**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC  20549**

**FORM N-Q**

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANANGEMENT INVESTMENT COMPANY

 

**Investment Company Act file number 811-02679**

**DAVIS SERIES, INC.**

(Exact name of registrant as specified in charter)

2949 East Elvira Road, Suite 101

Tucson, AZ  85756

(Address of principal executive offices)

 

Thomas D. Tays

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, AZ  85756

(Name and address of agent for service)

 

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

**Date of fiscal year end: December 31, 2008**

 

**Date of reporting period: September 30, 2008**

 

 

**ITEM 1.  SCHEDULE OF INVESTMENTS**

 

 

 

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS OPPORTUNITY FUND**

**September 30, 2008*****(Unaudited)***

                

**Shares**

 

**Security**

 

**Value**

 
**COMMONSTOCK - (99.89%)**

 
 

**CONSUMER DISCRETIONARY - (32.19%)**

 
 

**Automobiles & Components – (1.22%)**

 
 

128,800

Johnson Controls, Inc.   

 

$

3,906,504

 
 

107,546

WABCO Holdings Inc.   

 

 

3,822,185

 
 

7,728,689

 
 

**Consumer Durables & Apparel – (6.97%)**

 
 

115,630

Compagnie Financiere Richemont S.A., Bearer Shares, Unit A  (Switzerland) 

 

 

5,108,930

 
 

766,410

Garmin Ltd.   

 

 

25,988,963

 
 

323,279

Hunter Douglas NV  (Netherlands) 

 

 

13,139,901

 
 

44,237,794

 
 

**Consumer Services – (2.90%)**

 
 

253,760

H&R Block, Inc.   

 

 

5,773,040

 
 

387,750

Yum! Brands, Inc.   

 

 

12,644,527

 
 

18,417,567

 
 

**Media – (15.23%)**

 
 

1,500,700

Comcast Corp., Special Class A   

 

 

29,571,294

 
 

1,130,320

Grupo Televisa S.A., ADR  (Mexico) 

 

 

24,720,098

 
 

216,416

Lagardere S.C.A.  (France) 

 

 

9,755,241

 
 

171,380

Liberty Media Corp. - Entertainment, Series A  * 

 

 

4,275,074

 
 

513,900

News Corp., Class A   

 

 

6,161,661

 
 

297,000

Walt Disney Co.   

 

 

9,114,930

 
 

1,607,150

WPP Group PLC  (United Kingdom) 

 

 

12,999,526

 
 

96,597,824

 
 

**Retailing – (5.87%)**

 
 

857,210

CarMax, Inc.  * 

 

 

12,000,940

 
 

271,430

Liberty Media Corp. - Interactive, Series A  * 

 

 

3,508,233

 
 

702,600

Netflix Inc.  * 

 

 

21,734,931

 
 

37,244,104

 
 

**TOTALCONSUMERDISCRETIONARY**

 

 

**204,225,978**

 
 

**CONSUMER STAPLES - (2.21%)**

 
 

**Food & Staples Retailing – (1.34%)**

 
 

85,430

Costco Wholesale Corp.   

 

 

5,546,543

 
 

145,790

Whole Foods Market, Inc.   

 

 

2,915,800

 
 

8,462,343

 
 

**Food, Beverage & Tobacco – (0.87%)**

 
 

140,905

Heineken Holding NV  (Netherlands) 

 

 

5,531,756

 
 

**TOTALCONSUMERSTAPLES**

 

 

**13,994,099**

 
 

**ENERGY - (6.63%)**

 
 

69,800

Devon Energy Corp.   

 

 

6,365,760

 
 

85,800

Occidental Petroleum Corp.   

 

 

6,044,610

 
 

224,110

Tenaris S.A., ADR  (Argentina) 

 

 

8,357,062

 
 

194,159

Transocean Inc.  * 

 

 

21,326,425

 
 

**TOTALENERGY**

 

 

**42,093,857**

 
 

**FINANCIALS - (18.42%)**

 
 

**Diversified Financials – (7.77%)**

 
 

**Capital Markets – (3.48%)**

 
 

398,810

Bank of New York Mellon Corp.   

 

 

12,993,230

 
 

924,685

E*TRADE Financial Corp.  * 

 

 

2,704,703

 
 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS OPPORTUNITY FUND - (Continued)**

**September 30, 2008*****(Unaudited)***

 

**Shares**

 

**Security**

 

**Value**

 
**COMMON STOCK – (CONTINUED)**

 
 

**FINANCIALS – (CONTINUED)**

 
 

**Diversified Financials – (Continued)**

 
 

**Capital Markets – (Continued)**

 
 

65,172

Julius Baer Holding, AG  (Switzerland) 

 

$

3,241,031

 
 

124,110

Merrill Lynch & Co., Inc.   

 

 

3,139,983

 
 

22,078,947

 
 

**Diversified Financial Services – (4.29%)**

 
 

2,153

CME Group Inc.   

 

 

799,861

 
 

495,450

Oaktree Capital Group LLC, Class A  (a) 

 

 

13,748,738

 
 

146,955

Pargesa Holdings S.A., Bearer Shares  (Switzerland) 

 

 

12,647,457

 
 

27,196,056

 
 

49,275,003

 
 

**Insurance – (9.16%)**

 
 

**Insurance Brokers – (0.81%)**

 
 

237,253

Brown & Brown, Inc.   

 

 

5,129,410

 
 

**Life & Health Insurance – (2.08%)**

 
 

123,330

Aflac, Inc.   

 

 

7,245,637

 
 

202,230

Power Corp. of Canada  (Canada) 

 

 

5,928,660

 
 

13,174,297

 
 

**Property & Casualty Insurance – (4.21%)**

 
 

815,510

Ambac Financial Group, Inc.   

 

 

1,900,138

 
 

66,365

Markel Corp.  * 

 

 

23,327,298

 
 

127,470

MBIA Inc.  * 

 

 

1,516,893

 
 

26,744,329

 
 

**Reinsurance – (2.06%)**

 
 

42,480

Everest Re Group, Ltd.   

 

 

3,675,794

 
 

43,230

RenaissanceRe Holdings Ltd.   

 

 

2,247,960

 
 

131,825

Transatlantic Holdings, Inc.   

 

 

7,164,689

 
 

13,088,443

 
 

58,136,479

 
 

**Real Estate – (1.49%)**

 
 

435,283

Redwood Trust, Inc.   

 

 

9,458,699

 
 

**TOTALFINANCIALS**

 

 

**116,870,181**

 
 

**HEALTH CARE - (11.36%)**

 
 

**Health Care Equipment & Services – (3.96%)**

 
 

85,065

Cardinal Health, Inc.   

 

 

4,192,003

 
 

226,190

IDEXX Laboratories, Inc.  * 

 

 

12,394,081

 
 

337,040

UnitedHealth Group Inc.   

 

 

8,557,446

 
 

25,143,530

 
 

**Pharmaceuticals, Biotechnology & Life Sciences – (7.40%)**

 
 

461,660

Johnson & Johnson   

 

 

31,983,805

 
 

809,000

Schering-Plough Corp.   

 

 

14,942,230

 
 

46,926,035

 
 

**TOTALHEALTHCARE**

 

 

**72,069,565**

 
 

**INDUSTRIALS - (6.94%)**

 
 

**Capital Goods – (4.32%)**

 
 

1,242,768

Blount International, Inc.  * 

 

 

13,832,008

 
 

201,470

Shaw Group Inc.  * 

 

 

6,191,173

 
 

2

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS OPPORTUNITY FUND - (Continued)**

**September 30, 2008*****(Unaudited)***

 

**Shares/Principal**

 

**Security**

 

**Value**

 
**COMMON STOCK – (CONTINUED)**

 
 

**INDUSTRIALS – (CONTINUED)**

 
 

**Capital Goods – (Continued)**

 
 

79,190

Siemens AG, Registered  (Germany) 

 

$

7,386,605

 
 

27,409,786

 
 

**Commercial & Professional Services – (1.97%)**

 
 

36,230

D&B Corp.   

 

 

3,418,663

 
 

372,070

Iron Mountain Inc.  * 

 

 

9,082,229

 
 

12,500,892

 
 

**Transportation – (0.65%)**

 
 

958,000

Clark Holdings, Inc.  *(b) 

 

 

1,350,780

 
 

41,600

Kuehne & Nagel International AG, Registered  (Switzerland) 

 

 

2,775,661

 
 

4,126,441

 
 

**TOTALINDUSTRIALS**

 

 

**44,037,119**

 
 

**INFORMATION TECHNOLOGY - (17.74%)**

 
 

**Semiconductors & Semiconductor Equipment – (2.36%)**

 
 

695,680

Texas Instruments Inc.   

 

 

14,957,120

 
 

**Software & Services – (10.19%)**

 
 

680,472

Convera Corp., Class A  * 

 

 

700,886

 
 

89,549

Google Inc., Class A  * 

 

 

35,866,165

 
 

806,560

Microsoft Corp.   

 

 

21,519,021

 
 

380,000

Yahoo! Inc.  * 

 

 

6,572,100

 
 

64,658,172

 
 

**Technology Hardware & Equipment – (5.19%)**

 
 

546,000

Agilent Technologies, Inc.  * 

 

 

16,194,360

 
 

246,710

Cisco Systems, Inc.  * 

 

 

5,563,311

 
 

680,520

Dell Inc.  * 

 

 

11,208,164

 
 

32,965,835

 
 

**TOTALINFORMATIONTECHNOLOGY**

 

 

**112,581,127**

 
 

**MATERIALS - (3.52%)**

 
 

262,560

Sigma-Aldrich Corp.   

 

 

13,762,083

 
 

679,600

Sino-Forest Corp.  (Canada)* 

 

 

8,563,247

 
 

**TOTALMATERIALS**

 

 

**22,325,330**

 
 

**TELECOMMUNICATION SERVICES - (0.88%)**

 
 

57,730

American Tower Corp., Class A  * 

 

 

2,076,548

 
 

571,253

Sprint Nextel Corp.  * 

 

 

3,484,643

 
 

**TOTALTELECOMMUNICATIONSERVICES**

 

 

**5,561,191**

 
 

**TOTAL COMMON STOCK – (Identified cost $686,789,098)**

 

 

**633,758,447**

 
**CONVERTIBLEBONDS - (0.85%)**

 
 

**TELECOMMUNICATION SERVICES - (0.85%)**

 
$

5,600,000

Level 3 Communications, Inc., Conv. Sr. Notes, 10.00%, 05/01/11 

 

 

5,425,000

 
 

**TOTAL CONVERTIBLE BONDS – (Identified cost $5,600,000)**

 

 

**5,425,000**

 
 

3

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS OPPORTUNITY FUND - (Continued)**

**September 30, 2008*****(Unaudited)***

 

**Principal**

 

**Security**

 

**Value**

 
**SHORTTERMINVESTMENTS - (0.41%)**

 
$

1,478,000

ABN AMRO Inc. Joint Repurchase Agreement,

 
 

1.75%, 10/01/08, dated 09/30/08, repurchase value of $1,478,072

 
 

(collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.25%, 03/08/13-04/16/37, total market value $1,507,560)

 

$

1,478,000

 
 

1,132,000

Morgan Stanley & Co. Joint Repurchase Agreement,

 
 

1.70%, 10/01/08, dated 09/30/08, repurchase value of $1,132,053

 
 

(collateralized by: U.S. Government agency mortgages in a pooled cash account, 5.205%-5.50%, 07/01/34-05/01/38, total market value $1,154,640)

 

 

1,132,000

 
 

**TOTAL SHORT TERM INVESTMENTS – (Identified cost $2,610,000)**

 

 

**2,610,000**

 
 

Total Investments – (101.15%) – (Identified cost $694,999,098) – (c)

 

 

641,793,447

 
 

Liabilities Less Other Assets – (1.15%)  

 

 

(7,321,911)

 
 

Net Assets – (100.00%)  

 

$

634,471,536

 
 

ADR: American Depositary Receipt

 

 
 

*

 

Non-Income producing security.

 

 
 

(a)

 

Illiquid Security – Securities may be considered illiquid if they lack a readily available market or if valuation has not changed for a certain period of time. The aggregate value of illiquid securities in the Fund was $13,748,738, or 2.17% of the Fund’s net assets as of September 30, 2008.

 

 
 

(b)

 

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 period ended September 30, 2008.  The aggregate fair value of the securities of affiliated companies held by the Fund as of September 30, 2008, amounts to $1,350,780.  Transactions during the period in which the issuers were affiliates are as follows:

 

 

 

 
   

Security

 

Shares

December 31, 2007

 

Gross

Additions

 

Gross

Reductions

 

Shares

September 30, 2008

 

Dividend

Income

Clark Holdings, Inc.

 

–

 

978,700

 

20,700

 

958,000

 

$

–

   

 

 

 

 

 

 
 

(c)

 

Aggregate cost for federal income tax purposes is $700,128,175.  At September 30, 2008 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

 

 

 

Unrealized appreciation  

 

$

81,104,159

 
 

Unrealized depreciation  

 

 

(139,438,887)

 
 

Net unrealized depreciation 

 

$

(58,334,728)

 
 

Please refer to "Notes to Schedule of Investments" on page 21 for the Fund's policy regarding valuation of investments. 

 

 
 

For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

 

 
 

 

4

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS GOVERNMENT BOND FUND**

**September 30, 2008*****(Unaudited)***

 

**Principal**

 

**Security**

 

**Value**

 
**GOVERNMENTAGENCYNOTES - (18.19%)**

 
$

125,000

Fannie Mae, 6.50%, 07/15/09    

 

$

127,921

 
 

500,000

Fannie Mae, 4.00%, 11/09/09    

 

 

505,930

 
 

130,000

Fannie Mae, 3.00%, 12/18/09    

 

 

128,979

 
 

500,000

Fannie Mae, 5.00%, 07/28/10    

 

 

516,079

 
 

755,338

Fannie Mae, 4.10%, 11/25/10    

 

 

768,293

 
 

180,000

Fannie Mae, 3.50%, 06/03/11    

 

 

176,367

 
 

195,000

Fannie Mae, 4.125%, 01/30/12    

 

 

192,491

 
 

500,000

Federal Farm Credit Bank, 4.125%, 07/17/09    

 

 

502,602

 
 

340,000

Federal Farm Credit Bank, 4.50%, 10/04/10    

 

 

348,365

 
 

600,000

Federal Home Loan Bank, 5.00%, 11/03/09    

 

 

613,330

 
 

1,000,000

Federal Home Loan Bank, 4.875%, 03/12/10    

 

 

1,023,915

 
 

2,600,000

Federal Home Loan Bank, 3.40%, 09/17/10    

 

 

2,580,249

 
 

471,325

Federal Home Loan Bank, 4.75%, 10/25/10    

 

 

482,145

 
 

1,023,832

Federal Home Loan Bank, 5.30%, 06/15/12    

 

 

1,058,860

 
 

2,000,000

Federal Home Loan Bank, 4.75%, 02/06/15    

 

 

1,945,861

 
 

1,099,030

Final Maturity Amortizing Notes, 4.10%, 01/25/10    

 

 

1,099,409

 
 

2,687,295

Final Maturity Amortizing Notes, 4.62%, 04/25/10    

 

 

2,734,019

 
 

230,000

Freddie Mac, 3.00%, 06/30/09    

 

 

228,991

 
 

200,000

Freddie Mac, 4.00%, 09/22/09    

 

 

202,061

 
 

245,000

Freddie Mac, 3.00%, 11/15/09    

 

 

244,602

 
 

165,000

Freddie Mac, 3.00%, 12/15/09    

 

 

164,613

 
 

200,000

Freddie Mac, 5.00%, 10/18/10    

 

 

206,975

 
 

1,200,000

Freddie Mac, 3.50%, 12/09/10    

 

 

1,189,455

 
 

1,000,000

Freddie Mac, 5.25%, 02/24/11    

 

 

1,005,783

 
 

985,000

Freddie Mac, 4.25%, 12/26/18    (a)

 

 

988,526

 
 

**TOTAL GOVERNMENT AGENCY NOTES –**

**(Identified cost $19,034,545)**

 

 

**19,035,821**

 
**MORTGAGES - (73.68%)**

 
 

**COLLATERALIZED MORTGAGE OBLIGATIONS - (22.12%)**

 
 

95,756

Fannie Mae, 5.00%, 07/25/15    

 

 

96,312

 
 

1,662,748

Fannie Mae, 4.50%, 07/25/21    

 

 

1,641,077

 
 

1,499,545

Fannie Mae, 5.50%, 11/25/23    

 

 

1,493,506

 
 

1,150,385

Fannie Mae, 5.50%, 11/25/25    

 

 

1,161,046

 
 

2,284,943

Fannie Mae, 5.50%, 01/25/28    

 

 

2,290,171

 
 

4,628,008

Fannie Mae, 4.00%, 09/25/31    

 

 

4,576,468

 
 

791,485

Freddie Mac, 4.00%, 09/15/10    

 

 

789,143

 
 

708,248

Freddie Mac, 5.00%, 08/15/14    

 

 

710,509

 
 

955,245

Freddie Mac, 5.00%, 08/15/16    

 

 

963,572

 
 

300,000

Freddie Mac, 5.00%, 05/15/27    

 

 

304,188

 
 

1,930,030

Freddie Mac, 6.00%, 05/15/35    

 

 

1,918,528

 
 

346,730

Ginnie Mae, 6.00%, 03/20/14    

 

 

348,271

 
 

1,236,538

Ginnie Mae, 6.00%, 05/16/30    

 

 

1,248,319

 
 

5,588,097

Ginnie Mae, 5.00%, 08/20/32    

 

 

5,607,938

 
 

**Total Collateralized Mortgage Obligations**

 

 

**23,149,048**

 
 

**FANNIE MAE POOLS - (19.62%)**

 
 

212,105

5.50%, 09/01/09, Pool No. 254469   

 

 

214,300

 
 

2,505,000

4.50%, 11/01/09, Pool No. 254566   

 

 

2,527,876

 
 

348,133

4.00%, 08/01/10, Pool No. 254861   

 

 

350,587

 
 

731,916

4.00%, 09/01/10, Pool No. 254901   

 

 

738,015

 
 

1,417,455

4.50%, 07/01/12, Pool No. 255863   

 

 

1,407,028

 
 

5

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS GOVERNMENT BOND FUND - (Continued)**

**September 30, 2008*****(Unaudited)***

 

**Principal**

 

**Security**

 

**Value**

 
**MORTGAGES – (CONTINUED)**

 
 

**FANNIE MAE POOLS – (CONTINUED)**

 
$

585,126

4.50%, 01/01/13, Pool No. 254646   

 

$

579,823

 
 

3,593,802

6.00%, 09/01/17, Pool No. 665776   

 

 

3,678,967

 
 

2,691,928

4.50%, 08/01/18, Pool No. 254833   

 

 

2,660,803

 
 

1,864,390

4.00%, 01/01/19, Pool No. 976841   

 

 

1,785,736

 
 

197,470

6.50%, 07/01/32, Pool No. 635069   

 

 

204,031

 
 

2,216,797

5.508%, 10/01/32, Pool No. 648917 (b)  

 

 

2,211,275

 
 

1,022,884

4.81%, 05/01/35, Pool No. 826242 (b)  

 

 

1,019,365

 
 

1,440,625

5.065%, 01/01/36, Pool No. 848973 (b)  

 

 

1,439,813

 
 

276,250

5.803%, 03/01/36, Pool No. 843396 (b)  

 

 

272,173

 
 

1,449,110

5.624%, 04/01/36, Pool No. 851605 (b)  

 

 

1,439,451

 
 

**Total Fannie Mae Pools**

 

 

**20,529,243**

 
 

**FREDDIE MAC POOLS - (31.94%)**

 
 

758,840

4.00%, 02/01/09, Pool No. L75353   

 

 

760,270

 
 

2,061,213

4.00%, 03/01/09, Pool No. M90903   

 

 

2,065,615

 
 

1,261,686

4.50%, 07/01/09, Pool No. M90934   

 

 

1,267,535

 
 

467,683

4.50%, 10/01/09, Pool No. M80778   

 

 

472,068

 
 

1,180,753

5.00%, 02/01/10, Pool No. M90972   

 

 

1,194,590

 
 

2,837,295

4.00%, 03/01/10, Pool No. M80806   

 

 

2,857,244

 
 

856,697

4.50%, 03/01/10, Pool No. M80807   

 

 

866,335

 
 

6,407,640

4.50%, 05/01/10, Pool No. M80818   

 

 

6,491,740

 
 

700,522

3.00%, 10/01/10, Pool No. M91001   

 

 

692,799

 
 

840,344

4.00%, 11/01/10, Pool No. M80864   

 

 

848,645

 
 

3,397,170

4.50%, 11/01/10, Pool No. M80865   

 

 

3,456,620

 
 

863,418

3.50%, 04/01/12, Pool No. M80974   

 

 

856,672

 
 

1,295,532

4.00%, 12/01/12, Pool No. M81008   

 

 

1,304,844

 
 

967,013

4.50%, 03/01/15, Pool No. B18794   

 

 

965,583

 
 

3,047,068

5.00%, 05/01/21, Pool No. G13296   

 

 

3,047,068

 
 

1,982,884

5.50%, 06/01/22, Pool No. G12688   

 

 

1,998,169

 
 

710,130

4.53%, 12/01/34, Pool No. 1H1238 (b)  

 

 

712,433

 
 

3,668,664

4.742%, 04/01/35, Pool No. 782528 (b)  

 

 

3,574,834

 
 

**Total Freddie Mac Pools**

 

 

**33,433,064**

 
 

**TOTAL MORTGAGES – (Identified cost $77,374,276)**

 

 

**77,111,355**

 
 

**SHORTTERMINVESTMENTS - (10.53%)**

 
 

6,241,000

ABN AMRO Inc. Joint Repurchase Agreement,

 
 

1.75%, 10/01/08, dated 09/30/08, repurchase value of $6,241,303

 
 

(collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.25%, 03/08/13-04/16/37, total market value $6,365,820)

 

 

6,241,000

 
 

4,778,000

Morgan Stanley & Co. Joint Repurchase Agreement,

 
 

1.70%, 10/01/08, dated 09/30/08, repurchase value of $4,778,226

 
 

(collateralized by: U.S. Government agency mortgages in a pooled cash account, 5.205%-5.50%, 07/01/34-05/01/38, total market value $4,873,560)

 

 

4,778,000

 
 

**TOTAL SHORT TERM INVESTMENTS – (Identified cost $11,019,000)**

 

 

**11,019,000**

 
 

6

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS GOVERNMENT BOND FUND - (Continued)**

**September 30, 2008*****(Unaudited)***

 

 

Total Investments – (102.40%) – (Identified cost $107,427,821) – (c)

 

$

107,166,176

 
 

Liabilities Less Other Assets – (2.40%)  

 

 

(2,507,289)

 
 

Net Assets – (100.00%)  

 

$

104,658,887

 
 

(a)

 

Represents a step-up bond: a bond that pays one coupon rate for an initial period followed by a higher coupon rate.

 

 
 

(b)

 

The interest rates on floating rate securities, shown as of September 30, 2008, 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.

 

 
 

(c)

 

Aggregate cost for federal income tax purposes is $107,427,821.  At September 30, 2008 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

 

 
 

Unrealized appreciation  

 

$

257,863

 
 

Unrealized depreciation  

 

 

(519,508)

 
 

Net unrealized depreciation 

 

$

(261,645)

 
 

Please refer to "Notes to Schedule of Investments" on page 21 for the Fund's policy regarding valuation of investments.

 

 
 

For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

 

 
 

 

7

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS GOVERNMENT MONEY MARKET FUND**

**September 30, 2008*****(Unaudited)***

 

**Principal**

 

**Security**

 

**Value**

 
**FANNIEMAE - (4.22%)**

 
$

360,000

4.50%, 10/15/08    

 

$

360,329

 
 

500,000

3.75%, 10/24/08    

 

 

500,355

 
 

1,000,000

3.875%, 11/17/08    

 

 

1,002,057

 
 

7,305,000

3.375%, 12/15/08    

 

 

7,316,945

 
 

1,354,000

5.25%, 01/15/09    

 

 

1,363,230

 
 

4,000,000

5.00%, 01/23/09    

 

 

4,032,729

 
 

5,000,000

3.25%, 02/15/09    

 

 

5,007,677

 
 

2,400,000

3.85%, 04/14/09    

 

 

2,419,231

 
 

600,000

4.02%, 04/20/09    

 

 

603,639

 
 

**TOTAL FANNIE MAE – (Identified cost $22,606,192)**

 

 

**22,606,192**

 
   

**FEDERALFARMCREDITBANK - (6.57%)**

 
 

1,875,000

4.07%, 10/06/08    

 

 

1,875,462

 
 

500,000

4.875%, 11/20/08    

 

 

501,496

 
 

4,000,000

3.70%, 12/17/08    

 

 

4,012,082

 
 

20,000,000

1.938%, 01/02/09  (a)  

 

 

20,000,000

 
 

8,381,000

2.49%, 02/05/09  (b)  

 

 

8,307,380

 
 

500,000

4.125%, 04/15/09    

 

 

503,355

 
 

**TOTAL FEDERAL FARM CREDIT BANK –**

**(Identified cost $35,199,775)**

 

 

**35,199,775**

 
**FEDERALHOMELOANBANK - (50.01%)**

 
 

860,000

4.375%, 10/03/08    

 

 

860,106

 
 

2,525,000

4.50%, 10/14/08    

 

 

2,526,878

 
 

5,000,000

2.39%, 10/15/08  (b)  

 

 

4,995,353

 
 

12,000,000

4.625%, 10/24/08    

 

 

12,015,029

 
 

1,000,000

4.75%, 10/27/08    

 

 

1,001,539

 
 

5,000,000

5.00%, 10/27/08    

 

 

5,009,736

 
 

1,000,000

4.50%, 10/28/08    

 

 

1,001,379

 
 

10,000,000

2.565%, 11/07/08    

 

 

10,004,092

 
 

1,000,000

2.644%, 11/14/08  (a)  

 

 

1,000,027

 
 

2,010,000

3.625%, 11/14/08    

 

 

2,012,343

 
 

4,600,000

4.125%, 11/17/08    

 

 

4,598,825

 
 

500,000

5.00%, 11/17/08    

 

 

501,554

 
 

850,000

4.35%, 11/19/08    

 

 

852,015

 
 

10,000,000

2.57%, 11/24/08  (b)  

 

 

9,961,450

 
 

13,000,000

2.18%, 11/28/08  (b)  

 

 

12,954,341

 
 

8,500,000

2.58%, 12/01/08  (a)  

 

 

8,499,782

 
 

10,000,000

2.575%, 12/08/08  (a)  

 

 

10,005,141

 
 

10,000,000

2.12%, 12/15/08  (b)  

 

 

9,955,833

 
 

5,000,000

2.70%, 12/18/08  (b)  

 

 

4,970,750

 
 

500,000

4.375%, 12/19/08    

 

 

502,155

 
 

500,000

5.49%, 12/22/08    

 

 

503,448

 
 

1,000,000

4.125%, 12/23/08    

 

 

1,003,974

 
 

1,500,000

3.00%, 12/26/08    

 

 

1,501,207

 
 

1,000,000

4.70%, 12/26/08    

 

 

1,002,254

 
 

10,000,000

3.20%, 01/05/09  (b)  

 

 

9,914,667

 
 

5,000,000

3.31%, 01/09/09  (b)  

 

 

4,954,028

 
 

5,000,000

3.25%, 01/14/09    

 

 

5,000,000

 
 

20,000,000

2.629%, 01/23/09  (a)  

 

 

20,009,605

 
 

3,000,000

5.477%, 01/28/09    

 

 

3,025,510

 
 

5,000,000

3.30%, 02/02/09  (b)  

 

 

4,943,167