----

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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                                                                                                                                                                                                                                | 15     |
| Davis Government Money Market Fund                                                                                                                                                                                                                        | 16     |
| Davis Financial Fund                                                                                                                                                                                                                                      | 17     |
| Davis Appreciation & Income Fund                                                                                                                                                                                                                      | 19     |
| Davis Real Estate Fund                                                                                                                                                                                                                                    | 21     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |        |
| Expense Example                                                                                                                                                                                                   | 23     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |        |
| Schedule of Investments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| Davis Opportunity Fund                                                                                                                                                                                                                                    | 26     |
| Davis Government Bond Fund                                                                                                                                                                                                                                | 30     |
| Davis Government Money Market Fund                                                                                                                                                                                                                        | 33     |
| Davis Financial Fund                                                                                                                                                                                                                                      | 36     |
| Davis Appreciation & Income Fund                                                                                                                                                                                                                      | 38     |
| Davis Real Estate Fund                                                                                                                                                                                                                                    | 42     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |        |
| Statements of Assets and Liabilities                                                                                                                                                                              | 45     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |        |
| Statements of Operations                                                                                                                                                                                          | 47     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |        |
| Statements of Changes in Net Assets                                                                                                                                                                               | 48     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |        |
| Notes to Financial Statements                                                                                                                                                                                     | 50     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |        |
| Federal Income Tax Information                                                                                                                                                                                    | 62     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |        |
| Financial Highlights                                                                                                                                                                                              | 63     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |        |
| Report of Independent Registered Public Accounting Firm                                                                                                                                                           | 69     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |        |
| Privacy Notice and Householding                                                                                                                                                                                   | 70     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |        |
| Directors and Officers                                                                                                                                                                                            | 71     |

----

| DAVIS SERIES, INC. | Shareholder Letter |
|--------------------|--------------------|
|                      |
|----------------------|
| Christopher C. Davis |
| President            |
|                 |
|                 |
| February 2, 2015     |

----

| 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   | 7.31%  | 13.42% | 6.56%   | 10.74%         | 12/01/94      | 0.97%               | 0.97%             |
|  Class A - with sales charge      | 2.21%  | 12.32% | 6.04%   | 10.47%         | 12/01/94      | 0.97%               | 0.97%             |
|  Class B†, **               | 2.55%  | 12.07% | 5.91%   | 11.42%         | 05/01/84      | 1.92%               | 1.92%             |
|  Class C**                        | 5.53%  | 12.53% | 5.73%   | 6.43%          | 08/15/97      | 1.75%               | 1.75%             |
|  Class Y                          | 7.58%  | 13.72% | 6.86%   | 7.26%          | 09/18/97      | 0.72%               | 0.72%             |
|  Russell 3000® Index***      | 12.56% | 15.63% | 7.94%   | 10.06%         |          |                |              |

----

| 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                         | 1.14%   | 0.84%   | 2.20%   | 3.58%          | 12/01/94      | 0.90%               | 0.90%             |
|  Class A - with sales charge                            | (3.67)% | (0.14)% | 1.70%   | 3.33%          | 12/01/94      | 0.90%               | 0.90%             |
|  Class B†, **                                     | (3.67)% | (0.49)% | 1.61%   | 4.83%          | 05/01/84      | 1.80%               | 1.80%             |
|  Class C**                                              | (0.69)% | 0.01%   | 1.37%   | 2.21%          | 08/19/97      | 1.69%               | 1.69%             |
|  Class Y                                                | 1.73%   | 1.14%   | 2.39%   | 2.98%          | 09/01/98      | 0.50%               | 0.50%             |
|  Citigroup U.S. Treasury/Agency  1-3 Year Index*** | 0.61%   | 1.06%   | 2.60%   | 4.17%          |          |                |              |

----

| 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 | 13.01% | 12.18% | 5.53%   | 12.07%         | 05/01/91      | 0.86%               | 0.86%             |
|  Class A - with sales charge    | 7.64%  | 11.09% | 5.02%   | 11.84%         | 05/01/91      | 0.86%               | 0.86%             |
|  Class B†, **             | 7.90%  | 10.66% | 4.79%   | 10.74%         | 12/27/94      | 1.92%               | 1.92%             |
|  Class C**                      | 11.04% | 11.16% | 4.59%   | 5.95%          | 08/12/97      | 1.76%               | 1.76%             |
|  Class Y                        | 13.20% | 12.35% | 5.68%   | 7.84%          | 03/10/97      | 0.70%               | 0.70%             |
|  S&P 500® Index***     | 13.69% | 15.45% | 7.67%   | 9.63%          |          |                |              |

----

| 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 | 5.37%  | 10.33% | 5.92%   | 8.74%          | 05/01/92      | 0.87%               | 0.87%             |
|  Class A - with sales charge    | 0.37%  | 9.26%  | 5.40%   | 8.50%          | 05/01/92      | 0.87%               | 0.87%             |
|  Class B†, **             | 0.32%  | 9.01%  | 5.27%   | 8.34%          | 02/03/95      | 1.87%               | 1.87%             |
|  Class C**                      | 3.48%  | 9.43%  | 5.05%   | 5.11%          | 08/12/97      | 1.72%               | 1.72%             |
|  Class Y                        | 5.52%  | 10.53% | 6.15%   | 7.43%          | 11/13/96      | 0.72%               | 0.72%             |
|  S&P 500® Index***     | 13.69% | 15.45% | 7.67%   | 9.54%          |          |                |              |

----

| 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                     | 27.68%       | 14.08%       | 5.73%       | 10.19%         | 01/03/94      | 0.96%               | 0.96%             |
|  Class A - with sales charge                        | 21.61%       | 12.98%       | 5.22%       | 9.94%          | 01/03/94      | 0.96%               | 0.96%             |
|  Class B†, **                                 | 22.30%       | 12.58%       | 5.04%       | 9.99%          | 12/27/94      | 2.05%               | 2.05%             |
|  Class C**                                          | 25.58%       | 13.12%       | 4.88%       | 7.32%          | 08/13/97      | 1.84%               | 1.84%             |
|  Class Y                                            | 27.96%       | 14.38%       | 6.06%       | 9.59%          | 11/08/96      | 0.74%               | 0.74%             |
|  S&P 500® Index***                         | 13.69%       | 15.45%       | 7.67%       | 9.44%          |          |                |              |
|  Wilshire U.S. Real Estate Securities Index*** |  31.53% |  17.23% |  8.15% |  11.08%   |          |                |              |

----

| DAVIS SERIES, INC.     | Fund Overview     |
|------------------------|-------------------|
| DAVIS OPPORTUNITY FUND | December 31, 2014 |
| Portfolio Composition             |    | Industry Weightings            |
|-----------------------------------|---------|--------------------------------|
| (% of Fund's 12/31/14 Net Assets) |    | (% of 12/31/14 Stock Holdings) |
|                              |    |                           |   |   |   |   |
|                              |    |                           |   | Fund |   | Russell 3000® |
| Common Stock (U.S.)               | 77.11%  |                           | Information Technology | 23.90% |   | 19.01% |
| Common Stock (Foreign)            | 18.28%  |                           | Health Care | 13.09% |   | 14.06% |
| Stock Warrants                    | 0.81%   |                           | Retailing | 12.84% |   | 4.48% |
| Short-Term Investments            | 2.53%   |                           | Media | 9.56% |   | 3.51% |
| Investment of Cash Collateral     |    |                           | Capital Goods | 6.33% |   | 7.80% |
| for Securities Loaned             | 0.26%   |                           | Diversified Financials | 6.20% |   | 4.92% |
| Other Assets & Liabilities    | 1.01%   |                           | Transportation | 4.88% |   | 2.56% |
|                              | 100.00% |                           | Energy | 4.85% |   | 7.52% |
|                              |    |                           | Banks | 4.14% |   | 6.08% |
|                              |    |                           | Consumer Services | 2.90% |   | 2.12% |
|                              |    |                           | Materials | 2.55% |   | 3.62% |
|                              |    |                           | Consumer Durables & Apparel | 2.28% |   | 1.59% |
|                              |    |                           | Other | 2.00% |   | 14.10% |
|                              |    |                           | Insurance | 1.95% |   | 3.06% |
|                              |    |                           | Commercial & Professional Services | 1.38% |   | 1.04% |
|                              |    |                           | Food, Beverage & Tobacco | 1.15% |   | 4.53% |
|                              |    |                           |   | 100.00% |   | 100.00% |
|                                               |                                |   |
|----------------------------------------------------|-------------------------------------|--------|
| Google Inc.*                                       | Software & Services             | 5.86%  |
| Liberty Global PLC, Series C                       | Media                               | 5.64%  |
| Amazon.com, Inc.                                   | Retailing                           | 4.45%  |
| UnitedHealth Group Inc.                            | Heath Care Equipment & Services | 2.92%  |
| Laboratory Corp. of America Holdings               | Heath Care Equipment & Services | 2.79%  |
| Las Vegas Sands Corp.                              | Consumer Services                   | 2.79%  |
| PACCAR Inc.                                        | Capital Goods                       | 2.62%  |
| Wesco Aircraft Holdings, Inc.                      | Transportation                      | 2.57%  |
| IDEXX Laboratories, Inc.                           | Heath Care Equipment & Services | 2.39%  |
| Priceline Group Inc.                               | Retailing                           | 2.09%  |
|                                               |                                |   |
|                                               |                                |   |
| *Google Inc. holding includes Class A and Class C. |

----

| DAVIS SERIES, INC.                   | Fund Overview     |
|--------------------------------------|-------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | December 31, 2014 |
| New Positions Added (01/01/14-12/31/14)                                                |
|----------------------------------------------------------------------------------------|
| (Highlighted positions are those greater than 1.50% of the Fund's 12/31/14 net assets) |
| Security                                                                               | Industry |  Date of 1stPurchase | % of Fund's 12/31/14    Net Assets  |
| Alibaba Group Holding Ltd., ADR                                                        | Software & Services | 09/18/14 | – |
| Amazon.com, Inc.                                                                       | Retailing | 02/07/14 | 4.45% |
| BM&FBOVESPA S.A.                                                                   | Diversified Financial Services | 06/13/14 | 0.74% |
| CAR Inc.                                                                               | Transportation | 09/12/14 | 0.56% |
| Coupons.com Inc.                                                                       | Retailing | 03/07/14 | 1.22% |
| Encana Corp.                                                                           | Energy | 08/25/14 | 1.36% |
| Endurance International Group Holdings, Inc.                                           | Software & Services | 11/21/14 | 0.90% |
| Express Scripts Holding Co.                                                            | Health Care Equipment & Services | 05/07/14 | 1.85% |
| GrubHub, Inc.                                                                          | Software & Services | 04/04/14 | 0.91% |
| Halliburton Co.                                                                        | Energy | 12/19/14 | 1.48% |
| JD.com Inc., Class A, ADR                                                              | Retailing | 05/22/14 | 1.31% |
| Jumei International Holding Ltd.,                                                      |   |   |   |
|    Class A, ADR                                                         | Retailing | 05/16/14 | 0.12% |
| KBR, Inc.                                                                              | Capital Goods | 07/08/14 | 0.31% |
| LendingClub Corp.                                                                      | Diversified Financial Services | 12/11/14 | 0.96% |
| Praxair, Inc.                                                                          | Materials | 08/15/14 | 0.72% |
| Quest Diagnostics Inc.                                                                 | Health Care Equipment & Services | 01/30/14 | 0.72% |
| Rockwell Automation, Inc.                                                              | Capital Goods | 06/11/14 | 1.62% |
| SouFun Holdings Ltd., Class A, ADR                                                     | Software & Services | 02/11/14 | 1.35% |
| Sysco Corp.                                                                            | Food & Staples Retailing | 01/09/14 | 0.97% |
| Twenty-First Century Fox, Inc., Class B                                                | Media | 04/21/14 | 2.05% |
| Ultra Petroleum Corp.                                                                  | Energy | 06/04/14 | 1.82% |
| Valeant Pharmaceuticals International, Inc.                                            | Pharmaceuticals, Biotechnology & |   |   |
|                                                                                   |    Life Sciences | 05/30/14 | 1.17% |
| Visa Inc., Class A                                                                     | Diversified Financial Services | 04/21/14 | 1.69% |
| YY Inc., Class A, ADR                                                                  | Software & Services | 08/07/14 | 0.80% |
| Positions Closed (01/01/14-12/31/14)                       |                                      |
|------------------------------------------------------------|--------------------------------------|
| (Gains and losses greater than $2,000,000 are highlighted) |                                      |
|                                                       |                                 | Date of     | Realized   |  |
| Security                                                   | Industry                             | Final Sale | Gain (Loss) |  |
| 58.com Inc., Class A, ADR                                  | Software & Services              | 12/29/14 | $ | 550,094 |  |
| Air Products and Chemicals, Inc.                           | Materials                            | 09/15/14 |   | 1,360,752 |  |
| Alibaba Group Holding Ltd., ADR                            | Software & Services              | 12/23/14 |   | 1,703,272 |  |
| Brasil Pharma S.A., Stock Rights                           | Food & Staples Retailing         | 05/29/14 |   | 5,786 |  |
| CETIP S.A. - Mercados Organizados,                         |                                 |   |   |   |  |
|    Stock Rights                             | Capital Markets                      | 05/29/14 |   | 280 |  |
| C.H. Robinson Worldwide, Inc.                              | Transportation                       | 03/14/14 |   | (254,960) |  |
| Chubb Corp.                                                | Property & Casualty Insurance    | 01/14/14 |   | 1,198,819 |  |
| DISH Network Corp., Class A                                | Media                                | 05/20/14 |   | 672,013 |  |
| Expeditors International Of Washington, Inc.               | Transportation                       | 06/12/14 |   | (39,015) |  |
| FedEx Corp.                                                | Transportation                       | 10/22/14 |   | 3,037,088 |  |
| Johnson & Johnson                                      | Pharmaceuticals, Biotechnology & |   |   |   |  |
|                                                       |    Life Sciences      | 01/14/14 |   | 2,310,864 |  |
| Loews Corp.                                                | Multi-line Insurance                 | 04/23/14 |   | 439,926 |  |
| Netflix Inc.                                               | Retailing                            | 12/29/14 |   | 2,430,451 |  |
| Schlumberger Ltd.                                          | Energy                               | 08/15/14 |   | 3,175,007 |  |
| SINA Corp.                                                 | Software & Services              | 05/16/14 |   | (256,074) |  |
| Springleaf Holdings Inc.                                   | Consumer Finance                     | 03/18/14 |   | 438,642 |  |
| Twitter, Inc.                                              | Software & Services              | 08/13/14 |   | 4,604,339 |  |
| zulily, inc., Class A                                      | Retailing                            | 03/04/14 |   | 8,217,211 |  |

----

| DAVIS SERIES, INC.         | Fund Overview     |
|----------------------------|-------------------|
| DAVIS GOVERNMENT BOND FUND | December 31, 2014 |
| Portfolio Composition             |    | Industry Weightings          |
|-----------------------------------|---------|------------------------------|
| (% of Fund's 12/31/14 Net Assets) |    | (% of 12/31/14 Fixed Income) |
|                              |    |                         |   |   |
| Fixed Income                      | 98.71%  |                         | Collateralized Mortgage Obligations | 57.25% |
| Short-Term Investments            | 1.26%   |                         | Fannie Mae Mortgage Pools | 23.96% |
| Other Assets & Liabilities    | 0.03%   |                         | Freddie Mac Mortgage Pools | 11.66% |
|                              | 100.00% |                         | Other Agencies | 7.13% |
|                              |    |                         |   | 100.00% |
|                                          |                                |   |
|-----------------------------------------------|-------------------------------------|--------|
| NCUA Guaranteed Notes, 0.7278%, 12/08/20      | Other Agencies                      | 6.77%  |
| Freddie Mac, 3.00%, 03/15/37                  | Collateralized Mortgage Obligations | 5.83%  |
| Fannie Mae, 3.00%, 08/25/42                   | Collateralized Mortgage Obligations | 5.36%  |
| Fannie Mae, 3.00%, 02/25/43                   | Collateralized Mortgage Obligations | 5.17%  |
| Fannie Mae, 3.50%, 11/01/24, Pool No. MA2101  | Fannie Mae Mortgage Pools           | 4.78%  |
| Fannie Mae, 2.50%, 11/01/22, Pool No. AQ4765  | Fannie Mae Mortgage Pools           | 4.59%  |
| Fannie Mae, 3.65%, 01/01/18, Pool No. 467153  | Fannie Mae Mortgage Pools           | 4.41%  |
| Fannie Mae, 3.00%, 08/25/42                   | Collateralized Mortgage Obligations | 4.31%  |
| Freddie Mac, 3.00%, 10/01/24, Pool No. J29659 | Freddie Mac Mortgage Pools          | 3.74%  |
| Freddie Mac, 5.50%, 12/01/23, Pool No. G13339 | Freddie Mac Mortgage Pools          | 3.41%  |

----

| DAVIS SERIES, INC.                 | Fund Overview     |
|------------------------------------|-------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND | December 31, 2014 |
| Portfolio Composition             |    | Maturity Diversification           |
|-----------------------------------|---------|------------------------------------|
| (% of Fund's 12/31/14 Net Assets) |    | (% of 12/31/14 Portfolio Holdings) |
|                              |    |                               |   |   |
| Repurchase Agreements             | 29.20%  |                               | 0-30 Days | 73.57% |
| Federal Home Loan Bank            | 27.77%  |                               | 31-90 Days | 10.95% |
| Federal Farm Credit Bank          | 21.20%  |                               | 91-180 Days | 13.29% |
| Fannie Mae                        | 8.68%   |                               | 181-397 Days | 2.19% |
| Other Agencies                    | 4.47%   |                               |   | 100.00% |
| Freddie Mac                       | 2.37%   |                               |   |   |
| Other Assets & Liabilities    | 6.31%   |                               |   |   |
|                              | 100.00% |                               |   |   |

----

| DAVIS SERIES, INC.   | Fund Overview     |
|----------------------|-------------------|
| DAVIS FINANCIAL FUND | December 31, 2014 |
| Portfolio Composition             |    | Industry Weightings            |
|-----------------------------------|---------|--------------------------------|
| (% of Fund's 12/31/14 Net Assets) |    | (% of 12/31/14 Stock Holdings) |
|                              |    |                           |   |   |   |   |
|                              |    |                           |   | Fund           |   | S&P 500® |
| Common Stock (U.S.)               | 86.96%  |                           | Diversified Financials | 46.01% |   | 5.31% |
| Common Stock (Foreign)            | 9.37%   |                           | Insurance | 27.55% |   | 2.79% |
| Short-Term Investments            | 3.74%   |                           | Banks | 23.87% |   | 6.11% |
| Other Assets & Liabilities    | (0.07)% |                           | Information Technology | 2.57% |   | 19.66% |
|                              | 100.00% |                           | Health Care | – |   | 14.21% |
|                              |    |                           | Energy | – |   | 8.44% |
|                              |    |                           | Capital Goods | – |   | 7.54% |
|                              |    |                           | Food, Beverage & Tobacco | – |   | 5.20% |
|                              |    |                           | Retailing | – |   | 4.42% |
|                              |    |                           | Media | – |   | 3.56% |
|                              |    |                           | Other | – |   | 22.76% |
|                              |    |                           |   | 100.00% |   | 100.00% |
|                                      |                              |   |
|-------------------------------------------|-----------------------------------|--------|
| Wells Fargo & Co.                     | Banks                             | 9.60%  |
| American Express Co.                      | Consumer Finance                  | 9.05%  |
| Bank of New York Mellon Corp.             | Capital Markets                   | 6.59%  |
| Markel Corp.                              | Property & Casualty Insurance | 6.25%  |
| Visa Inc., Class A                        | Diversified Financial Services    | 5.42%  |
| ACE Ltd.                                  | Property & Casualty Insurance | 4.63%  |
| Everest Re Group, Ltd.                    | Reinsurance                       | 4.59%  |
| JPMorgan Chase & Co.                  | Banks                             | 4.47%  |
| Marsh & McLennan Cos, Inc.            | Insurance Brokers                 | 3.68%  |
| Brookfield Asset Management Inc., Class A | Capital Markets                   | 3.64%  |

----

| DAVIS SERIES, INC.                 | Fund Overview     |
|------------------------------------|-------------------|
| DAVIS FINANCIAL FUND - (CONTINUED) | December 31, 2014 |
| Security                         | Industry                          | Date of 1stPurchase | % of Fund's 12/31/14    Net Assets   |
|----------------------------------|-----------------------------------|---------------------|---------------------------------------------------------------|
| ACE Ltd.                         | Property & Casualty Insurance | 02/14/14            | 4.63%                                                         |
| Berkshire Hathaway Inc., Class A | Diversified Financial Services    | 03/05/14            | 2.28%                                                         |
| Capital One Financial Corp.      | Consumer Finance                  | 09/16/14            | 1.88%                                                         |
| Chubb Corp.                      | Property & Casualty Insurance | 10/17/14            | 1.99%                                                         |
| Citizens Financial Group Inc.    | Banks                             | 09/23/14            | 3.46%                                                         |
| JPMorgan Chase & Co.         | Banks                             | 03/04/14            | 4.47%                                                         |
| Marsh & McLennan Cos, Inc.   | Insurance Brokers                 | 02/14/14            | 3.68%                                                         |
| McGraw Hill Financial Inc.       | Diversified Financial Services    | 10/20/14            | 1.99%                                                         |
| Moody's Corp.                    | Diversified Financial Services    | 04/15/14            | 2.25%                                                         |
| Security                           |   Industry              | Date ofFinal Sale |   |   |  Realized   Gain (Loss) |
|------------------------------------|-----------------------------------|-------------------|--------|--------|----------------------------------------|
| Alleghany Corp.                    | Reinsurance                       | 10/03/14          |   | $      | 17,172,498                             |
| Ameriprise Financial, Inc.         | Capital Markets                   | 01/30/14          |   |   | 11,034,412                             |
| Bank of America Corp.              | Banks                             | 01/09/14          |   |   | (1,153,815)                            |
| Bed Bath & Beyond Inc.         | Retailing                         | 03/04/14          |   |   | 2,892,151                              |
| Brookfield Property Partners L.P.  | Real Estate                       | 02/14/14          |   |   | (93,343)                               |
| Canadian Natural Resources Ltd.    | Energy                            | 10/28/14          |   |   | 5,047,095                              |
| CVS Health Corp.                   | Food & Staples Retailing      | 03/04/14          |   |   | 11,426,340                             |
| First Marblehead Corp.             | Consumer Finance                  | 02/06/14          |   |   | (25,424,215)                           |
| Oaktree Capital Group LLC, Class A | Capital Markets                   | 02/25/14          |   |   | 21,484,887                             |
| Progressive Corp.                  | Property & Casualty Insurance | 09/08/14          |   |   | 13,160,510                             |
| State Bank of India Ltd., GDR      | Banks                             | 03/06/14          |   |   | (5,614,409)                            |

----

| DAVIS SERIES, INC.                   | Fund Overview     |
|--------------------------------------|-------------------|
| DAVIS APPRECIATION & INCOME FUND | December 31, 2014 |
| Portfolio Composition             |    | Industry Weightings                 |
|-----------------------------------|---------|-------------------------------------|
| (% of Fund's 12/31/14 Net Assets) |    | (% of 12/31/14 Long-Term Portfolio) |
|                              |    |                                |   |   |   |   |
|                              |    |                                |   | Fund |   | S&P 500® |
| Common Stock (U.S.)               | 65.75%  |                                | Capital Goods | 14.37% |   | 7.54% |
| Common Stock (Foreign)            | 5.76%   |                                | Materials | 10.92% |   | 3.17% |
| Convertible Bonds                 | 15.06%  |                                | Energy | 9.24% |   | 8.44% |
| Convertible Preferred Stock       | 5.00%   |                                | Information Technology | 8.47% |   | 19.66% |
| Corporate Bonds (U.S.)            | 1.39%   |                                | Health Care | 8.31% |   | 14.21% |
| Corporate Bonds (Foreign)         | 0.32%   |                                | Banks | 7.82% |   | 6.11% |
| Short-Term Investments            | 7.55%   |                                | Retailing | 7.36% |   | 4.42% |
| Other Assets & Liabilities    | (0.83)% |                                | Real Estate | 6.25% |   | 2.43% |
|                              | 100.00% |                                | Food, Beverage & Tobacco | 4.90% |   | 5.20% |
|                              |    |                                | Food & Staples Retailing | 4.36% |   | 2.50% |
|                              |    |                                | Utilities | 4.25% |   | 3.24% |
|                              |    |                                | Diversified Financials | 3.80% |   | 5.31% |
|                              |    |                                | Commercial & Professional Services | 3.70% |   | 0.64% |
|                              |    |                                | Media | 3.64% |   | 3.56% |
|                              |    |                                | Other | 2.61% |   | 13.57% |
|                              |         |                                     |  | 100.00% |  | 100.00% |
|                                                                                   |                                         |   |
|----------------------------------------------------------------------------------------|----------------------------------------------|--------|
| Intel Corp., Conv. Jr. Sub. Deb., 3.25%, 08/01/39                                 | Semiconductors & Semiconductor Equipment | 5.48%  |
| United States Steel Corp., Conv. Sr. Notes,    2.75%, 04/01/19     | Materials                                    | 4.55%  |
| Kohl's Corp.                                                                           | Retailing                                    | 4.28%  |
| Whole Foods Market, Inc.                                                               | Food & Staples Retailing                 | 4.06%  |
| Universal Health Services, Inc., Class B                                               | Health Care Equipment & Services         | 3.95%  |
| Forest City Enterprises, Inc., Conv. Sr. Notes,    4.25%, 08/15/18 | Real Estate                                  | 3.92%  |
| Devon Energy Corp.                                                                     | Energy                                       | 3.82%  |
| Citigroup Inc.                                                                         | Banks                                        | 3.71%  |
| Allegheny Technologies, Inc.                                                           | Materials                                    | 3.68%  |
| American Express Co.                                                                   | Consumer Finance                             | 3.55%  |

----

| DAVIS SERIES, INC.                                 | Fund Overview     |
|----------------------------------------------------|-------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | December 31, 2014 |
| Security                                        | Industry                     |  Date of 1stPurchase | % of Fund's 12/31/14  Net Assets  |
|-------------------------------------------------|------------------------------|---------------------------|--------------------------------------------------|
| Forest City Enterprises, Inc., Conv. Sr. Notes, |                         |                      |                                             |
|    3.625%, 08/15/20              | Real Estate                  | 08/28/14                  | 1.11%                                            |
| Tyson Foods, Inc., 4.75%, Conv. Pfd.            | Food, Beverage & Tobacco | 08/01/14                  | 2.77%                                            |
|                                   |                               | Date of     | Realized    |
|----------------------------------------|------------------------------------|---------------------------------|-------------|
| Security                               | Industry                           | Final Sale                      | Gain (Loss) |
| Forest City Enterprises, Inc., Class A | Real Estate                        | 08/29/14                        | $           | 573,708 |
| International Rectifier Corp.          | Semiconductors & Semiconductor |                            |        |   |
|                                   |    Equipment        | 08/20/14                        |        | 2,278,370 |
| Molycorp, Inc., Conv. Sr. Notes,       |                               |                            |        |   |
|    3.25%, 06/15/16      | Materials                          | 08/15/14                        |        | (1,197,090) |
| Molycorp, Inc., Conv. Sr. Notes,       |                               |                            |        |   |
|    6.00%, 09/01/17      | Materials                          | 09/24/14                        |        | (5,201,561) |
| United Rentals, Inc., Conv. Sr. Notes, |                               |                            |        |   |
|    4.00%, 11/15/15      | Capital Goods                      | 09/22/14                        |        | 1,344,000 |

----

| DAVIS SERIES, INC.     | Fund Overview     |
|------------------------|-------------------|
| DAVIS REAL ESTATE FUND | December 31, 2014 |
| Portfolio Composition             |    | Industry Weightings                 |
|-----------------------------------|---------|-------------------------------------|
| (% of Fund's 12/31/14 Net Assets) |    | (% of 12/31/14 Long-Term Portfolio) |
|                              |    |                                |   |   |   |
|                              |    |                                |   |   | Wilshire U.S. |
|                              |    |                                |   |   | Real Estate |
|                              |    |                                |   | Fund |   | Securities Index |
| Common Stock                      | 88.54%  |                                | Retail REITs | 26.67% |   | 24.56% |
| Convertible Bonds                 | 0.67%   |                                | Office REITs | 18.85% |   | 15.38% |
| Short-Term Investments            | 10.31%  |                                | Residential REITs | 14.88% |   | 18.38% |
| Other Assets & Liabilities    | 0.48%   |                                | Industrial REITs | 7.47% |   | 4.95% |
|                              | 100.00% |                                | Specialized REITs | 7.32% |   | 6.54% |
|                              |    |                                | Diversified REITs | 5.80% |   | 7.33% |
|                              |    |                                | Hotels & Resort REITs | 4.31% |   | 8.88% |
|                              |    |                                | Health Care REITs | 4.24% |   | 13.11% |
|                              |    |                                | Consumer Services | 3.27% |   | – |
|                              |    |                                | Real Estate Operating Companies | 3.21% |   | 0.59% |
|                              |    |                                | Diversified Real Estate Activities | 2.90% |   | – |
|                              |    |                                | Telecommunication Services | 1.08% |   | – |
|                              |    |                                | Hotels, Resorts & Cruise Lines | – |   | 0.28% |
|                              |    |                                |   | 100.00% |   | 100.00% |
|                              |                               |   |
|-----------------------------------|------------------------------------|--------|
| Simon Property Group, Inc.        | Retail REITs                       | 6.98%  |
| Boston Properties, Inc.           | Office REITs                       | 3.15%  |
| AvalonBay Communities, Inc.       | Residential REITs                  | 3.15%  |
| Corporate Office Properties Trust | Office REITs                       | 3.10%  |
| General Growth Properties, Inc.   | Retail REITs                       | 3.09%  |
| DCT Industrial Trust Inc.         | Industrial REITs                   | 2.85%  |
| Vornado Realty Trust              | Diversified REITs                  | 2.77%  |
| Ventas, Inc.                      | Health Care REITs                  | 2.77%  |
| Alexander & Baldwin Inc.      | Diversified Real Estate Activities | 2.59%  |
| American Campus Communities, Inc. | Residential REITs                  | 2.51%  |

----

| DAVIS SERIES, INC.                   | Fund Overview     |
|--------------------------------------|-------------------|
| DAVIS REAL ESTATE FUND - (CONTINUED) | December 31, 2014 |
| Security                              | Industry                |  Date of 1stPurchase | % of Fund's      12/31/14        Net Assets       |
|---------------------------------------|-------------------------|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|
| 21Vianet Group, Inc., Class A, ADR    | Software & Services | 09/10/14                  | –                                                                                                                                     |
| American Homes 4 Rent, Class A        | Residential REITs       | 08/04/14                  | 0.93%                                                                                                                                       |
| American Residential Properties, Inc. | Residential REITs       | 09/11/14                  | 0.86%                                                                                                                                       |
| Brandywine Realty Trust               | Office REITs            | 05/09/14                  | 1.85%                                                                                                                                       |
| CatchMark Timber Trust Inc., Class A  | Specialized REITs       | 09/12/14                  | 0.85%                                                                                                                                       |
| Cedar Realty Trust Inc.               | Retail REITs            | 07/02/14                  | 0.60%                                                                                                                                       |
| CoreSite Realty Corp.                 | Office REITs            | 05/09/14                  | 1.57%                                                                                                                                       |
| Digital Realty Trust Inc., 144A       | Office REITs            | 07/11/14                  | –                                                                                                                                     |
| Equity Residential                    | Residential REITs       | 01/28/14                  | –                                                                                                                                     |
| Extended Stay America, Inc.           | Consumer Services       | 11/07/14                  | 1.02%                                                                                                                                       |
| First Industrial Realty Trust, Inc.   | Industrial REITs        | 06/10/14                  | 0.50%                                                                                                                                       |
| Highwoods Properties, Inc.            | Office REITs            | 05/09/14                  | 1.11%                                                                                                                                       |
| Kite Realty Group Trust               | Retail REITs            | 07/02/14                  | 2.21%                                                                                                                                       |
| Las Vegas Sands Corp.                 | Consumer Services       | 08/08/14                  | 1.38%                                                                                                                                       |
| Macerich Co.                          | Retail REITs            | 09/12/14                  | 1.22%                                                                                                                                       |
| National Health Investors, Inc.       | Health Care REITs       | 12/17/14                  | 1.02%                                                                                                                                       |
| Paramount Group, Inc.                 | Office REITs            | 11/18/14                  | 0.47%                                                                                                                                       |
| Prologis Inc.                         | Industrial REITs        | 01/29/14                  | 1.01%                                                                                                                                       |
| Public Storage                        | Specialized REITs       | 10/29/14                  | 2.44%                                                                                                                                       |
| Ramco-Gershenson Properties Trust     | Retail REITs            | 07/02/14                  | 1.15%                                                                                                                                       |
| Terreno Realty Corp.                  | Industrial REITs        | 01/28/14                  | 1.60%                                                                                                                                       |
| Weyerhaeuser Co.                      | Specialized REITs       | 04/04/14                  | 1.64%                                                                                                                                       |
| Wynn Resorts Ltd.                     | Consumer Services       | 09/02/14                  | 0.52%                                                                                                                                       |
|                                     |                    | Date of     | Realized    |
|------------------------------------------|-------------------------|---------------------------------|-------------|
| Security                                 | Industry                | Final Sale                      | Gain (Loss) |
| 21Vianet Group, Inc., Class A, ADR       | Software & Services | 09/10/14                        | $           | 49,477 |
| American Tower Corp.                     | Specialized REITs       | 10/03/14                        |        | 2,401,342 |
| British Land Co. PLC                     | Diversified REITs       | 04/02/14                        |        | 188,732 |
| Digital Realty Trust, Inc., 144A         | Office REITs            | 11/03/14                        |        | 3,603,660 |
| DuPont Fabros Technology Inc.,           |                    |                            |        |   |
|    7.625%, Series B, Pfd. | Office REITs            | 03/14/14                        |        |    (21,696) |
| EPR Properties                           | Specialized REITs       | 08/15/14                        |        | 266,347 |
| Equity Lifestyle Properties, Inc.        | Residential REITs       | 09/22/14                        |        | 317,382 |
| Equity Residential                       | Residential REITs       | 06/11/14                        |        | 277,619 |
| Hammerson PLC                            | Retail REITs            | 04/02/14                        |        | 130,354 |
| HCP, Inc.                                | Specialized REITs       | 01/09/14                        |        | (262,994) |
| Land Securities Group PLC                | Diversified REITs       | 04/02/14                        |        | 287,215 |
| Tanger Factory Outlet Centers, Inc.      | Retail REITs            | 11/12/14                        |        | 368,651 |

----

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

----

| DAVIS SERIES, INC. | Expense Example – (Continued) |
|--------------------|-------------------------------------|
|                                                    | BeginningAccount Value |   | EndingAccount Value  |   | Expenses PaidDuring Period* |
|---------------------------------------------------------|------------------------|--------|----------------------|--------|-----------------------------|
|                                                    | (07/01/14)             |   | (12/31/14)           |   | (07/01/14-12/31/14)         |
|                                                    |                   |   |                 |   |                        |
| Davis Opportunity Fund                                  |                   |   |                 |   |                        |
| Class A (annualized expense ratio 0.97%**)              |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   |    $983.34 |   | $4.85                       |
| Hypothetical                                            | $1,000.00              |   | $1,020.32            |   | $4.94                       |
| Class B (annualized expense ratio 1.95%**)              |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   |    $978.57 |   | $9.72                       |
| Hypothetical                                            | $1,000.00              |   | $1,015.38            |   | $9.91                       |
| Class C (annualized expense ratio 1.75%**)              |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   |    $979.70 |   | $8.73                       |
| Hypothetical                                            | $1,000.00              |   | $1,016.38            |   | $8.89                       |
| Class Y (annualized expense ratio 0.72%**)              |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   |    $984.75 |   | $3.60                       |
| Hypothetical                                            | $1,000.00              |   | $1,021.58            |   | $3.67                       |
|                                                    |                   |   |                 |   |                        |
| Davis Government Bond Fund                              |                   |   |                 |   |                        |
| Class A (annualized expense ratio 0.88%**)              |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   | $1,001.62            |   | $4.44                       |
| Hypothetical                                            | $1,000.00              |   | $1,020.77            |   | $4.48                       |
| Class B (annualized expense ratio 1.80%**)              |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   |    $996.88 |   | $9.06                       |
| Hypothetical                                            | $1,000.00              |   | $1,016.13            |   | $9.15                       |
| Class C (annualized expense ratio 1.69%**)              |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   |   $997.48       |   | $8.51                       |
| Hypothetical                                            | $1,000.00              |   | $1,016.69            |   | $8.59                       |
| Class Y (annualized expense ratio 0.49%**)              |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   | $1,003.61            |   | $2.47                       |
| Hypothetical                                            | $1,000.00              |   | $1,022.74            |   | $2.50                       |
|                                                    |                   |   |                 |   |                        |
| Davis Government Money Market Fund                      |                   |   |                 |   |                        |
| Class A, B, C, and Y (annualized expense ratio 0.11%**) |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   | $1,000.00            |   | $0.55                       |
| Hypothetical                                            | $1,000.00              |   | $1,024.65            |   | $0.56                       |
|                                                    |                   |   |                 |   |                        |
| Davis Financial Fund                                    |                   |   |                 |   |                        |
| Class A (annualized expense ratio 0.86%**)              |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   | $1,066.93            |   | $4.48                       |
| Hypothetical                                            | $1,000.00              |   | $1,020.87            |   | $4.38                       |
| Class B (annualized expense ratio 1.91%**)              |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   | $1,061.13            |   | $9.92                       |
| Hypothetical                                            | $1,000.00              |   | $1,015.58            |   | $9.70                       |
| Class C (annualized expense ratio 1.75%**)              |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   | $1,062.11            |   | $9.10                       |
| Hypothetical                                            | $1,000.00              |   | $1,016.38            |   | $8.89                       |
| Class Y (annualized expense ratio 0.69%**)              |                   |   |                 |   |                        |
| Actual                                                  | $1,000.00              |   | $1,067.73            |   | $3.60                       |
| Hypothetical                                            | $1,000.00              |   | $1,021.73            |   | $3.52                       |

----

| DAVIS SERIES, INC. | Expense Example – (Continued) |
|--------------------|-------------------------------------|
|                                                                                                                                                                                          | BeginningAccount Value |   | EndingAccount Value  |   | Expenses Paid During Period* |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|--------|----------------------|--------|------------------------------|--|
|                                                                                                                                                                                          | (07/01/14)             |   | (12/31/14)           |   | (07/01/14-12/31/14)          |  |
|                                                                                                                                                                                          |                   |   |                 |   |                         |  |
| Davis Appreciation & Income Fund                                                                                                                                                          |                   |   |                 |   |                         |  |
| Class A (annualized expense ratio 0.87%**)                                                                                                                                                    |                   |   |                 |   |                         |  |
| Actual                                                                                                                                                                                        | $1,000.00              |   |    $980.67 |   | $4.34                        |  |
| Hypothetical                                                                                                                                                                                  | $1,000.00              |   | $1,020.82            |   | $4.43                        |  |
| Class B (annualized expense ratio 1.87%**)                                                                                                                                                    |                   |   |                 |   |                         |  |
| Actual                                                                                                                                                                                        | $1,000.00              |   |    $975.83 |   | $9.31                        |  |
| Hypothetical                                                                                                                                                                                  | $1,000.00              |   | $1,015.78            |   | $9.50                        |  |
| Class C (annualized expense ratio 1.71%**)                                                                                                                                                    |                   |   |                 |   |                         |  |
| Actual                                                                                                                                                                                        | $1,000.00              |   |    $976.45 |   | $8.52                        |  |
| Hypothetical                                                                                                                                                                                  | $1,000.00              |   | $1,016.59            |   | $8.69                        |  |
| Class Y (annualized expense ratio 0.71%**)                                                                                                                                                    |                   |   |                 |   |                         |  |
| Actual                                                                                                                                                                                        | $1,000.00              |   |    $981.42 |   | $3.55                        |  |
| Hypothetical                                                                                                                                                                                  | $1,000.00              |   | $1,021.63            |   | $3.62                        |  |
|                                                                                                                                                                                          |                   |   |                 |   |                         |  |
| Davis Real Estate Fund                                                                                                                                                                        |                   |   |                 |   |                         |  |
| Class A (annualized expense ratio 0.95%**)                                                                                                                                                    |                   |   |                 |   |                         |  |
| Actual                                                                                                                                                                                        | $1,000.00              |   | $1,105.32            |   | $5.04                        |  |
| Hypothetical                                                                                                                                                                                  | $1,000.00              |   | $1,020.42            |   | $4.84                        |  |
| Class B (annualized expense ratio 2.04%**)                                                                                                                                                    |                   |   |                 |   |                         |  |
| Actual                                                                                                                                                                                        | $1,000.00              |   | $1,098.98            |   | $10.79             |  |
| Hypothetical                                                                                                                                                                                  | $1,000.00              |   | $1,014.92            |   | $10.36             |  |
| Class C (annualized expense ratio 1.83%**)                                                                                                                                                    |                   |   |                 |   |                         |  |
| Actual                                                                                                                                                                                        | $1,000.00              |   | $1,100.50            |   | $9.69                        |  |
| Hypothetical                                                                                                                                                                                  | $1,000.00              |   | $1,015.98            |   | $9.30                        |  |
| Class Y (annualized expense ratio 0.72%**)                                                                                                                                                    |                   |   |                 |   |                         |  |
| Actual                                                                                                                                                                                        | $1,000.00              |   | $1,106.38            |   | $3.82                        |  |
| Hypothetical                                                                                                                                                                                  | $1,000.00              |   | $1,021.58            |   | $3.67                        |  |
|                                                                                                                                                                                          |                   |   |                 |   |                         |  |
| 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, 2014       |
|                          | Shares                                                              |                                                              | Value (Note 1)               |
|-------------------------------|---------------------------------------------------------------------|-------------------------------------------------------------------|------------------------------|
| COMMON STOCK – (95.39%) |
|                          |    CONSUMER DISCRETIONARY – (26.54%)           |
|                          |                                                                     |    Consumer Durables & Apparel – (2.20%) |
|                          |                                                                | Compagnie Financiere Richemont S.A., Unit A  (Switzerland)   |                         |   | 55,900 |   | $ | 4,956,016 |
|                          | Hunter Douglas N.V.  (Netherlands)                             |                                                              |                         | 72,060 |   |   | 2,995,711 |
|                          | NIKE, Inc., Class B                                                 |                                                              |                         | 50,520 |   |   | 4,857,498 |
|                          |                                                                |                                                              | 12,809,225                   |
|                          |    Consumer Services – (2.79%)                 |
|                          | Las Vegas Sands Corp.                                               |                                                              |                         | 279,185 |   |   | 16,237,400 |
|                          |    Media – (9.20%)                             |
|                          | Liberty Global PLC, Series C  *                                |                                                              |                         | 680,600 |   |   | 32,879,786 |
|                          | Time Warner Cable Inc.                                              |                                                              |                         | 57,740 |   |   | 8,779,944 |
|                          | Twenty-First Century Fox, Inc., Class B                             |                                                              |                         | 324,720 |   |   | 11,978,921 |
|                          |                                                                |                                                              | 53,638,651                   |
|                          |    Retailing – (12.35%)                        |
|                          | Amazon.com, Inc.  *                                            |                                                              |                         | 83,620 |   |   | 25,951,467 |
|                          | Coupons.com Inc.  *                                            |                                                              |                         | 399,500 |   |   | 7,091,125 |
|                          | JD.com Inc., Class A, ADR  (China)*                            |                                                              |                         | 331,100 |   |   | 7,661,654 |
|                          | Jumei International Holding Ltd., Class A, ADR  (China)*       |                                                              |                         | 51,100 |   |   | 695,982 |
|                          | Lowe's Cos, Inc.                                                    |                                                              |                         | 125,240 |   |   | 8,616,512 |
|                          | Priceline Group Inc.  *                                        |                                                              |                         | 10,685 |   |   | 12,183,144 |
|                          | TJX Cos, Inc.                                                       |                                                              |                         | 41,040 |   |   | 2,814,523 |
|                          | Vipshop Holdings Ltd., ADS  (China)*                           |                                                              |                         | 358,700 |   |   | 7,008,998 |
|                          |                                                                |                                                              | 72,023,405                   |
|                          |                                                                |                                                              | TOTAL CONSUMER DISCRETIONARY |   |   | 154,708,681 |
|                          |    CONSUMER STAPLES – (3.03%)                  |
|                          |    Food & Staples Retailing – (1.07%)      |
|                          | Brasil Pharma S.A.  (Brazil)*                                  |                                                              |                         | 553,100 |   |   | 539,595 |
|                          | Sysco Corp.                                                         |                                                              |                         | 143,100 |   |   | 5,679,639 |
|                          |                                                                |                                                              | 6,219,234                    |
|                          |    Food, Beverage & Tobacco – (1.11%)      |
|                          | Diageo PLC  (United Kingdom)                                   |                                                              |                         | 76,318 |   |   | 2,186,287 |
|                          | Philip Morris International Inc.                                    |                                                              |                         | 23,485 |   |   | 1,912,853 |
|                          | Unilever N.V., NY Shares  (United Kingdom)                     |                                                              |                         | 59,945 |   |   | 2,340,253 |
|                          |                                                                |                                                              | 6,439,393                    |
|                          |    Household & Personal Products – (0.85%) |
|                          | Colgate-Palmolive Co.                                               |                                                              |                         | 71,960 |   |   | 4,978,912 |
|                          | TOTAL CONSUMER STAPLES                                              |                                                              |                         | 17,637,539 |
|                          |    ENERGY – (4.66%)                            |
|                          | Encana Corp.  (Canada)(a)                                      |                                                              |                         | 573,700 |   |   | 7,957,219 |
|                          | Halliburton Co.                                                     |                                                              |                         | 219,000 |   |   | 8,613,270 |
|                          | Ultra Petroleum Corp.  *                                       |                                                              |                         | 807,360 |   |   | 10,624,858 |
|                          | TOTAL ENERGY                                                        |                                                              |                         | 27,195,347 |
|                          |    FINANCIALS – (11.01%)                       |
|                          |    Banks – (3.17%)                             |
|                          | U.S. Bancorp                                                        |                                                              |                         | 152,760 |   |   | 6,866,562 |
|                          | Wells Fargo & Co.                                               |                                                              |                         | 212,120 |   |   | 11,628,418 |
|                          |                                                                |                                                              | 18,494,980                   |

----

| DAVIS SERIES, INC.                   | Schedule of Investments |
|--------------------------------------|-------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | December 31, 2014       |
|                             | Shares                                                                               |                                                     | Value (Note 1)   |
|----------------------------------|--------------------------------------------------------------------------------------|----------------------------------------------------------|------------------|
| COMMON STOCK – (CONTINUED) |
|                             |    FINANCIALS – (CONTINUED)                                     |
|                             |                                                                                      |    Diversified Financials – (5.96%) |
|                             |                                                                                      |    Capital Markets – (1.23%)        |
|                             |                                                                                 | CETIP S.A. - Mercados Organizados  (Brazil)         |             |   | 199,800 |   | $ | 2,432,823 |
|                             | Charles Schwab Corp.                                                                 |                                                     |             | 157,770 |   |   | 4,763,077 |
|                             |                                                                                 | 7,195,900                                                |
|                             |    Diversified Financial Services – (4.73%)                     |
|                             | Berkshire Hathaway Inc., Class B  *                                             |                                                     |             | 51,771 |   |   | 7,773,416 |
|                             | BM&FBOVESPA S.A.  (Brazil)                                                  |                                                     |             | 1,161,400 |   |   | 4,320,330 |
|                             | LendingClub Corp.  *                                                            |                                                     |             | 222,000 |   |   | 5,616,600 |
|                             | Visa Inc., Class A                                                                   |                                                     |             | 37,580 |   |   | 9,853,476 |
|                             |                                                                                 | 27,563,822                                               |
|                             |                                                                                 |                                                     | 34,759,722       |
|                             |    Insurance – (1.88%)                                          |
|                             |    Property & Casualty Insurance – (1.88%)                  |
|                             | Markel Corp.  *                                                                 |                                                     |             | 16,035 |   |   | 10,949,339 |
|                             |                                                                                 |                                                     | TOTAL FINANCIALS |   |   | 64,204,041 |
|                             |    HEALTH CARE – (12.59%)                                       |
|                             |    Health Care Equipment & Services – (11.22%)              |
|                             | Anthem Inc.                                                                          |                                                     |             | 20,630 |   |   | 2,592,572 |
|                             | Diagnosticos da America S.A.  (Brazil)                                          |                                                     |             | 149,770 |   |   | 626,759 |
|                             | Express Scripts Holding Co.  *                                                  |                                                     |             | 127,520 |   |   | 10,797,119 |
|                             | IDEXX Laboratories, Inc.  *                                                     |                                                     |             | 93,830 |   |   | 13,912,174 |
|                             | Laboratory Corp. of America Holdings  *                                         |                                                     |             | 150,900 |   |   | 16,282,110 |
|                             | Quest Diagnostics Inc.                                                               |                                                     |             | 62,180 |   |   | 4,169,791 |
|                             | UnitedHealth Group Inc.                                                              |                                                     |             | 168,610 |   |   | 17,044,785 |
|                             |                                                                                 |                                                     | 65,425,310       |
|                             |    Pharmaceuticals, Biotechnology & Life Sciences – (1.37%) |
|                             | Agilent Technologies, Inc.                                                           |                                                     |             | 28,234 |   |   | 1,155,900 |
|                             | Valeant Pharmaceuticals International, Inc.  (Canada)*                          |                                                     |             | 47,620 |   |   | 6,814,898 |
|                             |                                                                                 |                                                     | 7,970,798        |
|                             | TOTAL HEALTH CARE                                                                    |                                                     |             | 73,396,108 |
|                             |    INDUSTRIALS – (12.11%)                                       |
|                             |    Capital Goods – (6.09%)                                      |
|                             | KBR, Inc.                                                                            |                                                     |             | 105,300 |   |   | 1,784,835 |
|                             | PACCAR Inc.                                                                          |                                                     |             | 224,670 |   |   | 15,279,807 |
|                             | Rockwell Automation, Inc.                                                            |                                                     |             | 84,830 |   |   | 9,433,096 |
|                             | Textron Inc.                                                                         |                                                     |             | 92,260 |   |   | 3,885,069 |
|                             | TransDigm Group, Inc.                                                                |                                                     |             | 26,030 |   |   | 5,110,990 |
|                             |                                                                                 |                                                     | 35,493,797       |
|                             |    Commercial & Professional Services – (1.33%)             |
|                             | Experian PLC  (United Kingdom)                                                  |                                                     |             | 460,873 |   |   | 7,768,914 |
|                             |    Transportation – (4.69%)                                     |
|                             | CAR Inc.  (China)*(b)                                                           |                                                     |             | 2,500,000 |   |   | 3,264,751 |
|                             | Kuehne & Nagel International AG  (Switzerland)                              |                                                     |             | 67,166 |   |   | 9,123,519 |
|                             | Wesco Aircraft Holdings, Inc.  *                                                |                                                     |             | 1,070,850 |   |   | 14,970,483 |
|                             |                                                                                 |                                                     | 27,358,753       |
|                             | TOTAL INDUSTRIALS                                                                    |                                                     |             | 70,621,464 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments |
|--------------------------------------|-------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | December 31, 2014       |
|                                   | Shares/Units/ Principal                                                                                                                                                                                                                                              |                                                                           | Value (Note 1) |
|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|----------------|
| COMMON STOCK – (CONTINUED)       |
|                                   |    INFORMATION TECHNOLOGY – (22.99%)                                                                                                                                                                                                            |
|                                   |                                                                                                                                                                                                                                                                      |    Semiconductors & Semiconductor Equipment – (3.04%) |
|                                   |                                                                                                                                                                                                                                                                 | Altera Corp.                                                                   |           |   | 38,800 |   | $ | 1,433,272 |
|                                   | Applied Materials, Inc.                                                                                                                                                                                                                                              |                                                                           |           | 116,400 |   |   | 2,900,688 |
|                                   | Intel Corp.                                                                                                                                                                                                                                                          |                                                                           |           | 70,700 |   |   | 2,565,703 |
|                                   | Texas Instruments Inc.                                                                                                                                                                                                                                               |                                                                           |           | 202,950 |   |   | 10,850,722 |
|                                   |                                                                                                                                                                                                                                                                 |                                                                           | 17,750,385     |
|                                   |    Software & Services – (19.05%)                                                                                                                                                                                                           |
|                                   | Angie's List Inc.  *                                                                                                                                                                                                                                            |                                                                           |           | 1,262,145 |   |   | 7,863,163 |
|                                   | ASAC II L.P., Private Placement  *(b)                                                                                                                                                                                                                           |                                                                           |           | 6,900,000 |   |   | 8,974,140 |
|                                   | Endurance International Group Holdings, Inc.  *                                                                                                                                                                                                                 |                                                                           |           | 286,200 |   |   | 5,274,666 |
|                                   | Google Inc., Class A  *                                                                                                                                                                                                                                         |                                                                           |           | 32,313 |   |   | 17,147,217 |
|                                   | Google Inc., Class C  *                                                                                                                                                                                                                                         |                                                                           |           | 32,313 |   |   | 17,009,563 |
|                                   | GrubHub, Inc.  *                                                                                                                                                                                                                                                |                                                                           |           | 146,220 |   |   | 5,310,710 |
|                                   | International Business Machines Corp.                                                                                                                                                                                                                                |                                                                           |           | 5,344 |   |   | 857,391 |
|                                   | Microsoft Corp.                                                                                                                                                                                                                                                      |                                                                           |           | 192,870 |   |   | 8,958,812 |
|                                   | Oracle Corp.                                                                                                                                                                                                                                                         |                                                                           |           | 118,520 |   |   | 5,329,845 |
|                                   | Qihoo 360 Technology Co. Ltd., Class A, ADR  (China)*                                                                                                                                                                                                           |                                                                           |           | 120,920 |   |   | 6,923,879 |
|                                   | salesforce.com, Inc.  *                                                                                                                                                                                                                                         |                                                                           |           | 59,590 |   |   | 3,534,283 |
|                                   | SAP SE, ADR  (Germany)                                                                                                                                                                                                                                          |                                                                           |           | 60,156 |   |   | 4,189,865 |
|                                   | SouFun Holdings Ltd., Class A, ADR  (China)                                                                                                                                                                                                                     |                                                                           |           | 1,064,410 |   |   | 7,865,990 |
|                                   | Youku Tudou Inc., Class A, ADR  (China)*                                                                                                                                                                                                                        |                                                                           |           | 401,160 |   |   | 7,144,660 |
|                                   | YY Inc., Class A, ADR  (China)*                                                                                                                                                                                                                                 |                                                                           |           | 74,700 |   |   | 4,656,798 |
|                                   |                                                                                                                                                                                                                                                                 |                                                                           | 111,040,982    |
|                                   |    Technology Hardware & Equipment – (0.90%)                                                                                                                                                                                                |
|                                   | Hewlett-Packard Co.                                                                                                                                                                                                                                                  |                                                                           |           | 118,184 |   |   | 4,742,724 |
|                                   | Keysight Technologies, Inc.  *                                                                                                                                                                                                                                  |                                                                           |           | 14,117 |   |   | 476,731 |
|                                   |                                                                                                                                                                                                                                                                 |                                                                           | 5,219,455      |
|                                   |                                                                                                                                                                                                                                                                 |                                                                           |           | TOTAL INFORMATION TECHNOLOGY |   |   | 134,010,822 |
|                                   |    MATERIALS – (2.46%)                                                                                                                                                                                                                          |
|                                   | Lafarge S.A.  (France)                                                                                                                                                                                                                                          |                                                                           |           | 72,800 |   |   | 5,110,566 |
|                                   | Praxair, Inc.                                                                                                                                                                                                                                                        |                                                                           |           | 32,240 |   |   | 4,177,014 |
|                                   | Sherwin-Williams Co.                                                                                                                                                                                                                                                 |                                                                           |           | 12,790 |   |   | 3,364,282 |
|                                   | Sigma-Aldrich Corp.                                                                                                                                                                                                                                                  |                                                                           |           | 12,100 |   |   | 1,660,967 |
|                                   | TOTAL MATERIALS                                                                                                                                                                                                                                                      |                                                                           |           | 14,312,829 |
|                                   |  TOTAL COMMON STOCK – (Identified cost $475,031,602)                                                                                                                                                                                                 |                                                                           |           | 556,086,831 |
| STOCK WARRANTS – (0.81%)         |
|                                   |    FINANCIALS – (0.81%)                                                                                                                                                                                                                         |
|                                   |    Banks – (0.81%)                                                                                                                                                                                                                              |
|                                   | Wells Fargo & Co., strike price $34.01, expires 10/28/18  *                                                                                                                                                                                                 |                                                                           |           | 220,450 |   |   | 4,708,812 |
|                                   |  TOTAL STOCK WARRANTS – (Identified cost $1,764,508)                                                                                                                                                                                                 |                                                                           |           | 4,708,812 |
| SHORT-TERM INVESTMENTS – (2.53%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.08%, 01/02/15, dated 12/31/14, repurchase value of $4,134,018 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-3.50%, 12/01/27-10/01/28, total market value $4,216,680) |                                                                           | $              | 4,134,000 |   |   | 4,134,000 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments |
|--------------------------------------|-------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | December 31, 2014       |
|                                                                     | Principal                                                                                                                                                                                                                          |                                                                                                                                                                                     | Value (Note 1)                                                                       |
|--------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|
| SHORT-TERM INVESTMENTS – (CONTINUED)                               |
|              | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.08%, 01/02/15, dated 12/31/14, repurchase value of $7,582,034 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-6.00%, 06/15/31-12/20/44, total market value $7,733,640) |                                                                                                                                                                                     | $                                                                                    | 7,582,000 |   | $ | 7,582,000 |
|                                                                     | SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.18%, 01/02/15, dated 12/31/14, repurchase value of $3,033,030 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 0.00%-4.00%, 02/01/23-11/01/44, total market value $3,093,660)      |                                                                                                                                                                                     |                                                                                 | 3,033,000 |   |   | 3,033,000 |
|                                                                     |          TOTAL SHORT-TERM INVESTMENTS – (Identified cost $14,749,000)                                                                                                                                                        |                                                                                                                                                                                     |                                                                                 | 14,749,000 |
| INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – (0.26%)      |
|                                                                     |    MONEY MARKET FUNDS – (0.26%)                                                                                                                                                                                                                            |
|                                                                     | State Street Navigator Securities Lending Prime Portfolio                                                                                                                                                                                                                       |                                                                                                                                                                                     |                                                                                 | 1,503,517 |   |   | 1,503,517 |
|                                                                     |          TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES         LOANED – (Identified cost $1,503,517)                                                                                 |                                                                                                                                                                                     |                                                                                 | 1,503,517 |
|                                                                     |                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                          |                                                                                      |  |
|                                                                     | Total Investments – (98.99%) – (Identified cost $493,048,627) – (c)                                                                                                                                                                                           |                                                                                                                                                                                     |                                                                                 | 577,048,160 |
|                                                                     | Other Assets Less Liabilities – (1.01%)                                                                                                                                                                                                                                   |                                                                                                                                                                                     |                                                                                 | 5,890,772 |
|                                                                     |                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                     |                |  |  | Net Assets – (100.00%) |   | $ | 582,938,932 |
|                                                                     |
|                                                                     | ADR: American Depositary Receipt                                                                                                                                                                                                                                                |
|                                                                     |
|                                                                     | ADS: American Depositary Share                                                                                                                                                                                                                                                  |
|                                                                     |
|                                                                     | *                                                                                                                                                                                                                                                                               | Non-Income producing security.                                                                                                                                                           |
|                                                                     |
|                                                                     | (a)                                                                                                                                                                                                                                                                             | Security is partially on loan – See Note 6 of the Notes to Financial Statements.                                                                                                   |
|                                                                     |
|                                                                     | (b)                                                                                                                                                                                                                                                                             | Restricted Security – See Note 7 of the Notes to Financial Statements.                                                                                                             |
|                                                                     |
|                                                                     | (c)                                                                                                                                                                                                                                                                             | Aggregate cost for federal income tax purposes is $497,620,680. At December 31, 2014 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
|                                                                     |
|                                                                     | Unrealized appreciation                                                                                                                                                                                                                                                         |                                                                                                                                                                                     | $                                                                                    | 131,821,137 |
|                                                                     | Unrealized depreciation                                                                                                                                                                                                                                                         |                                                                                                                                                                                     |                                                                                 | (52,393,657) |
|                                                                     | Net unrealized appreciation                                                                                                                                                                                                                                                     |                                                                                                                                                                                     | $                                                                                    | 79,427,480 |
|                                                                     |
| See Notes to Financial Statements                                        |

----

| DAVIS SERIES, INC.         | Schedule of Investments |
|----------------------------|-------------------------|
| DAVIS GOVERNMENT BOND FUND | December 31, 2014       |
|                       | Principal                                                              |                                      | Value (Note 1) |
|----------------------------|------------------------------------------------------------------------|-------------------------------------------|----------------|
| MORTGAGES – (91.67%) |
|                       |    COLLATERALIZED MORTGAGE OBLIGATIONS – (56.51%) |
|                       |                                                                   | Fannie Mae, 4.00%, 02/25/19               |           | $ | 519,000 |   | $ | 542,127 |
|                       | Fannie Mae, 4.00%, 07/25/23                                            |                                      |           | 290,482 |   |   | 294,017 |
|                       | Fannie Mae, 4.00%, 11/25/23                                            |                                      |           | 214,912 |   |   | 217,624 |
|                       | Fannie Mae, 0.6695%, 06/25/32   (a)                          |                                      |           | 134,182 |   |   | 135,144 |
|                       | Fannie Mae, 3.50%, 09/25/36                                            |                                      |           | 177,908 |   |   | 179,358 |
|                       | Fannie Mae, 0.3695%, 02/25/37   (a)                          |                                      |           | 14,873 |   |   | 14,798 |
|                       | Fannie Mae, 0.5195%, 07/25/37   (a)                          |                                      |           | 292,297 |   |   | 291,719 |
|                       | Fannie Mae, 0.6695%, 06/25/38   (a)                          |                                      |           | 166,355 |   |   | 167,045 |
|                       | Fannie Mae, 5.50%, 04/25/42                                            |                                      |           | 570,853 |   |   | 629,963 |
|                       | Fannie Mae, 3.00%, 08/25/42                                            |                                      |           | 3,445,269 |   |   | 3,552,203 |
|                       | Fannie Mae, 3.00%, 08/25/42                                            |                                      |           | 4,306,586 |   |   | 4,418,446 |
|                       | Fannie Mae, 3.00%, 10/25/42                                            |                                      |           | 2,404,148 |   |   | 2,476,581 |
|                       | Fannie Mae, 3.00%, 02/25/43                                            |                                      |           | 4,144,013 |   |   | 4,263,209 |
|                       | Fannie Mae Whole Loan, 5.31%, 08/25/33                                 |                                      |           | 36,734 |   |   | 36,962 |
|                       | Fannie Mae Whole Loan, 5.09%, 11/25/43                                 |                                      |           | 1,119,048 |   |   | 1,146,749 |
|                       | Fannie Mae Whole Loan, 6.3017%, 08/25/47   (a)               |                                      |           | 379,150 |   |   | 412,508 |
|                       | Freddie Mac, 3.50%, 01/15/18                                           |                                      |           | 8,804 |   |   | 8,817 |
|                       | Freddie Mac, 4.50%, 05/15/18                                           |                                      |           | 1,052,830 |   |   | 1,102,533 |
|                       | Freddie Mac, 1.50%, 07/15/18                                           |                                      |           | 241,943 |   |   | 244,513 |
|                       | Freddie Mac, 4.50%, 07/15/18                                           |                                      |           | 321,090 |   |   | 336,759 |
|                       | Freddie Mac, 3.50%, 02/15/24                                           |                                      |           | 604,088 |   |   | 613,721 |
|                       | Freddie Mac, 3.50%, 07/15/24                                           |                                      |           | 275,098 |   |   | 278,449 |
|                       | Freddie Mac, 3.50%, 01/15/25                                           |                                      |           | 832,128 |   |   | 856,732 |
|                       | Freddie Mac, 5.00%, 01/15/25                                           |                                      |           | 2,000,000 |   |   | 2,077,285 |
|                       | Freddie Mac, 4.00%, 01/15/26                                           |                                      |           | 1,155,119 |   |   | 1,224,210 |
|                       | Freddie Mac, 3.00%, 10/15/26                                           |                                      |           | 2,360,724 |   |   | 2,419,178 |
|                       | Freddie Mac, 4.00%, 01/15/28                                           |                                      |           | 703,633 |   |   | 718,942 |
|                       | Freddie Mac, 4.00%, 04/15/29                                           |                                      |           | 2,223,635 |   |   | 2,331,446 |
|                       | Freddie Mac, 4.50%, 04/15/32                                           |                                      |           | 237,836 |   |   | 239,342 |
|                       | Freddie Mac, 4.50%, 08/15/36                                           |                                      |           | 312,458 |   |   | 325,237 |
|                       | Freddie Mac, 3.00%, 03/15/37                                           |                                      |           | 4,686,272 |   |   | 4,804,361 |
|                       | Freddie Mac, 4.00%, 03/15/37                                           |                                      |           | 1,327,736 |   |   | 1,369,988 |
|                       | Freddie Mac, 3.00%, 06/15/39                                           |                                      |           | 442,305 |   |   | 455,803 |
|                       | Freddie Mac, 2.50%, 10/15/39                                           |                                      |           | 2,314,074 |   |   | 2,335,768 |
|                       | Freddie Mac, 2.50%, 09/15/40                                           |                                      |           | 499,745 |   |   | 504,022 |
|                       | Ginnie Mae, 4.00%, 05/20/33                                            |                                      |           | 1,301,934 |   |   | 1,325,979 |
|                       | Ginnie Mae, 3.00%, 09/16/34                                            |                                      |           | 1,500,000 |   |   | 1,526,895 |
|                       | Ginnie Mae, 3.536%, 09/16/35                                           |                                      |           | 336,118 |   |   | 338,219 |
|                       | Ginnie Mae, 3.50%, 07/20/36                                            |                                      |           | 707,456 |   |   | 737,580 |
|                       | Ginnie Mae, 5.3613%, 12/16/36   (a)                          |                                      |           | 27,582 |   |   | 27,815 |
|                       | Ginnie Mae, 3.00%, 12/20/37                                            |                                      |           | 569,736 |   |   | 583,938 |
|                       | Ginnie Mae, 3.00%, 06/20/38                                            |                                      |           | 741,967 |   |   | 756,584 |
|                       | Ginnie Mae, 4.00%, 09/20/39                                            |                                      |           | 268,182 |   |   | 283,173 |
|                       |                                                                   | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS |           |   | 46,605,742 |

----

| DAVIS SERIES, INC.                       | Schedule of Investments |
|------------------------------------------|-------------------------|
| DAVIS GOVERNMENT BOND FUND - (CONTINUED) | December 31, 2014       |
|                                   | Principal                                                                                                                                                                                                                                                                   |                             | Value (Note 1)         |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|------------------------|
| MORTGAGES – (CONTINUED)          |
|                                   |    FANNIE MAE POOLS – (23.65%)                                                                                                                                                                                                                         |
|                                   |                                                                                                                                                                                                                                                                        | 6.00%, 09/01/17, Pool No. 665776 |                   | $ | 344,173 |   | $ | 365,652 |
|                                   | 3.65%, 01/01/18, Pool No. 467153                                                                                                                                                                                                                                            |                             |                   | 3,445,643 |   |   | 3,636,456 |
|                                   | 4.50%, 03/01/18, Pool No. AJ0354                                                                                                                                                                                                                                            |                             |                   | 404,786 |   |   | 418,047 |
|                                   | 3.00%, 10/01/21, Pool No. MA0865                                                                                                                                                                                                                                            |                             |                   | 1,965,638 |   |   | 2,060,531 |
|                                   | 2.50%, 11/01/22, Pool No. AQ4765                                                                                                                                                                                                                                            |                             |                   | 3,655,324 |   |   | 3,784,802 |
|                                   | 3.00%, 12/01/23, Pool No. MA1691                                                                                                                                                                                                                                            |                             |                   | 2,069,939 |   |   | 2,172,625 |
|                                   | 3.50%, 11/01/24, Pool No. MA2101                                                                                                                                                                                                                                            |                             |                   | 3,707,887 |   |   | 3,941,075 |
|                                   | 2.50%, 10/01/27, Pool No. AP9869                                                                                                                                                                                                                                            |                             |                   | 2,500,950 |   |   | 2,552,949 |
|                                   | 6.50%, 07/01/32, Pool No. 635069                                                                                                                                                                                                                                            |                             |                   | 93,487 |   |   | 104,216 |
|                                   | 5.612%, 04/01/36, Pool No. 851605 (b)                                                                                                                                                                                                                                       |                             |                   | 215,488 |   |   | 224,428 |
|                                   | 6.00%, 09/01/37, Pool No. 888796                                                                                                                                                                                                                                            |                             |                   | 218,111 |   |   | 247,238 |
|                                   |                                                                                                                                                                                                                                                                        |                             | TOTAL FANNIE MAE POOLS |   |   | 19,508,019 |
|                                   |    FREDDIE MAC POOLS – (11.51%)                                                                                                                                                                                                                        |
|                                   | 2.50%, 05/01/23, Pool No. G14738                                                                                                                                                                                                                                            |                             |                   | 2,306,978 |   |   | 2,387,479 |
|                                   | 5.50%, 12/01/23, Pool No. G13339                                                                                                                                                                                                                                            |                             |                   | 2,649,895 |   |   | 2,812,724 |
|                                   | 4.00%, 05/01/24, Pool No. J09596                                                                                                                                                                                                                                            |                             |                   | 762,089 |   |   | 813,528 |
|                                   | 3.00%, 10/01/24, Pool No. J29659                                                                                                                                                                                                                                            |                             |                   | 2,931,297 |   |   | 3,080,706 |
|                                   | 3.50%, 01/01/26, Pool No. G18373                                                                                                                                                                                                                                            |                             |                   | 375,516 |   |   | 399,061 |
|                                   | TOTAL FREDDIE MAC POOLS                                                                                                                                                                                                                                                     |                             |                   | 9,493,498 |
|                                   |  TOTAL MORTGAGES – (Identified cost $75,331,698)                                                                                                                                                                                                            |                             |                   | 75,607,259 |
| OTHER AGENCIES – (7.04%)         |
|                                   | Housing Urban Development, 6.00%, 08/01/20                                                                                                                                                                                                                                  |                             |                   | 210,000 |   |   | 213,584 |
|                                   | NCUA Guaranteed Notes, 0.7278%, 12/08/20   (b)                                                                                                                                                                                                                    |                             |                   | 5,488,330 |   |   | 5,587,142 |
|                                   |  TOTAL OTHER AGENCIES – (Identified cost $5,756,315)                                                                                                                                                                                                        |                             |                   | 5,800,726 |
| SHORT-TERM INVESTMENTS – (1.26%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.08%, 01/02/15, dated 12/31/14, repurchase value of $292,001 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-3.50%, 12/01/27-10/01/28, total market value $297,840)            |                             |                   | 292,000 |   |   | 292,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.08%, 01/02/15, dated 12/31/14, repurchase value of $535,002 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-6.50%, 01/15/30-12/20/44, total market value $545,700) |                             |                   | 535,000 |   |   | 535,000 |
|                                   | SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.18%, 01/02/15, dated 12/31/14, repurchase value of $214,002 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 0.00%-4.00%, 02/01/22-11/01/44, total market value $218,280)      |                             |                   | 214,000 |   |   | 214,000 |
|                                   |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,041,000)                                                                                                                                                                                                |                             |                   | 1,041,000 |

----

| DAVIS SERIES, INC.                       | Schedule of Investments |
|------------------------------------------|-------------------------|
| DAVIS GOVERNMENT BOND FUND - (CONTINUED) | December 31, 2014       |
|                              | Total Investments – (99.97%) – (Identified cost $82,129,013) – (c) |                                                                                                                                                                                                                                                                                                                                                              | $      | 82,448,985                   |
|-----------------------------------|--------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|
|                              | Other Assets Less Liabilities – (0.03%)                                        |                                                                                                                                                                                                                                                                                                                                                              |   | 28,723                       |
|                              |                                                                                      |                                                                                                                                                                                                                                                                                                                                                                   |        | Net Assets – (100.00%) |   | $ | 82,477,708 |
|                              |
|                              | (a)                                                                                  | The interest rates on floating rate securities, shown as of December 31, 2014, may change daily or less frequently and are based on indices of market interest rates. For purposes of amortized cost valuation, the maturity dates of these securities are considered to be the effective maturities, based on the reset dates of the securities' variable rates. |
|                              |
|                              | (b)                                                                                  | The interest rates on adjustable rate securities, shown as of December 31, 2014, may change daily or less frequently and are based on indices of market interest rates.                                                                                                                                                                                           |
|                              |
|                              | (c)                                                                                  | Aggregate cost for federal income tax purposes is $82,129,013. At December 31, 2014 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:                                                                                                                                                                           |
|                              |
|                              | Unrealized appreciation                                                              |                                                                                                                                                                                                                                                                                                                                                              | $      | 580,429                      |
|                              | Unrealized depreciation                                                              |                                                                                                                                                                                                                                                                                                                                                              |   | (260,457)                    |
|                              | Net unrealized appreciation                                                          |                                                                                                                                                                                                                                                                                                                                                              | $      | 319,972                      |
|                              |
| See Notes to Financial Statements |

----

| DAVIS SERIES, INC.                 | Schedule of Investments |
|------------------------------------|-------------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND | December 31, 2014       |
|                                      | Principal                                                                        |                                                               | Value (Note 1) |
|-------------------------------------------|----------------------------------------------------------------------------------|--------------------------------------------------------------------|----------------|
| FANNIE MAE – (8.68%)                |
|                                      | 0.1755%, 01/20/15  (a)                                                      |                                                               | $              | 4,000,000 |   | $ | 4,000,150 |
|                                      | 0.33%, 01/27/15  (a)                                                        |                                                               |           | 5,000,000 |   |   | 5,000,968 |
|                                      | 0.1395%, 02/27/15  (a)                                                      |                                                               |           | 4,000,000 |   |   | 4,000,176 |
|                                      | 0.50%, 05/27/15                                                                  |                                                               |           | 3,322,000 |   |   | 3,326,635 |
|                                      | 0.1555%, 10/21/15  (a)                                                      |                                                               |           | 4,000,000 |   |   | 4,001,139 |
|                                      |                                                                             |  TOTAL FANNIE MAE – (Identified cost $20,329,068)  |           |   | 20,329,068 |
| FEDERAL FARM CREDIT BANK – (21.20%) |
|                                      | 0.161%, 01/16/15  (a)                                                       |                                                               |           | 1,000,000 |   |   | 1,000,016 |
|                                      | 0.1595%, 01/28/15  (a)                                                      |                                                               |           | 4,470,000 |   |   | 4,470,171 |
|                                      | 0.27%, 03/04/15  (a)                                                        |                                                               |           | 1,750,000 |   |   | 1,750,401 |
|                                      | 4.71%, 03/06/15                                                                  |                                                               |           | 500,000 |   |   | 504,063 |
|                                      | 0.1856%, 03/13/15  (a)                                                      |                                                               |           | 2,500,000 |   |   | 2,500,327 |
|                                      | 0.1905%, 03/20/15  (a)                                                      |                                                               |           | 5,845,000 |   |   | 5,846,043 |
|                                      | 0.1846%, 03/26/15  (a)                                                      |                                                               |           | 3,000,000 |   |   | 3,000,270 |
|                                      | 0.2112%, 04/06/15  (a)                                                      |                                                               |           | 1,450,000 |   |   | 1,450,362 |
|                                      | 0.15%, 04/13/15  (a)                                                        |                                                               |           | 700,000 |   |   | 700,019 |
|                                      | 0.1843%, 04/23/15  (a)                                                      |                                                               |           | 1,000,000 |   |   | 1,000,220 |
|                                      | 0.1855%, 06/22/15  (a)                                                      |                                                               |           | 4,000,000 |   |   | 4,001,169 |
|                                      | 0.1955%, 07/20/15  (a)                                                      |                                                               |           | 4,450,000 |   |   | 4,451,773 |
|                                      | 0.1578%, 08/03/15  (a)                                                      |                                                               |           | 4,000,000 |   |   | 4,000,619 |
|                                      | 0.33%, 08/03/15  (a)                                                        |                                                               |           | 4,000,000 |   |   | 4,004,523 |
|                                      | 0.1608%, 09/14/15  (a)                                                      |                                                               |           | 500,000 |   |   | 500,110 |
|                                      | 0.201%, 09/18/15  (a)                                                       |                                                               |           | 4,000,000 |   |   | 4,002,277 |
|                                      | 0.1905%, 09/22/15  (a)                                                      |                                                               |           | 2,400,000 |   |   | 2,401,253 |
|                                      | 0.1641%, 11/19/15  (a)                                                      |                                                               |           | 4,100,000 |   |   | 4,101,471 |
|                                      |  TOTAL FEDERAL FARM CREDIT BANK – (Identified cost $49,685,087)  |                                                               |           | 49,685,087 |
| FEDERAL HOME LOAN BANK – (27.77%)   |
|                                      | 0.46%, 01/14/15                                                                  |                                                               |           | 4,000,000 |   |   | 4,000,396 |
|                                      | 0.103%, 02/03/15  (a)                                                       |                                                               |           | 1,000,000 |   |   | 1,000,001 |
|                                      | 0.101%, 02/12/15  (a)                                                       |                                                               |           | 4,000,000 |   |   | 3,999,983 |
|                                      | 7.375%, 02/13/15                                                                 |                                                               |           | 430,000 |   |   | 433,655 |
|                                      | 0.25%, 02/20/15                                                                  |                                                               |           | 545,000 |   |   | 545,087 |
|                                      | 0.09%, 02/23/15                                                                  |                                                               |           | 4,000,000 |   |   | 3,999,872 |
|                                      | 0.12%, 02/25/15  (a)                                                        |                                                               |           | 5,000,000 |   |   | 5,000,036 |
|                                      | 0.11%, 03/06/15  (a)                                                        |                                                               |           | 3,500,000 |   |   | 3,500,006 |
|                                      | 3.50%, 03/13/15                                                                  |                                                               |           | 1,000,000 |   |   | 1,006,558 |
|                                      | 0.121%, 04/16/15  (a)                                                       |                                                               |           | 4,850,000 |   |   | 4,850,115 |
|                                      | 0.125%, 04/21/15                                                                 |                                                               |           | 3,000,000 |   |   | 2,999,846 |
|                                      | 0.21%, 04/24/15                                                                  |                                                               |           | 1,000,000 |   |   | 1,000,201 |
|                                      | 0.125%, 05/08/15                                                                 |                                                               |           | 2,000,000 |   |   | 1,999,740 |
|                                      | 0.11%, 05/20/15  (a)                                                        |                                                               |           | 4,000,000 |   |   | 3,999,919 |
|                                      | 0.125%, 06/03/15                                                                 |                                                               |           | 4,050,000 |   |   | 4,049,360 |
|                                      | 0.125%, 06/08/15                                                                 |                                                               |           | 2,500,000 |   |   | 2,499,761 |
|                                      | 0.739%, 06/11/15  (a)                                                       |                                                               |           | 1,600,000 |   |   | 1,604,222 |

----

| DAVIS SERIES, INC.                               | Schedule of Investments |
|--------------------------------------------------|-------------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND - (CONTINUED) | December 31, 2014       |
|                                       | Principal                                                                                                                                                                                                                                                                         |                                                                           | Value (Note 1) |
|--------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|----------------|
| FEDERAL HOME LOAN BANK – (CONTINUED) |
|                                       | 2.875%, 06/12/15                                                                                                                                                                                                                                                                  |                                                                           | $              | 2,240,000 |   | $ | 2,267,203 |
|                                       | 4.875%, 06/12/15                                                                                                                                                                                                                                                                  |                                                                           |           | 250,000 |   |   | 255,209 |
|                                       | 5.50%, 06/12/15                                                                                                                                                                                                                                                                   |                                                                           |           | 600,000 |   |   | 614,227 |
|                                       | 0.125%, 06/18/15  (a)                                                                                                                                                                                                                                                        |                                                                           |           | 4,000,000 |   |   | 4,000,000 |
|                                       | 0.743%, 06/18/15  (a)                                                                                                                                                                                                                                                        |                                                                           |           | 1,650,000 |   |   | 1,654,396 |
|                                       | 0.5051%, 06/24/15  (a)                                                                                                                                                                                                                                                       |                                                                           |           | 1,300,000 |   |   | 1,302,262 |
|                                       | 0.125%, 07/17/15                                                                                                                                                                                                                                                                  |                                                                           |           | 2,500,000 |   |   | 2,499,260 |
|                                       | 0.127%, 08/10/15  (a)                                                                                                                                                                                                                                                        |                                                                           |           | 4,000,000 |   |   | 4,000,261 |
|                                       | 0.27%, 10/09/15                                                                                                                                                                                                                                                                   |                                                                           |           | 2,000,000 |   |   | 2,000,942 |
|                                       |                                                                                                                                                                                                                                                                              |  TOTAL FEDERAL HOME LOAN BANK – (Identified cost $65,082,518)  |           |   | 65,082,518 |
| FREDDIE MAC – (2.37%)                |
|                                       | 4.50%, 01/15/15                                                                                                                                                                                                                                                                   |                                                                           |           | 250,000 |   |   | 250,418 |
|                                       | 5.05%, 01/26/15                                                                                                                                                                                                                                                                   |                                                                           |           | 300,000 |   |   | 301,011 |
|                                       | 0.35%, 03/18/15                                                                                                                                                                                                                                                                   |                                                                           |           | 4,000,000 |   |   | 4,001,819 |
|                                       | 0.141%, 10/16/15  (a)                                                                                                                                                                                                                                                        |                                                                           |           | 1,000,000 |   |   | 1,000,160 |
|                                       |  TOTAL FREDDIE MAC – (Identified cost $5,553,408)                                                                                                                                                                                                                 |                                                                           |           | 5,553,408 |
| OTHER AGENCIES – (4.47%)             |
|                                       | NCUA Guaranteed Notes, 1.40%, 06/12/15                                                                                                                                                                                                                                            |                                                                           |           | 4,557,000 |   |   | 4,580,987 |
|                                       | Private Export Funding Corp., 4.55%, 05/15/15                                                                                                                                                                                                                                     |                                                                           |           | 5,490,000 |   |   | 5,575,990 |
|                                       | Private Export Funding Corp., 4.95%, 11/15/15                                                                                                                                                                                                                                     |                                                                           |           | 300,000 |   |   | 311,406 |
|                                       |  TOTAL OTHER AGENCIES – (Identified cost $10,468,383)                                                                                                                                                                                                             |                                                                           |           | 10,468,383 |
| REPURCHASE AGREEMENTS – (29.20%)     |
|                                       | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.08%, 01/02/15, dated 12/31/14, repurchase value of $19,188,085 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-3.50%, 12/01/27-10/01/28, total market value $19,571,760)            |                                                                           |           | 19,188,000 |   |   | 19,188,000 |
|                                       | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.08%, 01/02/15, dated 12/31/14, repurchase value of $35,181,156 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-8.00%, 10/20/24-12/20/44, total market value $35,884,620) |                                                                           |           | 35,181,000 |   |   | 35,181,000 |
|                                       | SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.18%, 01/02/15, dated 12/31/14, repurchase value of $14,072,141 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 0.00%-7.00%, 03/01/16-12/01/44, total market value $14,353,440)      |                                                                           |           | 14,072,000 |   |   | 14,072,000 |
|                                       |  TOTAL REPURCHASE AGREEMENTS – (Identified cost $68,441,000)                                                                                                                                                                                                      |                                                                           |           | 68,441,000 |

----

| DAVIS SERIES, INC.                               | Schedule of Investments |
|--------------------------------------------------|-------------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND - (CONTINUED) | December 31, 2014       |
|                              | Total Investments – (93.69%) – (Identified cost $219,559,464) – (b) |                                                                                                                                                                                                                                                                                                                                                              | $                            | 219,559,464 |
|-----------------------------------|---------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|-------------|
|                              | Other Assets Less Liabilities – (6.31%)                                         |                                                                                                                                                                                                                                                                                                                                                              |                         | 14,777,055  |
|                              |                                                                                       |                                                                                                                                                                                                                                                                                                                                                                   | Net Assets – (100.00%) |        | $ | 234,336,519 |
|                              |
|                              | (a)                                                                                   | The interest rates on floating rate securities, shown as of December 31, 2014, may change daily or less frequently and are based on indices of market interest rates. For purposes of amortized cost valuation, the maturity dates of these securities are considered to be the effective maturities, based on the reset dates of the securities' variable rates. |
|                              |
|                              | (b)                                                                                   | Aggregate cost for federal income tax purposes is $219,559,464.                                                                                                                                                                                                                                                                                                   |
|                              |
| See Notes to Financial Statements |

----

| DAVIS SERIES, INC.   | Schedule of Investments |
|----------------------|-------------------------|
| DAVIS FINANCIAL FUND | December 31, 2014       |
|                          | Shares/Units                                                         |                                     | Value (Note 1)                |
|-------------------------------|----------------------------------------------------------------------|------------------------------------------|-------------------------------|
| COMMON STOCK – (96.33%) |
|                          |    FINANCIALS – (93.85%)                        |
|                          |                                                                      |    Banks – (22.99%) |
|                          |                                                                 |                                     | Citizens Financial Group Inc. |   |   | 1,023,240 |   | $ | 25,437,746 |
|                          | ICICI Bank Ltd., ADR  (India)                                   |                                     |                          | 608,485 |   |   | 7,028,002 |
|                          | JPMorgan Chase & Co.                                             |                                     |                          | 523,980 |   |   | 32,790,668 |
|                          | SKBHC Holdings LLC  *(a)                                        |                                     |                          | 1,916 |   |   | 11,632,320 |
|                          | U.S. Bancorp                                                         |                                     |                          | 476,671 |   |   | 21,426,362 |
|                          | Wells Fargo & Co.                                                |                                     |                          | 1,286,419 |   |   | 70,521,490 |
|                          |                                                                 |                                     | 168,836,588                   |
|                          |    Diversified Financials – (44.32%)            |
|                          |    Capital Markets – (20.25%)                   |
|                          | Bank of New York Mellon Corp.                                        |                                     |                          | 1,193,374 |   |   | 48,415,183 |
|                          | Brookfield Asset Management Inc., Class A  (Canada)             |                                     |                          | 532,890 |   |   | 26,713,776 |
|                          | Charles Schwab Corp.                                                 |                                     |                          | 755,198 |   |   | 22,799,428 |
|                          | Goldman Sachs Group, Inc.                                            |                                     |                          | 126,992 |   |   | 24,614,859 |
|                          | Julius Baer Group Ltd.  (Switzerland)                           |                                     |                          | 573,232 |   |   | 26,172,621 |
|                          |                                                                 | 148,715,867                              |
|                          |    Consumer Finance – (10.93%)                  |
|                          | American Express Co.                                                 |                                     |                          | 713,782 |   |   | 66,410,277 |
|                          | Capital One Financial Corp.                                          |                                     |                          | 167,500 |   |   | 13,827,125 |
|                          |                                                                 | 80,237,402                               |
|                          |    Diversified Financial Services – (13.14%)    |
|                          | Berkshire Hathaway Inc., Class A  *                             |                                     |                          | 74 |   |   | 16,724,000 |
|                          | Cielo S.A. (Brazil)                                                  |                                     |                          | 567,128 |   |   | 8,874,175 |
|                          | McGraw Hill Financial Inc.                                           |                                     |                          | 164,200 |   |   | 14,610,516 |
|                          | Moody's Corp.                                                        |                                     |                          | 172,100 |   |   | 16,488,901 |
|                          | Visa Inc., Class A                                                   |                                     |                          | 151,737 |   |   | 39,785,441 |
|                          |                                                                 | 96,483,033                               |
|                          |                                                                 |                                     | 325,436,302                   |
|                          |    Insurance – (26.54%)                         |
|                          |    Insurance Brokers – (3.68%)                  |
|                          | Marsh & McLennan Cos, Inc.                                       |                                     |                          | 471,330 |   |   | 26,978,929 |
|                          |    Multi-line Insurance – (5.40%)               |
|                          | American International Group, Inc.                                   |                                     |                          | 466,800 |   |   | 26,145,468 |
|                          | Loews Corp.                                                          |                                     |                          | 321,945 |   |   | 13,528,129 |
|                          |                                                                 | 39,673,597                               |
|                          |    Property & Casualty Insurance – (12.87%) |
|                          | ACE Ltd.                                                             |                                     |                          | 296,440 |   |   | 34,055,027 |
|                          | Chubb Corp.                                                          |                                     |                          | 141,100 |   |   | 14,599,617 |
|                          | Markel Corp.  *                                                 |                                     |                          | 67,186 |   |   | 45,877,288 |
|                          |                                                                 | 94,531,932                               |
|                          |    Reinsurance – (4.59%)                        |
|                          | Everest Re Group, Ltd.                                               |                                     |                          | 197,972 |   |   | 33,714,632 |
|                          |                                                                 |                                     | 194,899,090                   |
|                          |                                                                 |                                     | TOTAL FINANCIALS              |   |   | 689,171,980 |
|                          |    INFORMATION TECHNOLOGY – (2.48%)             |
|                          |    Software & Services – (2.48%)            |
|                          | Google Inc., Class A  *                                         |                                     |                          | 17,200 |   |   | 9,127,352 |

----

| DAVIS SERIES, INC.                 | Schedule of Investments |
|------------------------------------|-------------------------|
| DAVIS FINANCIAL FUND - (CONTINUED) | December 31, 2014       |
|                                   | Shares/Principal                                                                                                                                                                                                                                                                  |                                                                                                                                                                                     | Value (Note 1) |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|
| COMMON STOCK – (CONTINUED)       |
|                                   |    INFORMATION TECHNOLOGY – (CONTINUED)                                                                                                                                                                                                                      |
|                                   |                                                                                                                                                                                                                                                                                   |    Software & Services – (Continued)                                                                                                                            |
|                                   |                                                                                                                                                                                                                                                                              | Google Inc., Class C  *                                                                                                                                                             |           |   | 17,200 |   | $ | 9,054,080 |
|                                   |                                                                                                                                                                                                                                                                              |                                                                                                                                                                                     |           |   |   | TOTAL INFORMATION TECHNOLOGY |   |   | 18,181,432 |
|                                   |  TOTAL COMMON STOCK – (Identified cost $393,502,277)                                                                                                                                                                                                              |                                                                                                                                                                                     |           | 707,353,412 |
| SHORT-TERM INVESTMENTS – (3.74%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.08%, 01/02/15, dated 12/31/14, repurchase value of $7,690,034 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-3.50%, 12/01/27-10/01/28, total market value $7,843,800)              |                                                                                                                                                                                     | $              | 7,690,000 |   |   | 7,690,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.08%, 01/02/15, dated 12/31/14, repurchase value of $14,102,063 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-8.00%, 10/20/22-12/20/44, total market value $14,384,040) |                                                                                                                                                                                     |           | 14,102,000 |   |   | 14,102,000 |
|                                   | SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.18%, 01/02/15, dated 12/31/14, repurchase value of $5,641,056 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 0.00%-5.00%, 01/01/20-12/01/44, total market value $5,753,820)        |                                                                                                                                                                                     |           | 5,641,000 |   |   | 5,641,000 |
|                                   |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $27,433,000)                                                                                                                                                                                                     |                                                                                                                                                                                     |           | 27,433,000 |
|                                   | Total Investments – (100.07%) – (Identified cost $420,935,277) – (b)                                                                                                                                                                                            |                                                                                                                                                                                     |           | 734,786,412 |
|                                   | Liabilities Less Other Assets – (0.07%)                                                                                                                                                                                                                                     |                                                                                                                                                                                     |           | (497,644) |
|                                   | Net Assets – (100.00%)                                                                                                                                                                                                                                                      |                                                                                                                                                                                     | $              | 734,288,768 |
|                                   |
|                                   | ADR: American Depositary Receipt                                                                                                                                                                                                                                                  |
|                                   |
|                                   | *                                                                                                                                                                                                                                                                                 | Non-Income producing security.                                                                                                                                                           |
|                                   |
|                                   | (a)                                                                                                                                                                                                                                                                               | Restricted Security – See Note 7 of the Notes to Financial Statements.                                                                                                             |
|                                   |
|                                   | (b)                                                                                                                                                                                                                                                                               | Aggregate cost for federal income tax purposes is $420,867,509. At December 31, 2014 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
|                                   |
|                                   | Unrealized appreciation                                                                                                                                                                                                                                                           |                                                                                                                                                                                     | $              | 314,010,396 |
|                                   | Unrealized depreciation                                                                                                                                                                                                                                                           |                                                                                                                                                                                     |           | (91,493) |
|                                   | Net unrealized appreciation                                                                                                                                                                                                                                                       |                                                                                                                                                                                     | $              | 313,918,903 |
|                                   |
| See Notes to Financial Statements      |

----

| DAVIS SERIES, INC.                   | Schedule of Investments |
|--------------------------------------|-------------------------|
| DAVIS APPRECIATION & INCOME FUND | December 31, 2014       |
|                          | Shares                                                                               |                                                | Value (Note 1)                    |
|-------------------------------|--------------------------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------|
| COMMON STOCK – (71.51%) |
|                          |    CONSUMER DISCRETIONARY – (12.39%)                            |
|                          |                                                                                      |    Consumer Services – (2.44%) |
|                          |                                                                                 |                                                | School Specialty, Inc.  *(a) |   |   | 69,205 |   | $ | 7,958,575 |
|                          |    Media – (3.39%)                                              |
|                          | Twenty-First Century Fox, Inc., Class A                                              |                                                |                              | 288,656 |   |   | 11,085,834 |
|                          |    Retailing – (6.56%)                                          |
|                          | Amazon.com, Inc.  *                                                             |                                                |                              | 24,001 |   |   | 7,448,710 |
|                          | Kohl's Corp.                                                                         |                                                |                              | 229,200 |   |   | 13,990,368 |
|                          |                                                                                 |                                                | 21,439,078                        |
|                          |                                                                                 |                                                | TOTAL CONSUMER DISCRETIONARY      |   |   | 40,483,487 |
|                          |    CONSUMER STAPLES – (5.86%)                                   |
|                          |    Food & Staples Retailing – (4.06%)                       |
|                          | Whole Foods Market, Inc.                                                             |                                                |                              | 263,484 |   |   | 13,284,863 |
|                          |    Food, Beverage & Tobacco – (1.80%)                       |
|                          | Tyson Foods, Inc., Class A                                                           |                                                |                              | 146,400 |   |   | 5,869,176 |
|                          | TOTAL CONSUMER STAPLES                                                               |                                                |                              | 19,154,039 |
|                          |    ENERGY – (8.62%)                                             |
|                          | Devon Energy Corp.                                                                   |                                                |                              | 204,020 |   |   | 12,488,064 |
|                          | Nabors Industries Ltd.                                                               |                                                |                              | 634,492 |   |   | 8,235,706 |
|                          | Transocean Ltd.  (Switzerland)                                                  |                                                |                              | 406,131 |   |   | 7,444,382 |
|                          | TOTAL ENERGY                                                                         |                                                |                              | 28,168,152 |
|                          |    FINANCIALS – (10.85%)                                        |
|                          |    Banks – (7.30%)                                              |
|                          |    Banks – (7.12%)                                              |
|                          | Bank of America Corp.                                                                |                                                |                              | 622,866 |   |   | 11,143,073 |
|                          | Citigroup Inc.                                                                       |                                                |                              | 223,852 |   |   | 12,112,631 |
|                          |                                                                                 | 23,255,704                                          |
|                          |    Thrifts & Mortgage Finance – (0.18%)                     |
|                          | ADFITECH, Inc.  *                                                               |                                                |                              | 266,000 |   |   | 595,840 |
|                          |                                                                                 |                                                | 23,851,544                        |
|                          |    Diversified Financials – (3.55%)                             |
|                          |    Consumer Finance – (3.55%)                                   |
|                          | American Express Co.                                                                 |                                                |                              | 124,640 |   |   | 11,596,506 |
|                          | TOTAL FINANCIALS                                                                     |                                                |                              | 35,448,050 |
|                          |    HEALTH CARE – (7.43%)                                        |
|                          |    Health Care Equipment & Services – (3.95%)               |
|                          | Universal Health Services, Inc., Class B                                             |                                                |                              | 116,060 |   |   | 12,912,836 |
|                          |    Pharmaceuticals, Biotechnology & Life Sciences – (3.48%) |
|                          | Valeant Pharmaceuticals International, Inc.  (Canada)*                          |                                                |                              | 79,446 |   |   | 11,369,517 |
|                          | TOTAL HEALTH CARE                                                                    |                                                |                              | 24,282,353 |
|                          |    INDUSTRIALS – (16.58%)                                       |
|                          |    Capital Goods – (13.12%)                                     |
|                          | General Electric Co.                                                                 |                                                |                              | 415,200 |   |   | 10,492,104 |
|                          | Masco Corp.                                                                          |                                                |                              | 433,880 |   |   | 10,933,776 |
|                          | Quanta Services, Inc.  *                                                        |                                                |                              | 399,490 |   |   | 11,341,521 |
|                          | United Rentals, Inc.  *                                                         |                                                |                              | 99,088 |   |   | 10,107,967 |
|                          |                                                                                 |                                                | 42,875,368                        |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments |
|----------------------------------------------------|-------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | December 31, 2014       |
|                                        | Shares/Principal                                                                    |                                                                     | Value (Note 1)    |
|---------------------------------------------|-------------------------------------------------------------------------------------|--------------------------------------------------------------------------|-------------------|
| COMMON STOCK – (CONTINUED)            |
|                                        |    INDUSTRIALS – (CONTINUED)                                   |
|                                        |                                                                                     |    Commercial & Professional Services – (3.46%) |
|                                        |                                                                                | Waste Connections, Inc.                                                  |              |   | 256,670 |   | $ | 11,290,913 |
|                                        |                                                                                |                                                                     | TOTAL INDUSTRIALS |   |   | 54,166,281 |
|                                        |    INFORMATION TECHNOLOGY – (2.42%)                            |
|                                        |    Semiconductors & Semiconductor Equipment – (2.42%)      |
|                                        | Fairchild Semiconductor International, Inc.  *                                 |                                                                     |              | 468,897 |   |   | 7,914,981 |
|                                        | TOTAL INFORMATION TECHNOLOGY                                                        |                                                                     |              | 7,914,981 |
|                                        |    MATERIALS – (5.63%)                                         |
|                                        | Allegheny Technologies, Inc.                                                        |                                                                     |              | 346,168 |   |   | 12,036,261 |
|                                        | Freeport-McMoRan Inc.                                                               |                                                                     |              | 272,232 |   |   | 6,359,340 |
|                                        | TOTAL MATERIALS                                                                     |                                                                     |              | 18,395,601 |
|                                        |    UTILITIES – (1.73%)                                         |
|                                        | AES Corp.                                                                           |                                                                     |              | 411,466 |   |   | 5,665,887 |
|                                        | TOTAL UTILITIES                                                                     |                                                                     |              | 5,665,887 |
|                                        |  TOTAL COMMON STOCK – (Identified cost $206,652,637)                |                                                                     |              | 233,678,831 |
| CONVERTIBLE PREFERRED STOCK – (5.00%) |
|                                        |    CONSUMER STAPLES – (2.77%)                                  |
|                                        |    Food, Beverage & Tobacco – (2.77%)                      |
|                                        | Tyson Foods, Inc., 4.75%, Conv. Pfd.                                                |                                                                     |              | 179,900 |   |   | 9,056,166 |
|                                        | TOTAL CONSUMER STAPLES                                                              |                                                                     |              | 9,056,166 |
|                                        |    UTILITIES – (2.23%)                                         |
|                                        | AES Trust III, 6.75%, Conv. Pfd.                                                    |                                                                     |              | 141,417 |   |   | 7,287,388 |
|                                        | TOTAL UTILITIES                                                                     |                                                                     |              | 7,287,388 |
|                                        |  TOTAL CONVERTIBLE PREFERRED STOCK – (Identified cost $15,998,753)  |                                                                     |              | 16,343,554 |
| CONVERTIBLE BONDS – (15.06%)          |
|                                        |    FINANCIALS – (5.03%)                                        |
|                                        |    Real Estate – (5.03%)                                       |
|                                        | Forest City Enterprises, Inc., Conv. Sr. Notes, 4.25%, 08/15/18                     |                                                                     | $                 | 11,178,000 |   |   | 12,798,810 |
|                                        | Forest City Enterprises, Inc., Conv. Sr. Notes, 3.625%, 08/15/20                    |                                                                     |              | 3,414,000 |   |   | 3,635,910 |
|                                        | TOTAL FINANCIALS                                                                    |                                                                     |              | 16,434,720 |
|                                        |    INFORMATION TECHNOLOGY – (5.48%)                            |
|                                        |    Semiconductors & Semiconductor Equipment – (5.48%)      |
|                                        | Intel Corp., Conv. Jr. Sub. Deb., 3.25%, 08/01/39                                   |                                                                     |              | 10,285,000 |   |   | 17,902,379 |
|                                        | TOTAL INFORMATION TECHNOLOGY                                                        |                                                                     |              | 17,902,379 |
|                                        |    MATERIALS – (4.55%)                                         |
|                                        | United States Steel Corp., Conv. Sr. Notes, 2.75%, 04/01/19                         |                                                                     |              | 11,930,000 |   |   | 14,882,675 |
|                                        | TOTAL MATERIALS                                                                     |                                                                     |              | 14,882,675 |
|                                        |  TOTAL CONVERTIBLE BONDS – (Identified cost $40,552,418)            |                                                                     |              | 49,219,774 |
| CORPORATE BONDS – (1.71%)             |
|                                        |    CONSUMER DISCRETIONARY – (0.30%)                            |
|                                        |    Retailing – (0.30%)                                         |
|                                        | Kohl's Corp., Sr. Notes, 6.25%, 12/15/17                                            |                                                                     |              | 882,000 |   |   | 981,707 |
|                                        | TOTAL CONSUMER DISCRETIONARY                                                        |                                                                     |              | 981,707 |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments |
|----------------------------------------------------|-------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | December 31, 2014       |
|                                   | Principal                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                         | Value (Note 1) |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|
| CORPORATE BONDS – (CONTINUED)    |
|                                   |    FINANCIALS – (0.81%)                                                                                                                                                                                                                                      |
|                                   |                                                                                                                                                                                                                                                                                   |    Real Estate – (0.81%)                                                                                                                                                                                                                                                                                                                                                                                                |
|                                   |                                                                                                                                                                                                                                                                              | Thornburg Mortgage, Inc., Sr. Notes, 8.00%, 05/15/13   (b)                                                                                                                                                                                                                                                                                                                                                                         |           | $ | 13,300,000 |   | $ | 2,626,750 |
|                                   |                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                         |           |   |   | TOTAL FINANCIALS |   |   | 2,626,750 |
|                                   |    HEALTH CARE – (0.32%)                                                                                                                                                                                                                                     |
|                                   |    Pharmaceuticals, Biotechnology & Life Sciences – (0.32%)                                                                                                                                                                                              |
|                                   | Valeant Pharmaceuticals International, Inc., 144A Sr. Notes, 6.75%, 08/15/21   (Canada)(c)                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                         |           | 1,000,000 |   |   | 1,048,750 |
|                                   | TOTAL HEALTH CARE                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                         |           | 1,048,750 |
|                                   |    INDUSTRIALS – (0.28%)                                                                                                                                                                                                                                     |
|                                   |    Capital Goods – (0.28%)                                                                                                                                                                                                                                   |
|                                   | Masco Corp., Sr. Notes, 6.125%, 10/03/16                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                         |           | 859,500 |   |   | 915,797 |
|                                   | TOTAL INDUSTRIALS                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                         |           | 915,797 |
|                                   |  TOTAL CORPORATE BONDS – (Identified cost $12,663,524)                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                         |           | 5,573,004 |
| SHORT-TERM INVESTMENTS – (7.55%) |
|                                   | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.08%, 01/02/15, dated 12/31/14, repurchase value of $6,918,031 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-3.50%, 12/01/27-10/01/28, total market value $7,056,360)              |                                                                                                                                                                                                                                                                                                                                                                                                                                         |           | 6,918,000 |   |   | 6,918,000 |
|                                   | Nomura Securities International, Inc. Joint Repurchase Agreement, 0.08%, 01/02/15, dated 12/31/14, repurchase value of $12,687,056 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-8.00%, 11/15/16-12/20/44, total market value $12,940,740) |                                                                                                                                                                                                                                                                                                                                                                                                                                         |           | 12,687,000 |   |   | 12,687,000 |
|                                   | SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.18%, 01/02/15, dated 12/31/14, repurchase value of $5,075,051 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 0.00%-6.00%, 11/01/19-11/01/44, total market value $5,176,500)        |                                                                                                                                                                                                                                                                                                                                                                                                                                         |           | 5,075,000 |   |   | 5,075,000 |
|                                   |  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $24,680,000)                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                         |           | 24,680,000 |
|                                   | Total Investments – (100.83%) – (Identified cost $300,547,332) – (d)                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                         |           | 329,495,163 |
|                                   | Liabilities Less Other Assets – (0.83%)                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                         |           | (2,720,256) |
|                                   | Net Assets – (100.00%)                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                         | $              | 326,774,907 |
|                                   |
|                                   | *                                                                                                                                                                                                                                                                                 | 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, 2014. The aggregate fair value of the securities of affiliated companies held by the Fund as of December 31, 2014, amounts to $7,958,575. Transactions during the period in which the issuers were affiliates are as follows: |
| Security               |   | SharesDecember 31, 2013 |   | GrossAdditions |   | GrossReductions |   | SharesDecember 31, 2014 |   |   | DividendIncome |
|------------------------|--------|-------------------------|--------|----------------|--------|-----------------|--------|-------------------------|--------|--------|----------------|
| School Specialty, Inc. |   | 69,205                  |   | –        |   | –         |   | 69,205                  |   | $      | –        |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments |
|----------------------------------------------------|-------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | December 31, 2014       |
|                              | (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 $1,048,750 or 0.32% of the Fund's net assets as of December 31, 2014. |
|                              |
|                              | (d)                         | Aggregate cost for federal income tax purposes is $300,547,332. At December 31, 2014 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:                                                                                    |
|                              |
|                              | Unrealized appreciation     |                                                                                                                                                                                                                                                                        | $ | 71,081,866 |
|                              | Unrealized depreciation     |                                                                                                                                                                                                                                                                        |   | (42,134,035) |
|                              | Net unrealized appreciation |                                                                                                                                                                                                                                                                        | $ | 28,947,831 |
|                              |
| See Notes to Financial Statements |

----

| DAVIS SERIES, INC.     | Schedule of Investments |
|------------------------|-------------------------|
| DAVIS REAL ESTATE FUND | December 31, 2014       |
|                          | Shares                                                                   |                                                | Value (Note 1)              |
|-------------------------------|--------------------------------------------------------------------------|-----------------------------------------------------|-----------------------------|
| COMMON STOCK – (88.54%) |
|                          |    CONSUMER DISCRETIONARY – (2.92%)                 |
|                          |                                                                          |    Consumer Services – (2.92%) |
|                          |                                                                     |                                                | Extended Stay America, Inc. |   |   | 137,800 |   | $ | 2,660,918 |
|                          | Las Vegas Sands Corp.                                                    |                                                |                        | 62,150 |   |   | 3,614,644 |
|                          | Wynn Resorts Ltd.                                                        |                                                |                        | 9,200 |   |   | 1,368,592 |
|                          |                                                                     | TOTAL CONSUMER DISCRETIONARY                        |                        |   | 7,644,154 |
|                          |    FINANCIALS – (84.66%)                            |
|                          |    Real Estate – (84.66%)                           |
|                          |    Real Estate Investment Trusts (REITs) – (79.88%) |
|                          | Diversified REITs – (5.18%)                                        |
|                          | Cousins Properties, Inc.                                                 |                                                |                        | 204,840 |   |   | 2,339,273 |
|                          | Liberty Property Trust                                                   |                                                |                        | 105,460 |   |   | 3,968,460 |
|                          | Vornado Realty Trust                                                     |                                                |                        | 61,544 |   |   | 7,244,344 |
|                          |                                                                     | 13,552,077                                          |
|                          | Health Care REITs – (3.79%)                                        |
|                          | National Health Investors, Inc.                                          |                                                |                        | 38,160 |   |   | 2,669,674 |
|                          | Ventas, Inc.                                                             |                                                |                        | 100,990 |   |   | 7,240,983 |
|                          |                                                                     | 9,910,657                                           |
|                          | Hotel & Resort REITs – (3.84%)                                 |
|                          | Host Hotels & Resorts Inc.                                           |                                                |                        | 262,280 |   |   | 6,234,396 |
|                          | LaSalle Hotel Properties                                                 |                                                |                        | 94,530 |   |   | 3,825,629 |
|                          |                                                                     | 10,060,025                                          |
|                          | Industrial REITs – (6.66%)                                         |
|                          | DCT Industrial Trust Inc.                                                |                                                |                        | 209,497 |   |   | 7,470,663 |
|                          | EastGroup Properties, Inc.                                               |                                                |                        | 29,140 |   |   | 1,845,145 |
|                          | First Industrial Realty Trust, Inc.                                      |                                                |                        | 63,300 |   |   | 1,301,448 |
|                          | Prologis, Inc.                                                           |                                                |                        | 61,400 |   |   | 2,642,042 |
|                          | Terreno Realty Corp.                                                     |                                                |                        | 202,490 |   |   | 4,177,368 |
|                          |                                                                     | 17,436,666                                          |
|                          | Office REITs – (16.81%)                                            |
|                          | Alexandria Real Estate Equities, Inc.                                    |                                                |                        | 70,893 |   |   | 6,291,045 |
|                          | BioMed Realty Trust, Inc.                                                |                                                |                        | 168,460 |   |   | 3,628,628 |
|                          | Boston Properties, Inc.                                                  |                                                |                        | 64,110 |   |   | 8,250,316 |
|                          | Brandywine Realty Trust                                                  |                                                |                        | 303,310 |   |   | 4,846,894 |
|                          | CoreSite Realty Corp.                                                    |                                                |                        | 105,570 |   |   | 4,122,509 |
|                          | Corporate Office Properties Trust                                        |                                                |                        | 286,498 |   |   | 8,127,948 |
|                          | DuPont Fabros Technology Inc.                                            |                                                |                        | 60,630 |   |   | 2,015,341 |
|                          | Highwoods Properties, Inc.                                               |                                                |                        | 65,680 |   |   | 2,908,310 |
|                          | Paramount Group, Inc.  *                                            |                                                |                        | 66,400 |   |   | 1,234,376 |
|                          | SL Green Realty Corp.                                                    |                                                |                        | 21,800 |   |   | 2,594,636 |
|                          |                                                                     | 44,020,003                                          |
|                          | Residential REITs – (13.28%)                                       |
|                          | American Campus Communities, Inc.                                        |                                                |                        | 158,970 |   |   | 6,574,999 |
|                          | American Homes 4 Rent, Class A                                           |                                                |                        | 142,840 |   |   | 2,432,565 |
|                          | American Residential Properties, Inc.  *                            |                                                |                        | 128,470 |   |   | 2,257,218 |
|                          | AvalonBay Communities, Inc.                                              |                                                |                        | 50,430 |   |   | 8,239,758 |
|                          | Campus Crest Communities, Inc.                                           |                                                |                        | 159,000 |   |   | 1,162,290 |
|                          | Education Realty Trust, Inc.                                             |                                                |                        | 113,446 |   |   | 4,150,989 |
|                          | Essex Property Trust, Inc.                                               |                                                |                        | 23,170 |   |   | 4,786,922 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments |
|--------------------------------------|-------------------------|
| DAVIS REAL ESTATE FUND - (CONTINUED) | December 31, 2014       |
|                              | Shares/Principal                                                                             |                                                                        | Value (Note 1)   |
|-----------------------------------|----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|------------------|
| COMMON STOCK – (CONTINUED)  |
|                              |    FINANCIALS – (CONTINUED)                                             |
|                              |                                                                                              |    Real Estate – (Continued)                           |
|                              |                                                                                              |    Real Estate Investment Trusts (REITs) – (Continued) |
|                              |                                                                                              |    Residential REITs – (Continued)                     |
|                              | Post Properties, Inc.                                                                        |                                                                        |             | 87,840 |   | $ | 5,162,357 |
|                              |                                                                                         | 34,767,098                                                                  |
|                              |    Retail REITs – (23.79%)                                              |
|                              | Acadia Realty Trust                                                                          |                                                                        |             | 182,610 |   |   | 5,848,998 |
|                              | CBL & Associates Properties, Inc.                                                        |                                                                        |             | 129,500 |   |   | 2,514,890 |
|                              | Cedar Realty Trust Inc.                                                                      |                                                                        |             | 214,000 |   |   | 1,570,760 |
|                              | DDR Corp.                                                                                    |                                                                        |             | 251,320 |   |   | 4,614,235 |
|                              | Federal Realty Investment Trust                                                              |                                                                        |             | 39,270 |   |   | 5,240,974 |
|                              | General Growth Properties, Inc.                                                              |                                                                        |             | 287,750 |   |   | 8,094,408 |
|                              | Kite Realty Group Trust                                                                      |                                                                        |             | 200,952 |   |   | 5,775,361 |
|                              | Macerich Co.                                                                                 |                                                                        |             | 38,200 |   |   | 3,186,262 |
|                              | Ramco-Gershenson Properties Trust                                                            |                                                                        |             | 160,610 |   |   | 3,009,831 |
|                              | Simon Property Group, Inc.                                                                   |                                                                        |             | 100,362 |   |   | 18,276,924 |
|                              | Taubman Centers, Inc.                                                                        |                                                                        |             | 39,320 |   |   | 3,004,834 |
|                              | Washington Prime Group Inc.                                                                  |                                                                        |             | 66,900 |   |   | 1,152,018 |
|                              |                                                                                         | 62,289,495                                                                  |
|                              |    Specialized REITs – (6.53%)                                          |
|                              | CatchMark Timber Trust Inc., Class A                                                         |                                                                        |             | 197,680 |   |   | 2,237,738 |
|                              | CubeSmart                                                                                    |                                                                        |             | 190,240 |   |   | 4,198,597 |
|                              | Public Storage                                                                               |                                                                        |             | 34,550 |   |   | 6,386,567 |
|                              | Weyerhaeuser Co.                                                                             |                                                                        |             | 119,300 |   |   | 4,281,677 |
|                              |                                                                                         | 17,104,579                                                                  |
|                              |                                                                                         | 209,140,600                                                                 |
|                              |       Real Estate Management & Development – (4.78%) |
|                              | Diversified Real Estate Activities – (2.59%)                                           |
|                              | Alexander & Baldwin Inc.                                                                 |                                                                        |             | 172,370 |   |   | 6,767,246 |
|                              | Real Estate Operating Companies – (2.19%)                                              |
|                              | Forest City Enterprises, Inc., Class A  *                                               |                                                                        |             | 269,780 |   |   | 5,746,314 |
|                              |                                                                                         | 12,513,560                                                                  |
|                              |                                                                                         |                                                                        | TOTAL FINANCIALS |   |   | 221,654,160 |
|                              |    TELECOMMUNICATION SERVICES – (0.96%)                                 |
|                              | SBA Communications Corp., Class A  *                                                    |                                                                        |             | 22,870 |   |   | 2,533,081 |
|                              | TOTAL TELECOMMUNICATION SERVICES                                                             |                                                                        |             | 2,533,081 |
|                              |  TOTAL COMMON STOCK – (Identified cost $203,497,571)                         |                                                                        |             | 231,831,395 |
| CONVERTIBLE BONDS – (0.67%) |
|                              |    FINANCIALS – (0.67%)                                                 |
|                              |    Real Estate – (0.67%)                                                |
|                              |    Real Estate Management & Development – (0.67%)                   |
|                              |    Real Estate Operating Companies – (0.67%)                            |
|                              | Forest City Enterprises, Inc., Conv. Sr. Notes, 5.00%, 10/15/16                              |                                                                        | $                | 1,040,000 |   |   | 1,750,450 |
|                              |  TOTAL CONVERTIBLE BONDS – (Identified cost $1,040,000)                      |                                                                        |             | 1,750,450 |

----

| DAVIS SERIES, INC.                   | Schedule of Investments |
|--------------------------------------|-------------------------|
| DAVIS REAL ESTATE FUND - (CONTINUED) | December 31, 2014       |
|                                    | Principal                                                                                                                                                                                                                        |                                                                                                                                                                                     | Value             (Note 1)          |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|
| SHORT-TERM INVESTMENTS – (10.31%) |
|                                    | Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.08%,01/02/15, dated 12/31/14, repurchase value of $7,565,034 (collateralizedby: U.S. Government agency mortgages in a pooled cash account,2.50%-3.50%, 12/01/27-10/01/28, total market value $7,716,300)             |                                                                                                                                                                                     | $                                                                                                                                       | 7,565,000 |   | $ | 7,565,000 |
|                                    | Nomura Securities International, Inc. Joint Repurchase Agreement,0.08%, 01/02/15, dated 12/31/14, repurchase value of $13,872,062(collateralized by: U.S. Government agency mortgages in a pooled cashaccount, 2.50%-8.50%, 03/15/22-12/20/44, total market value$14,149,440) |                                                                                                                                                                                     |                                                                                                                                    | 13,872,000 |   |   | 13,872,000 |
|                                    | SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement,0.18%, 01/02/15, dated 12/31/14, repurchase value of $5,549,055(collateralized by: U.S. Government agency mortgages in a pooled cashaccount, 0.00%-4.77%, 03/01/21-11/01/44, total market value$5,659,980)        |                                                                                                                                                                                     |                                                                                                                                    | 5,549,000 |   |   | 5,549,000 |
|                                    |          TOTAL SHORT-TERM INVESTMENTS – (Identified cost $26,986,000)                                                                                                                                                      |                                                                                                                                                                                     |                                                                                                                                    | 26,986,000 |
|                                    |
|                                    | Total Investments – (99.52%) – (Identified cost $231,523,571) – (a)                                                                                                                                                                                         |                                                                                                                                                                                     |                                                                                                                                    | 260,567,845 |
|                                    | Other Assets Less Liabilities – (0.48%)                                                                                                                                                                                                                                 |                                                                                                                                                                                     |                                                                                                                                    | 1,254,543 |
|           |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                     |                                                                                                                                    |   |   | Net Assets – (100.00%) |   | $ | 261,822,388 |
|                                    |
|                                    | *                                                                                                                                                                                                                                                                             | Non-Income producing security.                                                                                                                                                           |
|                                    |
|                                    | (a)                                                                                                                                                                                                                                                                           | Aggregate cost for federal income tax purposes is $231,687,076. At December 31, 2014 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
|                                    |
|                                    | Unrealized appreciation                                                                                                                                                                                                                                                       |                                                                                                                                                                                     | $                                                                                                                                       | 30,082,918 |
|                                    | Unrealized depreciation                                                                                                                                                                                                                                                       |                                                                                                                                                                                     |                                                                                                                                    | (1,202,149) |
|                                    | Net unrealized appreciation                                                                                                                                                                                                                                                   |                                                                                                                                                                                     | $                                                                                                                                       | 28,880,769 |
|                                    |
| See Notes to Financial Statements       |

----

| DAVIS SERIES, INC. | Statements of Assets and Liabilities |
|--------------------|--------------------------------------|
|               | At December 31, 2014                 |

|                                                                                    |                                                                                     | 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                                                                   |                   | $           | 575,544,643                |   | $                                  | 82,448,985 |                 | $           | 219,559,464                          |   | $                      | 734,786,412 |   | $ | 321,536,588 |   | $ | 260,567,845 |
|                                                                               | Affiliated companies                                                                     |                   |        | –                    |   |                               | –    |                 |        | –                              |   |                   | – |   |   | 7,958,575 |   |   | – |
|                                                                               | Collateral for securities loaned (Note 6)                                                |                   |        | 1,503,517                  |   |                               | –    |                 |        | –                              |   |                   | – |   |   | – |   |   | – |
| Cash                                                                               |                                                                                     |                   | 32,129      |                       |   | 1,517                              |       |                 | 1,598       |                                 |   | 45,167                 |   |   | 1,217,439 |   |   | 1,851 |
| Receivables:                                                                       |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                               | Capital stock sold                                                                       |                   |        | 2,750,658                  |   |                               | 49,550     |                 |        | 27,547,226                           |   |                   | 1,255,556 |   |   | 978,771 |   |   | 1,105,643 |
|                                                                               | Dividends and interest                                                                   |                   |        | 574,352                    |   |                               | 214,381    |                 |        | 119,293                              |   |                   | 380,865 |   |   | 583,900 |   |   | 1,343,137 |
|                                                                               | Investment securities sold                                                               |                   |        | 7,086,039                  |   |                               | –    |                 |        | –                              |   |                   | – |   |   | – |   |   | – |
| Prepaid expenses                                                                   |                                                                                     |                   | 11,573      |                       |   | 2,006                              |       |                 | 6,012       |                                 |   | 13,028                 |   |   | 6,387 |   |   | 5,729 |
| Due from Adviser                                                                   |                                                                                     |                   | –     |                       |   | –                            |       |                 | 46,000      |                                 |   | –                |   |   | – |   |   | – |
|                                                                               | Total assets                                                                             |                   |        | 587,502,911                |   |                               | 82,716,439 |                 |        | 247,279,593                          |   |                   | 736,481,028 |   |   | 332,281,660 |   |   | 263,024,205 |
|  LIABILITIES:                                                                 |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Return of collateral for securities loaned (Note 6)                                |                                                                                     |                   | 1,503,517   |                       |   | –                            |       |                 | –     |                                 |   | –                |   |   | – |   |   | – |
| Payables:                                                                          |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                               | Capital stock redeemed                                                                   |                   |        | 2,266,567                  |   |                               | 99,261     |                 |        | 12,766,279                           |   |                   | 1,368,659 |   |   | 1,021,730 |   |   | 859,758 |
|                                                                               | Distributions payable                                                                    |                   |        | –                    |   |                               | 36,743     |                 |        | –                              |   |                   | – |   |   | – |   |   | – |
|                                                                               | Investment securities purchased                                                          |                   |        | –                    |   |                               | –    |                 |        | –                              |   |                   | – |   |   | 4,084,860 |   |   | – |
| Accrued distribution and service plan fees                                         |                                                                                     |                   | 255,091     |                       |   | 22,666                             |       |                 | –     |                                 |   | 224,946                |   |   | 124,820 |   |   | 93,218 |
| Accrued investment advisory fee                                                    |                                                                                     |                   | 299,802     |                       |   | 23,400                             |       |                 | 119,974     |                                 |   | 375,107                |   |   | 165,461 |   |   | 133,025 |
| Accrued transfer agent fees                                                        |                                                                                     |                   | 176,983     |                       |   | 38,318                             |       |                 | 36,548      |                                 |   | 168,218                |   |   | 72,801 |   |   | 87,592 |
| Other accrued expenses                                                             |                                                                                     |                   | 62,019      |                       |   | 18,343                             |       |                 | 20,273      |                                 |   | 55,330                 |   |   | 37,081 |   |   | 28,224 |
|                                                                               | Total liabilities                                                                        |                   |        | 4,563,979                  |   |                               | 238,731    |                 |        | 12,943,074                           |   |                   | 2,192,260 |   |   | 5,506,753 |   |   | 1,201,817 |
|  NET ASSETS                                                                   |                                                                                     | $                      | 582,938,932 |                       | $      | 82,477,708                         |       | $                    | 234,336,519 |                                 | $      | 734,288,768            |   | $ | 326,774,907 |   | $ | 261,822,388 |
|  NET ASSETS CONSIST OF:                                                       |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
| Par value of shares of capital stock                                               |                                                                                     | $                      | 186,942     |                       | $      | 151,737                            |       | $                    | 2,343,365   |                                 | $      | 188,678                |   | $ | 90,615 |   | $ | 73,044 |
|  Additional paid-in capital                                                   |                                                                                     |                   | 474,536,256 |                       |   | 87,355,347                         |       |                 | 231,993,154 |                                 |   | 417,667,467            |   |   | 333,740,827 |   |   | 260,882,342 |
|  Undistributed (overdistributed) net investment income                        |                                                                                     |                   | (1,144,907) |                       |   | –                            |       |                 | –     |                                 |   | 685,436                |   |   | 29,481 |   |   | 2,383,751 |
|  Accumulated net realized gains (losses) from investments                     |                                                                                     |                   | 25,376,106  |                       |   | (5,349,348)                        |       |                 | –     |                                 |   | 1,896,052              |   |   | (36,033,847) |   |   | (30,559,287) |
|  Net unrealized appreciation on investments and foreign currency transactions |                                                                                     |                   | 83,984,535  |                       |   | 319,972                            |       |                 | –     |                                 |   | 313,851,135            |   |   | 28,947,831 |   |   | 29,042,538 |
|                                                                               | Net Assets                                                                               |                   | $           | 582,938,932                |   | $                                  | 82,477,708 |                 | $           | 234,336,519                          |   | $                      | 734,288,768 |   | $ | 326,774,907 |   | $ | 261,822,388 |
|  *Including:                                                                  |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |  |  |  |
|                                                                               | Cost of unaffiliated companies                                                           |                   | $           | 491,545,110                |   | $                                  | 82,129,013 |                 | $           | 219,559,464                          |   | $                      | 420,935,277 |   | $ | 285,809,148 |   | $ | 231,523,571 |
|                                                                               | Cost of affiliated companies                                                             |                   |        | –                    |   |                               | –    |                 |        | –                              |   |                   | – |   |   | 14,738,184 |   |   | – |
|                                                                               | Cost of collateral for securities loaned                                                 |                   |        | 1,503,517                  |   |                               | –    |                 |        | –                              |   |                   | – |   |   | – |   |   | – |
|                                                                               |  Cost and market value of repurchase agreements (if greater than 10% of net assets) |                   |        | –                    |   |                               | –    |                 |        | 68,441,000                           |   |                   | – |   |   | – |   |   | 26,986,000 |
|                                                                               |                                                                                          |                        |             |                            |        |                                    |            |                      |             |                                      |        |                        |  |  |  |  |
|                                                                               | Market value of securities on loan                                                       |                   |        | 1,463,424                  |   |                               | –    |                 |        | –                              |   |                   | – |   |   | – |   |   | – |

----

| DAVIS SERIES, INC. | Statements of Assets and Liabilities – (Continued) |
|--------------------|----------------------------------------------------------|
|               | At December 31, 2014                                     |

|                                                                                                  |   | Davis Opportunity Fund |        | Davis Government Bond Fund |   | Davis Government Money Market Fund |   | Davis FinancialFund |        | Davis Appreciation & Income Fund |   | Davis Real Estate Fund |
|--------------------------------------------------------------------------------------------------|--------|------------------------|-------------|----------------------------|--------|------------------------------------|--------|---------------------|-------------|--------------------------------------|--------|------------------------|
|  CLASS A SHARES:                                                                            |        |                        |             |                            |        |                                    |        |                     |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net assets                                                                                       |   | $                      | 305,755,150 |                       | $      | 43,232,250                         |   | $                   | 217,597,604 |                                 | $      | 560,904,632            |   | $ | 217,723,500 |   | $ | 198,028,821 |
| Shares outstanding                                                                               |   |                   | 9,635,867   |                       |   | 7,976,206                          |   |                | 217,597,604 |                                 |   | 14,168,125             |   |   | 6,044,104 |   |   | 5,533,247 |
| Net asset value and redemption price per share (Net assets ÷  Shares outstanding)      |   | $                      | 31.73       |                       | $      | 5.42                               |   | $                   | 1.00        |                                 | $      | 39.59                  |   | $ | 36.02 |   | $ | 35.79 |
| Maximum offering price per share (100/95.25 of net asset value)†                           |   | $                      | 33.31       |                       | $      | 5.69                               |   | $                   | NA          |                                 | $      | 41.56                  |   | $ | 37.82 |   | $ | 37.57 |
|  CLASS B SHARES:                                                                            |        |                        |             |                            |        |                                    |        |                     |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net assets                                                                                       |   | $                      | 4,158,390   |                       | $      | 2,206,519                          |   | $                   | 6,730,639   |                                 | $      | 4,800,375              |   | $ | 4,289,238 |   | $ | 2,394,439 |
| Shares outstanding                                                                               |   |                   | 159,239     |                       |   | 408,760                            |   |                | 6,730,639   |                                 |   | 148,702                |   |   | 120,575 |   |   | 67,794 |
| Net asset value and redemption price per share (Net assets ÷ Shares outstanding)            |   | $                      | 26.11       |                       | $      | 5.40                               |   | $                   | 1.00        |                                 | $      | 32.28                  |   | $ | 35.57 |   | $ | 35.32 |
|  CLASS C SHARES:                                                                            |        |                        |             |                            |        |                                    |        |                     |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net assets                                                                                       |   | $                      | 103,635,368 |                       | $      | 10,113,478                         |   | $                   | 6,593,271   |                                 | $      | 79,140,454             |   | $ | 66,211,565 |   | $ | 27,850,762 |
| Shares outstanding                                                                               |   |                   | 3,729,350   |                       |   | 1,864,606                          |   |                | 6,593,271   |                                 |   | 2,353,288              |   |   | 1,831,335 |   |   | 778,158 |
| Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding) |   | $                      | 27.79       |                       | $      | 5.42                               |   | $                   | 1.00        |                                 | $      | 33.63                  |   | $ | 36.15 |   | $ | 35.79 |
|  CLASS Y SHARES:                                                                            |        |                        |             |                            |        |                                    |        |                     |             |                                      |        |                        |  |  |  |  |  |  |  |
| Net assets                                                                                       |   | $                      | 169,390,024 |                       | $      | 26,925,461                         |   | $                   | 3,415,005   |                                 | $      | 89,443,307             |   | $ | 38,550,604 |   | $ | 33,548,366 |
| Shares outstanding                                                                               |   |                   | 5,169,779   |                       |   | 4,924,148                          |   |                | 3,415,005   |                                 |   | 2,197,663              |   |   | 1,065,469 |   |   | 925,168 |
| Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding) |   | $                      | 32.77       |                       | $      | 5.47                               |   | $                   | 1.00        |                                 | $      | 40.70                  |   | $ | 36.18 |   | $ | 36.26 |
|                                                                                                  |        |                        |             |                            |        |                                    |        |                     |             |                                      |        |                        |  |  |  |  |
| †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, 2014 |
|                                                                                          |                                                                              | Davis Opportunity Fund |    | Davis Government Bond Fund |    | Davis Government Money Market Fund |    | Davis FinancialFund |    | Davis Appreciation & Income Fund |    | Davis Real Estate Fund |
|-----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|------------------------|--------------|----------------------------|--------------|------------------------------------|--------------|---------------------|--------------|--------------------------------------|--------------|------------------------|
|  INVESTMENT INCOME:                                                                      |                                                                                   |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
| Income:                                                                                       |                                                                                   |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
| Dividends*                                                                                    |                                                                              | $                      | 5,648,672    |                       | $            | –                            |         | $                   | –      |                                 | $            | 10,639,726             |   | $ | 3,881,672 |   | $ | 5,027,993 |
| Interest                                                                                      |                                                                              |                   | 18,623       |                       |         | 1,436,397                          |         |                | 305,647      |                                 |         | 17,935                 |   |   | 2,224,338 |   |   | 142,008 |
| Net securities lending fees                                                                   |                                                                              |                   | 74,654       |                       |         | –                            |         |                | –      |                                 |         | 10,107                 |   |   | – |   |   | – |
|                                                                                          | Total income                                                                      |                   |         | 5,741,949                  |         |                               | 1,436,397    |                |         | 305,647                              |         |                   | 10,667,768 |   |   | 6,106,010 |   |   | 5,170,001 |
|  Expenses:                                                                               |                                                                                   |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
| Investment advisory fees (Note 3)                                                             |                                                                              |                   | 3,235,823    |                       |         | 279,525                            |         |                | 1,408,157    |                                 |         | 3,714,395              |   |   | 1,747,215 |   |   | 1,308,595 |
| Custodian fees                                                                                |                                                                              |                   | 150,191      |                       |         | 41,990                             |         |                | 62,250       |                                 |         | 121,628                |   |   | 59,525 |   |   | 55,213 |
| Transfer agent fees:                                                                          |                                                                                   |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
|                                                                                          | Class A                                                                           |                   |         | 408,505                    |         |                               | 146,405      |                |         | 147,379                              |         |                   | 517,892 |   |   | 206,257 |   |   | 241,811 |
|                                                                                          | Class B                                                                           |                   |         | 16,946                     |         |                               | 9,389        |                |         | 4,242                                |         |                   | 16,451 |   |   | 14,828 |   |   | 10,405 |
|                                                                                          | Class C                                                                           |                   |         | 129,660                    |         |                               | 26,446       |                |         | 3,902                                |         |                   | 107,762 |   |   | 62,484 |   |   | 48,909 |
|                                                                                          | Class Y                                                                           |                   |         | 138,507                    |         |                               | 8,589        |                |         | 2,101                                |         |                   | 63,247 |   |   | 24,055 |   |   | 21,787 |
| Audit fees                                                                                    |                                                                              |                   | 23,400       |                       |         | 19,320                             |         |                | 23,400       |                                 |         | 36,240                 |   |   | 24,600 |   |   | 32,040 |
| Legal fees                                                                                    |                                                                              |                   | 10,929       |                       |         | 1,725                              |         |                | 5,134        |                                 |         | 12,430                 |   |   | 5,869 |   |   | 4,362 |
| Accounting fees (Note 3)                                                                      |                                                                              |                   | 10,002       |                       |         | 2,502                              |         |                | 4,992        |                                 |         | 13,752                 |   |   | 7,248 |   |   | 5,502 |
| Reports to shareholders                                                                       |                                                                              |                   | 68,293       |                       |         | 13,725                             |         |                | 18,124       |                                 |         | 63,000                 |   |   | 33,551 |   |   | 32,918 |
| Directors' fees and expenses                                                                  |                                                                              |                   | 58,603       |                       |         | 11,634                             |         |                | 29,021       |                                 |         | 66,083                 |   |   | 32,616 |   |   | 25,407 |
| Registration and filing fees                                                                  |                                                                              |                   | 71,613       |                       |         | 48,440                             |         |                | 54,227       |                                 |         | 68,967                 |   |   | 51,762 |   |   | 59,323 |
| Interest expense                                                                              |                                                                              |                   | 66           |                       |         | –                            |         |                | –      |                                 |         | –                |   |   | – |   |   | – |
| Excise tax expense (Note 1)                                                                   |                                                                              |                   | –      |                       |         | –                            |         |                | 4,056        |                                 |         | –                |   |   | – |   |   | – |
| Miscellaneous                                                                                 |                                                                              |                   | 22,694       |                       |         | 12,209                             |         |                | 11,269       |                                 |         | 26,434                 |   |   | 19,781 |   |   | 15,818 |
| Payments under distribution plan (Note 3):                                                    |                                                                                   |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
|                                                                           | Class A                                                                           |                   |         | 762,135                    |         |                               | 84,827       |                |         | –                              |         |                   | 820,427 |   |   | 334,212 |   |   | 333,669 |
|                                                                                          | Class B                                                                           |                   |         | 55,298                     |         |                               | 27,690       |                |         | –                              |         |                   | 52,206 |   |   | 59,331 |   |   | 25,863 |
|                                                                                          | Class C                                                                           |                   |         | 1,040,487                  |         |                               | 115,484      |                |         | –                              |         |                   | 722,138 |   |   | 659,152 |   |   | 257,085 |
| Total expenses                                                                                |                                                                              |                   | 6,203,152    |                       |         | 849,900                            |         |                | 1,778,254    |                                 |         | 6,423,052              |   |   | 3,342,486 |   |   | 2,478,707 |
| Reimbursement/waiver of expenses by Adviser (Note 3)                                          |                                                                              |                   | –      |                       |         | –                            |         |                | (1,576,119)  |                                 |         | –                |   |   | – |   |   | – |
|                                                                                          | Net expenses                                                                      |                   |         | 6,203,152                  |         |                               | 849,900      |                |         | 202,135                              |         |                   | 6,423,052 |   |   | 3,342,486 |   |   | 2,478,707 |
| Net investment income (loss)                                                                  |                                                                              |                   | (461,203)    |                       |         | 586,497                            |         |                | 103,512      |                                 |         | 4,244,716              |   |   | 2,763,524 |   |   | 2,691,294 |
|  REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: |                                                                                   |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
| Net realized gain (loss) from:                                                                |                                                                                   |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
|                                                                                          | Investment transactions                                                           |                   |         | 106,096,852                |         |                               | 160,468      |                |         | –                              |         |                   | 80,818,753 |   |   | 18,570,303 |   |   | 21,380,276 |
|                                                                                          | Foreign currency transactions                                                     |                   |         | (4,006)                    |         |                               | –      |                |         | –                              |         |                   | 12,434 |   |   | – |   |   | 161 |
| Net realized gain                                                                             |                                                                              |                   | 106,092,846  |                       |         | 160,468                            |         |                | –      |                                 |         | 80,831,187             |   |   | 18,570,303 |   |   | 21,380,437 |
| Net change in unrealized appreciation (depreciation)                                          |                                                                              |                   | (67,197,503) |                       |         | 414,485                            |         |                | –      |                                 |         | (1,998,969)            |   |   | (6,175,169) |   |   | 33,605,304 |
|                                                                                          | Net realized and unrealized gain on investments and foreign currency transactions |                   |         | 38,895,343                 |         |                               | 574,953      |                |         | –                              |         |                   | 78,832,218 |   |   | 12,395,134 |   |   | 54,985,741 |
| Net increase in net assets resulting from operations                                          |                                                                              | $                      | 38,434,140   |                       | $            | 1,161,450                          |         | $                   | 103,512      |                                 | $            | 83,076,934             |   | $ | 15,158,658 |   | $ | 57,677,035 |
|                                                                                          |                                                                                   |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |
| *Net of foreign taxes withheld as follows                                                     |                                                                              | $                      | 158,255      |                       | $            | –                            |         | $                   | –      |                                 | $            | 130,592                |   | $ | – |   | $ | 5,191 |
|                                                                                          |                                                                                   |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |
| See Notes to Financial Statements                                                             |

----

| DAVIS SERIES, INC. | Statements of Changes in Net Assets  |
|--------------------|--------------------------------------|
|               | For the year ended December 31, 2014 |

|                                                                                                        |                                            | DavisOpportunityFund |    | DavisGovernmentBond Fund |    | DavisGovernmentMoney MarketFund |    | Davis FinancialFund |    | DavisAppreciation &Income Fund |    | Davis Real EstateFund |
|-------------------------------------------------------------------------------------------------------------|------------------------------------------------------|----------------------|--------------|--------------------------|--------------|---------------------------------|--------------|---------------------|--------------|------------------------------------|--------------|-----------------------|
|  OPERATIONS:                                                                                           |                                                      |                      |              |                          |              |                                 |              |                     |              |                                    |              |                       |  |  |  |  |  |  |  |
| Net investment income (loss)                                                                                |                                                 | $                    | (461,203)    |                     | $            | 586,497                         |         | $                   | 103,512      |                               | $            | 4,244,716             |   | $ | 2,763,524 |   | $ | 2,691,294 |
|  Net realized gain from investments and foreign currency transactions                                  |                                                 |                 | 106,092,846  |                     |         | 160,468                         |         |                | –      |                               |         | 80,831,187            |   |   | 18,570,303 |   |   | 21,380,437 |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions |                                                 |                 | (67,197,503) |                     |         | 414,485                         |         |                | –      |                               |         | (1,998,969)           |   |   | (6,175,169) |   |   | 33,605,304 |
|                                                                                                        | Net increase in net assets resulting from operations |                 |         | 38,434,140               |         |                            | 1,161,450    |                |         | 103,512                            |         |                  | 83,076,934 |   |   | 15,158,658 |   |   | 57,677,035 |
|  DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                     |                                                      |                      |              |                          |              |                                 |              |                     |              |                                    |              |                       |  |  |  |  |  |  |  |
| Net investment income:                                                                                      |                                                      |                      |              |                          |              |                                 |              |                     |              |                                    |              |                       |  |  |  |  |  |  |  |
|                                                                                         | Class A                                              |                 |         | (181,288)                |         |                            | (602,744)    |                |         | (96,905)                           |         |                  | (3,599,717) |   |   | (2,287,922) |   |   | (2,497,738) |
|                                                                                                        | Class B                                              |                 |         | –                  |         |                            | (4,123)      |                |         | (2,808)                            |         |                  | – |   |   | (9,238) |   |   | (6,634) |
|                                                                                                        | Class C                                              |                 |         | –                  |         |                            | (36,228)     |                |         | (2,530)                            |         |                  | – |   |   | (176,735) |   |   | (122,971) |
|                                                                                                        | Class Y                                              |                 |         | (522,854)                |         |                            | (394,866)    |                |         | (1,269)                            |         |                  | (701,113) |   |   | (284,053) |   |   | (401,123) |
|  Realized gains from investment transactions:                                                          |                                                      |                      |              |                          |              |                                 |              |                     |              |                                    |              |                       |  |  |  |  |  |  |  |
|                                                                                                        | Class A                                              |                 |         | (33,109,548)             |         |                            | –      |                |         | –                            |         |                  | (56,557,839) |   |   | – |   |   | – |
|                                                                                                        | Class B                                              |                 |         | (561,674)                |         |                            | –      |                |         | –                            |         |                  | (596,988) |   |   | – |   |   | – |
|                                                                                                        | Class C                                              |                 |         | (12,529,592)             |         |                            | –      |                |         | –                            |         |                  | (9,050,254) |   |   | – |   |   | – |
|                                                                                                        | Class Y                                              |                 |         | (17,805,030)             |         |                            | –      |                |         | –                            |         |                  | (8,694,979) |   |   | – |   |   | – |
|  CAPITAL SHARE TRANSACTIONS:                                                                           |                                                      |                      |              |                          |              |                                 |              |                     |              |                                    |              |                       |  |  |  |  |  |  |  |
| Net increase (decrease) in net assets resulting from capital share transactions (Note 4):                   |                                                      |                      |              |                          |              |                                 |              |                     |              |                                    |              |                       |  |  |  |  |  |  |  |
|                                                                                                        | Class A                                              |                 |         | 5,238,847                |         |                            | (15,120,334) |                |         | (96,869,674)                       |         |                  | 17,922,263 |   |   | (2,859,995) |   |   | (17,071,655) |
|                                                                                                        | Class B                                              |                 |         | (2,920,207)              |         |                            | (1,208,661)  |                |         | (1,840,883)                        |         |                  | (914,066) |   |   | (3,966,113) |   |   | (1,261,053) |
|                                                                                                        | Class C                                              |                 |         | 9,773,187                |         |                            | (3,880,683)  |                |         | (1,233,675)                        |         |                  | 9,696,670 |   |   | (1,067,481) |   |   | (2,305,416) |
|                                                                                                        | Class Y                                              |                 |         | 74,322,891               |         |                            | 1,492,997    |                |         | (124,558)                          |         |                  | 30,137,032 |   |   | 17,260,842 |   |   | 8,540,625 |
|                                                                                                        |  Total increase (decrease) in net assets        |                 |         | 60,138,872               |         |                            | (18,593,192) |                |         | (100,068,790)                      |         |                  | 60,717,943 |   |   | 21,767,963 |   |   | 42,551,070 |
|  NET ASSETS:                                                                                           |                                                      |                      |              |                          |              |                                 |              |                     |              |                                    |              |                       |  |  |  |  |  |  |  |
| Beginning of year                                                                                           |                                                 |                 | 522,800,060  |                     |         | 101,070,900                     |         |                | 334,405,309  |                               |         | 673,570,825           |   |   | 305,006,944 |   |   | 219,271,318 |
| End of year*                                                                                                |                                                 | $                    | 582,938,932  |                     | $            | 82,477,708                      |         | $                   | 234,336,519  |                               | $            | 734,288,768           |   | $ | 326,774,907 |   | $ | 261,822,388 |
|  *Including undistributed(overdistributed) net investmentincome of                                     |                                                 | $                    | (1,144,907)  |                     | $            | –                         |         | $                   | –      |                               | $            | 685,436               |   | $ | 29,481 |   | $ | 2,383,751 |
|  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 FinancialFund |    | Davis Appreciation & Income Fund |    | Davis Real Estate Fund |
|-------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|------------------------|--------------|----------------------------|--------------|------------------------------------|--------------|---------------------|--------------|--------------------------------------|--------------|------------------------|
|  OPERATIONS:                                                                                           |                                                                 |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
| Net investment income (loss)                                                                                |                                                            | $                      | 904,382      |                       | $            | (607,884)                          |         | $                   | 99,611       |                                 | $            | 4,413,079              |   | $ | 3,862,255 |   | $ | 3,284,841 |
|  Net realized gain from investments and foreign currency transactions                                  |                                                            |                   | 48,307,104   |                       |         | 9,676                              |         |                | –      |                                 |         | 7,635,138              |   |   | 29,771,897 |   |   | 41,424,315 |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions |                                                            |                   | 103,132,818  |                       |         | (1,635,752)                        |         |                | –      |                                 |         | 149,367,771            |   |   | 49,020,285 |   |   | (48,206,006) |
|                                                                                                        | Net increase (decrease) in net assets resulting from operations |                   |         | 152,344,304                |         |                               | (2,233,960)  |                |         | 99,611                               |         |                   | 161,415,988 |   |   | 82,654,437 |   |   | (3,496,850) |
|  DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                     |                                                                 |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |      |
| Net investment income:                                                                                      |                                                                 |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
|                                                                                         | Class A                                                         |                   |         | (574,311)                  |         |                               | (619,018)    |                |         | (90,207)                             |         |                   | (2,560,605) |   |   | (3,201,151) |   |   | (2,348,932) |
|                                                                                                        | Class B                                                         |                   |         | –                    |         |                               | –      |                |         | (4,565)                              |         |                   | – |   |   | (31,444) |   |   | (4,821) |
|                                                                                                        | Class C                                                         |                   |         | –                    |         |                               | (529)        |                |         | (3,744)                              |         |                   | – |   |   | (294,998) |   |   | (91,796) |
|                                                                                                        | Class Y                                                         |                   |         | (392,143)                  |         |                               | (297,472)    |                |         | (1,095)                              |         |                   | (355,648) |   |   | (286,492) |   |   | (313,948) |
|                                                                                                        |                                                                 |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
| Realized gains from investment transactions:                                                                |                                                                 |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
|                                                                                                        | Class A                                                         |                   |         | –                    |         |                               | –      |                |         | –                              |         |                   | (7,754,389) |   |   | – |   |   | – |
|                                                                                                        | Class B                                                         |                   |         | –                    |         |                               | –      |                |         | –                              |         |                   | (98,305) |   |   | – |   |   | – |
|                                                                                                        | Class C                                                         |                   |         | –                    |         |                               | –      |                |         | –                              |         |                   | (1,148,859) |   |   | – |   |   | – |
|                                                                                                        | Class Y                                                         |                   |         | –                    |         |                               | –      |                |         | –                              |         |                   | (780,634) |   |   | – |   |   | – |
|  CAPITAL SHARE TRANSACTIONS:                                                                           |                                                                 |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
| Net increase (decrease) in net assets resulting from capital share transactions (Note 4):                   |                                                                 |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
|                                                                                                        | Class A                                                         |                   |         | (979,321)                  |         |                               | (35,681,844) |                |         | 77,510,737                           |         |                   | (9,968,159) |   |   | (89,878,735) |   |   | (29,140,869) |
|                                                                                                        | Class B                                                         |                   |         | (4,110,220)                |         |                               | (4,157,311)  |                |         | (3,136,920)                          |         |                   | (1,159,189) |   |   | (3,929,039) |   |   | (1,115,370) |
|                                                                                                        | Class C                                                         |                   |         | (6,533,613)                |         |                               | (9,237,745)  |                |         | (1,860,891)                          |         |                   | 4,610,280 |   |   | (10,904,040) |   |   | (4,140,328) |
|                                                                                                        | Class Y                                                         |                   |         | 16,105,197                 |         |                               | 2,031,969    |                |         | 648,096                              |         |                   | 17,250,253 |   |   | (5,909,432) |   |   | (1,793,208) |
|                                                                                                        |  Total increase (decrease) in net assets                   |                   |         | 155,859,893                |         |                               | (50,195,910) |                |         | 73,161,022                           |         |                   | 159,450,733 |   |   | (31,780,894) |   |   | (42,446,122) |
|  NET ASSETS:                                                                                           |                                                                 |                        |              |                            |              |                                    |              |                     |              |                                      |              |                        |  |  |  |  |  |  |  |
| Beginning of year                                                                                           |                                                            |                   | 366,940,167  |                       |         | 151,266,810                        |         |                | 261,244,287  |                                 |         | 514,120,092            |   |   | 336,787,838 |   |   | 261,717,440 |
| End of year*                                                                                                |                                                            | $                      | 522,800,060  |                       | $            | 101,070,900                        |         | $                   | 334,405,309  |                                 | $            | 673,570,825            |   | $ | 305,006,944 |   | $ | 219,271,318 |
|  *Including undistributed (overdistributed) net investment income of                                   |                                                            | $                      | (2,006,767)  |                       | $            | (6,236)                            |         | $                   | –      |                                 | $            | 777,708                |   | $ | 23,905 |   | $ | 2,720,762 |
|  See Notes to Financial Statements                                                                     |

----

| DAVIS SERIES, INC. | Notes to Financial Statements |
|--------------------|-------------------------------|
|               | December 31, 2014             |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2014                                 |
| 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, 2014                                 |
|                                                                                     | 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                                                                   | $                                  | 146,756,954 |   | $ | – |   | $ | – |   | $ | – |   | $ | 32,524,912 |   | $ | 7,644,154 |
| Consumer Staples                                                                         |                               | 14,911,657 |   |   | – |   |   | – |   |   | – |   |   | 28,210,205 |   |   | – |
| Energy                                                                                   |                               | 27,195,347 |   |   | – |   |   | – |   |   | – |   |   | 28,168,152 |   |   | – |
| Financials                                                                               |                               | 62,159,700 |   |   | – |   |   | – |   |   | 642,492,864 |   |   | 34,852,210 |   |   | 221,654,160 |
| Health Care                                                                              |                               | 72,769,349 |   |   | – |   |   | – |   |   | – |   |   | 24,282,353 |   |   | – |
| Industrials                                                                              |                               | 50,464,280 |   |   | – |   |   | – |   |   | – |   |   | 54,166,281 |   |   | – |
| Information Technology                                                                   |                               | 125,036,682 |   |   | – |   |   | – |   |   | 18,181,432 |   |   | 7,914,981 |   |   | – |
| Materials                                                                                |                               | 9,202,263 |   |   | – |   |   | – |   |   | – |   |   | 18,395,601 |   |   | – |
| Telecommunication Services                                                               |                               | – |   |   | – |   |   | – |   |   | – |   |   | – |   |   | 2,533,081 |
| Utilities                                                                                |                               | – |   |   | – |   |   | – |   |   | – |   |   | 12,953,275 |   |   | – |
| Total Level 1                                                                            |                               | 508,496,232 |   |   | – |   |   | – |   |   | 660,674,296 |   |   | 241,467,970 |   |   | 231,831,395 |
|                                                                                     |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 2 – Other Significant                                                        |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Observable Inputs:                                                                       |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities*:                                                                      |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Discretionary                                                                   |                               | 7,951,727 |   |   | – |   |   | – |   |   | – |   |   | 7,958,575 |   |   | – |
| Consumer Staples                                                                         |                               | 2,725,882 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Financials                                                                               |                               | 6,753,153 |   |   | – |   |   | – |   |   | 35,046,796 |   |   | 595,840 |   |   | – |
| Health Care                                                                              |                               | 626,759 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Industrials                                                                              |                               | 20,157,184 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Materials                                                                                |                               | 5,110,566 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Debt securities issued by U.S. Treasuries and U.S. Government corporations and agencies: |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term                                                                                |                               | – |   |   | 81,407,985 |   |   | – |   |   | – |   |   | – |   |   | – |
| Short-term                                                                               |                               | – |   |   | – |   |   | 151,118,464 |   |   | – |   |   | – |   |   | – |
| Convertible debt securities                                                              |                               | – |   |   | – |   |   | – |   |   | – |   |   | 49,219,774 |   |   | 1,750,450 |
| Corporate debt securities                                                                |                               | – |   |   | – |   |   | – |   |   | – |   |   | 5,573,004 |   |   | – |
| Short-term securities                                                                    |                               | 14,749,000 |   |   | 1,041,000 |   |   | 68,441,000 |   |   | 27,433,000 |   |   | 24,680,000 |   |   | 26,986,000 |
| Investment of cash collateral for securities loaned                                      |                               | 1,503,517 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Total Level 2                                                                            |                               | 59,577,788 |   |   | 82,448,985 |   |   | 219,559,464 |   |   | 62,479,796 |   |   | 88,027,193 |   |   | 28,736,450 |
|                                                                                     |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 3 – Significant Unobservable                                                 |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Inputs:                                                                                  |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities:                                                                       |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financials                                                                               |                               | – |   |   | – |   |   | – |   |   | 11,632,320 |   |   | – |   |   | – |
| Information Technology                                                                   |                               | 8,974,140 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Total Level 3                                                                            |                               | 8,974,140 |   |   | – |   |   | – |   |   | 11,632,320 |   |   | – |   |   | – |
| Total Investment                                                                         | $                                  | 577,048,160 |   | $ | 82,448,985 |   | $ | 219,559,464 |   | $ | 734,786,412 |   | $ | 329,495,163 |   | $ | 260,567,845 |
|                                                                                     |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 1 to Level 2 Transfers**:                                                          |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Discretionary                                                                   | $                                  | 7,951,727 |   | $ | – |   | $ | – |   | $ | – |   | $ | – |   | $ | – |
| Consumer Staples                                                                         |                               | 2,725,882 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Financials                                                                               |                               | 2,432,823 |   |   | – |   |   | – |   |   | 35,046,796 |   |   | – |   |   | – |
| Health Care                                                                              |                               | 626,759 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Industrials                                                                              |                               | 16,892,433 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Materials                                                                                |                               | 5,110,566 |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |
| Total                                                                                    | $                                  | 35,740,190 |   | $ | – |   | $ | – |   | $ | 35,046,796 |   | $ | – |   | $ | – |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2014                                 |
|  |                                                                                                                                                                               |   | DavisOpportunity Fund |      | DavisFinancial Fund |
|--|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|-----------|---------------------|
|  | Investment Securities:                                                                                                                                                             |   |                  |      |                |   |   |
|  | Beginning balance                                                                                                                                                                  |   | $                     | 7,781,130 |                | $ | 8,175,480 |
|  | Net change in unrealized appreciation (depreciation)                                                                                                                               |   |                  | 1,193,010 |                |   | 3,456,840 |
|  | Ending balance                                                                                                                                                                     |   | $                     | 8,974,140 |                | $ | 11,632,320 |
|  |                                                                                                                                                                               |   |                  |      |                |   |   |
|  | Net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at December 31, 2014 and included in the change in net assets for the year |   | $                     | 1,193,010 |                | $ | 3,456,840 |

|  | Assets Table                    |
|--|---------------------------------|
|  |                            |      | DavisOpportunity Fund |      | DavisFinancial Fund |
|  | Investments at Value:           |   |   |   |   |   |   |
|  | Equity securities:              |   |   |   |   |   |   |
|  | Fair value at December 31, 2014 |   | $ | 8,974,140 |   |   $ | 11,632,320 |
|  |                            |   |   |   |   |
|  | Valuation technique             |   | Liquidationproceeds/Waterfallmethodology based onunderlying investmentvalue, then applyingliquidity discount |   | Anticipated merger transaction price, then applying merger uncertainty and liquidity discounts |
|  | Unobservable input              |   | Discount rate |   | Discount rate |
|  | Amount                          |   | 11.20% |   | 12.50% |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2014                                 |
|             | Capital Loss Carryforwards |
|------------------|----------------------------|
|             |                       |   |   |   | Davis |   |   |
|             | Davis                      |   | Davis |   | Appreciation |   | Davis |
|             | Opportunity                |   | Government |   | & Income |   | Real Estate |
|             | Fund                       |   | Bond Fund |   | Fund |   | Fund |
| Expiring         |                       |   |   |   |   |   |   |   |   |   |   |
| 12/31/2015       | $                          | – |   | $ | 136,000 |   | $ | – |   | $ | – |
| 12/31/2016       |                       | – |   |   | – |   |   | – |   |   | – |
| 12/31/2017       |                       | – |   |   | 355,000 |   |   | 4,699,000 |   |   | 30,396,000 |
| 12/31/2018       |                       | – |   |   | 625,000 |   |   | 31,335,000 |   |   | – |
|             |                       |   |   |   |   |   |   |   |   |   |   |
| No Expiration    |                       |   |   |   |   |   |   |   |   |   |   |
| Short-term       |                       | – |   |   | 2,472,000 |   |   | – |   |   | – |
| Long-term        |                       | – |   |   | 1,761,000 |   |   | – |   |   | – |
| Total            | $                          | – |   | $ | 5,349,000 |   | $ | 36,034,000 |   | $ | 30,396,000 |
|             |                       |   |   |   |   |   |   |   |   |   |   |
| Utilized in 2014 | $                          | 11,235,000 |   | $ | – |   | $ | 18,570,000 |   | $ | 21,410,000 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2014                                 |
|                                 | Ordinary Income |      | Long-TermCapital Gain |   | Return ofCapital |   | Total  |
|--------------------------------------|-----------------|-----------|-----------------------|--------|------------------|--------|--------|
| Davis Opportunity Fund               |            |      |                  |   |             |   |   |   |   |   |   |
| 2014                                 | $               | 4,714,996 |                  | $      | 59,994,990       |   | $      | – |   | $ | 64,709,986 |
| 2013                                 |            | 966,454   |                  |   | –          |   |   | – |   |   | 966,454 |
|                                 |            |      |                  |   |             |   |   |   |   |   |   |
| Davis Government Bond Fund           |            |      |                  |   |             |   |   |   |   |   |   |
| 2014                                 |            | 1,037,961 |                  |   | –          |   |   | – |   |   | 1,037,961 |
| 2013                                 |            | 917,019   |                  |   | –          |   |   | – |   |   | 917,019 |
|                                 |            |      |                  |   |             |   |   |   |   |   |   |
| Davis Government Money Market Fund   |            |      |                  |   |             |   |   |   |   |   |   |
| 2014                                 |            | 103,512   |                  |   | –          |   |   | – |   |   | 103,512 |
| 2013                                 |            | 99,611    |                  |   | –          |   |   | – |   |   | 99,611 |
|                                 |            |      |                  |   |             |   |   |   |   |   |   |
| Davis Financial Fund                 |            |      |                  |   |             |   |   |   |   |   |   |
| 2014                                 |            | 5,403,549 |                  |   | 73,797,341       |   |   | – |   |   | 79,200,890 |
| 2013                                 |            | 3,163,269 |                  |   | 9,535,171        |   |   | – |   |   | 12,698,440 |
|                                 |            |      |                  |   |             |   |   |   |   |   |   |
| Davis Appreciation & Income Fund |            |      |                  |   |             |   |   |   |   |   |   |
| 2014                                 |            | 2,757,948 |                  |   | –          |   |   | – |   |   | 2,757,948 |
| 2013                                 |            | 3,814,085 |                  |   | –          |   |   | – |   |   | 3,814,085 |
|                                 |            |      |                  |   |             |   |   |   |   |   |   |
| Davis Real Estate Fund               |            |      |                  |   |             |   |   |   |   |   |   |
| 2014                                 |            | 3,028,466 |                  |   | –          |   |   | – |   |   | 3,028,466 |
| 2013                                 |            | 2,759,497 |                  |   | –          |   |   | – |   |   | 2,759,497 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2014                                 |
|                                                                            |  DavisOpportunityFund |        | DavisGovernmentBond Fund |   |  DavisFinancialFund |   | DavisAppreciation& IncomeFund |        | DavisReal EstateFund |
|---------------------------------------------------------------------------------|----------------------------|-------------|--------------------------|--------|--------------------------|--------|-----------------------------------|-------------|----------------------|
| Undistributed net investmentincome                                              | $                          | 6,219,870   |                     | $      | 6,236                    |   | $                                 | 739,493     |                 | $ | 64,365 |   | $ | 2,408,637 |
| Accumulated net realizedlosses from investmentsand foreign currencytransactions |                       | –     |                     |   | (5,349,348)              |   |                              | –     |                 |   | (36,033,850) |   |   | (30,395,781) |
| Undistributed long-term capital gain                                            |                       | 22,631,197  |                     |   | –                  |   |                              | 1,828,285   |                 |   | – |   |   | – |
| Net unrealized appreciation oninvestments                                       |                       | 79,412,481  |                     |   | 319,972                  |   |                              | 313,918,903 |                 |   | 28,947,831 |   |   | 28,879,034 |
| Total                                                                           | $                          | 108,263,548 |                     | $      | (5,023,140)              |   | $                                 | 316,486,681 |                 | $ | (7,021,654) |   | $ | 891,890 |
|  |                |        |        |       |   |       |   | Davis        |        |        |
|--|---------------------|-------------|-------------|------------|--------|------------|--------|--------------|-------------|-------------|
|  |                | Davis       |        | Davis      |   | Davis      |   | Appreciation |        | Davis       |
|  |                | Opportunity |        | Government |   | Financial  |   | & Income |        | Real Estate |
|  |                | Fund        |        | Bond Fund  |   | Fund       |   | Fund         |        | Fund        |
|  | Cost of purchases   | $           | 243,114,618 |       | $      | 54,086,580 |   | $            | 213,496,973 |        | $ | 61,478,449 |   | $ | 118,798,750 |
|  | Proceeds from sales |        | 225,570,654 |       |   | 46,379,787 |   |         | 245,082,735 |        |   | 65,955,830 |   |   | 149,296,993 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2014                                 |
|                          | Expiring   |    | Expiring   |
|-------------------------------|------------|---------|------------|
|                          | 12/31/2016 |    | 12/31/2017 |
| Amount eligible for recapture | $          | 123,429 |       | $ | 167,962 |
|                                | Year ended December 31, 2014 |
|-------------------------------------|------------------------------|
|                                |                         |   |   |   | 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 | $                            | 46,111 |   | $ | 10,493 |   | $ | 19,470 |   | $ | 78,173 |   | $ | 30,356 |   | $ | 37,175 |
| Accounting fees paid to Adviser     |                         | 10,002 |   |   | 2,502 |   |   | 4,992 |   |   | 13,752 |   |   | 7,248 |   |   | 5,502 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2014                                 |
|               | Year ended December 31, 2014 |
|--------------------|------------------------------|
|               | Davis                        |   | Davis Government |   | Davis |   | Davis Appreciation |   | Davis Real |
|               | Opportunity Fund             |   | Bond Fund |   | Financial Fund |   | & Income Fund |   | Estate Fund |
| Distribution fees: |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class B            | $                            | 41,554 |   | $ | 20,769 |   | $ | 39,302 |   | $ | 44,542 |   | $ | 19,453 |
| Class C            |                         | 780,365 |   |   | 86,613 |   |   | 541,603 |   |   | 494,364 |   |   | 192,814 |
|               |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Service fees:      |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class A            |                         | 762,135 |   |   | 84,827 |   |   | 820,427 |   |   | 334,212 |   |   | 333,669 |
| Class B            |                         | 13,744 |   |   | 6,921 |   |   | 12,904 |   |   | 14,789 |   |   | 6,410 |
| Class C            |                         | 260,122 |   |   | 28,871 |   |   | 180,535 |   |   | 164,788 |   |   | 64,271 |
|                                                         | Year ended December 31, 2014 |
|--------------------------------------------------------------|------------------------------|
|                                                         |                         |   |   |   |   |   | Davis |   |   |
|                                                         | Davis                        |   | Davis |   | Davis |   | Appreciation |   | Davis |
|                                                         | Opportunity                  |   | Government |   | Financial |   | & Income |   | Real Estate |
|                                                         | Fund                         |   | Bond Fund |   | Fund |   | Fund |   | Fund |
| Class A commissions retained by Distributor                  | $                            | 38,558 |   | $ | 912 |   | $ | 41,284 |   | $ | 21,995 |   | $ | 9,988 |
| Class A commissions re-allowed to investment dealers         |                         | 221,244 |   |   | 4,891 |   |   | 230,691 |   |   | 118,611 |   |   | 54,141 |
| Total commissions earned on sales of Class A                 | $                            | 259,802 |   | $ | 5,803 |   | $ | 271,975 |   | $ | 140,606 |   | $ | 64,129 |
|  Commission advances by the Distributor on the sale of: |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class C                                                      | $                            | 82,743 |   | $ | 1,845 |   | $ | 98,640 |   | $ | 29,640 |   | $ | 12,357 |
|  CDSCs received by the Distributor from:                |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class B                                                      |                         | 4,037 |   |   | 7,440 |   |   | 5,366 |   |   | 7,868 |   |   | 3,655 |
| Class C                                                      |                         | 3,794 |   |   | 124 |   |   | 5,941 |   |   | 1,498 |   |   | 739 |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2014                                 |
|                                                          | Year ended December 31, 2014 |
|---------------------------------------------------------------|------------------------------|
|                                                          |                         | Sold |   |   | Reinvestment of Distributions |   |   | Redeemed |   |   | Net Increase (Decrease) |
| Davis Opportunity Fund                                        |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:    Class A                        |                         | 2,222,468 |   |   | 990,299 |   |   | (2,950,291) |   |   | 262,476 |
| Class B                                                       |                         | 17,348 |   |   | 21,525 |   |   | (135,806) |   |   | (96,933) |
| Class C                                                       |                         | 358,213 |   |   | 439,684 |   |   | (432,214) |   |   | 365,683 |
| Class Y                                                       |                         | 3,113,592 |   |   | 561,139 |   |   | (1,557,218) |   |   | 2,117,513 |
| Value:       Class A       | $                            | 77,522,952 |   | $ | 30,927,048 |   | $ | (103,211,153) |   | $ | 5,238,847 |
| Class B                                                       |                         | 506,279 |   |   | 553,400 |   |   | (3,979,886) |   |   | (2,920,207) |
| Class C                                                       |                         | 10,980,901 |   |   | 12,029,754 |   |   | (13,237,468) |   |   | 9,773,187 |
| Class Y                                                       |                         | 112,397,932 |   |   | 18,091,125 |   |   | (56,166,166) |   |   | 74,322,891 |
|                                                          |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Government Bond Fund                                    |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                         | 688,481 |   |   | 106,485 |   |   | (3,580,964) |   |   | (2,785,998) |
| Class B                                                       |                         | 47,372 |   |   | 627 |   |   | (271,483) |   |   | (223,484) |
| Class C                                                       |                         | 262,182 |   |   | 5,684 |   |   | (982,709) |   |   | (714,843) |
| Class Y                                                       |                         | 475,477 |   |   | 71,750 |   |   | (274,555) |   |   | 272,672 |
| Value:       Class A            | $                            | 3,735,830 |   | $ | 578,064 |   | $ | (19,434,228) |   | $ | (15,120,334) |
| Class B                                                       |                         | 256,050 |   |   | 3,389 |   |   | (1,468,100) |   |   | (1,208,661) |
| Class C                                                       |                         | 1,423,748 |   |   | 30,884 |   |   | (5,335,315) |   |   | (3,880,683) |
| Class Y                                                       |                         | 2,602,596 |   |   | 392,972 |   |   | (1,502,571) |   |   | 1,492,997 |
|                                                          |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Government Money Market Fund                            |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                         | 324,880,690 |   |   | 92,696 |   |   | (421,843,060) |   |   | (96,869,674) |
| Class B                                                       |                         | 633,537 |   |   | 2,549 |   |   | (2,476,969) |   |   | (1,840,883) |
| Class C                                                       |                         | 3,726,278 |   |   | 2,373 |   |   | (4,962,326) |   |   | (1,233,675) |
| Class Y                                                       |                         | 1,522,097 |   |   | 1,269 |   |   | (1,647,924) |   |   | (124,558) |
| Value:       Class A       | $                            | 324,880,690 |   | $ | 92,696 |   | $ | (421,843,060) |   | $ | (96,869,674) |
| Class B                                                       |                         | 633,537 |   |   | 2,549 |   |   | (2,476,969) |   |   | (1,840,883) |
| Class C                                                       |                         | 3,726,278 |   |   | 2,373 |   |   | (4,962,326) |   |   | (1,233,675) |
| Class Y                                                       |                         | 1,522,097 |   |   | 1,269 |   |   | (1,647,924) |   |   | (124,558) |
|                                                          |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Financial Fund                                          |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:    Class A                        |                         | 1,795,351 |   |   | 1,434,817 |   |   | (2,798,714) |   |   | 431,454 |
| Class B                                                       |                         | 3,805 |   |   | 17,568 |   |   | (47,871) |   |   | (26,498) |
| Class C                                                       |                         | 359,358 |   |   | 261,464 |   |   | (333,019) |   |   | 287,803 |
| Class Y                                                       |                         | 842,681 |   |   | 224,470 |   |   | (343,796) |   |   | 723,355 |
| Value:       Class A       | $                            | 73,741,860 |   | $ | 56,646,574 |   | $ | (112,466,171) |   | $ | 17,922,263 |
| Class B                                                       |                         | 128,518 |   |   | 565,867 |   |   | (1,608,451) |   |   | (914,066) |
| Class C                                                       |                         | 12,438,786 |   |   | 8,772,120 |   |   | (11,514,236) |   |   | 9,696,670 |
| Class Y                                                       |                         | 35,217,153 |   |   | 9,109,010 |   |   | (14,189,131) |   |   | 30,137,032 |
|                                                          |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Appreciation & Income Fund                          |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                         | 944,169 |   |   | 40,921 |   |   | (1,074,431) |   |   | (89,341) |
| Class B                                                       |                         | 8,074 |   |   | 226 |   |   | (120,224) |   |   | (111,924) |
| Class C                                                       |                         | 190,020 |   |   | 4,377 |   |   | (225,699) |   |   | (31,302) |
| Class Y                                                       |                         | 604,925 |   |   | 7,172 |   |   | (142,926) |   |   | 469,171 |
| Value:        Class A | $                            | 34,310,556 |   | $ | 1,495,919 |   | $ | (38,666,470) |   | $ | (2,859,995) |
| Class B                                                       |                         | 289,329 |   |   | 8,146 |   |   | (4,263,588) |   |   | (3,966,113) |
| Class C                                                       |                         | 6,853,142 |   |   | 160,700 |   |   | (8,081,323) |   |   | (1,067,481) |
| Class Y                                                       |                         | 22,128,806 |   |   | 263,229 |   |   | (5,131,193) |   |   | 17,260,842 |
|                                                          |                         |   |   |   |   |   |   |   |   |   |   |
| Davis Real Estate Fund                                        |                         |   |   |   |   |   |   |   |   |   |   |
| Shares:     Class A                  |                         | 337,098 |   |   | 64,687 |   |   | (942,047) |   |   | (540,262) |
| Class B                                                       |                         | 192 |   |   | 194 |   |   | (41,036) |   |   | (40,650) |
| Class C                                                       |                         | 61,286 |   |   | 3,617 |   |   | (139,995) |   |   | (75,092) |
| Class Y                                                       |                         | 324,294 |   |   | 11,679 |   |   | (86,828) |   |   | 249,145 |
| Value:        Class A | $                            | 11,011,503 |   | $ | 2,123,676 |   | $ | (30,206,834) |   | $ | (17,071,655) |
| Class B                                                       |                         | 6,149 |   |   | 6,162 |   |   | (1,273,364) |   |   | (1,261,053) |
| Class C                                                       |                         | 2,014,569 |   |   | 118,077 |   |   | (4,438,062) |   |   | (2,305,416) |
| Class Y                                                       |                         | 10,998,408 |   |   | 390,619 |   |   | (2,848,402) |   |   | 8,540,625 |
|                                                          |                         |   |   |   |   |   |   |   |   |   |   |

----

| DAVIS SERIES, INC. | Notes to Financial Statements – (Continued) |
|--------------------|---------------------------------------------------|
|               | December 31, 2014                                 |
|                                                    | 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, 2014                                 |
|                             | Davis Opportunity Fund |
|----------------------------------|------------------------|
| Securities valued at             | $                      | 1,463,424 |
| Collateral for securities loaned |                   | 1,503,517 |
| Fund              |   | Security                        | AcquisitionDate |   |  Units/Shares |   | Cost per Unit/Share |     | Valuation perUnit/Share as ofDecember 31, 2014 |
|-------------------|--------|---------------------------------|-----------------|--------|--------------------|--------|---------------------|----------|------------------------------------------------|
| Davis Opportunity |   |                            |            |   |               |   |                |     |                                           |   |   |
| Fund              |   | ASAC II L.P., Private Placement | 10/10/13        |   | 6,900,000          |   | $                   | 1.00     |                                           | $ | 1.3006 |
| Davis Opportunity |   |                            |            |   |               |   |                |     |                                           |   |   |
| Fund              |   | CAR Inc.                        | 09/12/14        |   | 2,500,000          |   | $                   | 1.11     |                                           | $ | 1.3059 |
| Davis Financial   |   |                            |            |   |               |   |                |     |                                           |   |   |
| Fund              |   | SKBHC Holdings LLC              | 11/08/10        |   | 1,916              |   | $                   | 4,888.79 |                                           | $ | 6,070.6475 |

----

| DAVIS SERIES, INC. | Federal Income Tax Information (Unaudited) |
|--------------------|--------------------------------------------|
|                                                         |    | Davis Opportunity Fund |    | Davis FinancialFund |    | Davis Appreciation & Income Fund |    | Davis Real EstateFund |
|--------------------------------------------------------------|--------------|------------------------|--------------|---------------------|--------------|--------------------------------------|--------------|-----------------------|
|                                                         |         |                   |         |                |         |                                 |         |                  |   |   |   |   |
| Income dividends                                             |         | $                      | 4,714,996    |                | $            | 5,403,549                            |         | $                     | 2,757,948 |   | $ | 3,028,466 |
| Income qualifying for corporate dividends-received deduction |         | $                      | 2,306,051    |                | $            | 5,403,549                            |         | $                     | 2,751,093 |   | $ | 11,214 |
|                                                         |         | 49%                    |         |                | 100%         |                                 |         | 100%                  |   |   | 0.37% |
| Qualified dividend income                                    |         | $                      | 2,826,059    |                | $            | 5,403,549                            |         | $                     | 2,757,948 |   | $ | 106,394 |
|                                                         |         | 60%                    |         |                | 100%         |                                 |         | 100%                  |   |   | 4% |
| Long-term capital gain distributions                         |         | $                      | 59,994,990   |                | $            | ­73,797,341                     |         | $                     | – |   | $ | – |

----

| 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, 2014        | $33.20                               | $0.00d,e                                 | $2.36 | $2.36 |
| 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 |
| Davis Opportunity Fund Class B:     |                                 |                                     |   |   |
| Year ended December 31, 2014        | $28.22                               | $(0.28)d                                 | $1.98 | $1.70 |
| 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 |
| Davis Opportunity Fund Class C:     |                                 |                                     |   |   |
| Year ended December 31, 2014        | $29.74                               | $(0.24)d                                 | $2.10 | $1.86 |
| 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 |
| Davis Opportunity Fund Class Y:     |                                 |                                     |   |   |
| Year ended December 31, 2014        | $34.17                               | $0.09d                                   | $2.43 | $2.52 |
| 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 |
| Davis Government Bond Fund Class A: |                                 |                                     |   |   |
| Year ended December 31, 2014        | $5.42                                | $0.04d                                   | $0.02 | $0.06 |
| 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 |
| Davis Government Bond Fund Class B: |                                 |                                     |   |   |
| Year ended December 31, 2014        | $5.39                                | $(0.01)d                                 | $0.03 | $0.02 |
| 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 |
| Davis Government Bond Fund Class C: |                                 |                                     |   |   |
| Year ended December 31, 2014        | $5.42                                | $(0.01)d                                 | $0.03 | $0.02 |
| 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 |

----

| 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 |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.02)                              | $(3.81)                           | $–          | $(3.83)             | $31.73                         | 7.31%f        | $305,755 | 0.97% | 0.97% | 0.01% | 40% |
| $(0.06)                              | $–                          | $–          | $(0.06)             | $33.20                         | 42.03%f       | $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%f       | $296,880 | 1.05% | 1.05% | 1.18% | 24% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $(3.81)                           | $–          | $(3.81)             | $26.11                         | 6.25%f        | $4,158 | 1.92% | 1.92% | (0.94)% | 40% |
| $–                             | $–                          | $–          | $–            | $28.22                         | 40.75%f       | $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%f       | $19,593 | 1.99% | 1.99% | 0.24% | 24% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $(3.81)                           | $–          | $(3.81)             | $27.79                         | 6.47%f        | $103,635 | 1.75% | 1.75% | (0.77)% | 40% |
| $–                             | $–                          | $–          | $–            | $29.74                         | 40.95%f       | $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%f       | $116,235 | 1.84% | 1.84% | 0.39% | 24% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.11)                              | $(3.81)                           | $–          | $(3.92)             | $32.77                         | 7.58%f        | $169,390 | 0.72% | 0.72% | 0.26% | 40% |
| $(0.13)                              | $–                          | $–          | $(0.13)             | $34.17                         | 42.40%f       | $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%f       | $183,554 | 0.75% | 0.75% | 1.48% | 24% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.06)                              | $–                          | $–          | $(0.06)             | $5.42                          | 1.14%         | $43,232 | 0.90% | 0.90% | 0.64% | 53% |
| $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.01)                              | $–                          | $–          | $(0.01)             | $5.40                          | 0.33%         | $2,207 | 1.80% | 1.80% | (0.26)% | 53% |
| $–                             | $–                          | $–          | $–            | $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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.02)                              | $–                          | $–          | $(0.02)             | $5.42                          | 0.31%         | $10,113 | 1.69% | 1.69% | (0.15)% | 53% |
| $–e                            | $–                          | $–          | $–e           | $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% |

----

| 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, 2014                             | $5.46                                | $0.06d                                   | $0.03 | $0.09 |
| Year ended December 31, 2013                             | $5.60                                | $– d,e                             | $(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 |
| Davis Government Money Market Fund Class A, B, C, and Y: |                                 |                                     |   |   |
| Year ended December 31, 2014                             | $1.000                               | $–g                                | $– | $–g |
| 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 |
| Davis Financial Fund Class A:                            |                                 |                                     |   |   |
| Year ended December 31, 2014                             | $39.20                               | $0.29d                                   | $4.80 | $5.09 |
| 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 |
| Davis Financial Fund Class B:                            |                                 |                                     |   |   |
| Year ended December 31, 2014                             | $32.82                               | $(0.11)d                                 | $3.99 | $3.88 |
| 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 |
| Davis Financial Fund Class C:                            |                                 |                                     |   |   |
| Year ended December 31, 2014                             | $33.97                               | $(0.06)d                                 | $4.14 | $4.08 |
| 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 |
| Davis Financial Fund Class Y:                            |                                 |                                     |   |   |
| Year ended December 31, 2014                             | $40.18                               | $0.35d                                   | $4.95 | $5.30 |
| 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 |
| Davis Appreciation & Income Fund Class A:            |                                 |                                     |   |   |
| Year ended December 31, 2014                             | $34.53                               | $0.38d                                   | $1.48 | $1.86 |
| 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 |

----

| 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 |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.08)                              | $–                          | $–          | $(0.08)             | $5.47                          | 1.73%         | $26,925 | 0.50% | 0.50% | 1.04% | 53% |
| $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–g                            | $–                          | $–          | $–g           | $1.000                         | 0.03%         | $234,337 | 0.62% | 0.07% | 0.04% | NA |
| $–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 |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.28)                              | $(4.42)                           | $–          | $(4.70)             | $39.59                         | 13.01%        | $560,905 | 0.86% | 0.86% | 0.72% | 32% |
| $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $(4.42)                           | $–          | $(4.42)             | $32.28                         | 11.84%        | $4,800 | 1.92% | 1.92% | (0.34)% | 32% |
| $–                             | $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $–                             | $(4.42)                           | $–          | $(4.42)             | $33.63                         | 12.03%        | $79,140 | 1.76% | 1.76% | (0.18)% | 32% |
| $–                             | $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.36)                              | $(4.42)                           | $–          | $(4.78)             | $40.70                         | 13.20%        | $89,443 | 0.70% | 0.70% | 0.88% | 32% |
| $(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% |
|                                 |                              |              |                |                           |          |   |   |   |   |   |
| $(0.37)                              | $–                          | $–          | $(0.37)             | $36.02                         | 5.37%         | $217,723 | 0.87% | 0.87% | 1.05% | 20% |
| $(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% |

----

| 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, 2014                  | $34.15                                                                                                                                                                                                                                                                                                                                                      | $0.02d                                   | $1.46 | $1.48 |
| 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 |
| Davis Appreciation & Income Fund Class C: |                                                                                                                                                                                                                                                                                                                                                        |                                     |   |   |
| Year ended December 31, 2014                  | $34.69                                                                                                                                                                                                                                                                                                                                                      | $0.07d                                   | $1.49 | $1.56 |
| 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 |
| Davis Appreciation & Income Fund Class Y: |                                                                                                                                                                                                                                                                                                                                                        |                                     |   |   |
| Year ended December 31, 2014                  | $34.68                                                                                                                                                                                                                                                                                                                                                      | $0.42d                                   | $1.50 | $1.92 |
| 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 |
| Davis Real Estate Fund Class A:               |                                                                                                                                                                                                                                                                                                                                                        |                                     |   |   |
| Year ended December 31, 2014                  | $28.41                                                                                                                                                                                                                                                                                                                                                      | $0.40d                                   | $7.42 | $7.82 |
| 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 |
| Davis Real Estate Fund Class B:               |                                                                                                                                                                                                                                                                                                                                                        |                                     |   |   |
| Year ended December 31, 2014                  | $28.04                                                                                                                                                                                                                                                                                                                                                      | $0.05d                                   | $7.31 | $7.36 |
| 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 |
| Davis Real Estate Fund Class C:               |                                                                                                                                                                                                                                                                                                                                                        |                                     |   |   |
| Year ended December 31, 2014                  | $28.41                                                                                                                                                                                                                                                                                                                                                      | $0.11d                                   | $7.43 | $7.54 |
| 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 |
| Davis Real Estate Fund Class Y:               |                                                                                                                                                                                                                                                                                                                                                        |                                     |   |   |
| Year ended December 31, 2014                  | $28.78                                                                                                                                                                                                                                                                                                                                                      | $0.44d                                   | $7.56 | $8.00 |
| 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 |
| 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  |          |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|---------------------|-------------------------------|---------------|
| Dividendsfrom Net InvestmentIncome | Distributions fromRealizedGains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Return of Capital | Total Distributions | Net Asset Value, Endof Period | Total Returna | Net Assets, End of Period (inthousands) | GrossExpenseRatio | Net Expense Ratiob | NetInvestment Income(Loss) Ratio | Portfolio Turnoverc |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |              |                |                          |          |   |   |   |   |   |
| $(0.06)                            | $–                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $–          | $(0.06)             | $35.57                        | 4.32%         | $4,289 | 1.87% | 1.87% | 0.05% | 20% |
| $(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% |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |              |                |                          |          |   |   |   |   |   |
| $(0.10)                            | $–                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $–          | $(0.10)             | $36.15                        | 4.48%         | $66,212 | 1.72% | 1.72% | 0.20% | 20% |
| $(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% |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |              |                |                          |          |   |   |   |   |   |
| $(0.42)                            | $–                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $–          | $(0.42)             | $36.18                        | 5.52%         | $38,551 | 0.72% | 0.72% | 1.20% | 20% |
| $(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% |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |              |                |                          |          |   |   |   |   |   |
| $(0.44)                            | $–                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $–          | $(0.44)             | $35.79                        | 27.68%        | $198,029 | 0.96% | 0.96% | 1.21% | 53% |
| $(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% |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |              |                |                          |          |   |   |   |   |   |
| $(0.08)                            | $–                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $–          | $(0.08)             | $35.32                        | 26.30%        | $2,394 | 2.05% | 2.05% | 0.12% | 53% |
| $(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% |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |              |                |                          |          |   |   |   |   |   |
| $(0.16)                            | $–                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $–          | $(0.16)             | $35.79                        | 26.58%        | $27,851 | 1.84% | 1.84% | 0.33% | 53% |
| $(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% |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |              |                |                          |          |   |   |   |   |   |
| $(0.52)                            | $–                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $–          | $(0.52)             | $36.26                        | 27.96%        | $33,548 | 0.74% | 0.74% | 1.43% | 53% |
| $(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% |
| e                                  | Less than $0.005 per share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                   |
| f                                  | Davis Opportunity Fund's performance benefited from IPO purchases, adding approximately 1% to the Fund's total return in 2014, approximately 3% to the Fund's total return in 2013, and approximately 2% to the Fund's total return in 2010. After purchase, the IPOs rapidly increased in value. The Adviser purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences. Such performance may not continue in the future. |                   |
| g                                  | Less than $0.0005 per share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                   |
| h                                  | Less than 0.50%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                   |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| See Notes to Financial Statements  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

----

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

----

| 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 (private investment company).                                                                                  | 13  | Director, DCT Industrial Trust (REIT); Chairman, Regional Transportation Authority of Chicago (public transportation system).                                                                                                   |
|                           |              |                |                                                                                                                                                                |     |                                                                                                                                                                                                                            |
| Thomas S. Gayner(12/16/61)     | Director/Chairman | Director since 2004 | President and Chief Investment Officer, Markel Corp. (diversified financial holding company).                                                                       | 13       | Director, Graham HoldingsCompany (publishingcompany); Director, ColfaxCorp. (engineering andmanufacturer of pumps andfluid handling equipment).                                                                                 |
|                           |              |                |                                                                                                                                                                |     |                                                                                                                                                                                                                            |
| Samuel H. Iapalucci(07/19/52)  | Director          | Director since 2006 | Retired; Executive Vice President and Chief Financial Officer, CH2M-HILL Companies, Ltd. (engineering) until 2008.                                                  | 13       | Director, exp Global Inc. (engineering).                                                                                                                                                                                        |
|                           |              |                |                                                                                                                                                                |     |                                                                                                                                                                                                                            |
| Robert P. Morgenthau(03/22/57) | Director          | Director since 2002 | Principal, Spears Abacus Advisors, LLC (investment management firm) since 2011; Chairman, NorthRoad Capital Management, LLC (investment management firm) 2002-2011. | 13       | none                                                                                                                                                                                                                            |
|                           |              |                |                                                                                                                                                                |     |                                                                                                                                                                                                                            |
| Marsha Williams(03/28/51)      | Director          | Director since 1999 | Retired; Senior Vice President and Chief Financial Officer, Orbitz Worldwide, Inc. (travel-services provider) 2007-2010.                                            | 13       | Director, Modine Manufacturing Company (heat transfer technology); Director, Chicago Bridge & Iron Company, N.V. (industrial construction and engineering); Director, Fifth Third Bancorp (diversified financial services). |

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| DAVIS SERIES, INC. | Directors and Officers – (Continued) |
|--------------------|--------------------------------------------|
| Name(birthdate) | Position(s) Held With Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships Held by Director |
|-----------------|----------------------------|------------------------------------------|------------------------------------------------|-----------------------------------------------------------|--------------------------------------|
|            |                       |                                     |                                           |                                                      |                                 |
|                           |     |                |                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                 |
|--------------------------------|----------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Andrew A. Davis(06/25/63)      | Director | Director since 1997 | President or Vice President of each Davis Fund and Selected Fund; President, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.                                                                                                                                                                     | 16     | Director, Selected Funds (consisting of two portfolios) since 1998; Trustee of Clipper Funds Trust (consisting of one portfolio) since 2014.                                                         |
|                           |     |                |                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                 |
| Christopher C. Davis(07/13/65) | Director | Director since 1997 | President or Vice President of each Davis Fund, Selected Fund, and Clipper Fund; Chairman, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser, including sole member of the Adviser's general partner, Davis Investments, LLC; Employee of Shelby Cullom Davis & Co. (registered broker/dealer). | 16     | Director, Selected Funds (consisting of two portfolios) since 1998; Trustee of Clipper Funds Trust (consisting of one portfolio) since 2014; Director, Graham Holdings Company (publishing company). |

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| DAVIS SERIES, INC. |
|--------------------|
| Investment Adviser                                                 |
|--------------------------------------------------------------------|
| Davis Selected Advisers, L.P. (Doing business as "Davis Advisors") |
| 2949 East Elvira Road, Suite 101                                   |
| Tucson, Arizona 85756                                              |
| (800) 279-0279                                                     |
|                                                               |
| Distributor                                                        |
| Davis Distributors, LLC                                            |
| 2949 East Elvira Road, Suite 101                                   |
| Tucson, Arizona 85756                                              |
|                                                               |
| Transfer Agent                                                     |
| Boston Financial Data Services, Inc.                               |
| c/o The Davis Funds                                                |
| P.O. Box 8406                                                      |
| Boston, Massachusetts 02266-8406                                   |
|                                                               |
| Overnight Address:                                                 |
| 30 Dan Road                                                        |
| Canton, Massachusetts 02021-2809                                   |
|                                                               |
| Custodian                                                          |
| State Street Bank and Trust Co.                                    |
| One Lincoln Street                                                 |
| Boston, Massachusetts 02111                                        |
|                                                               |
| Counsel                                                            |
| Greenberg Traurig, LLP                                             |
| 77 West Wacker Drive, Suite 3100                                   |
| Chicago, Illinois 60601                                            |
|                                                               |
| Independent Registered Public Accounting Firm                      |
| KPMG LLP                                                           |
| 1225 Seventeenth Street, Suite 800                                 |
| Denver, Colorado 80202                                             |

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----

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| (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, 2014 and December 31, 2013 were $159,000 and $155,040, 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, 2014 and December 31, 2013 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, 2014 and December 31, 2013 were $42,405 and $38,610, 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, 2014 and December 31, 2013 were $0 and $0, respectively. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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| (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, 2014 and December 31, 2013.  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. |
|-----|-----------------------------------------------------------------------------------------------------------------|

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

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