|                             | Technology Hardware & Equipment – (0.63%)                       |
|                             | Hewlett-Packard Co.                                                       |                                                             |                   | 118,184 |   |   | 3,306,788 |
|                             |                                                                      |                                                             |                   | Total Information Technology |   |   | 134,261,279 |
|                             | MATERIALS – (4.00%)                                                 |
|                             | Air Products and Chemicals, Inc.                                          |                                                             |                   | 31,620 |   |   | 3,534,484 |
|                             | Lafarge S.A.  (France)                                          |                                                             |                   | 72,800 |   |   | 5,455,220 |
|                             | Sherwin-Williams Co.                                                      |                                                             |                   | 13,130 |   |   | 2,409,355 |
|                             | Sigma-Aldrich Corp.                                                       |                                                             |                   | 101,080 |   |   | 9,504,047 |
|                             | Total Materials                                                           |                                                             |                   | 20,903,106 |
|                             |                                                                      |                                                             |                   |  TOTAL COMMON STOCK – (Identified cost $351,802,525)  |   |   | 501,254,911 |
| STOCK WARRANTS – (0.67%)   |
|                             | FINANCIALS – (0.67%)                                                |
|                             | Banks – (0.67%)                                                     |
|                             | Commercial Banks – (0.67%)                                          |
|                             | Wells Fargo & Co., strike price $34.01, expires 10/28/18  * |                                                             |                   | 220,450 |   |   | 3,489,723 |
|                             |  TOTAL STOCK WARRANTS – (Identified cost $1,764,508)      |                                                             |                   | 3,489,723 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments |
|--------------------------------------|-------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | December 31, 2013  |

|                                   | Principal                                                                                                                                                                                                                                                                         |                                                                                   | Value(Note 1)                                                                  |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|
| SHORT-TERM INVESTMENTS – (3.70%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.01%, 01/02/14, dated 12/31/13, repurchase value of $7,575,004 (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-2.25%, 05/29/14-05/31/14, total market value $7,726,500)            |                                                                                   | $                                                                              | 7,575,000 |   | $ | 7,575,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.02%, 01/02/14, dated 12/31/13, repurchase value of $11,797,013 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-4.00%, 03/01/43-12/01/43, total market value $12,032,940) |                                                                                   |                                                                           | 11,797,000 |   |   | 11,797,000 |
|                                   |                                                                                                                                                                                                                                                                              |                                                                                   |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $19,372,000)  |   |   | 19,372,000 |
|                                   |                                                                                                                                                                                                                                                                              | Total Investments – (100.25%) – (Identified cost $372,939,033) – (b) |                                                                           |   | 524,116,634 |
|                                   | Liabilities Less Other Assets – (0.25%)                                                                                                                                                                                                                                     |                                                                                   |                                                                           | (1,316,574) |
|                                   |                                                                                                                                                                                                                                                                              |                                                                                   | Net Assets – (100.00%)                                                   |   | $ | 522,800,060 |

|   | ADR: American Depositary Receipt |
|--------|----------------------------------|
|   |                             |
|   | ADS: American Depositary Share   |
|   |                             |   |
|   | *                                | Non-Income producing security. |
|   |                             |   |
|   | (a)                              | Restricted Security – See Note 6 of the Notes to Financial Statements. |
|   |                             |   |
|   | (b)                              | Aggregate cost for federal income tax purposes is $379,075,968. At December 31, 2013 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |

|   | Unrealized appreciation     |   | $      | 151,102,976 |
|--------|-----------------------------|--------|--------|-------------|
|   | Unrealized depreciation     |   |   | (6,062,310) |
|   | Net unrealized appreciation |   | $      | 145,040,666 |

| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC.         | Schedule of Investments |
|----------------------------|-------------------------|
| DAVIS GOVERNMENT BOND FUND | December 31, 2013       |

|                       | Principal                                                     |   | Value(Note 1) |
|----------------------------|---------------------------------------------------------------|--------|---------------|
| MORTGAGES – (94.43%) |
|                       | COLLATERALIZED MORTGAGE OBLIGATIONS – (64.70%)          |
|                       | Fannie Mae, 4.50%, 01/25/14                                   |   | $             | 38 |   | $ | 38 |
|                       | Fannie Mae, 4.00%, 01/25/19                                   |   |          | 186,154 |   |   | 188,482 |
|                       | Fannie Mae, 4.00%, 02/25/19                                   |   |          | 781,251 |   |   | 822,187 |
|                       | Fannie Mae, 4.00%, 07/25/23                                   |   |          | 616,648 |   |   | 644,908 |
|                       | Fannie Mae, 4.00%, 11/25/23                                   |   |          | 413,684 |   |   | 431,808 |
|                       | Fannie Mae, 2.00%, 01/25/28                                   |   |          | 4,500,309 |   |   | 4,393,515 |
|                       | Fannie Mae, 4.5088%, 06/25/29   (a)            |   |          | 1,500,000 |   |   | 1,598,951 |
|                       | Fannie Mae, 3.50%, 12/25/31                                   |   |          | 4,307,119 |   |   | 4,398,797 |
|                       | Fannie Mae, 0.6646%, 06/25/32   (a)            |   |          | 162,175 |   |   | 163,482 |
|                       | Fannie Mae, 3.50%, 09/25/36                                   |   |          | 363,523 |   |   | 377,051 |
|                       | Fannie Mae, 0.3646%, 02/25/37   (a)            |   |          | 43,773 |   |   | 43,429 |
|                       | Fannie Mae, 0.4146%, 03/25/37   (a)            |   |          | 396,251 |   |   | 395,749 |
|                       | Fannie Mae, 0.5146%, 07/25/37   (a)            |   |          | 444,205 |   |   | 443,307 |
|                       | Fannie Mae, 0.6646%, 06/25/38   (a)            |   |          | 279,671 |   |   | 281,147 |
|                       | Fannie Mae, 4.50%, 12/25/41                                   |   |          | 451,484 |   |   | 466,977 |
|                       | Fannie Mae, 3.00%, 10/25/42                                   |   |          | 2,749,509 |   |   | 2,811,064 |
|                       | Fannie Mae, 3.00%, 02/25/43                                   |   |          | 4,802,892 |   |   | 4,869,970 |
|                       | Fannie Mae Whole Loan, 5.31%, 08/25/33                        |   |          | 153,729 |   |   | 155,771 |
|                       | Fannie Mae Whole Loan, 5.09%, 11/25/43                        |   |          | 1,860,327 |   |   | 1,931,037 |
|                       | Fannie Mae Whole Loan, 6.2939%, 08/25/47   (a) |   |          | 473,202 |   |   | 534,893 |
|                       | Freddie Mac, 3.50%, 01/15/18                                  |   |          | 62,929 |   |   | 64,053 |
|                       | Freddie Mac, 4.50%, 05/15/18                                  |   |          | 1,680,985 |   |   | 1,775,446 |
|                       | Freddie Mac, 1.50%, 07/15/18                                  |   |          | 382,111 |   |   | 384,867 |
|                       | Freddie Mac, 4.50%, 07/15/18                                  |   |          | 489,863 |   |   | 518,151 |
|                       | Freddie Mac, 4.00%, 10/15/18                                  |   |          | 1,651,988 |   |   | 1,735,782 |
|                       | Freddie Mac, 4.50%, 02/15/19                                  |   |          | 3,059,417 |   |   | 3,246,542 |
|                       | Freddie Mac, 4.50%, 09/15/23                                  |   |          | 468,666 |   |   | 489,177 |
|                       | Freddie Mac, 3.50%, 02/15/24                                  |   |          | 992,681 |   |   | 1,036,090 |
|                       | Freddie Mac, 3.50%, 07/15/24                                  |   |          | 526,448 |   |   | 548,292 |
|                       | Freddie Mac, 5.00%, 01/15/25                                  |   |          | 2,000,000 |   |   | 2,218,097 |
|                       | Freddie Mac, 4.00%, 01/15/26                                  |   |          | 1,510,357 |   |   | 1,583,519 |
|                       | Freddie Mac, 3.00%, 10/15/26                                  |   |          | 2,775,495 |   |   | 2,893,512 |
|                       | Freddie Mac, 4.00%, 01/15/28                                  |   |          | 1,052,196 |   |   | 1,082,994 |
|                       | Freddie Mac, 4.50%, 04/15/32                                  |   |          | 595,163 |   |   | 604,029 |
|                       | Freddie Mac, 4.50%, 08/15/36                                  |   |          | 629,641 |   |   | 669,238 |
|                       | Freddie Mac, 4.00%, 03/15/37                                  |   |          | 1,814,064 |   |   | 1,909,862 |
|                       | Freddie Mac, 4.00%, 01/15/38                                  |   |          | 2,637,118 |   |   | 2,734,059 |
|                       | Freddie Mac, 3.00%, 06/15/39                                  |   |          | 548,737 |   |   | 557,675 |
|                       | Freddie Mac, 2.50%, 09/15/40                                  |   |          | 663,495 |   |   | 676,652 |
|                       | Freddie Mac Structured Pass-Through, 6.50%, 02/25/43          |   |          | 638,433 |   |   | 747,136 |
|                       | Ginnie Mae, 2.00%, 11/16/27                                   |   |          | 4,570,390 |   |   | 4,434,385 |
|                       | Ginnie Mae, 4.00%, 05/20/33                                   |   |          | 2,373,244 |   |   | 2,457,185 |
|                       | Ginnie Mae, 3.00%, 09/16/34                                   |   |          | 1,500,000 |   |   | 1,536,973 |
|                       | Ginnie Mae, 3.536%, 09/16/35                                  |   |          | 812,959 |   |   | 824,906 |
|                       | Ginnie Mae, 3.421%, 11/16/35                                  |   |          | 899,487 |   |   | 901,603 |
|                       | Ginnie Mae, 3.50%, 07/20/36                                   |   |          | 972,949 |   |   | 1,011,172 |

----

| DAVIS SERIES, INC.                       | Schedule of Investments |
|------------------------------------------|-------------------------|
| DAVIS GOVERNMENT BOND FUND - (CONTINUED) | December 31, 2013  |

|                           | Principal                                                           |                                               | Value(Note 1)                             |
|--------------------------------|---------------------------------------------------------------------|----------------------------------------------------|-------------------------------------------|
| MORTGAGES – (CONTINUED)  |
|                           | COLLATERALIZED MORTGAGE OBLIGATIONS – (CONTINUED)             |
|                           |                                                                | Ginnie Mae, 5.4284%, 12/16/36   (a) |                                      | $ | 123,248 |   | $ | 127,516 |
|                           | Ginnie Mae, 3.00%, 06/20/38                                         |                                               |                                      | 1,113,071 |   |   | 1,141,155 |
|                           | Ginnie Mae, 2.7166%, 02/16/44                                       |                                               |                                      | 2,497,415 |   |   | 2,529,608 |
|                           |                                                                |                                               | Total Collateralized Mortgage Obligations |   |   | 65,392,239 |
|                           | FANNIE MAE POOLS – (20.71%)                                   |
|                           | 4.828%, 01/01/15, Pool No. 725788                                   |                                               |                                      | 423,535 |   |   | 433,992 |
|                           | 6.00%, 09/01/17, Pool No. 665776                                    |                                               |                                      | 560,108 |   |   | 598,814 |
|                           | 4.50%, 03/01/18, Pool No. AJ0354                                    |                                               |                                      | 687,505 |   |   | 718,209 |
|                           | 5.00%, 03/01/18, Pool No. 357369                                    |                                               |                                      | 218,425 |   |   | 233,022 |
|                           | 4.50%, 08/01/18, Pool No. 254833                                    |                                               |                                      | 480,548 |   |   | 512,596 |
|                           | 3.50%, 01/01/21, Pool No. MA0629                                    |                                               |                                      | 1,279,025 |   |   | 1,356,232 |
|                           | 2.50%, 11/01/22, Pool No. AQ4765                                    |                                               |                                      | 4,320,605 |   |   | 4,405,953 |
|                           | 3.00%, 12/01/23, Pool No. MA1691                                    |                                               |                                      | 2,480,322 |   |   | 2,576,445 |
|                           | 2.50%, 10/01/27, Pool No. AP9869                                    |                                               |                                      | 2,938,446 |   |   | 2,920,275 |
|                           | 4.00%, 02/01/30, Pool No. MA0329                                    |                                               |                                      | 3,757,031 |   |   | 3,942,414 |
|                           | 6.50%, 07/01/32, Pool No. 635069                                    |                                               |                                      | 96,990 |   |   | 106,505 |
|                           | 2.029%, 01/01/36, Pool No. 848973 (b)                               |                                               |                                      | 234,310 |   |   | 242,088 |
|                           | 5.616%, 04/01/36, Pool No. 851605 (b)                               |                                               |                                      | 285,805 |   |   | 305,258 |
|                           | 6.00%, 09/01/37, Pool No. 888796                                    |                                               |                                      | 331,980 |   |   | 370,298 |
|                           | 6.116%, 10/01/37, Pool No. AL1846 (b)                               |                                               |                                      | 2,086,159 |   |   | 2,205,997 |
|                           | Total Fannie Mae Pools                                              |                                               |                                      | 20,928,098 |
|                           | FREDDIE MAC POOLS – (7.13%)                                   |
|                           | 5.50%, 12/01/18, Pool No. G11684                                    |                                               |                                      | 324,434 |   |   | 344,148 |
|                           | 3.50%, 03/01/21, Pool No. J14793                                    |                                               |                                      | 1,035,832 |   |   | 1,088,733 |
|                           | 5.50%, 11/01/21, Pool No. G12454                                    |                                               |                                      | 479,314 |   |   | 509,488 |
|                           | 5.50%, 06/01/22, Pool No. G12688                                    |                                               |                                      | 210,132 |   |   | 223,098 |
|                           | 2.50%, 05/01/23, Pool No. G14738                                    |                                               |                                      | 2,747,698 |   |   | 2,746,115 |
|                           | 4.00%, 05/01/24, Pool No. J09596                                    |                                               |                                      | 960,103 |   |   | 1,020,574 |
|                           | 3.50%, 01/01/26, Pool No. G18373                                    |                                               |                                      | 460,927 |   |   | 482,738 |
|                           | 2.487%, 12/01/34, Pool No. 1H1238 (b)                               |                                               |                                      | 238,663 |   |   | 252,017 |
|                           | 2.629%, 04/01/36, Pool No. 848422 (b)                               |                                               |                                      | 505,579 |   |   | 536,938 |
|                           | Total Freddie Mac Pools                                             |                                               |                                      | 7,203,849 |
|                           | GINNIE MAE POOLS – (1.89%)                                    |
|                           | 5.00%, 10/20/40, Pool No. 783539                                    |                                               |                                      | 1,806,031 |   |   | 1,916,573 |
|                           | Total Ginnie Mae Pools                                              |                                               |                                      | 1,916,573 |
|                           |  TOTAL MORTGAGES – (Identified cost $95,542,329)    |                                               |                                      | 95,440,759 |
| OTHER AGENCIES – (0.26%) |
|                           | Housing Urban Development, 6.00%, 08/01/20                          |                                               |                                      | 260,000 |   |   | 267,057 |
|                           |  TOTAL OTHER AGENCIES – (Identified cost $260,000)  |                                               |                                      | 267,057 |

----

| DAVIS SERIES, INC.                       | Schedule of Investments |
|------------------------------------------|-------------------------|
| DAVIS GOVERNMENT BOND FUND - (CONTINUED) | December 31, 2013  |

|                                   | Principal                                                                                                                                                                                                                                                                       |                                                                                   | Value(Note 1)                                                                 |
|----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|
| SHORT-TERM INVESTMENTS – (5.42%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.01%, 01/02/14, dated 12/31/13, repurchase value of $2,141,001 (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-2.25%, 05/29/14-05/31/14, total market value $2,183,820)          |                                                                                   | $                                                                             | 2,141,000 |   | $ | 2,141,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.02%, 01/02/14, dated 12/31/13, repurchase value of $3,335,004 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-4.00%, 02/01/26-12/01/43, total market value $3,401,700) |                                                                                   |                                                                          | 3,335,000 |   |   | 3,335,000 |
|                                   |                                                                                                                                                                                                                                                                            |                                                                                   |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,476,000)  |   |   | 5,476,000 |
|                                   |                                                                                                                                                                                                                                                                            | Total Investments – (100.11%) – (Identified cost $101,278,329) – (c) |                                                                          |   | 101,183,816 |
|                                   | Liabilities Less Other Assets – (0.11%)                                                                                                                                                                                                                                   |                                                                                   |                                                                          | (112,916) |
|                                   |                                                                                                                                                                                                                                                                            |                                                                                   | Net Assets – (100.00%)                                                  |   | $ | 101,070,900 |

|   | (a)    | The interest rates on floating rate securities, shown as of December 31, 2013, 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 December 31, 2013, may change daily or less frequently and are based on indices of market interest rates.                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                              |
|   | (c)    | Aggregate cost for federal income tax purposes is $101,278,329. At December 31, 2013 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:                                                                                                                                                                          |

|   | Unrealized appreciation     |   | $      | 1,168,792   |
|--------|-----------------------------|--------|--------|-------------|
|   | Unrealized depreciation     |   |   | (1,263,305) |
|   | Net unrealized depreciation |   | $      | (94,513)    |

| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC.                 | Schedule of Investments |
|------------------------------------|-------------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND | December 31, 2013       |

|                                      | Principal                                                                        |                                                               | Value(Note 1) |
|-------------------------------------------|----------------------------------------------------------------------------------|--------------------------------------------------------------------|---------------|
| FANNIE MAE – (11.78%)               |
|                                      | 0.30%, 01/27/14  (a)                                                   |                                                               | $             | 5,000,000 |   | $ | 5,000,804 |
|                                      | 1.25%, 02/27/14                                                                  |                                                               |          | 5,944,000 |   |   | 5,954,621 |
|                                      | 2.75%, 03/13/14                                                                  |                                                               |          | 9,499,000 |   |   | 9,547,665 |
|                                      | 1.35%, 03/21/14                                                                  |                                                               |          | 5,000,000 |   |   | 5,013,349 |
|                                      | 4.125%, 04/15/14                                                                 |                                                               |          | 4,251,000 |   |   | 4,299,684 |
|                                      | 2.50%, 05/15/14                                                                  |                                                               |          | 4,534,000 |   |   | 4,574,008 |
|                                      | 0.1506%, 09/11/14  (a)                                                 |                                                               |          | 5,000,000 |   |   | 5,001,082 |
|                                      |                                                                             |  TOTAL FANNIE MAE – (Identified cost $39,391,213)  |          |   | 39,391,213 |
| FEDERAL FARM CREDIT BANK – (12.03%) |
|                                      | 0.15%, 01/17/14                                                                  |                                                               |          | 5,000,000 |   |   | 5,000,104 |
|                                      | 0.025%, 02/10/14  (a)                                                  |                                                               |          | 1,700,000 |   |   | 1,699,933 |
|                                      | 0.10%, 02/19/14  (a)                                                   |                                                               |          | 4,400,000 |   |   | 4,400,223 |
|                                      | 0.33%, 05/19/14  (a)                                                   |                                                               |          | 5,000,000 |   |   | 5,004,632 |
|                                      | 0.34%, 06/13/14  (a)                                                   |                                                               |          | 3,000,000 |   |   | 3,003,406 |
|                                      | 0.26%, 07/14/14  (a)                                                   |                                                               |          | 2,350,000 |   |   | 2,351,911 |
|                                      | 0.1346%, 07/25/14  (a)                                                 |                                                               |          | 6,000,000 |   |   | 6,000,927 |
|                                      | 0.1746%, 08/27/14  (a)                                                 |                                                               |          | 3,000,000 |   |   | 3,001,091 |
|                                      | 3.00%, 09/22/14                                                                  |                                                               |          | 1,144,000 |   |   | 1,167,406 |
|                                      | 0.16%, 10/23/14  (a)                                                   |                                                               |          | 5,500,000 |   |   | 5,503,082 |
|                                      | 4.48%, 11/20/14                                                                  |                                                               |          | 3,000,000 |   |   | 3,113,121 |
|                                      |  TOTAL FEDERAL FARM CREDIT BANK – (Identified cost $40,245,836)  |                                                               |          | 40,245,836 |
| FEDERAL HOME LOAN BANK – (25.03%)   |
|                                      | 0.056%, 01/03/14  (a)                                                  |                                                               |          | 4,000,000 |   |   | 3,999,983 |
|                                      | 0.26%, 01/23/14                                                                  |                                                               |          | 2,000,000 |   |   | 2,000,151 |
|                                      | 1.125%, 01/29/14                                                                 |                                                               |          | 3,000,000 |   |   | 3,002,321 |
|                                      | 0.036%, 02/07/14  (a)                                                  |                                                               |          | 5,000,000 |   |   | 4,999,859 |
|                                      | 0.125%, 03/04/14                                                                 |                                                               |          | 4,750,000 |   |   | 4,750,028 |
|                                      | 0.18%, 03/04/14                                                                  |                                                               |          | 3,000,000 |   |   | 3,000,304 |
|                                      | 0.125%, 03/27/14                                                                 |                                                               |          | 5,000,000 |   |   | 5,000,288 |
|                                      | 0.115%, 04/01/14  (a)                                                  |                                                               |          | 6,000,000 |   |   | 6,000,392 |
|                                      | 0.15%, 05/01/14                                                                  |                                                               |          | 3,000,000 |   |   | 3,000,287 |
|                                      | 0.125%, 05/27/14  (a)                                                  |                                                               |          | 4,000,000 |   |   | 4,000,355 |
|                                      | 1.375%, 05/28/14                                                                 |                                                               |          | 5,590,000 |   |   | 5,618,587 |
|                                      | 0.109%, 06/06/14  (a)                                                  |                                                               |          | 5,000,000 |   |   | 5,000,000 |
|                                      | 5.25%, 06/18/14                                                                  |                                                               |          | 5,000,000 |   |   | 5,117,891 |
|                                      | 0.19%, 07/18/14                                                                  |                                                               |          | 5,000,000 |   |   | 5,001,185 |
|                                      | 1.25%, 07/29/14                                                                  |                                                               |          | 3,000,000 |   |   | 3,018,763 |
|                                      | 5.50%, 08/13/14                                                                  |                                                               |          | 2,835,000 |   |   | 2,928,229 |
|                                      | 0.147%, 08/15/14  (a)                                                  |                                                               |          | 2,265,000 |   |   | 2,265,308 |
|                                      | 0.125%, 08/22/14                                                                 |                                                               |          | 5,000,000 |   |   | 4,998,181 |
|                                      | 0.12%, 09/18/14  (a)                                                   |                                                               |          | 5,000,000 |   |   | 5,000,000 |
|                                      | 0.142%, 12/09/14  (a)                                                  |                                                               |          | 5,000,000 |   |   | 5,000,000 |
|                                      |  TOTAL FEDERAL HOME LOAN BANK – (Identified cost $83,702,112)    |                                                               |          | 83,702,112 |

----

| DAVIS SERIES, INC.                               | Schedule of Investments |
|--------------------------------------------------|-------------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND - (CONTINUED) | December 31, 2013  |

|                                   | Principal                                                                                                                                                                                                                                                                         |   | Value(Note 1)                                                       |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|
| FREDDIE MAC – (8.05%)            |
|                                   | 4.50%, 01/15/14                                                                                                                                                                                                                                                                   |   | $                                                                   | 2,852,000 |   | $ | 2,856,823 |
|                                   | 5.00%, 01/30/14                                                                                                                                                                                                                                                                   |   |                                                                | 2,975,000 |   |   | 2,986,455 |
|                                   | 0.375%, 02/27/14                                                                                                                                                                                                                                                                  |   |                                                                | 3,104,000 |   |   | 3,105,314 |
|                                   | 1.35%, 04/29/14                                                                                                                                                                                                                                                                   |   |                                                                | 2,205,000 |   |   | 2,213,521 |
|                                   | 5.00%, 07/15/14                                                                                                                                                                                                                                                                   |   |                                                                | 5,670,000 |   |   | 5,817,909 |
|                                   | 1.00%, 07/30/14                                                                                                                                                                                                                                                                   |   |                                                                | 3,000,000 |   |   | 3,014,687 |
|                                   | 0.50%, 09/19/14                                                                                                                                                                                                                                                                   |   |                                                                | 4,900,000 |   |   | 4,911,639 |
|                                   | 0.75%, 09/22/14                                                                                                                                                                                                                                                                   |   |                                                                | 2,000,000 |   |   | 2,008,422 |
|                                   |                                                                                                                                                                                                                                                                              |   |  TOTAL FREDDIE MAC – (Identified cost $26,914,770)  |   |   | 26,914,770 |
| OTHER AGENCIES – (0.60%)         |
|                                   | USAID - Israel, 0.2015%, 08/15/14   (Israel)(b)                                                                                                                                                                                                                    |   |                                                                | 2,000,000 |   |   | 1,997,500 |
|                                   |  TOTAL OTHER AGENCIES – (Identified cost $1,997,500)                                                                                                                                                                                                              |   |                                                                | 1,997,500 |
| REPURCHASE AGREEMENTS – (28.17%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.01%, 01/02/14, dated 12/31/13, repurchase value of $44,215,025 (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-2.25%, 05/29/14-05/31/14, total market value $45,099,300)          |   |                                                                | 44,215,000 |   |   | 44,215,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.02%, 01/02/14, dated 12/31/13, repurchase value of $50,000,056 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-4.50%, 10/01/26-12/01/43, total market value $51,000,000) |   |                                                                | 50,000,000 |   |   | 50,000,000 |
|                                   |  TOTAL REPURCHASE AGREEMENTS – (Identified cost $94,215,000)                                                                                                                                                                                                      |   |                                                                | 94,215,000 |
|                                   | Total Investments – (85.66%) – (Identified cost $286,466,431) – (c)                                                                                                                                                                                             |   |                                                                | 286,466,431 |
|                                   | Other Assets Less Liabilities – (14.34%)                                                                                                                                                                                                                                    |   |                                                                | 47,938,878 |
|                                   |                                                                                                                                                                                                                                                                              |   | Net Assets – (100.00%)                                        |   | $ | 334,405,309 |

|   | (a)    | The interest rates on floating rate securities, shown as of December 31, 2013, 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 $286,466,431.                                                                                                                                                                                                                                                                                                   |

| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC.   | Schedule of Investments |
|----------------------|-------------------------|
| DAVIS FINANCIAL FUND | December 31, 2013       |

|                          | Shares/Units                                                  |                      | Value(Note 1)                           |
|-------------------------------|---------------------------------------------------------------|---------------------------|-----------------------------------------|
| COMMON STOCK – (98.05%) |
|                          | CONSUMER DISCRETIONARY – (1.55%)                        |
|                          |                                                          | Retailing – (1.55%) |
|                          |                                                          |                      | Bed Bath & Beyond Inc.  * |   |   | 130,000 |   | $ | 10,438,350 |
|                          |                                                          |                      |                                    | Total Consumer Discretionary |   |   | 10,438,350 |
|                          | CONSUMER STAPLES – (3.35%)                              |
|                          | Food & Staples Retailing – (3.35%)                  |
|                          | CVS Caremark Corp.                                            |                      |                                    | 315,500 |   |   | 22,580,335 |
|                          | Total Consumer Staples                                        |                      |                                    | 22,580,335 |
|                          | ENERGY – (2.83%)                                        |
|                          | Canadian Natural Resources Ltd.  (Canada)           |                      |                                    | 562,990 |   |   | 19,051,581 |
|                          | Total Energy                                                  |                      |                                    | 19,051,581 |
|                          | FINANCIALS – (87.46%)                                   |
|                          | Banks – (13.56%)                                        |
|                          | Commercial Banks – (13.56%)                             |
|                          | ICICI Bank Ltd., ADR  (India)                       |                      |                                    | 121,697 |   |   | 4,523,477 |
|                          | SKBHC Holdings LLC  *(a)                            |                      |                                    | 1,916 |   |   | 8,175,480 |
|                          | State Bank of India Ltd., GDR  (India)              |                      |                                    | 332,813 |   |   | 19,020,263 |
|                          | U.S. Bancorp                                                  |                      |                                    | 30,171 |   |   | 1,218,908 |
|                          | Wells Fargo & Co.                                         |                      |                                    | 1,286,419 |   |   | 58,403,423 |
|                          |                                                          |                      | 91,341,551                              |
|                          | Diversified Financials – (44.87%)                       |
|                          | Capital Markets – (25.58%)                              |
|                          | Ameriprise Financial, Inc.                                    |                      |                                    | 111,554 |   |   | 12,834,288 |
|                          | Bank of New York Mellon Corp.                                 |                      |                                    | 1,193,374 |   |   | 41,696,487 |
|                          | Brookfield Asset Management Inc., Class A  (Canada) |                      |                                    | 680,090 |   |   | 26,407,895 |
|                          | Charles Schwab Corp.                                          |                      |                                    | 95,998 |   |   | 2,495,948 |
|                          | Goldman Sachs Group, Inc.                                     |                      |                                    | 126,992 |   |   | 22,510,602 |
|                          | Julius Baer Group Ltd.  (Switzerland)               |                      |                                    | 722,832 |   |   | 34,713,439 |
|                          | Oaktree Capital Group LLC, Class A                            |                      |                                    | 537,600 |   |   | 31,632,384 |
|                          |                                                          | 172,291,043               |
|                          | Consumer Finance – (12.82%)                             |
|                          | American Express Co.                                          |                      |                                    | 941,582 |   |   | 85,429,735 |
|                          | First Marblehead Corp.  *                           |                      |                                    | 130,503 |   |   | 964,417 |
|                          |                                                          | 86,394,152                |
|                          | Diversified Financial Services – (6.47%)                |
|                          | Bank of America Corp.                                         |                      |                                    | 121,264 |   |   | 1,888,081 |
|                          | Cielo S.A.  (Brazil)                                |                      |                                    | 283,564 |   |   | 7,890,633 |
|                          | Visa Inc., Class A                                            |                      |                                    | 151,737 |   |   | 33,788,795 |
|                          |                                                          | 43,567,509                |
|                          |                                                          |                      | 302,252,704                             |
|                          | Insurance – (28.91%)                                    |
|                          | Multi-line Insurance – (9.85%)                          |
|                          | American International Group, Inc.                            |                      |                                    | 713,000 |   |   | 36,398,650 |
|                          | Loews Corp.                                                   |                      |                                    | 621,345 |   |   | 29,973,683 |
|                          |                                                          | 66,372,333                |
|                          | Property & Casualty Insurance – (10.01%)            |
|                          | Markel Corp.  *                                     |                      |                                    | 67,186 |   |   | 38,991,395 |
|                          | Progressive Corp.                                             |                      |                                    | 1,041,565 |   |   | 28,403,477 |
|                          |                                                          | 67,394,872                |

----

| DAVIS SERIES, INC.                 | Schedule of Investments |
|------------------------------------|-------------------------|
| DAVIS FINANCIAL FUND - (CONTINUED) | December 31, 2013  |

|                                   | Shares/Units/Principal                                                                                                                                                                                                                                                            |                          | Value(Note 1)                |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|------------------------------|
| COMMON STOCK – (CONTINUED)       |
|                                   | FINANCIALS – (CONTINUED)                                                                                                                                                                                                                                                    |
|                                   |                                                                                                                                                                                                                                                                              | Insurance – (Continued) |
|                                   |                                                                                                                                                                                                                                                                              |                          | Reinsurance – (9.05%)  |
|                                   |                                                                                                                                                                                                                                                                              |                          | Alleghany Corp.  * |   |   | 75,318 |   | $ | 30,124,187 |
|                                   | Everest Re Group, Ltd.                                                                                                                                                                                                                                                            |                          |                         | 197,972 |   |   | 30,857,896 |
|                                   |                                                                                                                                                                                                                                                                              | 60,982,083                    |
|                                   |                                                                                                                                                                                                                                                                              |                          | 194,749,288                  |
|                                   | Real Estate – (0.12%)                                                                                                                                                                                                                                                       |
|                                   | Brookfield Property Partners L.P.                                                                                                                                                                                                                                                 |                          |                         | 39,037 |   |   | 778,398 |
|                                   |                                                                                                                                                                                                                                                                              |                          |                         |   | Total Financials |   |   | 589,121,941 |
|                                   | INFORMATION TECHNOLOGY – (2.86%)                                                                                                                                                                                                                                            |
|                                   | Software & Services – (2.86%)                                                                                                                                                                                                                                           |
|                                   | Google Inc., Class A  *                                                                                                                                                                                                                                                 |                          |                         | 17,200 |   |   | 19,272,256 |
|                                   | Total Information Technology                                                                                                                                                                                                                                                      |                          |                         | 19,272,256 |
|                                   |                                                                                                                                                                                                                                                                              |                          |                         |  TOTAL COMMON STOCK – (Identified cost $344,614,261)  |   |   | 660,464,463 |
| SHORT-TERM INVESTMENTS – (2.49%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.01%, 01/02/14, dated 12/31/13, repurchase value of $6,552,004 (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-2.25%, 05/29/14-05/31/14, total market value $6,683,040)            |                          | $                            | 6,552,000 |   |   | 6,552,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.02%, 01/02/14, dated 12/31/13, repurchase value of $10,202,011 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-4.00%, 04/01/26-12/01/43, total market value $10,406,040) |                          |                         | 10,202,000 |   |   | 10,202,000 |
|                                   |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $16,754,000)                                                                                                                                                                                                     |                          |                         | 16,754,000 |
|                                   | Total Investments – (100.54%) – (Identified cost $361,368,261) – (b)                                                                                                                                                                                            |                          |                         | 677,218,463 |
|                                   | Liabilities Less Other Assets – (0.54%)                                                                                                                                                                                                                                     |                          |                         | (3,647,638) |
|                                   | Net Assets – (100.00%)                                                                                                                                                                                                                                                      |                          | $                            | 673,570,825 |

|   | ADR: American Depositary Receipt |
|--------|----------------------------------|
|   |                             |
|   | GDR: Global Depositary Receipt   |
|   |                             |   |
|   | *                                | Non-Income producing security. |
|   |                             |   |
|   | (a)                              | Restricted Security – See Note 6 of the Notes to Financial Statements. |
|   |                             |   |
|   | (b)                              | Aggregate cost for federal income tax purposes is $366,807,236. At December 31, 2013 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |

|   | Unrealized appreciation     |   | $      | 344,352,032  |
|--------|-----------------------------|--------|--------|--------------|
|   | Unrealized depreciation     |   |   | (33,940,805) |
|   | Net unrealized appreciation |   | $      | 310,411,227  |

| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC.                   | Schedule of Investments |
|--------------------------------------|-------------------------|
| DAVIS APPRECIATION & INCOME FUND | December 31, 2013       |

|                          | Shares                                                             |                              | Value(Note 1)                          |
|-------------------------------|--------------------------------------------------------------------|-----------------------------------|----------------------------------------|
| COMMON STOCK – (72.27%) |
|                          | CONSUMER DISCRETIONARY – (11.62%)                            |
|                          |                                                               | Consumer Services – (1.87%) |
|                          |                                                               |                              | School Specialty, Inc.  *(a) |   |   | 69,205 |   | $ | 5,709,412 |
|                          | Media – (3.33%)                                              |
|                          | Twenty-First Century Fox, Inc., Class A                            |                              |                                   | 288,656 |   |   | 10,153,475 |
|                          | Retailing – (6.42%)                                          |
|                          | Amazon.com, Inc.  *                                      |                              |                                   | 16,501 |   |   | 6,576,556 |
|                          | Kohl's Corp.                                                       |                              |                                   | 229,200 |   |   | 13,007,100 |
|                          |                                                               |                              | 19,583,656                             |
|                          |                                                               |                              |                                   | Total Consumer Discretionary |   |   | 35,446,543 |
|                          | CONSUMER STAPLES – (5.64%)                                   |
|                          | Food & Staples Retailing – (2.51%)                       |
|                          | Whole Foods Market, Inc.                                           |                              |                                   | 132,484 |   |   | 7,659,562 |
|                          | Food, Beverage & Tobacco – (3.13%)                       |
|                          | Tyson Foods, Inc., Class A                                         |                              |                                   | 285,000 |   |   | 9,536,100 |
|                          | Total Consumer Staples                                             |                              |                                   | 17,195,662 |
|                          | ENERGY – (10.33%)                                            |
|                          | Devon Energy Corp.                                                 |                              |                                   | 187,020 |   |   | 11,570,927 |
|                          | Nabors Industries Ltd.                                             |                              |                                   | 582,900 |   |   | 9,903,471 |
|                          | Transocean Ltd.  (Switzerland)                           |                              |                                   | 203,131 |   |   | 10,038,734 |
|                          | Total Energy                                                       |                              |                                   | 31,513,132 |
|                          | FINANCIALS – (11.34%)                                        |
|                          | Diversified Financials – (9.92%)                             |
|                          | Consumer Finance – (3.21%)                                   |
|                          | ADFITECH, Inc.  *                                        |                              |                                   | 266,000 |   |   | 371,070 |
|                          | American Express Co.                                               |                              |                                   | 103,640 |   |   | 9,403,257 |
|                          |                                                               | 9,774,327                         |
|                          | Diversified Financial Services – (6.71%)                     |
|                          | Bank of America Corp.                                              |                              |                                   | 622,866 |   |   | 9,698,024 |
|                          | Citigroup Inc.                                                     |                              |                                   | 206,852 |   |   | 10,779,058 |
|                          |                                                               | 20,477,082                        |
|                          |                                                               |                              | 30,251,409                             |
|                          | Real Estate – (1.42%)                                        |
|                          | Forest City Enterprises, Inc., Class A  *                |                              |                                   | 227,200 |   |   | 4,339,520 |
|                          | Total Financials                                                   |                              |                                   | 34,590,929 |
|                          | HEALTH CARE – (7.36%)                                        |
|                          | Health Care Equipment & Services – (3.84%)               |
|                          | Universal Health Services, Inc., Class B                           |                              |                                   | 144,060 |   |   | 11,706,316 |
|                          | Pharmaceuticals, Biotechnology & Life Sciences – (3.52%) |
|                          | Valeant Pharmaceuticals International, Inc.  (Canada)*   |                              |                                   | 91,486 |   |   | 10,740,456 |
|                          | Total Health Care                                                  |                              |                                   | 22,446,772 |
|                          | INDUSTRIALS – (13.38%)                                       |
|                          | Capital Goods – (10.02%)                                     |
|                          | General Electric Co.                                               |                              |                                   | 330,200 |   |   | 9,255,506 |
|                          | Masco Corp.                                                        |                              |                                   | 418,880 |   |   | 9,537,898 |
|                          | Quanta Services, Inc.  *                                 |                              |                                   | 373,490 |   |   | 11,787,344 |
|                          |                                                               |                              | 30,580,748                             |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments |
|----------------------------------------------------|-------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | December 31, 2013  |

|                                        | Shares/Principal                                                                                                                                                                                                 |                                                   | Value(Note 1)                                                         |
|---------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|-----------------------------------------------------------------------|
| COMMON STOCK – (CONTINUED)            |
|                                        | INDUSTRIALS – (CONTINUED)                                                                                                                                                                                  |
|                                        |                                                                                                                                                                                                             | Commercial & Professional Services – (3.36%) |
|                                        |                                                                                                                                                                                                             |                                                   | Waste Connections, Inc.                                               |   |   | 234,670 |   | $ | 10,238,652 |
|                                        |                                                                                                                                                                                                             |                                                   |                                                                  | Total Industrials |   |   | 40,819,400 |
|                                        | INFORMATION TECHNOLOGY – (4.23%)                                                                                                                                                                           |
|                                        | Semiconductors & Semiconductor Equipment – (4.23%)                                                                                                                                                     |
|                                        | Fairchild Semiconductor International, Inc.  *                                                                                                                                                         |                                                   |                                                                  | 423,897 |   |   | 5,656,905 |
|                                        | International Rectifier Corp.  *                                                                                                                                                                       |                                                   |                                                                  | 278,050 |   |   | 7,248,764 |
|                                        |                                                                                                                                                                                                             |                                                   | 12,905,669                                                            |
|                                        | Total Information Technology                                                                                                                                                                                     |                                                   |                                                                  | 12,905,669 |
|                                        | MATERIALS – (6.43%)                                                                                                                                                                                        |
|                                        | Allegheny Technologies, Inc.                                                                                                                                                                                     |                                                   |                                                                  | 368,168 |   |   | 13,117,826 |
|                                        | Freeport-McMoRan Copper & Gold Inc.                                                                                                                                                                          |                                                   |                                                                  | 172,232 |   |   | 6,500,036 |
|                                        | Total Materials                                                                                                                                                                                                  |                                                   |                                                                  | 19,617,862 |
|                                        | UTILITIES – (1.94%)                                                                                                                                                                                        |
|                                        | AES Corp.                                                                                                                                                                                                        |                                                   |                                                                  | 406,466 |   |   | 5,897,822 |
|                                        | Total Utilities                                                                                                                                                                                                  |                                                   |                                                                  | 5,897,822 |
|                                        |                                                                                                                                                                                                             |                                                   |  TOTAL COMMON STOCK – (Identified cost $192,112,750)  |   |   | 220,433,791 |
| CONVERTIBLE PREFERRED STOCK – (4.63%) |
|                                        | INDUSTRIALS – (2.29%)                                                                                                                                                                                      |
|                                        | Transportation – (2.29%)                                                                                                                                                                                   |
|                                        | Continental Airlines Finance Trust II, 6.00%, Conv. Pfd.                                                                                                                                                         |                                                   |                                                                  | 143,200 |   |   | 6,972,050 |
|                                        | Total Industrials                                                                                                                                                                                                |                                                   |                                                                  | 6,972,050 |
|                                        | UTILITIES – (2.34%)                                                                                                                                                                                        |
|                                        | AES Trust III, 6.75%, Conv. Pfd.                                                                                                                                                                                 |                                                   |                                                                  | 141,417 |   |   | 7,137,146 |
|                                        | Total Utilities                                                                                                                                                                                                  |                                                   |                                                                  | 7,137,146 |
|                                        |  TOTAL CONVERTIBLE PREFERRED STOCK –                     (Identified cost $10,852,689)  |                                                   |                                                                  | 14,109,196 |
| CONVERTIBLE BONDS – (20.36%)          |
|                                        | FINANCIALS – (2.68%)                                                                                                                                                                                       |
|                                        | Real Estate – (2.68%)                                                                                                                                                                                      |
|                                        | Forest City Enterprises, Inc., Conv. Sr. Notes, 4.25%, 08/15/18                                                                                                                                                  |                                                   | $                                                                     | 7,330,000 |   |   | 8,182,113 |
|                                        | Total Financials                                                                                                                                                                                                 |                                                   |                                                                  | 8,182,113 |
|                                        | INDUSTRIALS – (3.09%)                                                                                                                                                                                      |
|                                        | Capital Goods – (3.09%)                                                                                                                                                                                    |
|                                        | United Rentals, Inc., Conv. Sr. Notes, 4.00%, 11/15/15                                                                                                                                                           |                                                   |                                                                  | 1,344,000 |   |   | 9,413,880 |
|                                        | Total Industrials                                                                                                                                                                                                |                                                   |                                                                  | 9,413,880 |
|                                        | INFORMATION TECHNOLOGY – (5.05%)                                                                                                                                                                           |
|                                        | Semiconductors & Semiconductor Equipment – (5.05%)                                                                                                                                                     |
|                                        | Intel Corp., Conv. Jr. Sub. Deb., 3.25%, 08/01/39                                                                                                                                                                |                                                   |                                                                  | 11,314,000 |   |   | 15,401,239 |
|                                        | Total Information Technology                                                                                                                                                                                     |                                                   |                                                                  | 15,401,239 |
|                                        | MATERIALS – (9.54%)                                                                                                                                                                                        |
|                                        | Molycorp, Inc., Conv. Sr. Notes, 3.25%, 06/15/16                                                                                                                                                                 |                                                   |                                                                  | 7,235,000 |   |   | 5,100,675 |
|                                        | Molycorp, Inc., Conv. Sr. Notes, 6.00%, 09/01/17                                                                                                                                                                 |                                                   |                                                                  | 9,383,000 |   |   | 7,421,371 |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments |
|----------------------------------------------------|-------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | December 31, 2013  |

|                                   | Principal                                                                                                                                                                                                                                                                       |   | Value(Note 1)                                               |
|----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------|
| CONVERTIBLE BONDS – (CONTINUED)  |
|                                   | MATERIALS – (CONTINUED)                                                                                                                                                                                                                                                   |
|                                   |                                                                                                                                                                                                                                                                            |   | United States Steel Corp., Conv. Sr. Notes, 2.75%, 04/01/19 |   | $ | 12,475,000 |   | $ | 16,576,156 |
|                                   |                                                                                                                                                                                                                                                                            |   |                                                        | Total Materials |   |   | 29,098,202 |
|                                   |                                                                                                                                                                                                                                                                            |   |                                                        |  TOTAL CONVERTIBLE BONDS – (Identified cost $51,074,723)  |   |   | 62,095,434 |
| CORPORATE BONDS – (1.70%)        |
|                                   | CONSUMER DISCRETIONARY – (0.33%)                                                                                                                                                                                                                                          |
|                                   | Retailing – (0.33%)                                                                                                                                                                                                                                                       |
|                                   | Kohl's Corp., Sr. Notes, 6.25%, 12/15/17                                                                                                                                                                                                                                        |   |                                                        | 882,000 |   |   | 1,012,417 |
|                                   | Total Consumer Discretionary                                                                                                                                                                                                                                                    |   |                                                        | 1,012,417 |
|                                   | FINANCIALS – (0.70%)                                                                                                                                                                                                                                                      |
|                                   | Real Estate – (0.70%)                                                                                                                                                                                                                                                     |
|                                   | Thornburg Mortgage, Inc., Sr. Notes, 8.00%, 05/15/13   (b)                                                                                                                                                                                                       |   |                                                        | 13,300,000 |   |   | 2,144,625 |
|                                   | Total Financials                                                                                                                                                                                                                                                                |   |                                                        | 2,144,625 |
|                                   | HEALTH CARE – (0.35%)                                                                                                                                                                                                                                                     |
|                                   | Pharmaceuticals, Biotechnology & Life Sciences – (0.35%)                                                                                                                                                                                                              |
|                                   | Valeant Pharmaceuticals International, Inc., 144A Sr. Notes, 6.75%, 08/15/21   (Canada)(c)                                                                                                                                                                       |   |                                                        | 1,000,000 |   |   | 1,065,000 |
|                                   | Total Health Care                                                                                                                                                                                                                                                               |   |                                                        | 1,065,000 |
|                                   | INDUSTRIALS – (0.32%)                                                                                                                                                                                                                                                     |
|                                   | Capital Goods – (0.32%)                                                                                                                                                                                                                                                   |
|                                   | Masco Corp., Sr. Notes, 6.125%, 10/03/16                                                                                                                                                                                                                                        |   |                                                        | 859,500 |   |   | 966,938 |
|                                   | Total Industrials                                                                                                                                                                                                                                                               |   |                                                        | 966,938 |
|                                   |  TOTAL CORPORATE BONDS – (Identified cost $12,664,239)                                                                                                                                                                                                          |   |                                                        | 5,188,980 |
| SHORT-TERM INVESTMENTS – (0.79%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.01%, 01/02/14, dated 12/31/13, repurchase value of $942,001 (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-2.25%, 05/29/14-05/31/14, total market value $960,840)              |   |                                                        | 942,000 |   |   | 942,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.02%, 01/02/14, dated 12/31/13, repurchase value of $1,466,002 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-3.50%, 03/01/26-06/01/43, total market value $1,495,320) |   |                                                        | 1,466,000 |   |   | 1,466,000 |
|                                   |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $2,408,000)                                                                                                                                                                                                    |   |                                                        | 2,408,000 |
|                                   | Total Investments – (99.75%) – (Identified cost $269,112,401) – (d)                                                                                                                                                                                           |   |                                                        | 304,235,401 |
|                                   | Other Assets Less Liabilities – (0.25%)                                                                                                                                                                                                                                   |   |                                                        | 771,543 |
|                                   | Net Assets – (100.00%)                                                                                                                                                                                                                                                    |   | $                                                           | 305,006,944 |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments |
|----------------------------------------------------|-------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | December 31, 2013  |

|   | *      | 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 year ended December 31, 2013. The aggregate fair value of the securities of affiliated companies held by the Fund as of December 31, 2013, amounts to $5,709,412. Transactions during the period in which the issuers were affiliates are as follows: |

| Security               |                                         | SharesDecember 31, 2012 |   | GrossAdditions (1) |   | GrossReductions |   | SharesDecember 31, 2013 |   | DividendIncome |
|------------------------|----------------------------------------------|-------------------------|--------|--------------------|--------|-----------------|--------|-------------------------|--------|----------------|
| School Specialty, Inc. |                                         | –                 |   | 69,205             |   | –         |   | 69,205                  |   | $              | – |
|                   |                                         |
|                   | (1) Gross additions due to corporate action. |

|   | (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 $1,065,000 or 0.35% of the Fund's net assets as of December 31, 2013. |
|   |   |                                                                                                                                                                                                                                                                        |
|   | (d)    | Aggregate cost for federal income tax purposes is $269,112,401. At December 31, 2013 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:                                                                                    |

|   | Unrealized appreciation     |   | $      |           74,345,705 |
|--------|-----------------------------|--------|--------|------------------------------------------------------------------------|
|   | Unrealized depreciation     |   |   |         (39,222,705)           |
|   | Net unrealized appreciation |   | $      |           35,123,000 |

| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC.     | Schedule of Investments |
|------------------------|-------------------------|
| DAVIS REAL ESTATE FUND | December 31, 2013       |

|                          | Shares                                                 |       | Value(Note 1) |
|-------------------------------|--------------------------------------------------------|------------|---------------|
| COMMON STOCK – (92.50%) |
|                          | FINANCIALS – (90.80%)                            |
|                          | Real Estate – (90.80%)                           |
|                          | Real Estate Investment Trusts (REITs) – (84.39%) |
|                          | Diversified REITs – (6.68%)                      |
|                          | British Land Co. PLC  (United Kingdom)       |       |          | 90,540 |   | $ | 943,058 |
|                          | Cousins Properties, Inc.                               |       |          | 84,280 |   |   | 868,084 |
|                          | Land Securities Group PLC  (United Kingdom)  |       |          | 73,370 |   |   | 1,170,624 |
|                          | Liberty Property Trust                                 |       |          | 161,700 |   |   | 5,476,779 |
|                          | Vornado Realty Trust                                   |       |          | 69,784 |   |   | 6,196,121 |
|                          |                                                   | 14,654,666 |
|                          | Industrial REITs – (3.32%)                       |
|                          | DCT Industrial Trust Inc.                              |       |          | 401,480 |   |   | 2,862,552 |
|                          | EastGroup Properties, Inc.                             |       |          | 76,190 |   |   | 4,413,687 |
|                          |                                                   | 7,276,239  |
|                          | Office REITs – (14.74%)                          |
|                          | Alexandria Real Estate Equities, Inc.                  |       |          | 110,403 |   |   | 7,023,839 |
|                          | BioMed Realty Trust, Inc.                              |       |          | 143,480 |   |   | 2,599,858 |
|                          | Boston Properties, Inc.                                |       |          | 83,250 |   |   | 8,355,803 |
|                          | Corporate Office Properties Trust                      |       |          | 243,978 |   |   | 5,779,839 |
|                          | DuPont Fabros Technology Inc.                          |       |          | 224,940 |   |   | 5,558,267 |
|                          | SL Green Realty Corp.                                  |       |          | 32,580 |   |   | 3,009,740 |
|                          |                                                   | 32,327,346 |
|                          | Residential REITs – (21.48%)                     |
|                          | American Campus Communities, Inc.                      |       |          | 345,220 |   |   | 11,119,536 |
|                          | AvalonBay Communities, Inc.                            |       |          | 118,060 |   |   | 13,958,234 |
|                          | Campus Crest Communities, Inc.                         |       |          | 210,590 |   |   | 1,981,652 |
|                          | Education Realty Trust, Inc.                           |       |          | 553,410 |   |   | 4,881,076 |
|                          | Equity Lifestyle Properties, Inc.                      |       |          | 71,610 |   |   | 2,594,430 |
|                          | Essex Property Trust, Inc.                             |       |          | 60,300 |   |   | 8,653,653 |
|                          | Post Properties, Inc.                                  |       |          | 86,620 |   |   | 3,917,823 |
|                          |                                                   | 47,106,404 |
|                          | Retail REITs – (22.29%)                          |
|                          | Acadia Realty Trust                                    |       |          | 175,160 |   |   | 4,349,223 |
|                          | CBL & Associates Properties, Inc.                  |       |          | 211,140 |   |   | 3,792,074 |
|                          | DDR Corp.                                              |       |          | 214,080 |   |   | 3,290,410 |
|                          | Federal Realty Investment Trust                        |       |          | 63,970 |   |   | 6,487,198 |
|                          | General Growth Properties, Inc.                        |       |          | 286,630 |   |   | 5,752,664 |
|                          | Hammerson PLC  (United Kingdom)              |       |          | 85,650 |   |   | 711,997 |
|                          | Simon Property Group, Inc.                             |       |          | 105,312 |   |   | 16,024,274 |
|                          | Tanger Factory Outlet Centers, Inc.                    |       |          | 128,110 |   |   | 4,102,082 |
|                          | Taubman Centers, Inc.                                  |       |          | 68,070 |   |   | 4,351,034 |
|                          |                                                   | 48,860,956 |
|                          | Specialized REITs – (15.88%)                     |
|                          | American Tower Corp.                                   |       |          | 109,830 |   |   | 8,766,631 |
|                          | CubeSmart                                              |       |          | 261,600 |   |   | 4,169,904 |
|                          | EPR Properties                                         |       |          | 53,350 |   |   | 2,622,686 |
|                          | HCP, Inc.                                              |       |          | 63,450 |   |   | 2,304,504 |
|                          | Host Hotels & Resorts Inc.                         |       |          | 290,640 |   |   | 5,650,042 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments |
|--------------------------------------|-------------------------|
| DAVIS REAL ESTATE FUND - (CONTINUED) | December 31, 2013  |

|                              | Shares/Principal                                                                       |                            | Value(Note 1)            |
|-----------------------------------|----------------------------------------------------------------------------------------|---------------------------------|--------------------------|
| COMMON STOCK – (CONTINUED)  |
|                              | FINANCIALS – (CONTINUED)                                                         |
|                              |                                                                                   | Real Estate – (Continued) |
|                              |                                                                                   |                            |                     | Real Estate Investment Trusts (REITs) – (Continued) |
|                              |                                                                                   |                            |                     | Specialized REITs – (Continued) |
|                              |                                                                                   |                            | LaSalle Hotel Properties |   |   | 114,170 |   | $ | 3,523,286 |
|                              | Ventas, Inc.                                                                           |                            |                     | 135,790 |   |   | 7,778,051 |
|                              |                                                                                   | 34,815,104                      |
|                              |                                                                                   | 185,040,715                     |
|                              | Real Estate Management & Development – (6.41%)                               |
|                              | Diversified Real Estate Activities – (1.14%)                                     |
|                              | Alexander & Baldwin Inc.                                                           |                            |                     | 60,200 |   |   | 2,512,146 |
|                              | Real Estate Operating Companies – (5.27%)                                        |
|                              | Forest City Enterprises, Inc., Class A  *                                    |                            |                     | 604,804 |   |   | 11,551,756 |
|                              |                                                                                   | 14,063,902                      |
|                              |                                                                                   |                            |                     | Total Financials |   |   | 199,104,617 |
|                              | TELECOMMUNICATION SERVICES – (1.70%)                                             |
|                              | SBA Communications Corp., Class A  *                                         |                            |                     | 41,550 |   |   | 3,731,813 |
|                              | Total Telecommunication Services                                                       |                            |                     | 3,731,813 |
|                              |                                                                                   |                            |                     |  TOTAL COMMON STOCK – (Identified cost $209,196,977)  |   |   | 202,836,430 |
| PREFERRED STOCK – (0.43%)   |
|                              | FINANCIALS – (0.43%)                                                             |
|                              | Real Estate – (0.43%)                                                            |
|                              | Real Estate Investment Trusts (REITs) – (0.43%)                                  |
|                              | Office REITs – (0.43%)                                                           |
|                              | DuPont Fabros Technology Inc., 7.625%, Series B                                        |                            |                     | 41,000 |   |   | 937,773 |
|                              |  TOTAL PREFERRED STOCK – (Identified cost $1,025,000)                  |                            |                     | 937,773 |
| CONVERTIBLE BONDS – (3.53%) |
|                              | FINANCIALS – (3.53%)                                                             |
|                              | Real Estate – (3.53%)                                                            |
|                              | Real Estate Investment Trusts (REITs) – (2.79%)                                  |
|                              | Office REITs – (2.79%)                                                           |
|                              | Digital Realty Trust, L.P., 144A Conv. Sr. Notes, 5.50%, 04/15/29   (a) |                            | $                        | 4,815,000 |   |   | 6,127,087 |
|                              | Real Estate Management & Development – (0.74%)                               |
|                              | Real Estate Operating Companies – (0.74%)                                        |
|                              | Forest City Enterprises, Inc., Conv. Sr. Notes, 5.00%, 10/15/16                        |                            |                     | 1,040,000 |   |   | 1,613,950 |
|                              | Total Financials                                                                       |                            |                     | 7,741,037 |
|                              |  TOTAL CONVERTIBLE BONDS – (Identified cost $5,855,000)                |                            |                     | 7,741,037 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments |
|--------------------------------------|-------------------------|
| DAVIS REAL ESTATE FUND - (CONTINUED) | December 31, 2013  |

|                                   | Principal                                                                                                                                                                                                                                                                       |   | Value(Note 1)                                                                 |
|----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------|
| SHORT-TERM INVESTMENTS – (3.19%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.01%, 01/02/14, dated 12/31/13, repurchase value of $2,732,002 (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-2.25%, 05/29/14-05/31/14, total market value $2,786,640)          |   | $                                                                             | 2,732,000 |   | $ | 2,732,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.02%, 01/02/14, dated 12/31/13, repurchase value of $4,253,005 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-4.00%, 01/01/27-12/01/43, total market value $4,338,060) |   |                                                                          | 4,253,000 |   |   | 4,253,000 |
|                                   |                                                                                                                                                                                                                                                                            |   |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $6,985,000)  |   |   | 6,985,000 |
|                                   | Total Investments – (99.65%) – (Identified cost $223,061,977) – (b)                                                                                                                                                                                           |   |                                                                          | 218,500,240 |
|                                   | Other Assets Less Liabilities – (0.35%)                                                                                                                                                                                                                                   |   |                                                                          | 771,078 |
|                                   |                                                                                                                                                                                                                                                                            |   | Net Assets – (100.00%)                                                  |   | $ | 219,271,318 |

|   | *      | Non-Income producing security.                                                                                                                                                                                                                                              |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                        |
|   | (a)    | 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 $6,127,087 or 2.79% of the Fund's net assets as of December 31, 2013. |
|   |   |                                                                                                                                                                                                                                                                        |
|   | (b)    | Aggregate cost for federal income tax purposes is $223,196,080. At December 31, 2013 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:                                                                                    |

|   | Unrealized appreciation     |   | $      | 8,152,227    |
|--------|-----------------------------|--------|--------|--------------|
|   | Unrealized depreciation     |   |   | (12,848,067) |
|   | Net unrealized depreciation |   | $      | (4,695,840)  |

| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC. | Statements of Assets and Liabilities |
|--------------------|--------------------------------------|
|               | At 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 |
|---------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|------------------------|--------------|----------------------------|--------|------------------------------------|-------------|----------------------|-------------|--------------------------------------|--------|------------------------|
|  ASSETS:                                                                                     |                                                                                     |                   |         |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Investments in securities at value* (see accompanying Schedules of Investments):                  |                                                                                     |                   |         |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
|                                                                                              | Unaffiliated companies                                                                   |                   | $            | 524,116,634                |   | $                                  | 101,183,816 |                 | $           | 286,466,431                          |   | $                      | 677,218,463 |   | $ | 298,525,989 |   | $ | 218,500,240 |
|                                                                                              | Affiliated companies                                                                     |                   |         | –                    |   |                               | –     |                 |        | –                              |   |                   | – |   |   | 5,709,412 |   |   | – |
| Cash                                                                                              |                                                                                     |                   | 1,177        |                       |   | 1,658                              |        |                 | 1,678       |                                 |   | 10,936                 |   |   | 1,429 |   |   | 1,525 |
| Receivables:                                                                                      |                                                                                     |                   |         |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
|                                                                                              | Capital stock sold                                                                       |                   |         | 2,613,138                  |   |                               | 123,001     |                 |        | 60,947,874                           |   |                   | 2,079,931 |   |   | 938,279 |   |   | 913,306 |
|                                                                                              | Dividends and interest                                                                   |                   |         | 568,166                    |   |                               | 290,070     |                 |        | 621,774                              |   |                   | 97,046 |   |   | 675,107 |   |   | 1,308,982 |
|                                                                                              | Investment securities sold                                                               |                   |         | –                    |   |                               | –     |                 |        | –                              |   |                   | – |   |   | 586,410 |   |   | – |
| Prepaid expenses                                                                                  |                                                                                     |                   | 7,733        |                       |   | 2,143                              |        |                 | 4,551       |                                 |   | 10,388                 |   |   | 5,833 |   |   | 5,402 |
| Due from Adviser                                                                                  |                                                                                     |                   | –      |                       |   | –                            |        |                 | 64,000      |                                 |   | –                |   |   | – |   |   | – |
|                                                                                              | Total assets                                                                             |                   |         | 527,306,848                |   |                               | 101,600,688 |                 |        | 348,106,308                          |   |                   | 679,416,764 |   |   | 306,442,459 |   |   | 220,729,455 |
|  LIABILITIES:                                                                                |                                                                                     |                   |         |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Payables:                                                                                         |                                                                                     |                   |         |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
|                                                                                              | Capital stock redeemed                                                                   |                   |         | 3,820,309                  |   |                               | 380,747     |                 |        | 10,385,760                           |   |                   | 5,065,077 |   |   | 1,017,285 |   |   | 1,142,045 |
|                                                                                              | Distributions payable                                                                    |                   |         | –                    |   |                               | 29,888      |                 |        | –                              |   |                   | – |   |   | – |   |   | – |
|                                                                                              | Investment securities purchased                                                          |                   |         | –                    |   |                               | –     |                 |        | 3,128,801                            |   |                   | – |   |   | – |   |   | – |
| Accrued distribution and service plan fees                                                        |                                                                                     |                   | 216,228      |                       |   | 30,321                             |        |                 | –     |                                 |   | 214,083                |   |   | 144,012 |   |   | 88,237 |
| Accrued investment advisory fees                                                                  |                                                                                     |                   | 253,808      |                       |   | 27,748                             |        |                 | 126,015     |                                 |   | 328,468                |   |   | 146,830 |   |   | 110,102 |
| Accrued transfer agent fees                                                                       |                                                                                     |                   | 152,053      |                       |   | 35,553                             |        |                 | 32,422      |                                 |   | 171,234                |   |   | 82,445 |   |   | 88,170 |
| Other accrued expenses                                                                            |                                                                                     |                   | 64,390       |                       |   | 25,531                             |        |                 | 28,001      |                                 |   | 67,077                 |   |   | 44,943 |   |   | 29,583 |
|                                                                                              | Total liabilities                                                                        |                   |         | 4,506,788                  |   |                               | 529,788     |                 |        | 13,700,999                           |   |                   | 5,845,939 |   |   | 1,435,515 |   |   | 1,458,137 |
|  NET ASSETS                                                                                  |                                                                                     | $                      | 522,800,060  |                       | $      | 101,070,900                        |        | $                    | 334,405,309 |                                 | $      | 673,570,825            |   | $ | 305,006,944 |   | $ | 219,271,318 |
|  NET ASSETS CONSIST OF:                                                                      |                                                                                     |                   |         |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Par value of shares of capital stock                                                              |                                                                                     | $                      | 160,455      |                       | $      | 186,254                            |        | $                    | 3,344,053   |                                 | $      | 174,517                |   | $ | 88,249 |   | $ | 77,112 |
|  Additional paid-in capital                                                                  |                                                                                     |                   | 388,148,025  |                       |   | 106,341,873                        |        |                 | 331,061,256 |                                 |   | 360,839,729            |   |   | 324,375,940 |   |   | 272,975,773 |
|  Undistributed (overdistributed) net investment income                                       |                                                                                     |                   | (2,006,767)  |                       |   | (6,236)                            |        |                 | –     |                                 |   | 777,708                |   |   | 23,905 |   |   | 2,720,762 |
|  Accumulated net realized losses from investments                                            |                                                                                     |                   | (14,683,691) |                       |   | (5,356,478)                        |        |                 | –     |                                 |   | (4,071,233)            |   |   | (54,604,150) |   |   | (51,939,563) |
|  Net unrealized appreciation (depreciation) on investments and foreign currency transactions |                                                                                     |                   | 151,182,038  |                       |   | (94,513)                           |        |                 | –     |                                 |   | 315,850,104            |   |   | 35,123,000 |   |   | (4,562,766) |
|                                                                                              | Net Assets                                                                               |                   | $            | 522,800,060                |   | $                                  | 101,070,900 |                 | $           | 334,405,309                          |   | $                      | 673,570,825 |   | $ | 305,006,944 |   | $ | 219,271,318 |
|                                                                                              |                                                                                     |                   |         |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |
| *Including:                                                                                       |                                                                                     |                   |         |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
|                                                                                              | Cost of unaffiliated companies                                                           |                   | $            | 372,939,033                |   | $                                  | 101,278,329 |                 | $           | 286,466,431                          |   | $                      | 361,368,261 |   | $ | 254,374,217 |   | $ | 223,061,977 |
|                                                                                              | Cost of affiliated companies                                                             |                   |         | –                    |   |                               | –     |                 |        | –                              |   |                   | – |   |   | 14,738,184 |   |   | – |
|                                                                                              |  Cost and market value of repurchase agreements (if greater than 10% of net assets) |                   |         | –                    |   |                               | –     |                 |        | 94,215,000                           |   |                   | – |   |   | – |   |   | – |

----

| DAVIS SERIES, INC. | Statements of Assets and Liabilities – (Continued) |
|--------------------|----------------------------------------------------------|
|               | At 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 |
|--------------------------------------------------------------------------------------------------------|--------|------------------------|-------------|----------------------------|--------|------------------------------------|--------|----------------------|-------------|--------------------------------------|--------|------------------------|
|  CLASS A SHARES:                                                                                  |   |                   |        |                       |   |                               |   |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Net assets                                                                                             |   | $                      | 311,240,579 |                       | $      | 58,280,059                         |   | $                    | 314,467,278 |                                 | $      | 538,410,048            |   | $ | 211,772,235 |   | $ | 172,531,470 |
| Shares outstanding                                                                                     |   |                   | 9,373,391   |                       |   | 10,762,204                         |   |                 | 314,467,278 |                                 |   | 13,736,671             |   |   | 6,133,445 |   |   | 6,073,509 |
|  Net asset value and redemption price per share (Net assets ÷  Shares outstanding) |   | $                      |  33.20 |                       | $      |  5.42                         |   | $                    |  1.00  |                                 | $      |  39.20            |   | $ |  34.53 |   | $ |  28.41 |
|  Maximum offering price per share (100/95.25 of net asset value)†                           |   | $                      |  34.86 |                       | $      |  5.69                         |   | $                    |  NA    |                                 | $      |  41.15            |   | $ |  36.25 |   | $ |  29.83 |
|                                                                                                   |   |                   |        |                       |   |                               |   |                 |        |                                 |   |                   |   |   |   |   |
|  CLASS B SHARES:                                                                                  |   |                   |        |                       |   |                               |   |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Net assets                                                                                             |   | $                      | 7,228,334   |                       | $      | 3,409,148                          |   | $                    | 8,571,522   |                                 | $      | 5,750,800              |   | $ | 7,939,727 |   | $ | 3,040,861 |
| Shares outstanding                                                                                     |   |                   | 256,172     |                       |   | 632,244                            |   |                 | 8,571,522   |                                 |   | 175,200                |   |   | 232,499 |   |   | 108,444 |
|  Net asset value and redemption price per share (Net assets ÷ Shares outstanding)            |   | $                      |  28.22 |                       | $      |  5.39                         |   | $                    |  1.00  |                                 | $      |  32.82            |   | $ |  34.15 |   | $ |  28.04 |
|                                                                                                   |   |                   |        |                       |   |                               |   |                 |        |                                 |   |                   |   |   |   |   |
|  CLASS C SHARES:                                                                                  |   |                   |        |                       |   |                               |   |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Net assets                                                                                             |   | $                      | 100,034,158 |                       | $      | 13,972,905                         |   | $                    | 7,826,946   |                                 | $      | 70,174,036             |   | $ | 64,616,351 |   | $ | 24,242,792 |
| Shares outstanding                                                                                     |   |                   | 3,363,667   |                       |   | 2,579,449                          |   |                 | 7,826,946   |                                 |   | 2,065,485              |   |   | 1,862,637 |   |   | 853,250 |
|  Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding) |   | $                      |  29.74 |                       | $      |  5.42                         |   | $                    |  1.00  |                                 | $      |  33.97            |   | $ |  34.69 |   | $ |  28.41 |
|                                                                                                   |   |                   |        |                       |   |                               |   |                 |        |                                 |   |                   |   |   |   |   |
|  CLASS Y SHARES:                                                                                  |   |                   |        |                       |   |                               |   |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Net assets                                                                                             |   | $                      | 104,296,989 |                       | $      | 25,408,788                         |   | $                    | 3,539,563   |                                 | $      | 59,235,941             |   | $ | 20,678,631 |   | $ | 19,456,195 |
| Shares outstanding                                                                                     |   |                   | 3,052,266   |                       |   | 4,651,476                          |   |                 | 3,539,563   |                                 |   | 1,474,308              |   |   | 596,298 |   |   | 676,023 |
|  Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding) |   | $                      |  34.17 |                       | $      |  5.46                         |   | $                    |  1.00  |                                 | $      |  40.18            |   | $ |  34.68 |   | $ |  28.78 |

| †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 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 |
|-----------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|------------------------|-------------|----------------------------|--------|------------------------------------|-------------|----------------------|-------------|--------------------------------------|--------|------------------------|
|  INVESTMENT INCOME:                                                                      |                                                                                     |                   |        |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Income:                                                                                       |                                                                                     |                   |        |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Dividends*                                                                                    |                                                                                     | $                      | 5,786,597   |                       | $      | –                            |        | $                    | –     |                                 | $      | 10,268,607             |   | $ | 3,998,428 |   | $ | 5,657,407 |
| Interest                                                                                      |                                                                                     |                   | 23,122      |                       |   | 494,885                            |        |                 | 313,011     |                                 |   | 11,896                 |   |   | 2,857,652 |   |   | 332,709 |
| Loan interest and fees                                                                        |                                                                                     |                   | –     |                       |   | –                            |        |                 | –     |                                 |   | –                |   |   | 694,092 |   |   | – |
|                                                                                          | Total income                                                                             |                   |        | 5,809,719                  |   |                               | 494,885     |                 |        | 313,011                              |   |                   | 10,280,503 |   |   | 7,550,172 |   |   | 5,990,116 |
|                                                                                          |                                                                                     |                   |        |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |
| Expenses:                                                                                     |                                                                                     |                   |        |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Investment advisory fees (Note 3)                                                             |                                                                                     |                   | 2,422,233   |                       |   | 368,639                            |        |                 | 1,206,806   |                                 |   | 3,307,442              |   |   | 1,856,001 |   |   | 1,387,139 |
| Custodian fees                                                                                |                                                                                     |                   | 110,007     |                       |   | 46,319                             |        |                 | 53,985      |                                 |   | 110,608                |   |   | 67,358 |   |   | 61,045 |
| Transfer agent fees:                                                                          |                                                                                     |                   |        |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
|                                                                                          | Class A                                                                                  |                   |        | 345,342                    |   |                               | 117,512     |                 |        | 120,564                              |   |                   | 528,252 |   |   | 274,174 |   |   | 266,370 |
|                                                                                          | Class B                                                                                  |                   |        | 26,451                     |   |                               | 14,803      |                 |        | 5,598                                |   |                   | 21,988 |   |   | 22,700 |   |   | 16,415 |
|                                                                                          | Class C                                                                                  |                   |        | 132,870                    |   |                               | 34,796      |                 |        | 4,710                                |   |                   | 109,216 |   |   | 68,459 |   |   | 56,037 |
|                                                                                          | Class Y                                                                                  |                   |        | 88,593                     |   |                               | 7,123       |                 |        | 1,807                                |   |                   | 40,663 |   |   | 23,960 |   |   | 24,087 |
| Audit fees                                                                                    |                                                                                     |                   | 22,800      |                       |   | 18,840                             |        |                 | 22,800      |                                 |   | 35,400                 |   |   | 24,000 |   |   | 31,200 |
| Legal fees                                                                                    |                                                                                     |                   | 10,302      |                       |   | 2,998                              |        |                 | 5,500       |                                 |   | 14,000                 |   |   | 8,150 |   |   | 6,002 |
| Accounting fees (Note 3)                                                                      |                                                                                     |                   | 9,000       |                       |   | 3,000                              |        |                 | 4,494       |                                 |   | 10,998                 |   |   | 7,248 |   |   | 5,250 |
| Reports to shareholders                                                                       |                                                                                     |                   | 61,469      |                       |   | 19,563                             |        |                 | 20,052      |                                 |   | 63,000                 |   |   | 48,347 |   |   | 40,564 |
| Directors’ fees and expenses                                                            |                                                                                     |                   | 52,685      |                       |   | 16,911                             |        |                 | 28,898      |                                 |   | 70,983                 |   |   | 40,567 |   |   | 31,706 |
| Registration and filing fees                                                                  |                                                                                     |                   | 64,497      |                       |   | 47,996                             |        |                 | 54,000      |                                 |   | 69,000                 |   |   | 55,000 |   |   | 58,675 |
| Interest expense                                                                              |                                                                                     |                   | –     |                       |   | –                            |        |                 | –     |                                 |   | 692                    |   |   | – |   |   | – |
| Excise tax expense (Note 1)                                                                   |                                                                                     |                   | –     |                       |   | –                            |        |                 | 3,902       |                                 |   | –                |   |   | – |   |   | – |
| Miscellaneous                                                                                 |                                                                                     |                   | 18,580      |                       |   | 12,304                             |        |                 | 10,518      |                                 |   | 22,374                 |   |   | 15,755 |   |   | 15,642 |
| Payments under distribution plan (Note 3):                                                    |                                                                                     |                   |        |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
|                                                                                          | Class A                                                                                  |                   |        | 581,504                    |   |                               | 156,597     |                 |        | –                              |   |                   | 794,833 |   |   | 465,762 |   |   | 385,031 |
|                                                                                          | Class B                                                                                  |                   |        | 81,517                     |   |                               | 52,296      |                 |        | –                              |   |                   | 57,487 |   |   | 91,248 |   |   | 39,803 |
|                                                                                          | Class C                                                                                  |                   |        | 877,487                    |   |                               | 183,072     |                 |        | –                              |   |                   | 610,488 |   |   | 619,188 |   |   | 280,309 |
| Total expenses                                                                                |                                                                                     |                   | 4,905,337   |                       |   | 1,102,769                          |        |                 | 1,543,634   |                                 |   | 5,867,424              |   |   | 3,687,917 |   |   | 2,705,275 |
| Reimbursement/waiver of expenses by Adviser (Note 3)                                          |                                                                                     |                   | –     |                       |   | –                            |        |                 | (1,330,234) |                                 |   | –                |   |   | – |   |   | – |
|                                                                                          | Net expenses                                                                             |                   |        | 4,905,337                  |   |                               | 1,102,769   |                 |        | 213,400                              |   |                   | 5,867,424 |   |   | 3,687,917 |   |   | 2,705,275 |
| Net investment income (loss)                                                                  |                                                                                     |                   | 904,382     |                       |   | (607,884)                          |        |                 | 99,611      |                                 |   | 4,413,079              |   |   | 3,862,255 |   |   | 3,284,841 |
|                                                                                          |                                                                                     |                   |        |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |
|  REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: |                                                                                     |                   |        |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Net realized gain (loss) from:                                                                |                                                                                     |                   |        |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
|                                                                                          | Investment transactions                                                                  |                   |        | 48,311,400                 |   |                               | 9,676       |                 |        | –                              |   |                   | 7,637,829 |   |   | 29,771,897 |   |   | 41,432,199 |
|                                                                                          | Foreign currency transactions                                                            |                   |        | (4,296)                    |   |                               | –     |                 |        | –                              |   |                   | (2,691) |   |   | – |   |   | (7,884) |
| Net realized gain                                                                             |                                                                                     |                   | 48,307,104  |                       |   | 9,676                              |        |                 | –     |                                 |   | 7,635,138              |   |   | 29,771,897 |   |   | 41,424,315 |
| Net change in unrealized appreciation (depreciation)                                          |                                                                                     |                   | 103,132,818 |                       |   | (1,635,752)                        |        |                 | –     |                                 |   | 149,367,771            |   |   | 49,020,285 |   |   | (48,206,006) |
|                                                                                          | Net realized and unrealized gain (loss) on investments and foreign currency transactions |                   |        | 151,439,922                |   |                               | (1,626,076) |                 |        | –                              |   |                   | 157,002,909 |   |   | 78,792,182 |   |   | (6,781,691) |
| 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) |
|                                                                                          |                                                                                     |                   |        |                       |   |                               |        |                 |        |                                 |   |                   |   |   |   |   |
| *Net of foreign taxes withheld as follows                                                     |                                                                                     | $                      | 102,782     |                       | $      | –                            |        | $                    | –     |                                 | $      | 239,188                |   | $ | – |   | $ | 8,529 |

| 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. | Statements of Changes in Net Assets  |
|--------------------|--------------------------------------|
|               | For the year ended December 31, 2012 |

|                                                                                                        |                                                 | 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                                                                                       |                                                 | $                      | 3,187,732   |                       | $      | 166,764                            |         | $                    | 96,477      |                                 | $      | 4,398,334              |   | $ | 5,316,115 |   | $ | 3,287,376 |
|  Net realized gain from investments and foreign currency transactions                                  |                                                 |                   | 39,698,531  |                       |   | 613,344                            |         |                 | –     |                                 |   | 2,543,817              |   |   | 16,482,026 |   |   | 29,720,750 |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions |                                                 |                   | 6,603,294   |                       |   | 223,740                            |         |                 | –     |                                 |   | 74,515,392             |   |   | 8,506,659 |   |   | 5,434,473 |
|                                                                                                        | Net increase in net assets resulting from operations |                   |        | 49,489,557                 |   |                               | 1,003,848    |                 |        | 96,477                               |   |                   | 81,457,543 |   |   | 30,304,800 |   |   | 38,442,599 |
|                                                                                                        |                                                 |                   |        |                       |   |                               |         |                 |        |                                 |   |                   |   |   |   |   |
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                           |                                                 |                   |        |                       |   |                               |         |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Net investment income:                                                                                      |                                                 |                   |        |                       |   |                               |         |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
|                                                                                                        | Class A                                              |                   |        | (2,992,972)                |   |                               | (1,604,321)  |                 |        | (84,717)                             |   |                   | (4,735,487) |   |   | (4,258,636) |   |   | (2,290,500) |
|                                                                                                        | Class B                                              |                   |        | (34,815)                   |   |                               | (69,976)     |                 |        | (5,800)                              |   |                   | – |   |   | (83,354) |   |   | (2,649) |
|                                                                                                        | Class C                                              |                   |        | (455,640)                  |   |                               | (205,373)    |                 |        | (4,969)                              |   |                   | (102,518) |   |   | (575,359) |   |   | (86,189) |
|                                                                                                        | Class Y                                              |                   |        | (1,020,752)                |   |                               | (378,799)    |                 |        | (991)                                |   |                   | (392,985) |   |   | (446,016) |   |   | (288,100) |
|                                                                                                        |                                                 |                   |        |                       |   |                               |         |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Realized gains from investment transactions:                                                                |                                                 |                   |        |                       |   |                               |         |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
|                                                                                                        | Class A                                              |                   |        | –                    |   |                               | –      |                 |        | –                              |   |                   | (5,865,614) |   |   | – |   |   | – |
|                                                                                                        | Class B                                              |                   |        | –                    |   |                               | –      |                 |        | –                              |   |                   | (87,853) |   |   | – |   |   | – |
|                                                                                                        | Class C                                              |                   |        | –                    |   |                               | –      |                 |        | –                              |   |                   | (778,174) |   |   | – |   |   | – |
|                                                                                                        | Class Y                                              |                   |        | –                    |   |                               | –      |                 |        | –                              |   |                   | (405,853) |   |   | – |   |   | – |
|                                                                                                        |                                                 |                   |        |                       |   |                               |         |                 |        |                                 |   |                   |   |   |   |   |
| CAPITAL SHARE TRANSACTIONS:                                                                                 |                                                 |                   |        |                       |   |                               |         |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Net increase (decrease) in net assets resulting from capital share transactions (Note 4):                   |                                                 |                   |        |                       |   |                               |         |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
|                                                                                                        | Class A                                              |                   |        | (38,829,214)               |   |                               | (12,259,365) |                 |        | 28,077,516                           |   |                   | (8,429,484) |   |   | (43,122,101) |   |   | (2,365,768) |
|                                                                                                        | Class B                                              |                   |        | (4,790,904)                |   |                               | (3,179,582)  |                 |        | (3,742,244)                          |   |                   | (1,862,197) |   |   | (4,747,872) |   |   | (628,984) |
|                                                                                                        | Class C                                              |                   |        | (19,480,453)               |   |                               | (4,828,974)  |                 |        | (3,908,279)                          |   |                   | (9,493,400) |   |   | (12,400,145) |   |   | (1,431,692) |
|                                                                                                        | Class Y                                              |                   |        | (122,442,488)              |   |                               | 20,315,295   |                 |        | 393,071                              |   |                   | 983,038 |   |   | (5,395,533) |   |   | 333,780 |
|                                                                                                        |  Total increase (decrease) in net assets        |                   |        | (140,557,681)              |   |                               | (1,207,247)  |                 |        | 20,820,064                           |   |                   | 50,287,016 |   |   | (40,724,216) |   |   | 31,682,497 |
|                                                                                                        |                                                 |                   |        |                       |   |                               |         |                 |        |                                 |   |                   |   |   |   |   |
| NET ASSETS:                                                                                                 |                                                 |                   |        |                       |   |                               |         |                 |        |                                 |   |                   |   |   |   |   |   |   |   |
| Beginning of year                                                                                           |                                                 |                   | 507,497,848 |                       |   | 152,474,057                        |         |                 | 240,424,223 |                                 |   | 463,833,076            |   |   | 377,512,054 |   |   | 230,034,943 |
| End of year*                                                                                                |                                                 | $                      | 366,940,167 |                       | $      | 151,266,810                        |         | $                    | 261,244,287 |                                 | $      | 514,120,092            |   | $ | 336,787,838 |   | $ | 261,717,440 |
|                                                                                                        |                                                 |                   |        |                       |   |                               |         |                 |        |                                 |   |                   |   |   |   |   |
| *Including undistributed (overdistributed) net investment income of                                         |                                                 | $                      | (1,807,175) |                       | $      | (6,236)                            |         | $                    | –     |                                 | $      | 846,914                |   | $ | (24,265) |   | $ | 2,203,302 |

| See Notes to Financial Statements |
|-----------------------------------|

----

| DAVIS SERIES, INC. | Notes to Financial Statements |
|--------------------|-------------------------------|
|               | December 31, 2013             |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2013                                 |

| 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) |
|--------------------|---------------------------------------------------|
|               | December 31, 2013                                 |

|                                                                                                                                                | 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                                                                                                                              | $                                  | 103,350,506 |   | $ | – |   | $ | – |   | $ | 10,438,350 |   | $ | 29,737,131 |   | $ | – |
| Consumer Staples                                                                                                                                    |                               | 15,783,811 |   |   | – |   |   | – |   |   | 22,580,335 |   |   | 17,195,662 |   |   | – |
| Energy                                                                                                                                              |                               | 9,240,781 |   |   | – |   |   | – |   |   | 19,051,581 |   |   | 31,513,132 |   |   | – |
| Financials                                                                                                                                          |                               | 77,233,959 |   |   | – |   |   | – |   |   | 580,946,461 |   |   | 34,219,859 |   |   | 200,042,390 |
| Health Care                                                                                                                                         |                               | 67,594,174 |   |   | – |   |   | – |   |   | – |   |   | 22,446,772 |   |   | – |
| Industrials                                                                                                                                         |                               | 76,377,018 |   |   | – |   |   | – |   |   | – |   |   | 40,819,400 |   |   | – |
| Information Technology                                                                                                                              |                               | 126,480,149 |   |   | – |   |   | – |   |   | 19,272,256 |   |   | 12,905,669 |   |   | – |
| Materials                                                                                                                                           |                               | 20,903,106 |   |   | – |   |   | – |   |   | – |   |   | 19,617,862 |   |   | – |
| Telecommunication Services                                                                                                                          |                               | – |   |   | – |   |   | – |   |   | – |   |   | – |   |   | 3,731,813 |
| Utilities                                                                                                                                           |                               | – |   |   | – |   |   | – |   |   | – |   |   | 13,034,968 |   |   | – |
| Total Level 1                                                                                                                                       |                               | 496,963,504 |   |   | – |   |   | – |   |   | 652,288,983 |   |   | 221,490,455 |   |   | 203,774,203 |
|                                                                                                                                                |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 2 – Other Significant                                                                                                                   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Observable Inputs:                                                                                                                                  |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities:                                                                                                                                  |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Discretionary                                                                                                                              |                               | – |   |   | – |   |   | – |   |   | – |   |   | 5,709,412 |   |   | – |
| Financials                                                                                                                                          |                               | – |   |   | – |   |   | – |   |   | – |   |   | 371,070 |   |   | – |
| Industrials                                                                                                                                         |                               | – |   |   | – |   |   | – |   |   | – |   |   | 6,972,050 |   |   | – |
| Debt securities issued by U.S.    Treasuries and U.S.    Government corporations and    agencies: |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term                                                                                                                                           |                               | – |   |   | 95,707,816 |   |   | – |   |   | – |   |   | – |   |   | – |
| Short-term                                                                                                                                          |                               | – |   |   | – |   |   | 192,251,431 |   |   | – |   |   | – |   |   | – |
| Convertible debt securities                                                                                                                         |                               | – |   |   | – |   |   | – |   |   | – |   |   | 62,095,434 |   |   | 7,741,037 |
| Corporate debt securities                                                                                                                           |                               | – |   |   | – |   |   | – |   |   | – |   |   | 5,188,980 |   |   | – |
| Short-term securities                                                                                                                               |                               | 19,372,000 |   |   | 5,476,000 |   |   | 94,215,000 |   |   | 16,754,000 |   |   | 2,408,000 |   |   | 6,985,000 |
| Total Level 2                                                                                                                                       |                               | 19,372,000 |   |   | 101,183,816 |   |   | 286,466,431 |   |   | 16,754,000 |   |   | 82,744,946 |   |   | 14,726,037 |
|                                                                                                                                                |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 3 – Significant Unobservable                                                                                                            |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Inputs:                                                                                                                                             |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities:                                                                                                                                  |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financials                                                                                                                                          |                               | – |   |   | – |   |   | – |   |   | 8,175,480 |   |   | – |   |   | – |
| Information Technology                                                                                                                              |                               | 7,781,130 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Total Level 3                                                                                                                                       |                               | 7,781,130 |   |   | – |   |   | – |   |   | 8,175,480 |   |   | – |   |   | – |
| Total Investments                                                                                                                                   | $                                  | 524,116,634 |   | $ | 101,183,816 |   | $ | 286,466,431 |   | $ | 677,218,463 |   | $ | 304,235,401 |   | $ | 218,500,240 |
|                                                                                                                                                |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 2 to Level 1 Transfers*:                                                                                                                      |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Discretionary                                                                                                                              | $                                  | 8,826,093 |   | $ | – |   | $ | – |   | $ | – |   | $ | – |   | $ | – |
| Consumer Staples                                                                                                                                    |                               | 2,457,098 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Financials                                                                                                                                          |                               | – |   |   | – |   |   | – |   |   | 53,733,702 |   |   | – |   |   | – |
| Industrials                                                                                                                                         |                               | 8,816,926 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
|                 Total                                               | $                                  | 20,100,117 |   | $ | – |   | $ | – |   | $ | 53,733,702 |   | $ | – |   | $ | – |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2013                                 |

|                                                                                                                                                                               |   | DavisOpportunity Fund |      | DavisFinancial Fund |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|-----------|---------------------|
| Investment Securities:                                                                                                                                                             |   |                  |      |                |   |   |
| Beginning balance                                                                                                                                                                  |   | $                     | –   |                | $ | 6,379,189 |
| Cost of purchases                                                                                                                                                                  |   |                  | 6,900,000 |                |   | 1,562,083 |
| Net change in unrealized appreciation (depreciation)                                                                                                                               |   |                  | 881,130   |                |   | 234,208 |
| Ending balance                                                                                                                                                                     |   | $                     | 7,781,130 |                | $ | 8,175,480 |
|                                                                                                                                                                               |   |                  |      |                |   |   |
| Net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at December 31, 2013 and included in the change in net assets for the year |   | $                     | 881,130   |                | $ | 234,208 |

| Assets Table                    |
|---------------------------------|
|                            |   | DavisOpportunity Fund |   | DavisFinancial Fund |
| Investments at Value:           |   |   |   |   |   |   |
| Equity securities:              |   |   |   |   |   |   |
| Fair value at December 31, 2013 |   | $ | 7,781,130 |   | $ | 8,175,480 |
|                            |   |   |   |   |
| Valuation technique             |   | Liquidation proceeds/Waterfall methodology based on underlying investment value, then applying liquidity discount |   | Index-based value adjustment with liquidity discount |
| Unobservable input              |   |            Discount rate |   | Discount rate |
| Amount                          |   |                   15%    |   | 25% |
|                            |   |   |   |   |   |   |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2013                                 |

|             | 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       |                       | 11,202,000 |   |   | 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            | $                          | 11,202,000 |   | $ | 5,356,000 |   | $ | 54,604,000 |   | $ | 51,805,000 |
|             |                       |   |   |   |   |   |   |   |   |   |   |
| Utilized in 2013 | $                          | 45,698,000 |   | $ | – |   | $ | 29,772,000 |   | $ | 40,599,000 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2013                                 |

|                                 | Ordinary Income |      | Long-TermCapital Gain |   | Return ofCapital |   | Total  |
|--------------------------------------|-----------------|-----------|-----------------------|--------|------------------|--------|--------|
| Davis Opportunity Fund               |            |      |                  |   |             |   |   |   |   |   |   |
| 2013                                 | $               | 966,454   |                  | $      | –          |   | $      | – |   | $ | 966,454 |
| 2012                                 |            | 4,504,179 |                  |   | –          |   |   | – |   |   | 4,504,179 |
|                                 |            |      |                  |   |             |   |   |   |   |   |   |
| Davis Government Bond Fund           |            |      |                  |   |             |   |   |   |   |   |   |
| 2013                                 |            | 917,019   |                  |   | –          |   |   | – |   |   | 917,019 |
| 2012                                 |            | 2,258,469 |                  |   | –          |   |   | – |   |   | 2,258,469 |
|                                 |            |      |                  |   |             |   |   |   |   |   |   |
| Davis Government Money Market Fund   |            |      |                  |   |             |   |   |   |   |   |   |
| 2013                                 |            | 99,611    |                  |   | –          |   |   | – |   |   | 99,611 |
| 2012                                 |            | 96,477    |                  |   | –          |   |   | – |   |   | 96,477 |
|                                 |            |      |                  |   |             |   |   |   |   |   |   |
| Davis Financial Fund                 |            |      |                  |   |             |   |   |   |   |   |   |
| 2013                                 |            | 3,163,269 |                  |   | 9,535,171        |   |   | – |   |   | 12,698,440 |
| 2012                                 |            | 5,230,990 |                  |   | 7,137,494        |   |   | – |   |   | 12,368,484 |
|                                 |            |      |                  |   |             |   |   |   |   |   |   |
| Davis Appreciation & Income Fund |            |      |                  |   |             |   |   |   |   |   |   |
| 2013                                 |            | 3,814,085 |                  |   | –          |   |   | – |   |   | 3,814,085 |
| 2012                                 |            | 5,363,365 |                  |   | –          |   |   | – |   |   | 5,363,365 |
|                                 |            |      |                  |   |             |   |   |   |   |   |   |
| Davis Real Estate Fund               |            |      |                  |   |             |   |   |   |   |   |   |
| 2013                                 |            | 2,759,497 |                  |   | –          |   |   | – |   |   | 2,759,497 |
| 2012                                 |            | 2,667,438 |                  |   | –          |   |   | – |   |   | 2,667,438 |

|                                                                                   |  DavisOpportunityFund | DavisGovernmentBond Fund             |  DavisFinancialFund | DavisAppreciation& IncomeFund   | DavisReal EstateFund |
|----------------------------------------------------------------------------------------|----------------------------|--------------------------------------|--------------------------|-------------------------------------|----------------------|
| Undistributed net investment income                                                    | $                          | 687,358          | $                        | –         | $                    | 821,286     | $ | 53,844     | $ | 2,741,908     |
| Accumulated net realized losses frominvestments and foreign currencytransactions       |                       | (11,202,306)     |                     | (5,356,478)     |                 | –     |   | (54,604,150)     |   | (51,805,459)     |
| Undistributed long-term capital gain                                                   |                       | –          |                     | –         |                 | 1,367,742     |   | –     |   | –     |
| Net unrealized appreciation     (depreciation) on investments |                       | 145,045,103      |                     | (94,513)        |                 | 310,411,130     |   | 35,123,000     |   | (4,696,868)     |
|        Total                                        | $                          | 134,530,155      | $                        | (5,450,991)     | $                    | 312,600,158     | $ | (19,427,306)     | $ | (53,760,419)     |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2013                                 |

|                                                     | Net Assets |
|----------------------------------------------------------|------------|
| Selected Daily Government Fund                           | $          | 23,590,298 |
| Davis Government Money Market Fund                       |       | 259,423,955 |
| Pro Forma as adjusted:Davis Government Money Market Fund |       |  283,014,253 |

|                                 | Selected Daily Government Fund |
|--------------------------------------|--------------------------------|
| Par value of shares of capital stock | $                              | 2,359,030 |
| Additional paid-in capital           |                           | 21,247,204 |
| Accumulated net investment loss      |                           | (15,936) |
| Net unrealized appreciation          |                           | – |
| Net assets                           | $                              | 23,590,298 |

|                                                 | Davis Government Money Market Fund (Unaudited) |
|------------------------------------------------------|------------------------------------------------|
| Net investment income                                | $                                              | 117,564 |
| Net increase in net assets resulting from operations |                                           | 117,564 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2013                                 |

|                |        |        |       |   |       |   | Davis        |       |        |
|---------------------|-------------|-------------|------------|--------|------------|--------|--------------|------------|-------------|
|                | Davis       |        | Davis      |   | Davis      |   | Appreciation |       | Davis       |
|                | Opportunity |        | Government |   | Financial  |   | & Income |       | Real Estate |
|                | Fund        |        | Bond Fund  |   | Fund       |   | Fund         |       | Fund        |
| Cost of purchases   | $           | 200,614,343 |       | $      | 32,795,049 |   | $            | 1,562,083  |        | $ | 59,159,085 |   | $ | 177,189,906 |
| Proceeds from sales |        | 194,069,951 |       |   | 30,333,726 |   |         | 15,450,879 |        |   | 176,340,905 |   |   | 205,182,726 |

|                                | Year ended December 31, 2013 |
|-------------------------------------|------------------------------|
|                                |                         |   |   |   | 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 | $                            | 39,731 |   | $ | 11,763 |   | $ | 16,237 |   | $ | 72,464 |   | $ | 48,324 |   | $ | 38,758 |
| Accounting fees paid to Adviser     |                         | 9,000 |   |   | 3,000 |   |   | 4,494 |   |   | 10,998 |   |   | 7,248 |   |   | 5,250 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2013                                 |

|               | Year ended December 31, 2013 |
|--------------------|------------------------------|
|               | Davis                        |   | Davis Government |   | Davis |   | Davis Appreciation |   | Davis Real |
|               | Opportunity Fund             |   | Bond Fund |   | Financial Fund |   | & Income Fund |   | Estate Fund |
| Distribution fees: |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class B            | $                            | 61,363 |   | $ | 39,314 |   | $ | 43,280 |   | $ | 68,516 |   | $ | 29,959 |
| Class C            |                         | 658,115 |   |   | 137,304 |   |   | 457,866 |   |   | 464,391 |   |   | 210,232 |
|               |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Service fees:      |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class A            |                         | 581,504 |   |   | 156,597 |   |   | 794,833 |   |   | 465,762 |   |   | 385,031 |
| Class B            |                         | 20,154 |   |   | 12,982 |   |   | 14,207 |   |   | 22,732 |   |   | 9,844 |
| Class C            |                         | 219,372 |   |   | 45,768 |   |   | 152,622 |   |   | 154,797 |   |   | 70,077 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2013                                 |

|                                                   | Year ended December 31, 2013 |
|--------------------------------------------------------|------------------------------|
|                                                   |                         |   |   |   |   |   | Davis |   |   |
|                                                   | Davis                        |   | Davis |   | Davis |   | Appreciation |   | Davis |
|                                                   | Opportunity                  |   | Government |   | Financial |   | & Income |   | Real Estate |
|                                                   | Fund                         |   | Bond Fund |   | Fund |   | Fund |   | Fund |
| Class A commissions retained by Distributor            | $                            | 25,345 |   | $ | 2,025 |   | $ | 50,351 |   | $ | 13,767 |   | $ | 15,423 |
| Class A commissions re-allowed to investment dealers   |                         | 137,356 |   |   | 25,048 |   |   | 273,773 |   |   | 72,274 |   |   | 85,751 |
| Total commissions earned on sales of Class A           | $                            | 162,701 |   | $ | 27,073 |   | $ | 324,124 |   | $ | 86,041 |   | $ | 101,174 |
|                                                   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission advances by the Distributor on the sale of: |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class B                                                | $                            | 1,990 |   | $ | 406 |   | $ | 9,574 |   | $ | 7,059 |   | $ | 18,225 |
| Class C                                                |                         | 59,374 |   |   | 1,232 |   |   | 113,462 |   |   | 22,913 |   |   | 15,038 |
|                                                   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CDSCs received by the Distributor from:                |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class B                                                |                         | 4,225 |   |   | 22,606 |   |   | 9,596 |   |   | 11,231 |   |   | 7,451 |
| Class C                                                |                         | 2,265 |   |   | 432 |   |   | 2,979 |   |   | 2,654 |   |   | 2,832 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2013                                 |

|                                        | 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) |
|--------------------|---------------------------------------------------|
|               | December 31, 2013                                 |

|                                        | Year ended December 31, 2012 |
|---------------------------------------------|------------------------------|
|                                        |                         | Sold |   |   | Reinvestment of Distributions |   |   | Redeemed |   |   | Net Increase (Decrease) |
| Davis Opportunity Fund                      |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:   Class A                 |                         | 845,093 |   |   | 116,445 |   |   | (2,682,066) |   |   | (1,720,528) |
| Class B                                     |                         | 23,421 |   |   | 1,652 |   |   | (273,326) |   |   | (248,253) |
| Class C                                     |                         | 119,583 |   |   | 20,385 |   |   | (1,100,959) |   |   | (960,991) |
| Class Y                                     |                         | 1,657,179 |   |   | 40,662 |   |   | (7,053,348) |   |   | (5,355,507) |
| Value:     Class A | $                            | 19,138,452 |   | $ | 2,759,740 |   | $ | (60,727,406) |   | $ | (38,829,214) |
| Class B                                     |                         | 451,601 |   |   | 33,557 |   |   | (5,276,062) |   |   | (4,790,904) |
| Class C                                     |                         | 2,446,377 |   |   | 435,627 |   |   | (22,362,457) |   |   | (19,480,453) |
| Class Y                                     |                         | 38,511,712 |   |   | 991,346 |   |   | (161,945,546) |   |   | (122,442,488) |
|                                        |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Government Bond Fund                  |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:   Class A            |                         | 2,393,736 |   |   | 273,799 |   |   | (4,870,309) |   |   | (2,202,774) |
| Class B                                     |                         | 258,918 |   |   | 10,338 |   |   | (842,360) |   |   | (573,104) |
| Class C                                     |                         | 1,083,233 |   |   | 32,007 |   |   | (1,984,255) |   |   | (869,015) |
| Class Y                                     |                         | 3,949,648 |   |   | 66,706 |   |   | (407,665) |   |   | 3,608,689 |
| Value:     Class A | $                            | 13,306,363 |   | $ | 1,524,514 |   | $ | (27,090,242) |   | $ | (12,259,365) |
| Class B                                     |                         | 1,433,739 |   |   | 57,421 |   |   | (4,670,742) |   |   | (3,179,582) |
| Class C                                     |                         | 6,023,343 |   |   | 178,389 |   |   | (11,030,706) |   |   | (4,828,974) |
| Class Y                                     |                         | 22,224,168 |   |   | 374,035 |   |   | (2,282,908) |   |   | 20,315,295 |
|                                        |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Government Money Market Fund          |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:   Class A            |                         | 361,512,312 |   |   | 83,981 |   |   | (333,518,777) |   |   | 28,077,516 |
| Class B                                     |                         | 1,161,232 |   |   | 5,455 |   |   | (4,908,931) |   |   | (3,742,244) |
| Class C                                     |                         | 3,581,904 |   |   | 4,601 |   |   | (7,494,784) |   |   | (3,908,279) |
| Class Y                                     |                         | 1,179,368 |   |   | 991 |   |   | (787,288) |   |   | 393,071 |
| Value:     Class A | $                            | 361,512,312 |   | $ | 83,981 |   | $ | (333,518,777) |   | $ | 28,077,516 |
| Class B                                     |                         | 1,161,232 |   |   | 5,455 |   |   | (4,908,931) |   |   | (3,742,244) |
| Class C                                     |                         | 3,581,904 |   |   | 4,601 |   |   | (7,494,784) |   |   | (3,908,279) |
| Class Y                                     |                         | 1,179,368 |   |   | 991 |   |   | (787,288) |   |   | 393,071 |
|                                        |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Financial Fund                        |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:   Class A            |                         | 2,766,323 |   |   | 231,315 |   |   | (3,319,094) |   |   | (321,456) |
| Class B                                     |                         | 13,603 |   |   | 3,204 |   |   | (92,646) |   |   | (75,839) |
| Class C                                     |                         | 214,025 |   |   | 31,382 |   |   | (621,438) |   |   | (376,031) |
| Class Y                                     |                         | 287,055 |   |   | 24,802 |   |   | (282,426) |   |   | 29,431 |
| Value:     Class A | $                            | 82,446,481 |   | $ | 7,096,395 |   | $ | (97,972,360) |   | $ | (8,429,484) |
| Class B                                     |                         | 332,882 |   |   | 83,111 |   |   | (2,278,190) |   |   | (1,862,197) |
| Class C                                     |                         | 5,502,620 |   |   | 840,414 |   |   | (15,836,434) |   |   | (9,493,400) |
| Class Y                                     |                         | 8,665,647 |   |   | 779,530 |   |   | (8,462,139) |   |   | 983,038 |
|                                        |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Appreciation & Income Fund        |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:   Class A            |                         | 1,078,145 |   |   | 115,062 |   |   | (2,768,866) |   |   | (1,575,659) |
| Class B                                     |                         | 27,405 |   |   | 2,701 |   |   | (208,028) |   |   | (177,922) |
| Class C                                     |                         | 123,140 |   |   | 19,336 |   |   | (600,709) |   |   | (458,233) |
| Class Y                                     |                         | 108,948 |   |   | 15,388 |   |   | (323,127) |   |   | (198,791) |
| Value:     Class A | $                            | 29,269,538 |   | $ | 3,134,507 |   | $ | (75,526,146) |   | $ | (43,122,101) |
| Class B                                     |                         | 733,532 |   |   | 72,735 |   |   | (5,554,139) |   |   | (4,747,872) |
| Class C                                     |                         | 3,355,527 |   |   | 528,577 |   |   | (16,284,249) |   |   | (12,400,145) |
| Class Y                                     |                         | 2,964,739 |   |   | 421,265 |   |   | (8,781,537) |   |   | (5,395,533) |
|                                        |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Real Estate Fund                      |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:   Class A            |                         | 1,050,086 |   |   | 66,763 |   |   | (1,199,771) |   |   | (82,922) |
| Class B                                     |                         | 45,001 |   |   | 82 |   |   | (68,035) |   |   | (22,952) |
| Class C                                     |                         | 177,541 |   |   | 2,878 |   |   | (228,685) |   |   | (48,266) |
| Class Y                                     |                         | 171,593 |   |   | 9,621 |   |   | (168,878) |   |   | 12,336 |
| Value:     Class A | $                            | 29,375,934 |   | $ | 1,918,543 |   | $ | (33,660,245) |   | $ | (2,365,768) |
| Class B                                     |                         | 1,248,449 |   |   | 2,337 |   |   | (1,879,770) |   |   | (628,984) |
| Class C                                     |                         | 4,955,984 |   |   | 82,641 |   |   | (6,470,317) |   |   | (1,431,692) |
| Class Y                                     |                         | 4,859,467 |   |   | 280,172 |   |   | (4,805,859) |   |   | 333,780 |
|                                        |                         |   |   |   |   |   |   |   |   |   |   |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2013                                 |

| Fund              |   | Security                        | AcquisitionDate |   |  Units |   | Cost per Unit |     | Valuation perUnit as ofDecember 31, 2013 |
|-------------------|--------|---------------------------------|-----------------|--------|-------------|--------|---------------|----------|------------------------------------------|
| Davis Opportunity |   |                            |            |   |        |   |          |     |                                     |   |   |
| Fund              |   | ASAC II L.P., Private Placement | 10/10/13        |   | 6,900,000   |   | $             | 1.00     |                                     | $ | 1.13 |
| Davis Financial   |   |                            |            |   |        |   |          |     |                                     |   |   |
| Fund              |   | SKBHC Holdings LLC              | 11/08/10        |   | 1,916       |   | $             | 4,888.79 |                                     | $ | 4,266.60 |

----

| 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 Opportunity Fund Class A:     |                                 |                                           |   |   |
| Year ended December 31, 2013        | $23.42                | $0.10d                          | $9.74    | $9.84    |
| Year ended December 31, 2012        | $21.16                | $0.19d                          | $2.39    | $2.58    |
| Year ended December 31, 2011        | $22.57                | $0.20d                          | $(1.02)    | $(0.82)    |
| Year ended December 31, 2010        | $20.08                | $0.24d                          | $2.54    | $2.78    |
| Year ended December 31, 2009        | $13.92                | $0.09d                          | $6.15    | $6.24    |
| Davis Opportunity Fund Class B:     |                                 |                                           |   |       |
| Year ended December 31, 2013        | $20.05                | $(0.14)d                        | $8.31    |     $8.17    |
| Year ended December 31, 2012        | $18.13                | $(0.03)d                        | $2.03    | $2.00    |
| Year ended December 31, 2011        | $19.34                | $(0.01)d                        | $(0.88)    | $(0.89)    |
| Year ended December 31, 2010        | $17.21                | $0.05d                          | $2.17    | $2.22    |
| Year ended December 31, 2009        | $12.00                | $(0.05)d                        | $5.26    | $5.21    |
| Davis Opportunity Fund Class C:     |                                 |                       |   |   |
| Year ended December 31, 2013        | $21.10                | $(0.11)d                        | $8.75    | $8.64    |
| Year ended December 31, 2012        | $19.08                | $0.01d                          | $2.14    | $2.15    |
| Year ended December 31, 2011        | $20.34                | $0.02d                          | $(0.92)    | $(0.90)    |
| Year ended December 31, 2010        | $18.10                | $0.07d                          | $2.29    | $2.36    |
| Year ended December 31, 2009        | $12.60                | $(0.03)d                        | $5.53    | $5.50    |
| Davis Opportunity Fund Class Y:     |                                 |                                           |   |   |
| Year ended December 31, 2013        | $24.09                | $0.17d                          | $10.04    | $10.21    |
| Year ended December 31, 2012        | $21.77                | $0.24d                          | $2.47    | $2.71    |
| Year ended December 31, 2011        | $23.22                | $0.27d                          | $(1.06)    | $(0.79)    |
| Year ended December 31, 2010        | $20.65                | $0.30d                          | $2.63    | $2.93    |
| Year ended December 31, 2009        | $14.31                | $0.15d                          | $6.33    | $6.48    |
| Davis Government Bond Fund Class A: |                                 |                                           |   |   |
| Year ended December 31, 2013        | $5.55                 | $(0.02)d                        | $(0.06)    | $(0.08)    |
| Year ended December 31, 2012        | $5.60                 | $0.02d                          | $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: |                                 |                                           |   |   |
| Year ended December 31, 2013        | $5.53                 | $(0.07)d                        | $(0.07)    | $(0.14)    |
| Year ended December 31, 2012        | $5.58                 | $(0.03)d                        | $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    |
| Davis Government Bond Fund Class C: |                                 |                                           |   |   |
| Year ended December 31, 2013        | $5.55                 | $(0.07)d                        | $(0.06)    | $(0.13)    |
| Year ended December 31, 2012        | $5.60                 | $(0.03)d                        | $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    |

----

| 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 |
|                                 |                              |              |                |                                                                   |   |   |   |   |   |   |
| $(0.06)                              | $–                          | $–          | $(0.06)             | $33.20                                                                 | 42.03%e | $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%e | $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% |
|                                 |                              |              |                |                                                                   |   |   |   |   |   |   |
| $–                             | $–                          | $–          | $–            | $28.22                                                                 | 40.75%e | $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%e | $19,593 | 1.99% | 1.99% | 0.24% | 24% |
| $–                             | $–                          | $–          | $–            | $17.21                                                                 | 43.42%  | $23,525 | 2.11% | 2.11% | (0.38)% | 24% |
|                                 |                              |              |                |                                                                   |   |   |   |   |   |   |
| $–                             | $–                          | $–          | $–            | $29.74                                                                 | 40.95%e | $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%e | $116,235 | 1.84% | 1.84% | 0.39% | 24% |
| $–                             | $–                          | $–          | $–            | $18.10                                                                 | 43.65%  | $131,972 | 1.96% | 1.96% | (0.23)% | 24% |
|                                 |                              |              |                |                                                                   |   |   |   |   |   |   |
| $(0.13)                              | $–                          | $–          | $(0.13)             | $34.17                                                                 | 42.40%e | $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%e | $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% |
|                                 |                              |              |                |                                                                   |   |   |   |   |   |   |
| $(0.05)                              | $–                          | $–          | $(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% |
|                                 |                              |              |                |                                                                   |   |   |   |   |   |   |
| $–                             | $–                          | $–          | $–            | $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% |
|                                 |                              |              |                |                                                                   |   |   |   |   |   |   |
| $–f                            | $–                          | $–          | $–f           | $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% |

----

| 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 Y:                      |   |   |   |   |
| Year ended December 31, 2013                             | $5.60    |                $–d,f    | $(0.07)    | $(0.07)    |
| Year ended December 31, 2012                             | $5.64    | $0.03d    | $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: |   |   |   |   |
| Year ended December 31, 2013                             | $1.000    | $–g    | $–    | $–g    |
| Year ended December 31, 2012                             | $1.000    | $–g    | $–    | $–g    |
| Year ended December 31, 2011                             | $1.000    | $–g    | $–    | $–g    |
| Year ended December 31, 2010                             | $1.000    | $–g    | $–    | $–g    |
| Year ended December 31, 2009                             | $1.000    | $0.003    | $–    | $0.003    |
| Davis Financial Fund Class A:                            |   |   |   |   |
| Year ended December 31, 2013                             | $30.41    | $0.29d    | $9.26    | $9.55    |
| Year ended December 31, 2012                             | $26.36    | $0.28d    | $4.51    | $4.79    |
| Year ended December 31, 2011                             | $31.76    | $0.27d    | $(3.17)    | $(2.90)    |
| Year ended December 31, 2010                             | $28.76    | $0.23d    | $3.00    | $3.23    |
| Year ended December 31, 2009                             | $19.72    | $0.12d    | $8.96    | $9.08    |
| Davis Financial Fund Class B:                            |   |   |   |   |
| Year ended December 31, 2013                             | $25.70    | $(0.08)d    | $7.77    | $7.69    |
| Year ended December 31, 2012                             | $22.35    | $(0.05)d    | $3.81    | $3.76    |
| Year ended December 31, 2011                             | $27.27    | $(0.06)d    | $(2.72)    | $(2.78)    |
| Year ended December 31, 2010                             | $24.79    | $(0.08)d    | $2.56    | $2.48    |
| Year ended December 31, 2009                             | $17.17    | $(0.11)d    | $7.73    | $7.62    |
| Davis Financial Fund Class C:                            |       |   |   |   |
| Year ended December 31, 2013                             | $26.53    | $(0.04)d    | $8.05    | $8.01    |
| Year ended December 31, 2012                             | $23.06    | $0.01d    | $3.92    | $3.93    |
| Year ended December 31, 2011                             | $28.05    | $(0.01)d    | $(2.78)    | $(2.79)    |
| Year ended December 31, 2010                             | $25.44    | $(0.03)d    | $2.64    | $2.61    |
| Year ended December 31, 2009                             | $17.58    | $(0.08)d    | $7.94    | $7.86    |
| Davis Financial Fund Class Y:                            |   |   |   |   |
| Year ended December 31, 2013                             | $31.15    | $0.35d    | $9.51    | $9.86    |
| Year ended December 31, 2012                             | $27.00    | $0.34d    | $4.62    | $4.96    |
| Year ended December 31, 2011                             | $32.48    | $0.30d    | $(3.22)    | $(2.92)    |
| Year ended December 31, 2010                             | $29.40    | $0.25d    | $3.09    | $3.34    |
| Year ended December 31, 2009                             | $20.16    | $0.14d    | $9.16    | $9.30    |
| Davis Appreciation & Income Fund Class A:            |   |   |   |   |
| Year ended December 31, 2013                             | $27.23    | $0.40d    | $7.30    | $7.70    |
| Year ended December 31, 2012                             | $25.54    | $0.44d    | $1.71    | $2.15    |
| Year ended December 31, 2011                             | $28.08    | $0.45d    | $(2.53)    | $(2.08)    |
| Year ended December 31, 2010                             | $23.70    | $0.40d    | $4.38    | $4.78    |
| Year ended December 31, 2009                             | $16.15    | $0.38d    | $7.58    | $7.96    |

----

| 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 |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.07)                              | $–                          | $–          | $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–g                            | $–                          | $–          | $–g           | $1.000                         | 0.04%         | $334,405 | 0.64% | 0.09% | 0.04% | NA |
| $–g                            | $–                          | $–          | $–g           | $1.000                         | 0.04%         | $261,244 | 0.63% | 0.16% | 0.04% | NA |
| $–g                            | $–                          | $–          | $–g           | $1.000                         | 0.03%         | $240,424 | 0.63% | 0.12% | 0.03% | NA |
| $–g                            | $–                          | $–          | $–g           | $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 |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.19)                              | $(0.57)                           | $–          | $(0.76)             | $39.20                         | 31.45%        | $538,410 | 0.88% | 0.88% | 0.83% | 0%h |
| $(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%i       | $584,626 | 1.05% | 1.05% | 0.51% | 9% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $(0.57)                           | $–          | $(0.57)             | $32.82                         | 29.97%        | $5,751 | 1.99% | 1.99% | (0.28)% | 0%h |
| $–                             | $(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%i       | $14,397 | 2.19% | 2.19% | (0.63)% | 9% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $(0.57)                           | $–          | $(0.57)             | $33.97                         | 30.24%        | $70,174 | 1.79% | 1.79% | (0.08)% | 0%h |
| $(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%i       | $74,530 | 1.95% | 1.95% | (0.39)% | 9% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.26)                              | $(0.57)                           | $–          | $(0.83)             | $40.18                         | 31.71%        | $59,236 | 0.71% | 0.71% | 1.00% | 0%h |
| $(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%i       | $15,478 | 0.95% | 0.95% | 0.61% | 9% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(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% |

----

| 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 Appreciation & Income Fund Class B: |                                 |                                           |   |   |
| Year ended December 31, 2013                  | $26.93                               | $0.11d                                         | $7.22 | $7.33 |
| Year ended December 31, 2012                  | $25.27                               | $0.19d                                         | $1.68 | $1.87 |
| Year ended December 31, 2011                  | $27.78                               | $0.19d                                         | $(2.49) | $(2.30) |
| Year ended December 31, 2010                  | $23.44                               | $0.16d                                         | $4.35 | $4.51 |
| Year ended December 31, 2009                  | $15.98                               | $0.20d                                         | $7.49 | $7.69 |
| Davis Appreciation & Income Fund Class C: |                                 |                                           |   |   |
| Year ended December 31, 2013                  | $27.36                               | $0.15d                                         | $7.33 | $7.48 |
| Year ended December 31, 2012                  | $25.67                               | $0.23d                                         | $1.70 | $1.93 |
| Year ended December 31, 2011                  | $28.22                               | $0.22d                                         | $(2.53) | $(2.31) |
| Year ended December 31, 2010                  | $23.81                               | $0.19d                                         | $4.42 | $4.61 |
| Year ended December 31, 2009                  | $16.24                               | $0.23d                                         | $7.59 | $7.82 |
| Davis Appreciation & Income Fund Class Y: |                                 |                                           |   |   |
| Year ended December 31, 2013                  | $27.34                               | $0.45d                                         | $7.35 | $7.80 |
| Year ended December 31, 2012                  | $25.65                               | $0.50d                                         | $1.71 | $2.21 |
| Year ended December 31, 2011                  | $28.21                               | $0.51d                                         | $(2.55) | $(2.04) |
| Year ended December 31, 2010                  | $23.80                               | $0.44d                                         | $4.43 | $4.87 |
| Year ended December 31, 2009                  | $16.22                               | $0.44d                                         | $7.60 | $8.04 |
| Davis Real Estate Fund Class A:               |                                 |                                           |   |   |
| Year ended December 31, 2013                  | $29.25                               | $0.42d                                         | $(0.90) | $(0.48) |
| Year ended December 31, 2012                  | $25.31                               | $0.39d                                         | $3.87 | $4.26 |
| Year ended December 31, 2011                  | $23.38                               | $0.31d                                         | $1.94 | $2.25 |
| Year ended December 31, 2010                  | $19.79                               | $0.30d                                         | $3.65 | $3.95 |
| Year ended December 31, 2009                  | $15.29                               | $0.39d                                         | $4.35 | $4.74 |
| Davis Real Estate Fund Class B:               |                                 |                                           |   |   |
| Year ended December 31, 2013                  | $28.86                               | $0.10d                                         | $(0.88) | $(0.78) |
| Year ended December 31, 2012                  | $24.98                               | $0.07d                                         | $3.83 | $3.90 |
| Year ended December 31, 2011                  | $23.08                               | $0.03d                                         | $1.91 | $1.94 |
| Year ended December 31, 2010                  | $19.55                               | $0.08d                                         | $3.57 | $3.65 |
| Year ended December 31, 2009                  | $15.13                               | $0.22d                                         | $4.32 | $4.54 |
| Davis Real Estate Fund Class C:               |                                 |                                           |   |   |
| Year ended December 31, 2013                  | $29.25                               | $0.16d                                         | $(0.90) | $(0.74) |
| Year ended December 31, 2012                  | $25.31                               | $0.16d                                         | $3.86 | $4.02 |
| Year ended December 31, 2011                  | $23.38                               | $0.10d                                         | $1.95 | $2.05 |
| Year ended December 31, 2010                  | $19.80                               | $0.12d                                         | $3.64 | $3.76 |
| Year ended December 31, 2009                  | $15.32                               | $0.27d                                         | $4.36 | $4.63 |
| Davis Real Estate Fund Class Y:               |                                 |                                           |   |   |
| Year ended December 31, 2013                  | $29.63                               | $0.49d                                         | $(0.91) | $(0.42) |
| Year ended December 31, 2012                  | $25.64                               | $0.46d                                         | $3.93 | $4.39 |
| Year ended December 31, 2011                  | $23.69                               | $0.36d                                         | $1.98 | $2.34 |
| Year ended December 31, 2010                  | $20.05                               | $0.33d                                         | $3.75 | $4.08 |
| Year ended December 31, 2009                  | $15.46                               | $0.46d                                         | $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. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                        |
| 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      | 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 |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.11)                              | $–                          | $–          | $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.15)                              | $–                          | $–          | $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.46)                              | $–                          | $–          | $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.36)                              | $–                          | $–          | $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.10)                              | $–                          | $–          | $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.43)                              | $–                          | $–          | $(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% |

| e                                 | 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. |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                              |                                                                                                                                                                                                                                                                                                                                                                       |
| f                                 | Less than $0.005 per share.                                                                                                                                                                                                                                                                                                                                                |
|                              |                                                                                                                                                                                                                                                                                                                                                                       |
| g                                 | Less than $0.0005 per share.                                                                                                                                                                                                                                                                                                                                               |
|                              |                                                                                                                                                                                                                                                                                                                                                                       |
| h                                 | Less than 0.50%.                                                                                                                                                                                                                                                                                                                                                           |
|                              |                                                                                                                                                                                                                                                                                                                                                                       |
| i                                 | 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 |

----

| DAVIS SERIES, INC. | Report of Independent Registered Public Accounting Firm |
|--------------------|---------------------------------------------------------|

----

| DAVIS SERIES, INC. |                    Federal Income Tax Information (Unaudited) |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                         |   | Davis Opportunity Fund |    | Davis Financial Fund |   | Davis Appreciation & Income Fund |   | Davis Real Estate Fund |
|--------------------------------------------------------------|--------|------------------------|---------|----------------------|--------|--------------------------------------|--------|------------------------|
|                                                         |   |                   |    |                 |   |                                 |   |                   |   |   |   |   |
| Income dividends                                             |   | $                      | 966,454 |                 | $      | 3,163,269                            |   | $                      | 3,814,085 |   | $ | 2,759,497 |
| Income qualifying for corporate dividends-received deduction |   | $                      | 966,454 |                 | $      | 3,163,269                            |   | $                      | 3,328,495 |   | $ | – |
|                                                         |   |  100%             |    |                 | 100%   |                                 |   | 87%                    |   |   | –% |
| Qualified dividend income                                    |   | $                      | 966,454 |                 | $      | 3,163,269                            |   | $                      | 3,814,085 |   | $ | 44,543 |
|                                                         |   |  100%             |    |                 | 100%   |                                 |   | 100%                   |   |   | 2% |
| Long-term capital gain distributions                         |   | $                      | – |                 | $      | 9,535,171                            |   | $                      | – |   | $ | – |

----

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

----

| 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, a 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 Holdings Company (publishing company); Director, Colfax Corp. (engineering and manufacturer of pumps and fluid handling equipment).                                                                      |
|                           |              |                |                                                                                                                                                                |                             |                                                                                                                                                                                                                      |
| Samuel H. Iapalucci(07/19/52)  | Director          | Director since 2006 | Executive Vice President and Chief Financial Officer, CH2M-HILL Companies, Ltd. (engineering) until 2008.                                                           |     13       | Director, exp Global Inc. (engineering &consulting).                                                                                                                                                                  |
|                           |              |                |                                                                                                                                                                |                             |                                                                                                                                                                                                                      |
| Robert P. Morgenthau(03/22/57) | Director          | Director since 2002 | Principal, Spears Abacus Advisors, LLC (investment management firm) since 2011; Chairman, NorthRoad Capital Management, LLC (investment management firm) 2002-2011. |     13       | none                                                                                                                                                                                                                      |
|                           |              |                |                                                                                                                                                                |                             |                                                                                                                                                                                                                      |
| Marsha Williams(03/28/51)      | Director          | Director since 1999 | Retired; Senior Vice President and Chief Financial Officer, Orbitz Worldwide, Inc. (travel-services provider) 2007-2010.                                            |     13       | Director, Modine Manufacturing, Inc. (heat transfer technology); Director, Chicago Bridge & Iron Co., N.V. (industrial construction and engineering); Director, Fifth Third Bancorp (diversified financial services). |

----

| 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, Graham Holdings Company (publishing company). |

----

| 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                                                         |   |

----

----

----

| (a)   | Audit Fees.  The aggregate Audit Fees billed by KPMP LLP (“KPMG”) for professional services rendered for the audits of the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal year ends December 31, 2013 and December 31, 2012 were $155,040 and $149,760, respectively. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Audit-Related Fees.  The aggregate Audit-Related Fees billed by KPMG for services rendered for assurance and related services that are not reasonably related to the performance of the audit or review of the fund financial statements, but not reported as Audit Fees fore fiscal year ends December 31, 2013 and December 31, 2012 were $0 and $0, respectively. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Tax Fees.  The aggregate Tax Fees billed by KPMG for professional services rendered for tax compliance, tax advice and tax planning for the fiscal year ends December 31, 2013 and December 31, 2012 were $41,140 and $37,914, respectively. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | All Other Fees.  The aggregate Other Fees billed by KPMG for all other non-audit services rendered to the fund for the fiscal year ends December 31, 2013 and December 31, 2012 were $0 and $6,638, respectively. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | (1)  Audit Committee Pre-Approval Policies and Procedures. |
|-----------------|----------------------------------------------------------------------|

| (f)   | Not applicable |
|-----------------|----------------|

| (g)   | The Funds’ independent accountant did not provide any services to the investment advisor or any affiliate for the fiscal years ended December 31, 2013 and December 31, 2012.  The fund has not paid any fees for non-audit not previously disclosed in items 4 (b) – (d). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (a)   | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940, as amended) are effective as of a date within 90 days of the filing date of this report. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (a)   | (1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed as an exhibit to this form N-CSR. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| (a)   | (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached. |
|-----------------|--------------------------------------------------------------------------------------------|

| (a)   | (3) Not applicable |
|-----------------|--------------------|

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

|   | SIGNATURES |
|--------|------------|

----

----