----

----

----

| DAVIS SERIES, INC.     | Schedule of Investments    |
|------------------------|----------------------------|
| DAVIS OPPORTUNITY FUND | March 31, 2010 (Unaudited) |

| Shares                        |                                            | Security                                             |   | Value      |       |
|-------------------------------|-------------------------------------------------|------------------------------------------------------|--------|------------|------------|
| COMMON STOCK – (93.81%) |                                            |
|                          | CONSUMER DISCRETIONARY – (10.70%)         |                                                 |
|                          | Automobiles & Components – (0.10%)    |                                                 |
|                          | 16,780                      | Johnson Controls, Inc.                               |   | $          | 553,572    |   |
|                          |
|                          | Consumer Durables & Apparel – (2.79%) |                                                 |
|                          | 316,329                     | Hunter Douglas NV  (Netherlands)           |   |       | 16,197,044 |   |
|                          |
|                          | Consumer Services – (2.63%)               |                                                 |
|                          | 36,940                      | H&R Block, Inc.                                  |   |       | 657,532    |   |
|                          | 380,000                     | Yum! Brands, Inc.                                    |   |       | 14,565,400 |   |
|                          |
|                          |                                            | 15,222,932                                           |   |
|                          |
|                          | Media – (4.48%)                           |                                                 |
|                          | 390,290                     | Grupo Televisa S.A., ADR  (Mexico)         |   |       | 8,203,896  |   |
|                          | 509,480                     | Walt Disney Co.                                      |   |       | 17,785,947 |   |
|                          |
|                          |                                            | 25,989,843                                           |   |
|                          |
|                          | Retailing – (0.70%)                       |                                                 |
|                          | 36,060                      | CarMax, Inc.  *                            |   |       | 905,827    |   |
|                          | 46,500                      | Sherwin-Williams Co.                                 |   |       | 3,147,120  |   |
|                          |
|                          |                                            | 4,052,947                                            |   |
|                          |
|                          | Total Consumer Discretionary                    |                                                 |   | 62,016,338 |       |
|                          |
|                          | CONSUMER STAPLES – (9.20%)                |                                                 |
|                          | Food & Staples Retailing – (3.23%)    |                                                 |
|                          | 10,490                      | Costco Wholesale Corp.                               |   |       | 626,882    |   |
|                          | 495,630                     | CVS Caremark Corp.                                   |   |       | 18,120,233 |   |
|                          |
|                          |                                            | 18,747,115                                           |   |
|                          |
|                          | Food, Beverage & Tobacco – (5.97%)    |                                                 |
|                          | 190,000                     | Coca-Cola Co.                                        |   |       | 10,450,000 |   |
|                          | 218,475                     | Heineken Holding NV  (Netherlands)         |   |       | 9,718,571  |   |
|                          | 126,250                     | Mead Johnson Nutrition Co.                           |   |       | 6,568,787  |   |
|                          | 154,000                     | Nestle S.A.  (Switzerland)                 |   |       | 7,886,950  |   |
|                          |
|                          |                                            | 34,624,308                                           |   |
|                          |
|                          | Total Consumer Staples                          |                                                 |   | 53,371,423 |       |
|                          |
|                          | ENERGY – (6.99%)                          |                                                 |
|                          | 84,084                      | Devon Energy Corp.                                   |   |       | 5,417,532  |   |
|                          | 109,564                     | Occidental Petroleum Corp.                           |   |       | 9,262,541  |   |
|                          | 219,630                     | Tenaris S.A., ADR  (Argentina)             |   |       | 9,430,912  |   |
|                          | 190,279                     | Transocean Ltd.  *                         |   |       | 16,436,300 |   |
|                          |
|                          | Total Energy                                    |                                                 |   | 40,547,285 |       |
|                          |
|                          | FINANCIALS – (14.56%)                     |                                                 |
|                          | Banks – (1.50%)                           |                                                 |
|                          | Commercial Banks – (1.50%)                |                                                 |
|                          | 185,910                     | Banco Santander Brasil S.A., ADS  (Brazil) |   |       | 2,310,861  |   |
|                          | 205,250                     | Wells Fargo & Co.                                |   |       | 6,387,380  |   |
|                          |
|                          |                                            | 8,698,241                                            |   |
|                          |
|                          | Diversified Financials – (8.76%)          |                                                 |
|                          | Capital Markets – (3.19%)                 |                                                 |
|                          | 373,590                     | Bank of New York Mellon Corp.                        |   |       | 11,536,459 |   |
|                          | 358,320                     | Charles Schwab Corp.                                 |   |       | 6,697,001  |   |
|                          | 160,665                     | E*TRADE Financial Corp.  *                 |   |       | 265,901    |   |
|                          |
|                          | 18,499,361                                      |                                                 |
|                          |
|                          | Diversified Financial Services – (5.57%)  |                                                 |
|                          | 1,121                       | CME Group Inc.                                       |   |       | 354,505    |   |

----

| DAVIS SERIES, INC.                   | Schedule of Investments    |
|--------------------------------------|----------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | March 31, 2010 (Unaudited) |

| Shares                           |                                                                | Security                                                      |   | Value       |       |
|----------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------|--------|-------------|------------|
| COMMON STOCK – (CONTINUED) |                                                                |
|                             | FINANCIALS – (CONTINUED)                                      |                                                          |
|                             | Diversified Financials – (Continued)                          |                                                          |
|                             | Diversified Financial Services – (Continued)                  |                                                          |
|                             | 691,250                                         | Oaktree Capital Group LLC, Class A  (a)             |   | $           | 23,848,125 |   |
|                             | 95,165                                          | Pargesa Holdings S.A., Bearer Shares  (Switzerland) |   |        | 8,077,833  |   |
|                             |
|                             | 32,280,463                                                          |                                                          |
|                             |
|                             |                                                                | 50,779,824                                                    |   |
|                             |
|                             | Insurance – (4.30%)                                           |                                                          |
|                             | Insurance Brokers – (0.26%)                                   |                                                          |
|                             | 22,740                                          | Aon Corp.                                                     |   |        | 971,225    |   |
|                             | 31,066                                          | Brown & Brown, Inc.                                       |   |        | 556,703    |   |
|                             |
|                             | 1,527,928                                                           |                                                          |
|                             |
|                             | Property & Casualty Insurance – (2.89%)                   |                                                          |
|                             | 85,881                                          | Berkshire Hathaway Inc., Class B  *                 |   |        | 6,979,549  |   |
|                             | 26,124                                          | Markel Corp.  *                                     |   |        | 9,787,618  |   |
|                             |
|                             | 16,767,167                                                          |                                                          |
|                             |
|                             | Reinsurance – (1.15%)                                         |                                                          |
|                             | 9,760                                           | Everest Re Group, Ltd.                                        |   |        | 789,877    |   |
|                             | 6,280                                           | RenaissanceRe Holdings Ltd.                                   |   |        | 356,453    |   |
|                             | 104,435                                         | Transatlantic Holdings, Inc.                                  |   |        | 5,514,168  |   |
|                             |
|                             | 6,660,498                                                           |                                                          |
|                             |
|                             |                                                                | 24,955,593                                                    |   |
|                             |
|                             | Total Financials                                                    |                                                          |   | 84,433,658  |       |
|                             |
|                             | HEALTH CARE – (18.20%)                                        |                                                          |
|                             | Health Care Equipment & Services – (6.90%)                |                                                          |
|                             | 197,665                                         | Becton, Dickinson and Co.                                     |   |        | 15,562,166 |   |
|                             | 32,677                                          | CareFusion Corp.  *                                 |   |        | 863,653    |   |
|                             | 174,150                                         | IDEXX Laboratories, Inc.  *                         |   |        | 10,019,720 |   |
|                             | 156,310                                         | Laboratory Corp. of America Holdings  *             |   |        | 11,834,230 |   |
|                             | 53,160                                          | UnitedHealth Group Inc.                                       |   |        | 1,736,737  |   |
|                             |
|                             |                                                                | 40,016,506                                                    |   |
|                             |
|                             | Pharmaceuticals, Biotechnology & Life Sciences – (11.30%) |                                                          |
|                             | 413,650                                         | Johnson & Johnson                                         |   |        | 26,969,980 |   |
|                             | 763,316                                         | Merck & Co., Inc.                                         |   |        | 28,509,853 |   |
|                             | 6,300                                           | Millipore Corp.  *                                  |   |        | 665,280    |   |
|                             | 545,030                                         | Pfizer Inc.                                                   |   |        | 9,347,264  |   |
|                             |
|                             |                                                                | 65,492,377                                                    |   |
|                             |
|                             | Total Health Care                                                   |                                                          |   | 105,508,883 |       |
|                             |
|                             | INDUSTRIALS – (6.66%)                                         |                                                          |
|                             | Capital Goods – (3.69%)                                       |                                                          |
|                             | 207,840                                         | ABB Ltd., ADR  (Switzerland)                        |   |        | 4,539,226  |   |
|                             | 706,968                                         | Blount International, Inc.  *                       |   |        | 7,324,189  |   |
|                             | 7,938                                           | Lockheed Martin Corp.                                         |   |        | 660,600    |   |
|                             | 257,320                                         | Shaw Group Inc.  *                                  |   |        | 8,856,954  |   |
|                             |
|                             |                                                                | 21,380,969                                                    |   |
|                             |
|                             | Commercial & Professional Services – (1.13%)              |                                                          |
|                             | 238,820                                         | Iron Mountain Inc.                                            |   |        | 6,543,668  |   |
|                             |
|                             | Transportation – (1.84%)                                      |                                                          |
|                             | 958,000                                         | Clark Holdings, Inc.  *(b)                          |   |        | 550,850    |   |
|                             | 80,920                                          | Kuehne & Nagel International AG  (Switzerland)  |   |        | 8,188,699  |   |

----

| DAVIS SERIES, INC.                   | Schedule of Investments    |
|--------------------------------------|----------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | March 31, 2010 (Unaudited) |

| Shares/Principal                       |                                                                                                                                            | Security                                                        |   | Value       |       |
|----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|--------|-------------|------------|
| COMMON STOCK – (CONTINUED)       |                                                                                                                                            |
|                                   | INDUSTRIALS – (CONTINUED)                                                                                                                 |                                                            |
|                                   | Transportation – (Continued)                                                                                                              |                                                            |
|                                   | 71,930                                                                                                                      | Ryanair Holdings PLC, ADR  (Ireland)*                 |   | $           | 1,954,338  |   |
|                                   |
|                                   |                                                                                                                                            | 10,693,887                                                      |   |
|                                   |
|                                   | Total Industrials                                                                                                                               |                                                            |   | 38,618,524  |       |
|                                   |
|                                   | INFORMATION TECHNOLOGY – (19.46%)                                                                                                         |                                                            |
|                                   | Semiconductors & Semiconductor Equipment – (3.60%)                                                                                    |                                                            |
|                                   | 147,000                                                                                                                     | Altera Corp.                                                    |   |        | 3,572,835  |   |
|                                   | 707,090                                                                                                                     | Texas Instruments Inc.                                          |   |        | 17,302,492 |   |
|                                   |
|                                   |                                                                                                                                            | 20,875,327                                                      |   |
|                                   |
|                                   | Software & Services – (10.24%)                                                                                                        |                                                            |
|                                   | 652,200                                                                                                                     | Activision Blizzard, Inc.                                       |   |        | 7,855,749  |   |
|                                   | 31,720                                                                                                                      | Google Inc., Class A  *                               |   |        | 17,990,632 |   |
|                                   | 677,410                                                                                                                     | Microsoft Corp.                                                 |   |        | 19,824,404 |   |
|                                   | 172,840                                                                                                                     | NetEase.com Inc., ADR  (China)*                       |   |        | 6,130,635  |   |
|                                   | 157,500                                                                                                                     | SAP AG, ADR  (Germany)                                |   |        | 7,586,775  |   |
|                                   |
|                                   |                                                                                                                                            | 59,388,195                                                      |   |
|                                   |
|                                   | Technology Hardware & Equipment – (5.62%)                                                                                             |                                                            |
|                                   | 498,560                                                                                                                     | Agilent Technologies, Inc.  *                         |   |        | 17,145,478 |   |
|                                   | 43,980                                                                                                                      | Cisco Systems, Inc.  *                                |   |        | 1,145,019  |   |
|                                   | 151,310                                                                                                                     | Harris Corp.                                                    |   |        | 7,185,712  |   |
|                                   | 87,810                                                                                                                      | Hewlett-Packard Co.                                             |   |        | 4,667,102  |   |
|                                   | 18,820                                                                                                                      | International Business Machines Corp.                           |   |        | 2,413,665  |   |
|                                   |
|                                   |                                                                                                                                            | 32,556,976                                                      |   |
|                                   |
|                                   | Total Information Technology                                                                                                                    |                                                            |   | 112,820,498 |       |
|                                   |
|                                   | MATERIALS – (7.33%)                                                                                                                       |                                                            |
|                                   | 143,960                                                                                                                     | Monsanto Co.                                                    |   |        | 10,281,623 |   |
|                                   | 256,910                                                                                                                     | Sigma-Aldrich Corp.                                             |   |        | 13,790,929 |   |
|                                   | 942,170                                                                                                                     | Sino-Forest Corp.  (Canada)*                          |   |        | 18,460,280 |   |
|                                   |
|                                   | Total Materials                                                                                                                                 |                                                            |   | 42,532,832  |       |
|                                   |
|                                   | TELECOMMUNICATION SERVICES – (0.71%)                                                                                                      |                                                            |
|                                   | 59,000                                                                                                                      | America Movil SAB de C.V., Series L, ADR  (Mexico)    |   |        | 2,970,060  |   |
|                                   | 26,450                                                                                                                      | American Tower Corp., Class A  *                      |   |        | 1,127,034  |   |
|                                   |
|                                   | Total Telecommunication Services                                                                                                                |                                                            |   | 4,097,094   |       |
|                                   |
|                                   | TOTAL COMMON STOCK – (Identified cost $450,275,378)                                                                                       |                                                            |   | 543,946,535 |       |
|                                   |
| CONVERTIBLE BONDS – (1.00%)      |                                                                                                                                            |
|                                   | TELECOMMUNICATION SERVICES – (1.00%)                                                                                                      |                                                            |
| $                                      | 5,600,000                                                                                                                   | Level 3 Communications, Inc., Conv. Sr. Notes, 10.00%, 05/01/11 |   |        | 5,782,000  |   |
|                                   |
|                                   | TOTAL CONVERTIBLE BONDS – (Identified cost $5,600,000)                                                                                    |                                                            |   | 5,782,000   |       |
|                                   |
| SHORT TERM INVESTMENTS – (5.52%) |                                                                                                                                            |
|                                   | 9,651,000                                                                                                                   | Banc of America Securities LLC Joint Repurchase Agreement,      |   |        |       |   |   |
|                                   | 0.02%, 04/01/10, dated 03/31/10, repurchase value of $9,651,005                                                                                 |                                                            |   |        |       |   |
|                                   | (collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.598%-5.881%, 02/01/30-02/01/49, total market value $9,844,020) |                                                            |   | 9,651,000   |       |
|                                   | 6,394,000                                                                                                                   | Goldman, Sachs & Co. Joint Repurchase Agreement,            |   |        |       |   |   |
|                                   | 0.01%, 04/01/10, dated 03/31/10, repurchase value of $6,394,002                                                                                 |                                                            |   |        |       |   |
|                                   | (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-6.50%, 11/01/12-07/01/49, total market value $6,521,880)   |                                                            |   | 6,394,000   |       |

----

| DAVIS SERIES, INC.                   | Schedule of Investments    |
|--------------------------------------|----------------------------|
| DAVIS OPPORTUNITY FUND - (CONTINUED) | March 31, 2010 (Unaudited) |

| Principal                                                   |                                                                                                                                              | Security                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Value       |   |
|-------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------|
| SHORT TERM INVESTMENTS – (CONTINUED)                  |                                                                                                                                              |
| $                                                           | 15,984,000                                                                                                                    | Mizuho Securities USA Inc. Joint Repurchase Agreement,                                                                                                                                                                                                                                                                                                                                                                                                                  |   |        |   |   |   |   |
|                                                        | 0.04%, 04/01/10, dated 03/31/10, repurchase value of $15,984,018                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |        |   |   |   |
|                                                        | (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-4.875%, 04/15/10-02/15/40, total market value $16,303,680) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $      | 15,984,000  |   |
|                                                        |
|                                                        | TOTAL SHORT TERM INVESTMENTS – (Identified cost $32,029,000)                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 32,029,000  |   |
|                                                        |
|                                                        | Total Investments – (100.33%) – (Identified cost $487,904,378) – (c)                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 581,757,535 |   |
|                                                        | Liabilities Less Other Assets – (0.33%)                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | (1,903,371) |   |
|       Net Assets – (100.00%) |                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $      | 579,854,164 |   |
|                                                        |
|                                                        | ADR: American Depositary Receipt                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
|                                                        | ADS: American Depositary Share                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
|                                                        | *                                                                                                                                                 | Non-Income producing security.                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                        | (a)                                                                                                                                               | Illiquid Security – Securities may be considered illiquid if they lack a readily available market or if valuation has not changed for a certain period of time. The aggregate value of illiquid securities amounted to $23,848,125, or 4.11% of the Fund’s net assets as of March 31, 2010.                                                                                                                                                            |   |
|                                                        | (b)                                                                                                                                               | Affiliated Company.  Represents ownership of at least 5% of the voting securities of the issuer and is an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2010.  The aggregate fair value of the securities of affiliated companies held by the Fund as of March 31, 2010, amounts to $550,850.  Transactions during the period in which the issuers were affiliates are as follows: |   |

|   | Security             |   | Shares December 31,2009 |   | GrossAdditions |   | GrossReductions |   | SharesMarch 31, 2010 |   | DividendIncome |
|--------|----------------------|--------|------------------------------|--------|----------------|--------|-----------------|--------|---------------------------|--------|----------------|
|   | Clark Holdings, Inc. |   | 958,000                      |   | –        |   | –         |   | 958,000                   | $      | –        |

|   | (c)                                                                                                                                                          |   | Aggregate cost for federal income tax purposes is $492,792,068.  At March 31, 2010 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:  |         |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|
|   | Unrealized appreciation                                                                                                                                      |   | $                                                                                                                                                                                                      | 112,650,954  |   |
|   | Unrealized depreciation                                                                                                                                      |   |                                                                                                                                                                                                   | (23,685,487) |   |
|   | Net unrealized appreciation                                                                                                                                  |   | $                                                                                                                                                                                                      | 88,965,467   |   |
|   |
|   |
|   | Please refer to "Notes to Schedule of Investments" on page 21 for the Fund's policy regarding valuation of investments.                                 |   |                                                                                                                                                                                                   |
|   | For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report. |   |                                                                                                                                                                                                   |

----

| DAVIS SERIES, INC.         | Schedule of Investments    |
|----------------------------|----------------------------|
| DAVIS GOVERNMENT BOND FUND | March 31, 2010 (Unaudited) |

| Principal                               |                                                               | Security                                                |   | Value     |      |
|-----------------------------------------|--------------------------------------------------------------------|---------------------------------------------------------|--------|-----------|-----------|
| GOVERNMENT AGENCY NOTES – (3.65%) |                                                               |
| $                                       | 500,000                                        | Fannie Mae, 5.00%, 07/28/10                             |   | $         | 507,799   |   |
|                                    | 400,000                                        | Fannie Mae, 4.00%, 01/28/13                             |   |      | 425,345   |   |
|                                    | 340,000                                        | Federal Farm Credit Bank, 4.50%, 10/04/10               |   |      | 347,230   |   |
|                                    | 185,000                                        | Federal Home Loan Bank, 4.75%, 08/13/10                 |   |      | 188,063   |   |
|                                    | 841,226                                        | Federal Home Loan Bank, 5.30%, 06/15/12                 |   |      | 887,457   |   |
|                                    | 1,955,922                                      | Final Maturity Amortizing Notes, 4.62%, 04/25/10        |   |      | 1,959,981 |   |
|                                    | 917,729                                        | Final Maturity Amortizing Notes, 4.10%, 11/25/10        |   |      | 932,994   |   |
|                                    | 200,000                                        | Freddie Mac, 5.00%, 10/18/10                            |   |      | 205,123   |   |
|                                    |
|                                    | TOTAL GOVERNMENT AGENCY NOTES – (Identified cost $5,374,593) |                                                    |   | 5,453,992 |      |
|                                    |
| MORTGAGES – (89.08%)              |                                                               |
|                                    | COLLATERALIZED MORTGAGE OBLIGATIONS – (55.43%)               |                                                    |
|                                    | 397,909                                        | Fannie Mae, 4.50%, 01/25/14                             |   |      | 415,679   |   |
|                                    | 7,650                                          | Fannie Mae, 5.00%, 07/25/15                             |   |      | 7,680     |   |
|                                    | 883,465                                        | Fannie Mae, 3.50%, 09/25/16                             |   |      | 910,863   |   |
|                                    | 985,037                                        | Fannie Mae, 5.00%, 02/25/17                             |   |      | 1,019,739 |   |
|                                    | 2,014,787                                      | Fannie Mae, 5.00%, 12/25/17                             |   |      | 2,076,723 |   |
|                                    | 1,265,000                                      | Fannie Mae, 4.00%, 01/25/19                             |   |      | 1,328,574 |   |
|                                    | 5,000,000                                      | Fannie Mae, 4.00%, 04/25/19                             |   |      | 5,204,951 |   |
|                                    | 5,000,000                                      | Fannie Mae, 2.00%, 06/25/19                             |   |      | 4,972,266 |   |
|                                    | 786,674                                        | Fannie Mae, 4.50%, 07/25/21                             |   |      | 796,097   |   |
|                                    | 3,982,335                                      | Fannie Mae, 4.00%, 07/25/23                             |   |      | 4,168,007 |   |
|                                    | 155,027                                        | Fannie Mae, 8.00%, 12/17/24                             |   |      | 156,891   |   |
|                                    | 115,329                                        | Fannie Mae, 5.00%, 02/25/25                             |   |      | 116,165   |   |
|                                    | 79,478                                         | Fannie Mae, 5.50%, 11/25/25                             |   |      | 79,783    |   |
|                                    | 4,842,278                                      | Fannie Mae, 4.00%, 03/25/27                             |   |      | 4,948,791 |   |
|                                    | 385,855                                        | Fannie Mae, 5.50%, 03/25/28                             |   |      | 396,638   |   |
|                                    | 706,668                                        | Fannie Mae, 5.00%, 02/25/35                             |   |      | 743,597   |   |
|                                    | 448,336                                        | Freddie Mac, 4.00%, 09/15/10                            |   |      | 453,511   |   |
|                                    | 106,940                                        | Freddie Mac, 4.50%, 02/15/15                            |   |      | 107,823   |   |
|                                    | 2,448,945                                      | Freddie Mac, 4.00%, 10/15/15                            |   |      | 2,494,482 |   |
|                                    | 922,366                                        | Freddie Mac, 4.50%, 05/15/16                            |   |      | 946,687   |   |
|                                    | 2,084,741                                      | Freddie Mac, 4.00%, 09/15/16                            |   |      | 2,153,502 |   |
|                                    | 600,000                                        | Freddie Mac, 4.00%, 01/15/17                            |   |      | 625,557   |   |
|                                    | 626,834                                        | Freddie Mac, 3.50%, 01/15/18                            |   |      | 649,831   |   |
|                                    | 1,126,545                                      | Freddie Mac, 5.00%, 01/15/18                            |   |      | 1,174,090 |   |
|                                    | 3,090,842                                      | Freddie Mac, 4.00%, 06/15/18                            |   |      | 3,211,410 |   |
|                                    | 5,000,000                                      | Freddie Mac, 4.00%, 09/15/18                            |   |      | 5,236,739 |   |
|                                    | 305,413                                        | Freddie Mac, 4.50%, 09/15/18                            |   |      | 307,472   |   |
|                                    | 511,810                                        | Freddie Mac, 5.00%, 05/15/19                            |   |      | 539,175   |   |
|                                    | 2,203,656                                      | Freddie Mac, 5.00%, 12/15/22                            |   |      | 2,236,587 |   |
|                                    | 4,465,669                                      | Freddie Mac, 1.30%, 03/15/24    (a) |   |      | 4,532,458 |   |
|                                    | 160,482                                        | Freddie Mac, 5.00%, 06/15/25                            |   |      | 163,639   |   |
|                                    | 300,000                                        | Freddie Mac, 5.00%, 05/15/27                            |   |      | 312,285   |   |
|                                    | 141,456                                        | Freddie Mac, 5.50%, 12/15/27                            |   |      | 142,109   |   |
|                                    | 1,133,289                                      | Freddie Mac, 5.50%, 12/15/27                            |   |      | 1,150,606 |   |
|                                    | 2,000,000                                      | Freddie Mac, 5.00%, 09/15/28                            |   |      | 2,111,206 |   |
|                                    | 5,752,044                                      | Freddie Mac, 4.50%, 06/15/29                            |   |      | 5,994,579 |   |
|                                    | 184,532                                        | Freddie Mac, 6.00%, 03/15/30                            |   |      | 188,372   |   |
|                                    | 5,000,000                                      | Freddie Mac, 4.50%, 08/15/32                            |   |      | 5,237,463 |   |
|                                    | 1,020,344                                      | Freddie Mac, 4.25%, 06/15/33                            |   |      | 1,051,424 |   |
|                                    | 2,571,562                                      | Ginnie Mae, 4.50%, 10/20/20                             |   |      | 2,665,489 |   |
|                                    | 4,496,317                                      | Ginnie Mae, 4.00%, 11/20/30                             |   |      | 4,719,754 |   |

----

| DAVIS SERIES, INC.                             | Schedule of Investments    |
|------------------------------------------------|----------------------------|
| DAVIS GOVERNMENT BOND FUND – (CONTINUED) | March 31, 2010 (Unaudited) |

| Principal                      |                                                    | Security                                   |   | Value       |      |
|--------------------------------|---------------------------------------------------------|--------------------------------------------|--------|-------------|-----------|
| MORTGAGES – (CONTINUED)  |                                                    |
|                           | COLLATERALIZED MORTGAGE OBLIGATIONS – (CONTINUED) |                                       |
| $                              | 4,323,021                           | Ginnie Mae, 5.00%, 02/16/32                |   | $           | 4,529,548 |   |
|                           | 2,474,525                           | Ginnie Mae, 5.00%, 08/20/32                |   |        | 2,522,119 |   |
|                           |
|                           | Total Collateralized Mortgage Obligations               |                                       |   | 82,800,361  |      |
|                           |
|                           | FANNIE MAE POOLS – (18.47%)                       |                                       |
|                           | 154,157                             | 4.00%, 08/01/10, Pool No. 254861           |   |        | 154,674   |   |
|                           | 1,251,675                           | 3.50%, 04/01/11, Pool No. 255245           |   |        | 1,259,318 |   |
|                           | 274,054                             | 4.50%, 01/01/13, Pool No. 254646           |   |        | 283,347   |   |
|                           | 1,177,137                           | 4.566%, 01/01/15, Pool No. 725788          |   |        | 1,243,289 |   |
|                           | 2,438,735                           | 6.00%, 09/01/17, Pool No. 665776           |   |        | 2,639,321 |   |
|                           | 1,182,095                           | 5.00%, 03/01/18, Pool No. 357369           |   |        | 1,261,738 |   |
|                           | 1,919,039                           | 4.50%, 08/01/18, Pool No. 254833           |   |        | 2,023,694 |   |
|                           | 1,766,685                           | 5.00%, 12/01/18, Pool No. 257504           |   |        | 1,878,058 |   |
|                           | 1,416,234                           | 4.00%, 01/01/19, Pool No. 976841           |   |        | 1,465,094 |   |
|                           | 131,537                             | 6.50%, 07/01/32, Pool No. 635069           |   |        | 144,818   |   |
|                           | 1,416,673                           | 2.655%, 10/01/32, Pool No. 648917 (b)      |   |        | 1,431,614 |   |
|                           | 807,219                             | 4.739%, 05/01/35, Pool No. 826242 (b)      |   |        | 837,819   |   |
|                           | 5,399,493                           | 2.41%, 10/01/35, Pool No. 836852 (b)       |   |        | 5,514,864 |   |
|                           | 1,187,345                           | 5.045%, 01/01/36, Pool No. 848973 (b)      |   |        | 1,244,718 |   |
|                           | 270,845                             | 3.803%, 03/01/36, Pool No. 843396 (b)      |   |        | 270,874   |   |
|                           | 973,105                             | 5.611%, 04/01/36, Pool No. 851605 (b)      |   |        | 1,022,103 |   |
|                           | 4,753,859                           | 2.892%, 06/01/36, Pool No. AD0169 (b)      |   |        | 4,910,343 |   |
|                           |
|                           | Total Fannie Mae Pools                                  |                                       |   | 27,585,686  |      |
|                           |
|                           | FREDDIE MAC POOLS – (14.22%)                      |                                       |
|                           | 2,080,787                           | 4.50%, 05/01/10, Pool No. M80818           |   |        | 2,087,203 |   |
|                           | 539,455                             | 3.00%, 10/01/10, Pool No. M91001           |   |        | 538,808   |   |
|                           | 1,658,529                           | 4.50%, 10/01/10, Pool No. M80856           |   |        | 1,679,488 |   |
|                           | 422,686                             | 4.00%, 11/01/10, Pool No. M80864           |   |        | 426,404   |   |
|                           | 1,662,424                           | 4.50%, 11/01/10, Pool No. M80865           |   |        | 1,679,498 |   |
|                           | 645,008                             | 4.00%, 02/01/11, Pool No. M80897           |   |        | 652,642   |   |
|                           | 1,371,995                           | 4.00%, 03/01/11, Pool No. M80903           |   |        | 1,388,233 |   |
|                           | 630,713                             | 5.00%, 03/01/12, Pool No. M80963           |   |        | 652,333   |   |
|                           | 656,407                             | 3.50%, 04/01/12, Pool No. M80974           |   |        | 664,905   |   |
|                           | 808,200                             | 4.00%, 12/01/12, Pool No. M81008           |   |        | 834,147   |   |
|                           | 662,884                             | 4.50%, 03/01/15, Pool No. B18794           |   |        | 689,381   |   |
|                           | 1,406,447                           | 5.50%, 12/01/18, Pool No. G11684           |   |        | 1,520,984 |   |
|                           | 1,912,615                           | 5.00%, 05/01/21, Pool No. G13296           |   |        | 2,041,477 |   |
|                           | 1,627,843                           | 5.00%, 09/01/21, Pool No. G12673           |   |        | 1,734,467 |   |
|                           | 1,074,805                           | 5.50%, 06/01/22, Pool No. G12688           |   |        | 1,153,602 |   |
|                           | 487,429                             | 2.899%, 12/01/34, Pool No. 1H1238 (b)      |   |        | 502,986   |   |
|                           | 2,881,752                           | 4.757%, 04/01/35, Pool No. 782528 (b)      |   |        | 2,995,436 |   |
|                           |
|                           | Total Freddie Mac Pools                                 |                                       |   | 21,241,994  |      |
|                           |
|                           | GINNIE MAE POOLS – (0.96%)                        |                                       |
|                           | 1,345,142                           | 6.50%, 09/15/13, Pool No. 780856           |   |        | 1,439,807 |   |
|                           |
|                           | Total Ginnie Mae Pools                                  |                                       |   | 1,439,807   |      |
|                           |
|                           | TOTAL MORTGAGES – (Identified cost $131,117,510)  |                                       |   | 133,067,848 |      |
|                           |
| OTHER AGENCIES – (0.22%) |                                                    |
|                           | 300,000                             | Housing Urban Development, 6.00%, 08/01/20 |   |        | 327,154   |   |
|                           |
|                           | TOTAL OTHER AGENCIES – (Identified cost $327,170) |                                       |   | 327,154     |      |
|                           |

----

| DAVIS SERIES, INC.                             | Schedule of Investments    |
|------------------------------------------------|----------------------------|
| DAVIS GOVERNMENT BOND FUND – (CONTINUED) | March 31, 2010 (Unaudited) |

| Principal                              |                                                                                                                                                         | Security                                                                                                                                                                                                                                                                                                                                                                        |   | Value       |   |
|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------|
| SHORT TERM INVESTMENTS – (7.40%) |                                                                                                                                                         |
| $                                      | 3,331,000                                                                                                                                | Banc of America Securities LLC Joint Repurchase Agreement,                                                                                                                                                                                                                                                                                                                      |   |        |   |   |   |   |
|                                   | 0.02%, 04/01/10, dated 03/31/10, repurchase value of $3,331,002                                                                                              |                                                                                                                                                                                                                                                                                                                                                                            |   |        |   |   |   |
|                                   | (collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.598%-5.881%, 02/01/30-02/01/49, total market value $3,397,620)              |                                                                                                                                                                                                                                                                                                                                                                            | $      | 3,331,000   |   |
|                                   | 2,207,000                                                                                                                                | Goldman, Sachs & Co. Joint Repurchase Agreement,                                                                                                                                                                                                                                                                                                                            |   |        |   |   |   |   |
|                                   | 0.01%, 04/01/10, dated 03/31/10, repurchase value of $2,207,001                                                                                              |                                                                                                                                                                                                                                                                                                                                                                            |   |        |   |   |   |
|                                   | (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-6.50%, 11/01/12-07/01/49, total market value $2,251,140)                |                                                                                                                                                                                                                                                                                                                                                                            |   | 2,207,000   |   |
|                                   | 5,517,000                                                                                                                                | Mizuho Securities USA Inc. Joint Repurchase Agreement,                                                                                                                                                                                                                                                                                                                          |   |        |   |   |   |   |
|                                   | 0.04%, 04/01/10, dated 03/31/10, repurchase value of $5,517,006                                                                                              |                                                                                                                                                                                                                                                                                                                                                                            |   |        |   |   |   |
|                                   | (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-4.875%, 04/15/10-02/15/40, total market value $5,627,340)             |                                                                                                                                                                                                                                                                                                                                                                            |   | 5,517,000   |   |
|                                   |
|                                   | TOTAL SHORT TERM INVESTMENTS – (Identified cost $11,055,000)                                                                                           |                                                                                                                                                                                                                                                                                                                                                                            |   | 11,055,000  |   |
|                                   |
|                                   | Total Investments – (100.35%) – (Identified cost $147,874,273) – (c)                                                                       |                                                                                                                                                                                                                                                                                                                                                                            |   | 149,903,994 |   |
|                                   | Liabilities Less Other Assets – (0.35%)                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                            |   | (520,965)   |   |
|   Net Assets – (100.00%)    |                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                            | $      | 149,383,029 |   |
|                                   |
|                                   |
|                                   | (a)                                                                                                                                                          | The interest rates on floating rate securities, shown as of March 31, 2010, 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 March 31, 2010, may change daily or less frequently and are based on indices of market interest rates.                                                                                                                                                                                                       |   |
|                                   | (c)                                                                                                                                                          | Aggregate cost for federal income tax purposes is $147,874,273.  At March 31, 2010 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:                                                                                                                                                                           |   |
|                                   | Unrealized appreciation                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                            | $      | 2,172,494   |   |
|                                   | Unrealized depreciation                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                            |   | (142,773)   |   |
|                                   | Net unrealized appreciation                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                            | $      | 2,029,721   |   |
|                                   |
|                                   |
|                                   | Please refer to "Notes to Schedule of Investments" on page 21 for the Fund's policy regarding valuation of investments.                                 |                                                                                                                                                                                                                                                                                                                                                                            |   |
|                                   | For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report. |                                                                                                                                                                                                                                                                                                                                                                            |   |

----

| DAVIS SERIES, INC.                 | Schedule of Investments    |
|------------------------------------|----------------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND | March 31, 2010 (Unaudited) |

| Principal                                 |                                                                       | Security                                                 |   | Value      |       |
|-------------------------------------------|----------------------------------------------------------------------------|----------------------------------------------------------|--------|------------|------------|
| FANNIE MAE – (11.08%)               |                                                                       |
| $                                         | 250,000                                                | Principal - Only Strip, 0.2015%, 04/09/10  (a) |   | $          | 249,989    |   |
|                                      | 560,000                                                | 2.50%, 04/09/10                                          |   |       | 560,248    |   |
|                                      | 525,000                                                | 5.00%, 04/19/10                                          |   |       | 526,232    |   |
|                                      | 1,475,000                                              | 4.75%, 04/20/10                                          |   |       | 1,478,316  |   |
|                                      | 500,000                                                | 0.20%, 05/12/10  (a)                           |   |       | 499,886    |   |
|                                      | 1,060,000                                              | 4.65%, 05/17/10                                          |   |       | 1,065,902  |   |
|                                      | 550,000                                                | 0.20%, 05/19/10  (a)                           |   |       | 549,853    |   |
|                                      | 500,000                                                | 3.255%, 06/09/10                                         |   |       | 502,826    |   |
|                                      | 676,000                                                | 7.125%, 06/15/10                                         |   |       | 685,435    |   |
|                                      | 6,000,000                                              | 0.22%, 07/12/10  (a)                           |   |       | 5,996,260  |   |
|                                      | 10,750,000                                             | 0.1413%, 07/13/10  (b)                         |   |       | 10,749,719 |   |
|                                      | 1,000,000                                              | 0.27%, 07/19/10  (a)                           |   |       | 999,183    |   |
|                                      | 500,000                                                | 0.1991%, 08/05/10  (b)                         |   |       | 500,011    |   |
|                                      | 1,510,000                                              | 3.25%, 08/12/10                                          |   |       | 1,526,724  |   |
|                                      | 5,000,000                                              | 0.22%, 08/18/10  (a)                           |   |       | 4,995,753  |   |
|                                      | 3,000,000                                              | 0.24%, 09/24/10  (a)                           |   |       | 2,996,480  |   |
|                                      |
|                                      | TOTAL FANNIE MAE – (Identified cost $33,882,817)                     |                                                     |   | 33,882,817 |       |
|                                      |
| FEDERAL FARM CREDIT BANK – (23.72%) |                                                                       |
|                                      | 1,025,000                                              | 5.32%, 05/11/10                                          |   |       | 1,030,715  |   |
|                                      | 1,800,000                                              | 0.1598%, 06/22/10  (b)                         |   |       | 1,799,794  |   |
|                                      | 5,000,000                                              | 0.1372%, 06/24/10  (b)                         |   |       | 5,000,000  |   |
|                                      | 10,000,000                                             | 0.2281%, 07/06/10  (b)                         |   |       | 10,000,804 |   |
|                                      | 2,000,000                                              | 3.30%, 07/21/10                                          |   |       | 2,018,533  |   |
|                                      | 9,000,000                                              | 0.187%, 08/23/10  (b)                          |   |       | 8,999,546  |   |
|                                      | 9,700,000                                              | 0.1981%, 09/03/10  (b)                         |   |       | 9,700,000  |   |
|                                      | 14,000,000                                             | 0.14%, 09/21/10  (b)                           |   |       | 13,999,332 |   |
|                                      | 9,500,000                                              | 0.1712%, 10/26/10  (b)                         |   |       | 9,500,000  |   |
|                                      | 510,000                                                | 0.4781%, 11/04/10  (b)                         |   |       | 510,985    |   |
|                                      | 10,000,000                                             | 0.1703%, 11/17/10  (b)                         |   |       | 9,999,995  |   |
|                                      |
|                                      | TOTAL FEDERAL FARM CREDIT BANK –  (Identified cost $72,559,704) |                                                     |   | 72,559,704 |       |
|                                      |
| FEDERAL HOME LOAN BANK – (25.88%)   |                                                                       |
|                                      | 500,000                                                | 3.75%, 04/01/10                                          |   |       | 500,000    |   |
|                                      | 10,000,000                                             | 0.00%, 04/13/10  (b)                           |   |       | 9,999,467  |   |
|                                      | 800,000                                                | 0.82%, 04/28/10                                          |   |       | 800,332    |   |
|                                      | 600,000                                                | 7.625%, 05/14/10                                         |   |       | 605,226    |   |
|                                      | 250,000                                                | 4.50%, 06/09/10                                          |   |       | 252,011    |   |
|                                      | 350,000                                                | 4.25%, 06/11/10                                          |   |       | 352,386    |   |
|                                      | 4,000,000                                              | 5.25%, 06/11/10                                          |   |       | 4,038,993  |   |
|                                      | 3,725,000                                              | 2.75%, 06/18/10                                          |   |       | 3,744,944  |   |
|                                      | 1,000,000                                              | 0.014%, 07/06/10  (b)                          |   |       | 999,549    |   |
|                                      | 4,000,000                                              | 0.19%, 07/07/10  (a)                           |   |       | 3,997,952  |   |
|                                      | 2,000,000                                              | 1.05%, 07/08/10                                          |   |       | 2,004,176  |   |
|                                      | 2,560,000                                              | 0.099%, 07/09/10  (b)                          |   |       | 2,560,748  |   |
|                                      | 13,825,000                                             | 0.151%, 07/13/10  (b)                          |   |       | 13,824,852 |   |
|                                      | 500,000                                                | 4.375%, 07/13/10                                         |   |       | 505,720    |   |
|                                      | 9,750,000                                              | 3.50%, 07/16/10                                          |   |       | 9,842,279  |   |
|                                      | 380,000                                                | 0.179%, 07/27/10  (b)                          |   |       | 380,078    |   |
|                                      | 2,500,000                                              | 0.55%, 08/04/10                                          |   |       | 2,502,993  |   |
|                                      | 500,000                                                | 5.00%, 08/11/10                                          |   |       | 508,588    |   |
|                                      | 325,000                                                | 4.125%, 08/13/10                                         |   |       | 329,466    |   |

----

| DAVIS SERIES, INC.                               | Schedule of Investments    |
|--------------------------------------------------|----------------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND - (CONTINUED) | March 31, 2010 (Unaudited) |

| Principal                                  |                                                                                                                                             | Security                                                   |   | Value      |       |
|--------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|--------|------------|------------|
| FEDERAL HOME LOAN BANK – (CONTINUED) |                                                                                                                                             |
| $                                          | 305,000                                                                                                                      | 6.875%, 08/13/10                                           |   | $          | 312,482    |   |
|                                       | 2,025,000                                                                                                                    | 5.00%, 09/01/10                                            |   |       | 2,064,801  |   |
|                                       | 5,000,000                                                                                                                    | 1.22%, 10/15/10                                            |   |       | 5,025,216  |   |
|                                       | 500,000                                                                                                                      | 0.56%, 11/01/10  (b)                             |   |       | 500,742    |   |
|                                       | 500,000                                                                                                                      | 3.08%, 11/12/10                                            |   |       | 508,255    |   |
|                                       | 1,000,000                                                                                                                    | 3.125%, 11/12/10                                           |   |       | 1,017,413  |   |
|                                       | 12,000,000                                                                                                                   | 0.14%, 11/17/10  (b)                             |   |       | 12,000,000 |   |
|                                       |
|                                       | TOTAL FEDERAL HOME LOAN BANK – (Identified cost $79,178,669)                                                                               |                                                       |   | 79,178,669 |       |
|                                       |
| FREDDIE MAC – (21.93%)               |                                                                                                                                             |
|                                       | 500,000                                                                                                                      | 0.20%, 04/28/10  (a)                             |   |       | 499,925    |   |
|                                       | 990,000                                                                                                                      | 2.875%, 04/30/10                                           |   |       | 991,835    |   |
|                                       | 500,000                                                                                                                      | 0.20%, 05/04/10  (a)                             |   |       | 499,908    |   |
|                                       | 500,000                                                                                                                      | 0.20%, 05/14/10  (a)                             |   |       | 499,881    |   |
|                                       | 600,000                                                                                                                      | 0.25%, 06/01/10  (a)                             |   |       | 599,746    |   |
|                                       | 5,000,000                                                                                                                    | 0.21%, 06/07/10  (a)                             |   |       | 4,998,046  |   |
|                                       | 7,496,000                                                                                                                    | 0.19%, 06/21/10  (a)                             |   |       | 7,492,795  |   |
|                                       | 5,000,000                                                                                                                    | 0.21%, 06/28/10  (a)                             |   |       | 4,997,433  |   |
|                                       | 480,000                                                                                                                      | 4.125%, 07/12/10                                           |   |       | 485,038    |   |
|                                       | 5,000,000                                                                                                                    | 0.21%, 08/09/10  (a)                             |   |       | 4,996,208  |   |
|                                       | 9,000,000                                                                                                                    | 0.24%, 08/11/10  (a)                             |   |       | 8,992,080  |   |
|                                       | 5,000,000                                                                                                                    | 0.28%, 08/23/10  (a)                             |   |       | 4,994,400  |   |
|                                       | 2,500,000                                                                                                                    | 0.23%, 08/30/10  (a)                             |   |       | 2,497,588  |   |
|                                       | 5,000,000                                                                                                                    | 0.23%, 09/01/10  (a)                             |   |       | 4,995,113  |   |
|                                       | 4,000,000                                                                                                                    | 0.225%, 09/07/10  (a)                            |   |       | 3,996,025  |   |
|                                       | 3,500,000                                                                                                                    | 3.125%, 09/10/10                                           |   |       | 3,544,868  |   |
|                                       | 5,000,000                                                                                                                    | 0.24%, 09/14/10  (a)                             |   |       | 4,994,467  |   |
|                                       | 2,500,000                                                                                                                    | 0.24%, 09/15/10  (a)                             |   |       | 2,497,217  |   |
|                                       | 900,000                                                                                                                      | 4.75%, 09/22/10                                            |   |       | 918,158    |   |
|                                       | 2,100,000                                                                                                                    | 0.2688%, 12/30/10  (b)                           |   |       | 2,101,327  |   |
|                                       | 1,500,000                                                                                                                    | 0.2988%, 01/28/11  (b)                           |   |       | 1,501,600  |   |
|                                       |
|                                       | TOTAL FREDDIE MAC – (Identified cost $67,093,658)                                                                                          |                                                       |   | 67,093,658 |       |
|                                       |
| OTHER AGENCIES – (0.14%)             |                                                                                                                                             |
|                                       | 423,000                                                                                                                      | FICO Strip, 0.3505%, 06/06/10  (a)               |   |       | 422,731    |   |
|                                       |
|                                       | TOTAL OTHER AGENCIES – (Identified cost $422,731)                                                                                          |                                                       |   | 422,731    |       |
|                                       |
| REPURCHASE AGREEMENTS – (17.23%)     |                                                                                                                                             |
|                                       | 15,887,000                                                                                                                   | Banc of America Securities LLC Joint Repurchase Agreement, |   |       |       |   |   |
|                                       | 0.02%, 04/01/10, dated 03/31/10, repurchase value of $15,887,009                                                                                 |                                                       |   |       |       |   |
|                                       | (collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.598%-5.881%, 02/01/30-02/01/49, total market value $16,204,740) |                                                       |   | 15,887,000 |       |
|                                       | 10,524,000                                                                                                                   | Goldman, Sachs & Co. Joint Repurchase Agreement,       |   |       |       |   |   |
|                                       | 0.01%, 04/01/10, dated 03/31/10, repurchase value of $10,524,003                                                                                 |                                                       |   |       |       |   |
|                                       | (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-6.50%, 11/01/12-07/01/49, total market value $10,734,480)   |                                                       |   | 10,524,000 |       |
|                                       |                                                                                                                                             |                                                       |   |       |       |   |   |
|                                       |                                                                                                                                             |                                                       |   |       |       |   |
|                                       |                                                                                                                                             |                                                       |   |       |       |

----

| DAVIS SERIES, INC.                               | Schedule of Investments    |
|--------------------------------------------------|----------------------------|
| DAVIS GOVERNMENT MONEY MARKET FUND - (CONTINUED) | March 31, 2010 (Unaudited) |

| Principal                                 |                                                                                                                                                         | Security                                                                                                                                                                                                                                                                                                                                                                        |   | Value       |   |
|-------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------|
| REPURCHASE AGREEMENTS – (CONTINUED) |                                                                                                                                                         |
| $                                         | 26,311,000                                                                                                                               | Mizuho Securities USA Inc. Joint Repurchase Agreement,                                                                                                                                                                                                                                                                                                                          |   |        |   |   |   |   |
|                                      | 0.04%, 04/01/10, dated 03/31/10, repurchase value of $26,311,029                                                                                             |                                                                                                                                                                                                                                                                                                                                                                            |   |        |   |   |   |
|                                      | (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-4.875%, 04/15/10-02/15/40, total market value $26,837,220)            |                                                                                                                                                                                                                                                                                                                                                                            | $      | 26,311,000  |   |
|                                      |
|                                      | TOTAL REPURCHASE AGREEMENTS – (Identified cost $52,722,000)                                                                                            |                                                                                                                                                                                                                                                                                                                                                                            |   | 52,722,000  |   |
|                                      |
|                                      | Total Investments – (99.98%) – (Identified cost $305,859,579) – (c)                                                                        |                                                                                                                                                                                                                                                                                                                                                                            |   | 305,859,579 |   |
|                                      | Other Assets Less Liabilities – (0.02%)                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                            |   | 63,307      |   |
|   Net Assets – (100.00%)       |                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                            | $      | 305,922,886 |   |
|                                      |
|                                      |
|                                      | (a)                                                                                                                                                          | Zero coupon bonds reflect the effective yield on the date of purchase.                                                                                                                                                                                                                                                                                                     |   |
|                                      | (b)                                                                                                                                                          | The interest rates on floating rate securities, shown as of March 31, 2010, may change daily or less frequently and are based on indices of market interest rates.  For purposes of amortized cost valuation, the maturity dates of these securities are considered to be the effective maturities, based on the reset dates of the securities' variable rates.  |   |
|                                      | (c)                                                                                                                                                          | Aggregate cost for federal income tax purposes is $305,859,579.                                                                                                                                                                                                                                                                                                            |   |
|                                      | Please refer to "Notes to Schedule of Investments" on page 21 for the Fund's policy regarding valuation of investments.                                 |                                                                                                                                                                                                                                                                                                                                                                            |   |
|                                      | For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report. |                                                                                                                                                                                                                                                                                                                                                                            |   |

----

| DAVIS SERIES, INC.   | Schedule of Investments    |
|----------------------|----------------------------|
| DAVIS FINANCIAL FUND | March 31, 2010 (Unaudited) |

| Shares                        |                                              | Security                                                      |   | Value      |                                                                                                                                                                                                                                       |
|-------------------------------|---------------------------------------------------|---------------------------------------------------------------|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| COMMON STOCK – (99.91%) |                                              |
|                          | ENERGY – (5.46%)                            |                                                          |
|                          | 509,100                       | Canadian Natural Resources Ltd.  (Canada)           |   |       | $                                      37,693,764 |   |
|                          |
|                          | Total Energy                                      |                                                          |   | 37,693,764 |                                                                                                                                                                                                                                       |
|                          |
|                          | FINANCIALS – (91.84%)                       |                                                          |
|                          | Banks – (14.45%)                            |                                                          |
|                          | Commercial Banks – (14.45%)                 |                                                          |
|                          | 159,000                       | Banco Santander Brasil S.A., ADS  (Brazil)          |   |       | 1,976,370                                                                                                                                                                                                                                  |   |
|                          | 150,700                       | ICICI Bank Ltd., ADR  (India)                       |   |       | 6,434,890                                                                                                                                                                                                                                  |   |
|                          | 459,950                       | State Bank of India Ltd., GDR  (India)              |   |       | 43,235,300                                                                                                                                                                                                                                 |   |
|                          | 76,000                        | U.S. Bancorp                                                  |   |       | 1,966,880                                                                                                                                                                                                                                  |   |
|                          | 1,485,800                     | Wells Fargo & Co.                                         |   |       | 46,238,096                                                                                                                                                                                                                                 |   |
|                          |
|                          |                                              | 99,851,536                                                    |   |
|                          |
|                          | Diversified Financials – (45.43%)           |                                                          |
|                          | Capital Markets – (20.49%)                  |                                                          |
|                          | 393,500                       | Ameriprise Financial, Inc.                                    |   |       | 17,849,160                                                                                                                                                                                                                                 |   |
|                          | 1,143,200                     | Bank of New York Mellon Corp.                                 |   |       | 35,302,016                                                                                                                                                                                                                                 |   |
|                          | 792,600                       | Brookfield Asset Management Inc., Class A  (Canada) |   |       | 20,147,892                                                                                                                                                                                                                                 |   |
|                          | 143,200                       | Charles Schwab Corp.                                          |   |       | 2,676,408                                                                                                                                                                                                                                  |   |
|                          | 744,500                       | GAM Holding Ltd.  (Switzerland)*                    |   |       | 9,143,850                                                                                                                                                                                                                                  |   |
|                          | 157,400                       | Goldman Sachs Group, Inc.                                     |   |       | 26,857,162                                                                                                                                                                                                                                 |   |
|                          | 744,500                       | Julius Baer Group Ltd.  (Switzerland)               |   |       | 27,007,895                                                                                                                                                                                                                                 |   |
|                          | 47,200                        | T. Rowe Price Group Inc.                                      |   |       | 2,593,640                                                                                                                                                                                                                                  |   |
|                          |
|                          | 141,578,023                                       |                                                          |
|                          |
|                          | Consumer Finance – (11.24%)                 |                                                          |
|                          | 1,779,500                     | American Express Co.                                          |   |       | 73,422,170                                                                                                                                                                                                                                 |   |
|                          | 1,483,200                     | First Marblehead Corp.  *                           |   |       | 4,212,288                                                                                                                                                                                                                                  |   |
|                          |
|                          | 77,634,458                                        |                                                          |
|                          |
|                          | Diversified Financial Services – (13.70%)   |                                                          |
|                          | 137,820                       | Bank of America Corp.                                         |   |       | 2,460,087                                                                                                                                                                                                                                  |   |
|                          | 326,300                       | Cielo S.A.  (Brazil)                                |   |       | 3,073,369                                                                                                                                                                                                                                  |   |
|                          | 94,560                        | JPMorgan Chase & Co.                                      |   |       | 4,231,560                                                                                                                                                                                                                                  |   |
|                          | 872,600                       | Moody's Corp.                                                 |   |       | 25,959,850                                                                                                                                                                                                                                 |   |
|                          | 1,102,000                     | Oaktree Capital Group LLC, Class A  (a)             |   |       | 38,019,000                                                                                                                                                                                                                                 |   |
|                          | 106,400                       | RHJ International  (Belgium)*                       |   |       | 922,613                                                                                                                                                                                                                                    |   |
|                          | 396,550                       | RHJ International, 144A  (Belgium)*(b)(c)           |   |       | 3,444,790                                                                                                                                                                                                                                  |   |
|                          | 182,000                       | Visa Inc., Class A                                            |   |       | 16,567,460                                                                                                                                                                                                                                 |   |
|                          |
|                          | 94,678,729                                        |                                                          |
|                          |
|                          |                                              | 313,891,210                                                   |   |
|                          |
|                          | Insurance – (31.96%)                        |                                                          |
|                          | Life & Health Insurance – (3.18%)       |                                                          |
|                          | 304,733                       | China Life Insurance Co., Ltd., ADR  (China)        |   |       | 21,952,965                                                                                                                                                                                                                                 |   |
|                          |
|                          | Multi-line Insurance – (7.93%)              |                                                          |
|                          | 1,470,600                     | Loews Corp.                                                   |   |       | 54,823,968                                                                                                                                                                                                                                 |   |
|                          |
|                          | Property & Casualty Insurance – (9.56%) |                                                          |
|                          | 191,500                       | ACE Ltd.                                                      |   |       | 10,015,450                                                                                                                                                                                                                                 |   |
|                          | 96,400                        | FPIC Insurance Group, Inc.  *                       |   |       | 2,617,260                                                                                                                                                                                                                                  |   |
|                          | 79,200                        | Markel Corp.  *                                     |   |       | 29,673,072                                                                                                                                                                                                                                 |   |
|                          | 1,244,000                     | Progressive Corp. (Ohio)                                      |   |       | 23,747,960                                                                                                                                                                                                                                 |   |
|                          |
|                          | 66,053,742                                        |                                                          |
|                          |
|                          | Reinsurance – (11.29%)                      |                                                          |
|                          | 225,000                       | Everest Re Group, Ltd.                                        |   |       | 18,209,250                                                                                                                                                                                                                                 |   |

----

| DAVIS SERIES, INC.                 | Schedule of Investments    |
|------------------------------------|----------------------------|
| DAVIS FINANCIAL FUND - (CONTINUED) | March 31, 2010 (Unaudited) |

| Shares                           |                                                                                                                                                         | Security                                                                                                                                                                                                                                                                                                                                                       |   | Value                                                                                                                                                                                                                          |                                                                                                                                                                                                                                      |
|----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| COMMON STOCK – (CONTINUED) |                                                                                                                                                         |
|                             | FINANCIALS – (CONTINUED)                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                           |
|                             | Insurance – (Continued)                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                           |
|                             | Reinsurance – (Continued)                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                           |
|                             | 1,132,087                                                                                                                                | Transatlantic Holdings, Inc.                                                                                                                                                                                                                                                                                                                                   |   |                                                                                                                                                                                                                           | $                                     59,774,194 |   |
|                             |
|                             | 77,983,444                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                           |
|                             |
|                             |                                                                                                                                                         | 220,814,119                                                                                                                                                                                                                                                                                                                                                    |   |
|                             |
|                             | Total Financials                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                           |   | 634,556,865                                                                                                                                                                                                                    |                                                                                                                                                                                                                                      |
|                             |
|                             | INDUSTRIALS – (2.61%)                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                           |
|                             | Commercial & Professional Services – (2.61%)                                                                                                       |                                                                                                                                                                                                                                                                                                                                                           |
|                             | 242,650                                                                                                                                  | D&B Corp.                                                                                                                                                                                                                                                                                                                                                  |   |                                                                                                                                                                                                                           | 18,058,013                                                                                                                                                                                                                                |   |
|                             |
|                             | Total Industrials                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                           |   | 18,058,013                                                                                                                                                                                                                     |                                                                                                                                                                                                                                      |
|                             |
|                             | TOTAL COMMON STOCK – (Identified cost $459,312,217)                                                                                                    |                                                                                                                                                                                                                                                                                                                                                           |   | 690,308,642                                                                                                                                                                                                                    |                                                                                                                                                                                                                                      |
|                             |
|                             | Total Investments – (99.91%) – (Identified cost $459,312,217) – (d)                                                                        |                                                                                                                                                                                                                                                                                                                                                           |   | 690,308,642                                                                                                                                                                                                                    |                                                                                                                                                                                                                                      |
|                             | Other Assets Less Liabilities – (0.09%)                                                                                                                |                                                                                                                                                                                                                                                                                                                                                           |   |               629,957                                                                                                                                         |                                                                                                                                                                                                                                      |
|                             | Net Assets – (100.00%)                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                           |   | $                                   690,938,599      |                                                                                                                                                                                                                                      |
|                             |
|                             |
|                             | ADR: American Depositary Receipt                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                           |   |
|                             | ADS: American Depositary Share                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                           |   |
|                             | GDR: Global Depositary Receipt                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                           |   |
|                             | *                                                                                                                                                            | Non-Income producing security.                                                                                                                                                                                                                                                                                                                            |   |
|                             | (a)                                                                                                                                                          | Illiquid Security – Securities may be considered illiquid if they lack a readily available market or if valuation has not changed for a certain period of time. The aggregate value of illiquid securities amounted to $38,019,000, or 5.50% of the Fund’s net assets as of March 31, 2010.                                                   |   |
|                             | (b)                                                                                                                                                          | 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 $3,444,790, or 0.50% of the Fund's net assets as of March 31, 2010.                                                           |   |
|                             | (c)                                                                                                                                                          | Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are valued under methods approved by the Board of Directors as reflecting fair value. The aggregate value of restricted securities amounted to $3,444,790, or 0.50% of the Fund’s net assets as of March 31, 2010.  |   |
|                             | (d)                                                                                                                                                          | Aggregate cost for federal income tax purposes is $459,695,598.  At March 31, 2010 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:                                                                                                                                                          |   |
|                             | Unrealized appreciation                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                           |   | $                                   269,377,470 |                                                                                                                                                                                                                                      |
|                             | Unrealized depreciation                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                           |   | (38,764,426)                                                                                                                                                                                                                   |                                                                                                                                                                                                                                      |
|                             | Net unrealized appreciation                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                           |   | $                                   230,613,044 |                                                                                                                                                                                                                                      |
|                             |
|                             |
|                             | Please refer to "Notes to Schedule of Investments" on page 21 for the Fund's policy regarding valuation of investments.                                 |                                                                                                                                                                                                                                                                                                                                                           |   |
|                             | For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report. |                                                                                                                                                                                                                                                                                                                                                           |   |

----

| DAVIS SERIES, INC.                   | Schedule of Investments    |
|--------------------------------------|----------------------------|
| DAVIS APPRECIATION & INCOME FUND | March 31, 2010 (Unaudited) |

| Shares                        |                                                         | Security                                                 |   | Value      |                                                                                                                                                                                                                                                  |
|-------------------------------|--------------------------------------------------------------|----------------------------------------------------------|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| COMMON STOCK – (48.60%) |                                                         |
|                          | CONSUMER DISCRETIONARY – (7.76%)                       |                                                     |
|                          | Media – (2.11%)                                        |                                                     |
|                          | 621,300                                  | News Corp., Class A                                      |   |       | $                                        8,949,826 |   |
|                          |
|                          | Retailing – (5.65%)                                    |                                                     |
|                          | 52,913                                   | Amazon.com, Inc.  *                            |   |       | 7,183,469                                                                                                                                                                                                                                             |   |
|                          | 306,800                                  | Kohl's Corp.  *                                |   |       | 16,806,504                                                                                                                                                                                                                                            |   |
|                          |
|                          |                                                         | 23,989,973                                               |   |
|                          |
|                          | Total Consumer Discretionary                                 |                                                     |   | 32,939,799 |                                                                                                                                                                                                                                                  |
|                          |
|                          | CONSUMER STAPLES – (9.19%)                             |                                                     |
|                          | Food & Staples Retailing – (4.66%)                 |                                                     |
|                          | 547,000                                  | Whole Foods Market, Inc.  *                    |   |       | 19,776,785                                                                                                                                                                                                                                            |   |
|                          |
|                          | Food, Beverage & Tobacco – (2.43%)                 |                                                     |
|                          | 539,100                                  | Tyson Foods, Inc., Class A                               |   |       | 10,323,765                                                                                                                                                                                                                                            |   |
|                          |
|                          | Household & Personal Products – (2.10%)            |                                                     |
|                          | 263,300                                  | Avon Products, Inc.                                      |   |       | 8,917,971                                                                                                                                                                                                                                             |   |
|                          |
|                          | Total Consumer Staples                                       |                                                     |   | 39,018,521 |                                                                                                                                                                                                                                                  |
|                          |
|                          | ENERGY – (5.23%)                                       |                                                     |
|                          | 208,100                                  | Devon Energy Corp.                                       |   |       | 13,407,883                                                                                                                                                                                                                                            |   |
|                          | 448,400                                  | Nabors Industries Ltd.  *                      |   |       | 8,802,092                                                                                                                                                                                                                                             |   |
|                          |
|                          | Total Energy                                                 |                                                     |   | 22,209,975 |                                                                                                                                                                                                                                                  |
|                          |
|                          | FINANCIALS – (7.65%)                                   |                                                     |
|                          | Diversified Financials – (7.65%)                       |                                                     |
|                          | Consumer Finance – (2.22%)                             |                                                     |
|                          | 229,000                                  | American Express Co.                                     |   |       | 9,448,540                                                                                                                                                                                                                                             |   |
|                          |
|                          | Diversified Financial Services – (5.43%)               |                                                     |
|                          | 543,876                                  | Bank of America Corp.                                    |   |       | 9,708,187                                                                                                                                                                                                                                             |   |
|                          | 3,292,560                                | Citigroup Inc.  *                              |   |       | 13,334,868                                                                                                                                                                                                                                            |   |
|                          |
|                          | 23,043,055                                                   |                                                     |
|                          |
|                          |                                                         | 32,491,595                                               |   |
|                          |
|                          | Total Financials                                             |                                                     |   | 32,491,595 |                                                                                                                                                                                                                                                  |
|                          |
|                          | HEALTH CARE – (2.43%)                                  |                                                     |
|                          | Health Care Equipment & Services – (2.43%)         |                                                     |
|                          | 294,500                                  | Universal Health Services, Inc., Class B                 |   |       | 10,334,005                                                                                                                                                                                                                                            |   |
|                          |
|                          | Total Health Care                                            |                                                     |   | 10,334,005 |                                                                                                                                                                                                                                                  |
|                          |
|                          | INDUSTRIALS – (10.26%)                                 |                                                     |
|                          | Capital Goods – (7.29%)                                |                                                     |
|                          | 400,200                                  | General Electric Co.                                     |   |       | 7,283,640                                                                                                                                                                                                                                             |   |
|                          | 539,500                                  | Masco Corp.                                              |   |       | 8,373,040                                                                                                                                                                                                                                             |   |
|                          | 706,190                                  | Quanta Services, Inc.  *                       |   |       | 13,530,600                                                                                                                                                                                                                                            |   |
|                          | 190,000                                  | United Rentals, Inc.  *                        |   |       | 1,782,200                                                                                                                                                                                                                                             |   |
|                          |
|                          |                                                         | 30,969,480                                               |   |
|                          |
|                          | Commercial & Professional Services – (2.97%)       |                                                     |
|                          | 266,000                                  | ADFITECH, Inc.  *(a)                           |   |       | 658,350                                                                                                                                                                                                                                               |   |
|                          | 114,000                                  | School Specialty, Inc.  *                      |   |       | 2,591,790                                                                                                                                                                                                                                             |   |
|                          | 275,500                                  | Waste Connections, Inc.  *                     |   |       | 9,355,980                                                                                                                                                                                                                                             |   |
|                          |
|                          |                                                         | 12,606,120                                               |   |
|                          |
|                          | Total Industrials                                            |                                                     |   | 43,575,600 |                                                                                                                                                                                                                                                  |
|                          |
|                          | INFORMATION TECHNOLOGY – (2.83%)                       |                                                     |
|                          | Semiconductors & Semiconductor Equipment – (2.83%) |                                                     |
|                          | 423,297                                  | Fairchild Semiconductor International, Inc.  * |   |       | 4,508,113                                                                                                                                                                                                                                             |   |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments    |
|----------------------------------------------------|----------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | March 31, 2010 (Unaudited) |

| Shares/Principal                   |                                                             | Security                                                                                       |   | Value       |                                                                                                                                                                                                                                                  |
|------------------------------------|------------------------------------------------------------------|------------------------------------------------------------------------------------------------|--------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| COMMON STOCK – (CONTINUED)   |                                                             |
|                               | INFORMATION TECHNOLOGY – (CONTINUED)                       |                                                                                           |
|                               | Semiconductors & Semiconductor Equipment – (Continued) |                                                                                           |
|                               | 52,300                                       | Intel Corp.                                                                                    |   |        | $                                        1,164,721 |   |
|                               | 277,100                                      | International Rectifier Corp.  *                                                     |   |        | 6,345,590                                                                                                                                                                                                                                             |   |
|                               |
|                               |                                                             | 12,018,424                                                                                     |   |
|                               |
|                               | Total Information Technology                                     |                                                                                           |   | 12,018,424  |                                                                                                                                                                                                                                                  |
|                               |
|                               | MATERIALS – (1.82%)                                        |                                                                                           |
|                               | 17,000                                       | Allegheny Technologies Inc.                                                                    |   |        | 917,830                                                                                                                                                                                                                                               |   |
|                               | 323,000                                      | Sealed Air Corp.                                                                               |   |        | 6,808,840                                                                                                                                                                                                                                             |   |
|                               |
|                               | Total Materials                                                  |                                                                                           |   | 7,726,670   |                                                                                                                                                                                                                                                  |
|                               |
|                               | UTILITIES – (1.43%)                                        |                                                                                           |
|                               | 551,700                                      | AES Corp.  *                                                                         |   |        | 6,068,700                                                                                                                                                                                                                                             |   |
|                               |
|                               | Total Utilities                                                  |                                                                                           |   | 6,068,700   |                                                                                                                                                                                                                                                  |
|                               |
|                               | TOTAL COMMON STOCK – (Identified cost $225,530,882)        |                                                                                           |   | 206,383,289 |                                                                                                                                                                                                                                                  |
|                               |
| PREFERRED STOCK – (10.63%)   |                                                             |
|                               | FINANCIALS – (3.79%)                                       |                                                                                           |
|                               | Diversified Financials – (1.78%)                           |                                                                                           |
|                               | Diversified Financial Services – (1.78%)                   |                                                                                           |
|                               | 113,800                                      | Citigroup Capital XII, 8.50%, TRUPS                                                            |   |        | 2,941,024                                                                                                                                                                                                                                             |   |
|                               | 38,000                                       | Citigroup Inc., 7.50%, Conv. Pfd., T-DECS                                                      |   |        | 4,622,320                                                                                                                                                                                                                                             |   |
|                               |
|                               |                                                             | 7,563,344                                                                                      |   |
|                               |
|                               | Real Estate – (2.01%)                                      |                                                                                           |
|                               | 374,010                                      | Alexandria Real Estate Equities, Inc., 7.00%, Series D, Conv. Pfd.                             |   |        | 8,555,479                                                                                                                                                                                                                                             |   |
|                               |
|                               | Total Financials                                                 |                                                                                           |   | 16,118,823  |                                                                                                                                                                                                                                                  |
|                               |
|                               | INDUSTRIALS – (1.82%)                                      |                                                                                           |
|                               | Capital Goods – (0.75%)                                    |                                                                                           |
|                               | 104,241                                      | United Rentals Trust I, 6.50%, Conv. Pfd.                                                      |   |        | 3,166,320                                                                                                                                                                                                                                             |   |
|                               |
|                               | Transportation – (1.07%)                                   |                                                                                           |
|                               | 153,200                                      | Continental Airlines Finance Trust II, 6.00%, Cum. Conv. Pfd.                                  |   |        | 4,557,700                                                                                                                                                                                                                                             |   |
|                               |
|                               | Total Industrials                                                |                                                                                           |   | 7,724,020   |                                                                                                                                                                                                                                                  |
|                               |
|                               | MATERIALS – (2.08%)                                        |                                                                                           |
|                               | 76,000                                       | Freeport-McMoRan Copper & Gold, Inc., 6.75%, Conv. Pfd.                                    |   |        | 8,816,000                                                                                                                                                                                                                                             |   |
|                               |
|                               | Total Materials                                                  |                                                                                           |   | 8,816,000   |                                                                                                                                                                                                                                                  |
|                               |
|                               | UTILITIES – (2.94%)                                        |                                                                                           |
|                               | 274,410                                      | AES Trust III, 6.75%, Conv. Pfd.                                                               |   |        | 12,468,505                                                                                                                                                                                                                                            |   |
|                               |
|                               | Total Utilities                                                  |                                                                                           |   | 12,468,505  |                                                                                                                                                                                                                                                  |
|                               |
|                               | TOTAL PREFERRED STOCK – (Identified cost $32,937,913)      |                                                                                           |   | 45,127,348  |                                                                                                                                                                                                                                                  |
|                               |
| CONVERTIBLE BONDS – (36.30%) |                                                             |
|                               | CONSUMER DISCRETIONARY – (3.39%)                           |                                                                                           |
|                               | Consumer Durables & Apparel – (0.99%)                  |                                                                                           |
| $                                  | 3,800,000                                    | Eastman Kodak Co., 144A Conv. Sr. Notes, 7.00%,  04/01/17    (b) |   |        | 4,199,000                                                                                                                                                                                                                                             |   |
|                               |
|                               | Media – (2.40%)                                            |                                                                                           |
|                               | 15,250,000                                   | News America Inc., Conv. Notes, Zero coupon, 3.38%, 02/28/21    (a)(c)(d)  |   |        | 10,197,767                                                                                                                                                                                                                                            |   |
|                               |
|                               | Total Consumer Discretionary                                     |                                                                                           |   | 14,396,767  |                                                                                                                                                                                                                                                  |
|                               |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments    |
|----------------------------------------------------|----------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | March 31, 2010 (Unaudited) |

| Principal                             |                                                               | Security                                                                                                                        |   | Value       |                                                                                                                                                                                                                                       |
|---------------------------------------|--------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| CONVERTIBLE BONDS – (CONTINUED) |                                                               |
|                                  | CONSUMER STAPLES – (4.02%)                                   |                                                                                                                            |
|                                  | Food, Beverage & Tobacco – (4.02%)                       |                                                                                                                            |
| $                                     | 13,300,000                                     | Tyson Foods, Inc., Conv. Sr. Notes, 3.25%, 10/15/13                                                                             |   |        | $                                      17,073,875 |   |
|                                  |
|                                  | Total Consumer Staples                                             |                                                                                                                            |   | 17,073,875  |                                                                                                                                                                                                                                       |
|                                  |
|                                  | ENERGY – (0.56%)                                             |                                                                                                                            |
|                                  | 2,400,000                                      | Nabors Industries Inc., Conv. Sr. Notes, 0.94%, 05/15/11                                                                        |   |        | 2,391,000                                                                                                                                                                                                                                  |   |
|                                  |
|                                  | Total Energy                                                       |                                                                                                                            |   | 2,391,000   |                                                                                                                                                                                                                                       |
|                                  |
|                                  | FINANCIALS – (9.63%)                                         |                                                                                                                            |
|                                  | Diversified Financials – (0.08%)                             |                                                                                                                            |
|                                  | Capital Markets – (0.08%)                                    |                                                                                                                            |
|                                  | 250,000                                        | Janus Capital Group Inc., Conv. Sr. Notes, 3.25%, 07/15/14                                                                      |   |        | 316,875                                                                                                                                                                                                                                    |   |
|                                  |
|                                  | Real Estate – (9.55%)                                        |                                                                                                                            |
|                                  | 6,650,000                                      | Digital Realty Trust, Inc., 144A Conv. Sr. Notes, 5.50%, 04/15/29    (b)                                    |   |        | 9,135,437                                                                                                                                                                                                                                  |   |
|                                  | 21,850,000                                     | Forest City Enterprises Inc., Conv. Sr. Notes, 3.625%, 10/15/14                                                                 |   |        | 24,676,844                                                                                                                                                                                                                                 |   |
|                                  | 1,600,000                                      | Forest City Enterprises, Inc., 144A Conv. Sr. Notes, 5.00%, 10/15/16    (b)                                 |   |        | 2,010,000                                                                                                                                                                                                                                  |   |
|                                  | 4,750,000                                      | Reckson Operating Partnership, L.P., Conv. Sr. Notes (Convertible into SL Green   Realty Corp.), 4.00%, 06/15/25 |   |        | 4,738,125                                                                                                                                                                                                                                  |   |
|                                  |
|                                  |                                                               | 40,560,406                                                                                                                      |   |
|                                  |
|                                  | Total Financials                                                   |                                                                                                                            |   | 40,877,281  |                                                                                                                                                                                                                                       |
|                                  |
|                                  | HEALTH CARE – (1.22%)                                        |                                                                                                                            |
|                                  | Pharmaceuticals, Biotechnology & Life Sciences – (1.22%) |                                                                                                                            |
|                                  | 3,700,000                                      | Valeant Pharmaceuticals International, Conv. Sub. Notes, 4.00%, 11/15/13                                                        |   |        | 5,170,750                                                                                                                                                                                                                                  |   |
|                                  |
|                                  | Total Health Care                                                  |                                                                                                                            |   | 5,170,750   |                                                                                                                                                                                                                                       |
|                                  |
|                                  | INDUSTRIALS – (8.79%)                                        |                                                                                                                            |
|                                  | Capital Goods – (0.82%)                                      |                                                                                                                            |
|                                  | 3,520,000                                      | United Rentals North America Inc., Conv. Sr. Sub., 1.875%, 10/15/23                                                             |   |        | 3,502,400                                                                                                                                                                                                                                  |   |
|                                  |
|                                  | Commercial & Professional Services – (7.97%)             |                                                                                                                            |
|                                  | 8,100,000                                      | School Specialty, Inc., Conv. Sub. Deb., 3.75%, 11/30/26                                                                        |   |        | 7,745,625                                                                                                                                                                                                                                  |   |
|                                  | 21,001,000                                     | School Specialty, Inc., Conv. Sub. Notes, 3.75%/Zero coupon, 08/01/23    (e)                                |   |        | 21,106,005                                                                                                                                                                                                                                 |   |
|                                  | 4,750,000                                      | Waste Connections, Inc., Conv. Sr. Notes, 3.75%, 04/01/26                                                                       |   |        | 4,987,500                                                                                                                                                                                                                                  |   |
|                                  |
|                                  |                                                               | 33,839,130                                                                                                                      |   |
|                                  |
|                                  | Total Industrials                                                  |                                                                                                                            |   | 37,341,530  |                                                                                                                                                                                                                                       |
|                                  |
|                                  | INFORMATION TECHNOLOGY – (4.26%)                             |                                                                                                                            |
|                                  | Semiconductors & Semiconductor Equipment – (4.26%)       |                                                                                                                            |
|                                  | 7,600,000                                      | Intel Corp., 144A Conv. Jr. Sub. Deb., 3.25%, 08/01/39    (b)                                               |   |        | 9,148,500                                                                                                                                                                                                                                  |   |
|                                  | 9,050,000                                      | Intel Corp., Conv. Sub. Deb., 2.95%, 12/15/35                                                                                   |   |        | 8,925,563                                                                                                                                                                                                                                  |   |
|                                  |
|                                  |                                                               | 18,074,063                                                                                                                      |   |
|                                  |
|                                  | Total Information Technology                                       |                                                                                                                            |   | 18,074,063  |                                                                                                                                                                                                                                       |
|                                  |
|                                  | MATERIALS – (4.43%)                                          |                                                                                                                            |
|                                  | 6,655,000                                      | Allegheny Technologies Inc., Conv. Sr. Notes, 4.25%, 06/01/14                                                                   |   |        | 9,774,531                                                                                                                                                                                                                                  |   |
|                                  | 4,300,000                                      | United States Steel Corp., Conv. Sr. Notes, 4.00%, 05/15/14                                                                     |   |        | 9,056,875                                                                                                                                                                                                                                  |   |
|                                  |
|                                  | Total Materials                                                    |                                                                                                                            |   | 18,831,406  |                                                                                                                                                                                                                                       |
|                                  |
|                                  | TOTAL CONVERTIBLE BONDS – (Identified cost $138,185,183)     |                                                                                                                            |   | 154,156,672 |                                                                                                                                                                                                                                       |
|                                  |
| CORPORATE BONDS – (3.17%)       |                                                               |
|                                  | CONSUMER DISCRETIONARY – (0.63%)                             |                                                                                                                            |
|                                  | Retailing – (0.63%)                                          |                                                                                                                            |
|                                  | 2,400,000                                      | Kohl's Corp., Sr. Notes, 6.25%, 12/15/17                                                                                        |   |        | 2,674,133                                                                                                                                                                                                                                  |   |
|                                  |
|                                  | Total Consumer Discretionary                                       |                                                                                                                            |   | 2,674,133   |                                                                                                                                                                                                                                       |
|                                  |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments    |
|----------------------------------------------------|----------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | March 31, 2010 (Unaudited) |

| Principal                              |                                                                                                                                           | Security                                                                                                                                                                                                                                                                                                         |   | Value       |      |
|----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|-----------|
| CORPORATE BONDS – (CONTINUED)    |                                                                                                                                           |
|                                   | FINANCIALS – (0.10%)                                                                                                                     |                                                                                                                                                                                                                                                                                                             |
|                                   | Real Estate – (0.10%)                                                                                                                    |                                                                                                                                                                                                                                                                                                             |
| $                                      | 13,300,000                                                                                                                 | Thornburg Mortgage, Inc., Sr. Notes, 8.00%, 05/15/13    (a)                                                                                                                                                                                                                                  |   | $           | 405,650   |   |
|                                   |
|                                   | Total Financials                                                                                                                               |                                                                                                                                                                                                                                                                                                             |   | 405,650     |      |
|                                   |
|                                   | INDUSTRIALS – (2.44%)                                                                                                                    |                                                                                                                                                                                                                                                                                                             |
|                                   | Capital Goods – (2.23%)                                                                                                                  |                                                                                                                                                                                                                                                                                                             |
|                                   | 9,500,000                                                                                                                  | Masco Corp., Sr. Notes, 6.125%, 10/03/16                                                                                                                                                                                                                                                                         |   |        | 9,485,617 |   |
|                                   |
|                                   | Commercial & Professional Services – (0.21%)                                                                                         |                                                                                                                                                                                                                                                                                                             |
|                                   | 1,040,991                                                                                                                  | ADFITECH, Inc., Sr. Bond, 8.00%, 03/15/20    (a)                                                                                                                                                                                                                                             |   |        | 890,047   |   |
|                                   |
|                                   | Total Industrials                                                                                                                              |                                                                                                                                                                                                                                                                                                             |   | 10,375,664  |      |
|                                   |
|                                   | TOTAL CORPORATE BONDS – (Identified cost $22,797,710)                                                                                    |                                                                                                                                                                                                                                                                                                             |   | 13,455,447  |      |
|                                   |
| SHORT TERM INVESTMENTS – (0.05%) |                                                                                                                                           |
|                                   | 68,000                                                                                                                     | Banc of America Securities LLC Joint Repurchase Agreement,                                                                                                                                                                                                                                                       |   |        |      |   |   |   |
|                                   | 0.02%, 04/01/10, dated 03/31/10, repurchase value of $68,000                                                                                   |                                                                                                                                                                                                                                                                                                             |   |        |      |   |   |
|                                   | (collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.598%-5.881%, 02/01/30-02/01/49, total market value $69,360)   |                                                                                                                                                                                                                                                                                                             |   | 68,000      |      |
|                                   | 45,000                                                                                                                     | Goldman, Sachs & Co. Joint Repurchase Agreement,                                                                                                                                                                                                                                                             |   |        |      |   |   |   |
|                                   | 0.01%, 04/01/10, dated 03/31/10, repurchase value of $45,000                                                                                   |                                                                                                                                                                                                                                                                                                             |   |        |      |   |   |
|                                   | (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-6.50%, 11/01/12-07/01/49, total market value $45,900)     |                                                                                                                                                                                                                                                                                                             |   | 45,000      |      |
|                                   | 113,000                                                                                                                    | Mizuho Securities USA Inc. Joint Repurchase Agreement,                                                                                                                                                                                                                                                           |   |        |      |   |   |   |
|                                   | 0.04%, 04/01/10, dated 03/31/10, repurchase value of $113,000                                                                                  |                                                                                                                                                                                                                                                                                                             |   |        |      |   |   |
|                                   | (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-4.875%, 04/15/10-02/15/40, total market value $115,260) |                                                                                                                                                                                                                                                                                                             |   | 113,000     |      |
|                                   |
|                                   | TOTAL SHORT TERM INVESTMENTS – (Identified cost $226,000)                                                                                |                                                                                                                                                                                                                                                                                                             |   | 226,000     |      |
|                                   |
|                                   | Total Investments – (98.75%) – (Identified cost $419,677,688) – (f)                                                          |                                                                                                                                                                                                                                                                                                             |   | 419,348,756 |      |
|                                   | Other Assets Less Liabilities – (1.25%)                                                                                                  |                                                                                                                                                                                                                                                                                                             |   | 5,288,094   |      |
|                                   | Net Assets – (100.00%)                                                                                                                   |                                                                                                                                                                                                                                                                                                             | $      | 424,636,850 |      |
|                                   |
|                                   |
|                                   | T-DECS: Tangible Dividend Enhanced Common Stock                                                                                           |                                                                                                                                                                                                                                                                                                             |   |
|                                   | TRUPS: Trust Preferred Securities                                                                                                         |                                                                                                                                                                                                                                                                                                             |   |
|                                   | *                                                                                                                                              | Non-Income producing security.                                                                                                                                                                                                                                                                              |   |
|                                   | (a)                                                                                                                                            | Illiquid Security – Securities may be considered illiquid if they lack a readily available market or if valuation has not changed for a certain period of time. The aggregate value of illiquid securities amounted to $12,151,814, or 2.86% of the Fund’s net assets as of March 31, 2010.     |   |
|                                   | (b)                                                                                                                                            | These securities are subject to Rule 144A.  The Board of Directors of the Fund has determined that there is sufficient liquidity in these securities to realize current valuations.  These securities amounted to $24,492,937, or 5.77% of the Fund's net assets as of March 31, 2010.  |   |
|                                   | (c)                                                                                                                                            | As of March 31, 2010, zero coupon bonds represented $10,197,767, or 2.40% of the Fund's net assets.  Because zero coupon bonds pay no interest their value is generally more volatile than the value of other debt securities.                                                                    |   |
|                                   | (d)                                                                                                                                            | Zero coupon bonds reflect the effective yield on the date of purchase.                                                                                                                                                                                                                                      |   |
|                                   | (e)                                                                                                                                            | Represents a step-down bond: a bond that pays one coupon rate for an initial period followed by a lower coupon rate.                                                                                                                                                                                             |   |

----

| DAVIS SERIES, INC.                                 | Schedule of Investments    |
|----------------------------------------------------|----------------------------|
| DAVIS APPRECIATION & INCOME FUND - (CONTINUED) | March 31, 2010 (Unaudited) |

|   | (f)                                                                                                                                                          |   | Aggregate cost for federal income tax purposes is $419,725,667.  At March 31, 2010 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:  |         |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|
|   | Unrealized appreciation                                                                                                                                      |   | $                                                                                                                                                                                                      | 53,806,962   |   |
|   | Unrealized depreciation                                                                                                                                      |   |                                                                                                                                                                                                   | (54,183,873) |   |
|   | Net unrealized depreciation                                                                                                                                  |   | $                                                                                                                                                                                                      | (376,911)    |   |
|   |
|   |
|   | Please refer to “Notes to Schedule of Investments” on page 21 for the Fund’s policy regarding valuation of investments.               |   |                                                                                                                                                                                                   |
|   | For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report. |   |                                                                                                                                                                                                   |

----

| DAVIS SERIES, INC.     | Schedule of Investments    |
|------------------------|----------------------------|
| DAVIS REAL ESTATE FUND | March 31, 2010 (Unaudited) |

| Shares                        |                                                     | Security                                            |   | Value       |                                                                                                                                                                                                                                                                           |
|-------------------------------|----------------------------------------------------------|-----------------------------------------------------|--------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| COMMON STOCK – (81.17%) |                                                     |
|                          | FINANCIALS – (71.64%)                              |                                                |
|                          | Real Estate – (71.64%)                             |                                                |
|                          | Real Estate Investment Trusts (REITs) – (67.57%)   |                                                |
|                          | Diversified REITs – (5.55%)                        |                                                |
|                          | 765,490                              | Cousins Properties, Inc.                            |   |        | $                                             6,361,222 |   |
|                          | 137,314                              | Vornado Realty Trust                                |   |        | 10,394,669                                                                                                                                                                                                                                                                     |   |
|                          |
|                          | 16,755,891                                               |                                                |
|                          |
|                          | Industrial REITs – (3.53%)                         |                                                |
|                          | 2,035,400                            | DCT Industrial Trust Inc.                           |   |        | 10,645,142                                                                                                                                                                                                                                                                     |   |
|                          |
|                          | Office REITs – (20.62%)                            |                                                |
|                          | 205,013                              | Alexandria Real Estate Equities, Inc.               |   |        | 13,858,879                                                                                                                                                                                                                                                                     |   |
|                          | 154,800                              | Boston Properties, Inc.                             |   |        | 11,678,112                                                                                                                                                                                                                                                                     |   |
|                          | 386,438                              | Corporate Office Properties Trust                   |   |        | 15,507,757                                                                                                                                                                                                                                                                     |   |
|                          | 202,000                              | Digital Realty Trust, Inc.                          |   |        | 10,948,400                                                                                                                                                                                                                                                                     |   |
|                          | 665,800                              | Douglas Emmett, Inc.                                |   |        | 10,233,346                                                                                                                                                                                                                                                                     |   |
|                          |
|                          | 62,226,494                                               |                                                |
|                          |
|                          | Residential REITs – (12.09%)                       |                                                |
|                          | 501,600                              | American Campus Communities, Inc.                   |   |        | 13,874,256                                                                                                                                                                                                                                                                     |   |
|                          | 111,000                              | AvalonBay Communities, Inc.                         |   |        | 9,584,850                                                                                                                                                                                                                                                                      |   |
|                          | 144,800                              | Essex Property Trust, Inc.                          |   |        | 13,024,760                                                                                                                                                                                                                                                                     |   |
|                          |
|                          | 36,483,866                                               |                                                |
|                          |
|                          | Retail REITs – (12.78%)                            |                                                |
|                          | 393,360                              | CBL & Associates Properties, Inc.               |   |        | 5,389,032                                                                                                                                                                                                                                                                      |   |
|                          | 149,100                              | Federal Realty Investment Trust                     |   |        | 10,855,971                                                                                                                                                                                                                                                                     |   |
|                          | 260,000                              | Regency Centers Corp.                               |   |        | 9,742,200                                                                                                                                                                                                                                                                      |   |
|                          | 74,682                               | Simon Property Group, Inc.                          |   |        | 6,265,820                                                                                                                                                                                                                                                                      |   |
|                          | 157,800                              | Taubman Centers, Inc.                               |   |        | 6,299,376                                                                                                                                                                                                                                                                      |   |
|                          |
|                          | 38,552,399                                               |                                                |
|                          |
|                          | Specialized REITs – (13.00%)                       |                                                |
|                          | 822,547                              | Cogdell Spencer, Inc.                               |   |        | 6,086,848                                                                                                                                                                                                                                                                      |   |
|                          | 151,900                              | Entertainment Properties Trust                      |   |        | 6,247,647                                                                                                                                                                                                                                                                      |   |
|                          | 477,383                              | Host Hotels & Resorts Inc.                      |   |        | 6,993,661                                                                                                                                                                                                                                                                      |   |
|                          | 280,400                              | LaSalle Hotel Properties                            |   |        | 6,533,320                                                                                                                                                                                                                                                                      |   |
|                          | 281,900                              | Ventas, Inc.                                        |   |        | 13,384,612                                                                                                                                                                                                                                                                     |   |
|                          |
|                          | 39,246,088                                               |                                                |
|                          |
|                          | 203,909,880                                              |                                                |
|                          |
|                          | Real Estate Management & Development – (4.07%) |                                                |
|                          | Real Estate Operating Companies – (4.07%)          |                                                |
|                          | 853,054                              | Forest City Enterprises, Inc., Class A  * |   |        | 12,292,508                                                                                                                                                                                                                                                                     |   |
|                          |
|                          | 216,202,388                                              |                                                |
|                          |
|                          | Total Financials                                         |                                                |   | 216,202,388 |                                                                                                                                                                                                                                                                           |
|                          |
|                          | INDUSTRIALS – (2.93%)                              |                                                |
|                          | Transportation – (2.93%)                           |                                                |
|                          | 267,600                              | Alexander & Baldwin, Inc.                       |   |        | 8,844,180                                                                                                                                                                                                                                                                      |   |
|                          |
|                          | Total Industrials                                        |                                                |   | 8,844,180   |                                                                                                                                                                                                                                                                           |
|                          |
|                          | TELECOMMUNICATION SERVICES – (6.60%)               |                                                |
|                          | 135,500                              | American Tower Corp., Class A  *          |   |        | 5,773,655                                                                                                                                                                                                                                                                      |   |
|                          | 190,500                              | Crown Castle International Corp.  *       |   |        | 7,282,815                                                                                                                                                                                                                                                                      |   |
|                          |                                                     |                                                |   |        |                                                                                                                                                                                                                                                                           |   |

----

| DAVIS SERIES, INC.                   | Schedule of Investments    |
|--------------------------------------|----------------------------|
| DAVIS REAL ESTATE FUND - (CONTINUED) | March 31, 2010 (Unaudited) |

| Shares/Principal                       |                                                                                                                                            | Security                                                                            |   | Value       |       |
|----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|--------|-------------|------------|
| COMMON STOCK – (CONTINUED)       |                                                                                                                                            |
|                                   | TELECOMMUNICATION SERVICES – (CONTINUED)                                                                                                  |                                                                                |
|                                   | 190,500                                                                                                                     | SBA Communications Corp., Class A  *                                      |   | $           | 6,871,335  |   |
|                                   |
|                                   | Total Telecommunication Services                                                                                                                |                                                                                |   | 19,927,805  |       |
|                                   |
|                                   | TOTAL COMMON STOCK – (Identified cost $218,829,806)                                                                                       |                                                                                |   | 244,974,373 |       |
|                                   |
| PREFERRED STOCK – (10.01%)       |                                                                                                                                            |
|                                   | FINANCIALS – (10.01%)                                                                                                                     |                                                                                |
|                                   | Real Estate – (10.01%)                                                                                                                    |                                                                                |
|                                   | Real Estate Investment Trusts (REITs) – (10.01%)                                                                                          |                                                                                |
|                                   | Industrial REITs – (1.28%)                                                                                                                |                                                                                |
|                                   | 171,000                                                                                                                     | AMB Property Corp., 6.75%, Series M                                                 |   |        | 3,867,165  |   |
|                                   |
|                                   | Office REITs – (7.29%)                                                                                                                    |                                                                                |
|                                   | 468,943                                                                                                                     | Alexandria Real Estate Equities, Inc., 7.00%, Series D, Conv. Pfd.                  |   |        | 10,727,071 |   |
|                                   | 79,500                                                                                                                      | Digital Realty Trust, Inc., 5.50%, Series D, Cum. Conv. Pfd.                        |   |        | 2,611,082  |   |
|                                   | 71,693                                                                                                                      | Digital Realty Trust, Inc., 8.50%, Series A                                         |   |        | 1,844,840  |   |
|                                   | 280,910                                                                                                                     | SL Green Realty Corp., 7.625%, Series C                                             |   |        | 6,812,068  |   |
|                                   |
|                                   | 21,995,061                                                                                                                                      |                                                                                |
|                                   |
|                                   | Residential REITs – (0.63%)                                                                                                               |                                                                                |
|                                   | 43,700                                                                                                                      | Equity Residential, 7.00%, Series E, Cum. Conv. Pfd.                                |   |        | 1,914,606  |   |
|                                   |
|                                   | Retail REITs – (0.81%)                                                                                                                    |                                                                                |
|                                   | 114,160                                                                                                                     | CBL & Associates Properties, Inc., 7.375%, Series D                             |   |        | 2,443,309  |   |
|                                   |
|                                   | Total Financials                                                                                                                                |                                                                                |   | 30,220,141  |       |
|                                   |
|                                   | TOTAL PREFERRED STOCK – (Identified cost $15,361,943)                                                                                     |                                                                                |   | 30,220,141  |       |
|                                   |
| CONVERTIBLE BONDS – (4.88%)      |                                                                                                                                            |
|                                   | FINANCIALS – (4.88%)                                                                                                                      |                                                                                |
|                                   | Real Estate – (4.88%)                                                                                                                     |                                                                                |
|                                   | Real Estate Investment Trusts (REITs) – (4.45%)                                                                                           |                                                                                |
|                                   | Industrial REITs – (1.86%)                                                                                                                |                                                                                |
| $                                      | 5,727,000                                                                                                                   | ProLogis, Conv. Sr. Notes, 2.25%, 04/01/37                                          |   |        | 5,598,143  |   |
|                                   |
|                                   | Office REITs – (2.59%)                                                                                                                    |                                                                                |
|                                   | 4,815,000                                                                                                                   | Digital Realty Trust, Inc., 144A Conv. Sr. Notes, 5.50%, 04/15/29  (a)    |   |        | 6,614,606  |   |
|                                   | 1,230,000                                                                                                                   | SL Green Realty Corp., 144A Conv. Sr. Notes, 3.00%, 03/30/27  (a)         |   |        | 1,196,175  |   |
|                                   |
|                                   | 7,810,781                                                                                                                                       |                                                                                |
|                                   |
|                                   | 13,408,924                                                                                                                                      |                                                                                |
|                                   |
|                                   | Real Estate Management & Development – (0.43%)                                                                                        |                                                                                |
|                                   | Real Estate Operating Companies – (0.43%)                                                                                                 |                                                                                |
|                                   | 1,040,000                                                                                                                   | Forest City Enterprises, Inc., 144A Conv. Sr. Notes, 5.00%, 10/15/16  (a) |   |        | 1,306,500  |   |
|                                   |
|                                   | Total Financials                                                                                                                                |                                                                                |   | 14,715,424  |       |
|                                   |
|                                   | TOTAL CONVERTIBLE BONDS – (Identified cost $9,355,756)                                                                                    |                                                                                |   | 14,715,424  |       |
|                                   |
| SHORT TERM INVESTMENTS – (3.34%) |                                                                                                                                            |
|                                   | 3,035,000                                                                                                                   | Banc of America Securities LLC Joint Repurchase Agreement,                          |   |        |       |   |   |
|                                   | 0.02%, 04/01/10, dated 03/31/10, repurchase value of $3,035,002                                                                                 |                                                                                |   |        |       |   |
|                                   | (collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.598%-5.881%, 02/01/30-02/01/49, total market value $3,095,700) |                                                                                |   | 3,035,000   |       |

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| DAVIS SERIES, INC.                   | Schedule of Investments    |
|--------------------------------------|----------------------------|
| DAVIS REAL ESTATE FUND - (CONTINUED) | March 31, 2010 (Unaudited) |

| Principal                                  |                                                                                                                                                         | Security                                               |                                                                                                                                                                                                                                                                                                            | Value        |   |
|--------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------|
| SHORT TERM INVESTMENTS – (CONTINUED) |                                                                                                                                                         |
| $                                          | 2,011,000                                                                                                                                | Goldman, Sachs & Co. Joint Repurchase Agreement,   |                                                                                                                                                                                                                                                                                                            |         |   |   |   |   |
|                                       | 0.01%, 04/01/10, dated 03/31/10, repurchase value of $2,011,001                                                                                              |                                                   |                                                                                                                                                                                                                                                                                                            |         |   |   |   |
|                                       | (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-6.50%, 11/01/12-07/01/49, total market value $2,051,220)                |                                                   | $                                                                                                                                                                                                                                                                                                               | 2,011,000    |   |
|                                       | 5,027,000                                                                                                                                | Mizuho Securities USA Inc. Joint Repurchase Agreement, |                                                                                                                                                                                                                                                                                                            |         |   |   |   |   |
|                                       | 0.04%, 04/01/10, dated 03/31/10, repurchase value of $5,027,006                                                                                              |                                                   |                                                                                                                                                                                                                                                                                                            |         |   |   |   |
|                                       | (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-4.875%, 04/15/10-02/15/40, total market value $5,127,540)             |                                                   |                                                                                                                                                                                                                                                                                                            | 5,027,000    |   |
|                                       |
|                                       | TOTAL SHORT TERM INVESTMENTS – (Identified cost $10,073,000)                                                                                           |                                                   |                                                                                                                                                                                                                                                                                                            | 10,073,000   |   |
|                                       |
|                                       | Total Investments – (99.40%) – (Identified cost $253,620,505) – (b)                                                                        |                                                   |                                                                                                                                                                                                                                                                                                            | 299,982,938  |   |
|                                       | Other Assets Less Liabilities – (0.60%)                                                                                                                |                                                   |                                                                                                                                                                                                                                                                                                            | 1,819,147    |   |
|                                       | Net Assets – (100.00%)                                                                                                                                 |                                                   | $                                                                                                                                                                                                                                                                                                               | 301,802,085  |   |
|                                       |
|                                       |
|                                       | *                                                                                                                                                            |                                                   | Non-Income producing security.                                                                                                                                                                                                                                                                             |         |
|                                       | (a)                                                                                                                                                          |                                                   | These securities are subject to Rule 144A.  The Board of Directors of the Fund has determined that there is sufficient liquidity in these securities to realize current valuations.  These securities amounted to $9,117,281, or 3.02% of the Fund's net assets as of March 31, 2010.  |         |
|                                       | (b)                                                                                                                                                          |                                                   | Aggregate cost for federal income tax purposes is $267,309,854.  At March 31, 2010 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:                                                                                                           |         |
|                                       | Unrealized appreciation                                                                                                                                      |                                                   | $                                                                                                                                                                                                                                                                                                               | 66,488,712   |   |
|                                       | Unrealized depreciation                                                                                                                                      |                                                   |                                                                                                                                                                                                                                                                                                            | (33,815,628) |   |
|                                       | Net unrealized appreciation                                                                                                                                  |                                                   | $                                                                                                                                                                                                                                                                                                               | 32,673,084   |   |
|                                       |
|                                       |
|                                       | Please refer to “Notes to Schedule of Investments” on page 21 for the Fund’s policy regarding valuation of investments.               |                                                   |                                                                                                                                                                                                                                                                                                            |
|                                       | For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report. |                                                   |                                                                                                                                                                                                                                                                                                            |

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| DAVIS SERIES, INC. | Notes to Schedule of Investments |
|--------------------|----------------------------------|
|               | March 31, 2010 (Unaudited)       |

|         Level 3 – significant unobservable inputs (including Fund’s own assumptions in determining the fair value of investments) |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| DAVIS SERIES, INC. | Notes to Schedule of Investments – (Continued) |
|--------------------|------------------------------------------------------|
|               | March 31, 2010 (Unaudited)                           |

|                                                                                    | Investments in Securities at Value |        |
|-----------------------------------------------------------------------------------------|------------------------------------|-------------|
|                                                                                    |                               |        |   |   | Davis |   |   |   | Davis |   |   |   |
|                                                                                    | Davis                              |        | Davis |   | Government |   | Davis |   | Appreciation |   | Davis |   |
|                                                                                    | Opportunity                        |        | Government |   | Money Market |   | Financial |   | & Income |   | Real Estate |   |
|                                                                                    | Fund                               |        | Bond Fund |   | Fund |   | Fund |   | Fund |   | Fund |   |
| Valuation inputs                                                                        |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 1 – Quoted prices:                                                          |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities:                                                                      |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer discretionary                                                                  | $                                  | 62,016,338  |   | $ | – |   | $ | – |   | $ | – |   | $ | 32,939,799 |   | $ | – |   |
| Consumer staples                                                                        |                               | 53,371,423  |   |   | – |   |   | – |   |   | – |   |   | 39,018,521 |   |   | – |   |
| Energy                                                                                  |                               | 40,547,285  |   |   | – |   |   | – |   |   | 37,693,764 |   |   | 22,209,975 |   |   | – |   |
| Financials                                                                              |                               | 60,585,533  |   |   | – |   |   | – |   |   | 596,537,865 |   |   | 48,610,418 |   |   | 243,811,447 |   |
| Health care                                                                             |                               | 105,508,883 |   |   | – |   |   | – |   |   | – |   |   | 10,334,005 |   |   | – |   |
| Industrials                                                                             |                               | 38,618,524  |   |   | – |   |   | – |   |   | 18,058,013 |   |   | 42,917,250 |   |   | 8,844,180 |   |
| Information technology                                                                  |                               | 112,820,498 |   |   | – |   |   | – |   |   | – |   |   | 12,018,424 |   |   | – |   |
| Materials                                                                               |                               | 42,532,832  |   |   | – |   |   | – |   |   | – |   |   | 16,542,670 |   |   | – |   |
| Telecommunication services                                                              |                               | 4,097,094   |   |   | – |   |   | – |   |   | – |   |   | – |   |   | 19,927,805 |   |
| Utilities                                                                               |                               | –     |   |   | – |   |   | – |   |   | – |   |   | 18,537,205 |   |   | – |   |
| Level 2 – Other Significant                                                       |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Observable Inputs:                                                                      |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt securities issued by U.S. Treasuries andU.S. government corporations and agencies: |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term                                                                               |                               | –     |   |   | 138,848,994 |   |   | – |   |   | – |   |   | – |   |   | – |   |
| Short-term                                                                              |                               | –     |   |   | – |   |   | 253,137,579 |   |   | – |   |   | – |   |   | – |   |
| Convertible debt securities                                                             |                               | 5,782,000   |   |   | – |   |   | – |   |   | – |   |   | 154,156,672 |   |   | 14,715,424 |   |
| Corporate debt securities                                                               |                               | –     |   |   | – |   |   | – |   |   | – |   |   | 13,455,447 |   |   | – |   |
| Equity securities:                                                                      |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financials                                                                              |                               | 23,848,125  |   |   | – |   |   | – |   |   | 38,019,000 |   |   | – |   |   | 2,611,082 |   |
| Industrials                                                                             |                               | –     |   |   | – |   |   | – |   |   | – |   |   | 8,382,370 |   |   | – |   |
| Short-term securities                                                                   |                               | 32,029,000  |   |   | 11,055,000 |   |   | 52,722,000 |   |   | – |   |   | 226,000 |   |   | 10,073,000 |   |
| Level 3 – Significant Unobservable                                                |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Inputs                                                                                  |                               | –     |   |   | – |   |   | – |   |   | – |   |   | – |   |   | – |   |
| Total                                                                                   | $                                  | 581,757,535 |   | $ | 149,903,994 |   | $ | 305,859,579 |   | $ | 690,308,642 |   | $ | 419,348,756 |   | $ | 299,982,938 |   |
|                                                                                    |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|   | (a) | The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-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. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | EX-99.CERT - Section 302 Certification |
|--------|----------------------------------------|

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