# EDGAR Filing Document

**Accession Number:** 0000203002
**File Stem:** 0001193125-25-298794
**Filing Date:** 2025-11
**Character Count:** 84198
**Document Hash:** 24818ae71fa928523332c9b5501f3f13
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298794.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298794

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAVIS SERIES INC
- **CENTRAL INDEX KEY:** 0000203002

**ORGANIZATION NAME:**
- **EIN:** 362926440
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02679
- **FILM NUMBER:** 251525330

**BUSINESS ADDRESS:**
- **STREET 1:** 2949 E. ELVIRA ROAD
- **STREET 2:** SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85756
- **BUSINESS PHONE:** (520)806-7600

**MAIL ADDRESS:**
- **STREET 1:** 2949 E. ELVIRA ROAD
- **STREET 2:** SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85756

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RETIREMENT PLANNING FUNDS OF AMERICA INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Davis Balanced Fund (Series ID: S000003446)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009543 | Class A      | RPFCX           |
| C000009545 | Class C      | DCSCX           |
| C000009546 | Class Y      | DCSYX           |

## Nport-Ex

------

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![](img7bfc990f1.gif)

![](img80177d3a2.gif)

Davis Opportunity Fund

Davis Financial Fund

Davis Real Estate Fund

Davis Balanced Fund

Davis Government Bond Fund

(part of Davis Series, Inc.)

September 30, 2025

The Equity Specialists

------

**DAVIS SERIES, INC.** <br>**DAVIS OPPORTUNITY FUND**

**Schedule of Investments**

**September 30, 2025 *(Unaudited)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK – (95.73%)** | **COMMON STOCK – (95.73%)** | **COMMON STOCK – (95.73%)** |
| **COMMUNICATION SERVICES – (5.41%)** | **COMMUNICATION SERVICES – (5.41%)** | **COMMUNICATION SERVICES – (5.41%)** |
| **Media & Entertainment – (5.41%)** | **Media & Entertainment – (5.41%)** | **Media & Entertainment – (5.41%)** |
| Alphabet Inc., Class C  | 50740 | &nbsp;&nbsp; $12357727 |
| Angi Inc., Class A \* | 27189 | &nbsp;&nbsp; 442093 |
| ASAC II L.P. \*(a)(b)(c) | 116129 | &nbsp;&nbsp; 119845 |
| IAC Inc. \* | 33520 | &nbsp;&nbsp; 1142026 |
| Meta Platforms, Inc., Class A  | 17538 | &nbsp;&nbsp; 12879557 |
| Pinterest, Inc., Class A \* | 179900 | &nbsp;&nbsp; 5787383 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **32728631** |
| **CONSUMER DISCRETIONARY – (9.63%)** | **CONSUMER DISCRETIONARY – (9.63%)** | **CONSUMER DISCRETIONARY – (9.63%)** |
| **Consumer Discretionary Distribution & Retail – (4.60%)** | **Consumer Discretionary Distribution & Retail – (4.60%)** | **Consumer Discretionary Distribution & Retail – (4.60%)** |
| Amazon.com, Inc. \* | 24880 | &nbsp;&nbsp; 5462902 |
| JD.com, Inc., Class A, ADR (China)  | 48730 | &nbsp;&nbsp; 1704575 |
| Prosus N.V., Class N (Netherlands)  | 198880 | &nbsp;&nbsp; 13995702 |
| Sea Limited, Class A, ADR (Singapore) \* | 37265 | &nbsp;&nbsp; 6660373 |
|  |  | &nbsp;&nbsp; 27823552 |
| **Consumer Services – (5.03%)** | **Consumer Services – (5.03%)** | **Consumer Services – (5.03%)** |
| Delivery Hero SE (Germany) \* | 226550 | &nbsp;&nbsp; 6492601 |
| Meituan, Class B (China) \* | 222000 | &nbsp;&nbsp; 2981129 |
| MGM Resorts International \* | 548600 | &nbsp;&nbsp; 19014476 |
| Trip.com Group Ltd., ADR (China)  | 26310 | &nbsp;&nbsp; 1978512 |
|  |  | &nbsp;&nbsp; 30466718 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **58290270** |
| **CONSUMER STAPLES – (3.56%)** | **CONSUMER STAPLES – (3.56%)** | **CONSUMER STAPLES – (3.56%)** |
| **Food, Beverage & Tobacco – (3.56%)** | **Food, Beverage & Tobacco – (3.56%)** | **Food, Beverage & Tobacco – (3.56%)** |
| Darling Ingredients Inc. \* | 244256 | &nbsp;&nbsp; 7540183 |
| Tyson Foods, Inc., Class A  | 258420 | &nbsp;&nbsp; 14032206 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **21572389** |
| **ENERGY – (5.84%)** | **ENERGY – (5.84%)** | **ENERGY – (5.84%)** |
| Coterra Energy Inc.  | 749590 | &nbsp;&nbsp; 17727803 |
| Tourmaline Oil Corp. (Canada)  | 408100 | &nbsp;&nbsp; 17600174 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **35327977** |
| **FINANCIALS – (16.10%)** | **FINANCIALS – (16.10%)** | **FINANCIALS – (16.10%)** |
| **Banks – (3.56%)** | **Banks – (3.56%)** | **Banks – (3.56%)** |
| U.S. Bancorp  | 445640 | &nbsp;&nbsp; 21537781 |
| **Financial Services – (7.41%)** | **Financial Services – (7.41%)** | **Financial Services – (7.41%)** |
| **Consumer Finance – (6.24%)** | **Consumer Finance – (6.24%)** | **Consumer Finance – (6.24%)** |
| Capital One Financial Corp.  | 177560 | &nbsp;&nbsp; 37745705 |
| **Financial Services – (1.17%)** | **Financial Services – (1.17%)** | **Financial Services – (1.17%)** |
| Berkshire Hathaway Inc., Class B \* | 14153 | &nbsp;&nbsp; 7115279 |
|  |  | &nbsp;&nbsp; 44860984 |
| **Insurance – (5.13%)** | **Insurance – (5.13%)** | **Insurance – (5.13%)** |
| **Property & Casualty Insurance – (5.13%)** | **Property & Casualty Insurance – (5.13%)** | **Property & Casualty Insurance – (5.13%)** |
| Markel Group Inc. \* | 16246 | &nbsp;&nbsp; 31051955 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **97450720** |
| **HEALTH CARE – (22.94%)** | **HEALTH CARE – (22.94%)** | **HEALTH CARE – (22.94%)** |
| **Health Care Equipment & Services – (18.43%)** | **Health Care Equipment & Services – (18.43%)** | **Health Care Equipment & Services – (18.43%)** |
| Cigna Group  | 57292 | &nbsp;&nbsp; 16514419 |
| CVS Health Corp.  | 306840 | &nbsp;&nbsp; 23132668 |
| Humana Inc.  | 11305 | &nbsp;&nbsp; 2941222 |
| Quest Diagnostics Inc.  | 211101 | &nbsp;&nbsp; 40231628 |
| Solventum Corp. \* | 282510 | &nbsp;&nbsp; 20623230 |
| UnitedHealth Group Inc.  | 23475 | &nbsp;&nbsp; 8105917 |
|  |  | &nbsp;&nbsp; 111549084 |
| **Pharmaceuticals, Biotechnology & Life Sciences – (4.51%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (4.51%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (4.51%)** |
| Viatris Inc.  | 2758960 | &nbsp;&nbsp; 27313704 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **138862788** |
| **INDUSTRIALS – (13.41%)** | **INDUSTRIALS – (13.41%)** | **INDUSTRIALS – (13.41%)** |
| **Capital Goods – (10.38%)** | **Capital Goods – (10.38%)** | **Capital Goods – (10.38%)** |
| AGCO Corp.  | 97650 | &nbsp;&nbsp; 10455386 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **INDUSTRIALS – (CONTINUED)** | **INDUSTRIALS – (CONTINUED)** | **INDUSTRIALS – (CONTINUED)** |
| **Capital Goods – (Continued)** | **Capital Goods – (Continued)** | **Capital Goods – (Continued)** |
| Johnson Controls International plc  | 54012 | &nbsp;&nbsp; $5938619 |
| Owens Corning  | 107280 | &nbsp;&nbsp; 15175829 |
| Schneider Electric SE (France)  | 24640 | &nbsp;&nbsp; 6873437 |
| WESCO International, Inc.  | 115330 | &nbsp;&nbsp; 24392295 |
|  |  | &nbsp;&nbsp; 62835566 |
| **Transportation – (3.03%)** | **Transportation – (3.03%)** | **Transportation – (3.03%)** |
| DiDi Global Inc., Class A, ADS (China) \* | 2946098 | &nbsp;&nbsp; 18324730 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **81160296** |
| **INFORMATION TECHNOLOGY – (13.77%)** | **INFORMATION TECHNOLOGY – (13.77%)** | **INFORMATION TECHNOLOGY – (13.77%)** |
| **Semiconductors & Semiconductor Equipment – (5.67%)** | **Semiconductors & Semiconductor Equipment – (5.67%)** | **Semiconductors & Semiconductor Equipment – (5.67%)** |
| Applied Materials, Inc.  | 81020 | &nbsp;&nbsp; 16588035 |
| NVIDIA Corp.  | 34700 | &nbsp;&nbsp; 6474326 |
| Taiwan Semiconductor Manufacturing Co., <br> Ltd. (Taiwan) <br>| 62000 | &nbsp;&nbsp; 2654702 |
| Texas Instruments Inc.  | 46842 | &nbsp;&nbsp; 8606280 |
|  |  | &nbsp;&nbsp; 34323343 |
| **Software & Services – (6.48%)** | **Software & Services – (6.48%)** | **Software & Services – (6.48%)** |
| AppLovin Corp., Class A \* | 26540 | &nbsp;&nbsp; 19070052 |
| Microsoft Corp.  | 13759 | &nbsp;&nbsp; 7126474 |
| Oracle Corp.  | 21700 | &nbsp;&nbsp; 6102908 |
| SAP SE, ADR (Germany)  | 13350 | &nbsp;&nbsp; 3567253 |
| Synopsys, Inc. \* | 6840 | &nbsp;&nbsp; 3374788 |
|  |  | &nbsp;&nbsp; 39241475 |
| **Technology Hardware & Equipment – (1.62%)** | **Technology Hardware & Equipment – (1.62%)** | **Technology Hardware & Equipment – (1.62%)** |
| Samsung Electronics Co., Ltd. (South Korea)  | 163840 | &nbsp;&nbsp; 9797353 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **83362171** |
| **MATERIALS – (5.07%)** | **MATERIALS – (5.07%)** | **MATERIALS – (5.07%)** |
| Teck Resources Ltd., Class B (Canada)  | 542450 | &nbsp;&nbsp; 23808131 |
| Vale S.A., ADR (Brazil)  | 633870 | &nbsp;&nbsp; 6883828 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **30691959** |
| **TOTAL COMMON STOCK –** <br>**(Identified cost $384,749,347)** | **TOTAL COMMON STOCK –** <br>**(Identified cost $384,749,347)** | &nbsp;&nbsp; **579447201** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM INVESTMENTS – (4.48%)** | **SHORT-TERM INVESTMENTS – (4.48%)** | **SHORT-TERM INVESTMENTS – (4.48%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.20%, 10/01/25 (d)<br>| $5542000 | &nbsp;&nbsp; $5542000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.20%, 10/01/25 (e)<br>| 21584000 | &nbsp;&nbsp; 21584000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $27,126,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $27,126,000)** | &nbsp;&nbsp; **27126000** |
| Total Investments – (100.21%) – <br>(Identified cost $411,875,347) | Total Investments – (100.21%) – <br>(Identified cost $411,875,347) | &nbsp;&nbsp; 606573201 |
| Liabilities Less Other Assets – (0.21%) | Liabilities Less Other Assets – (0.21%) | &nbsp;&nbsp; (1293133)<br>|
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $605280068 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR: American Depositary Receipt <br> ADS: American Depositary Share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Pricing Committee. The aggregate value of restricted securities amounted to $119,845 or 0.02% of the Fund's net assets as of September 30, 2025. 

(b) The value of this security was determined using significant unobservable inputs. 

------

**DAVIS SERIES, INC.** <br>**DAVIS OPPORTUNITY FUND**

**Schedule of Investments - (Continued)**

**September 30, 2025 *(Unaudited)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Limited partnership units.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Dated 09/30/25, repurchase value of $5,542,647 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%- 4.50%, 03/01/30-07/01/55, total fair value $5,652,840).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Dated 09/30/25, repurchase value of $21,586,518 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 10/25/25-05/15/64, total fair value $22,015,680).

Please refer to "Notes to Schedule of Investments" on page 8 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 Financial Statements.

------

**DAVIS SERIES, INC.** <br>**DAVIS GOVERNMENT BOND FUND**

**Schedule of Investments**

**September 30, 2025 *(Unaudited)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGES – (77.71%)** | **MORTGAGES – (77.71%)** | **MORTGAGES – (77.71%)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (49.24%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS – (49.24%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS – (49.24%)** |
| **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
| 4.8205% (30 day SOFR + 0.46%), 07/25/37 (a) | $6614 | &nbsp;&nbsp; $6505 |
| 5.2805% (30 day SOFR + 0.92%), 12/25/39 (a) | 454339 | &nbsp;&nbsp; 454172 |
| 4.8705% (30 day SOFR + 0.51%), 09/25/40 (a) | 116293 | &nbsp;&nbsp; 115075 |
| 3.00%, 04/25/41  | 30573 | &nbsp;&nbsp; 30286 |
| 2.00%, 12/25/42  | 179563 | &nbsp;&nbsp; 160552 |
| 2.50%, 03/25/43  | 1020602 | &nbsp;&nbsp; 958457 |
| 2.50%, 04/25/43  | 224078 | &nbsp;&nbsp; 218117 |
| 2.50%, 07/25/47  | 129789 | &nbsp;&nbsp; 112810 |
| **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
| 2.00%, 06/15/28  | 22044 | &nbsp;&nbsp; 21865 |
| 2.50%, 01/15/29  | 22657 | &nbsp;&nbsp; 22401 |
| 4.9866% (30 day SOFR + 0.61%), 08/15/40 (a) | 48646 | &nbsp;&nbsp; 48342 |
| 4.8366% (30 day SOFR + 0.46%), 09/15/43 (a) | 115131 | &nbsp;&nbsp; 113212 |
| **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
| 4.3583%, 06/20/31  | 15029 | &nbsp;&nbsp; 15039 |
| 4.00%, 09/20/39  | 12089 | &nbsp;&nbsp; 11983 |
| 1.00%, 12/20/42  | 48846 | &nbsp;&nbsp; 42249 |
| 2.40%, 10/16/50  | 269096 | &nbsp;&nbsp; 234032 |
| 1.00%, 06/20/51  | 787646 | &nbsp;&nbsp; 635505 |
| 2.60%, 03/16/52  | 97492 | &nbsp;&nbsp; 90403 |
| 2.70%, 06/16/58  | 448242 | &nbsp;&nbsp; 416910 |
| 5.0358% (1 mo. SOFR + 0.68%), 04/20/62 (a) | 287023 | &nbsp;&nbsp; 287543 |
| 5.0858% (1 mo. SOFR + 0.73%), 09/20/64 (a) | 208558 | &nbsp;&nbsp; 207818 |
| 2.25%, 07/20/65  | 45618 | &nbsp;&nbsp; 43655 |
| 2.25%, 03/20/66  | 266742 | &nbsp;&nbsp; 258617 |
| 4.9388% (30 day SOFR + 0.55%), 02/20/67 (a) | 678133 | &nbsp;&nbsp; 672307 |
| 2.25%, 08/20/69  | 148567 | &nbsp;&nbsp; 143604 |
| 5.5388% (30 day SOFR + 1.15%), 02/20/71 (a) | 1653143 | &nbsp;&nbsp; 1659729 |
| 4.5691%, 12/20/71  | 768529 | &nbsp;&nbsp; 766842 |
| 4.5896%, 05/20/73  | 691116 | &nbsp;&nbsp; 687813 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp; **8435843** |
| **FANNIE MAE POOLS – (20.50%)** | **FANNIE MAE POOLS – (20.50%)** | **FANNIE MAE POOLS – (20.50%)** |
| 3.57%, 11/01/25, Pool No. BL0533  | 1500000 | &nbsp;&nbsp; 1495721 |
| 4.00%, 05/01/29, Pool No. AL7358  | 24802 | &nbsp;&nbsp; 24756 |
| 2.00%, 08/01/30, Pool No. AX9709  | 101191 | &nbsp;&nbsp; 95132 |
| 3.50%, 03/01/32, Pool No. MA1010  | 145918 | &nbsp;&nbsp; 146235 |
| 6.00%, 09/01/37, Pool No. 888796  | 15428 | &nbsp;&nbsp; 15335 |
| 5.153% (30 day SOFR + 2.36%), 06/01/53, Pool <br> No. BY1543 (a)<br>| 704562 | &nbsp;&nbsp; 717409 |
| 5.383% (30 day SOFR + 2.074%), 06/01/55, <br> Pool No. BM7752 (a)<br>| 996110 | &nbsp;&nbsp; 1017909 |
| **Total Fannie Mae Pools** | **Total Fannie Mae Pools** | &nbsp;&nbsp; **3512497** |
| **FREDDIE MAC POOLS – (6.10%)** | **FREDDIE MAC POOLS – (6.10%)** | **FREDDIE MAC POOLS – (6.10%)** |
| 3.00%, 09/01/27, Pool No. U70063  | 54762 | &nbsp;&nbsp; 54360 |
| 2.50%, 09/01/31, Pool No. G18611  | 261904 | &nbsp;&nbsp; 253054 |
| 5.794% (30 day SOFR + 2.205%), 04/01/54, <br> Pool No. 841736 (a)<br>| 712518 | &nbsp;&nbsp; 736970 |
| **Total Freddie Mac Pools** | **Total Freddie Mac Pools** | &nbsp;&nbsp; **1044384** |
| **GINNIE MAE POOLS – (1.87%)** | **GINNIE MAE POOLS – (1.87%)** | **GINNIE MAE POOLS – (1.87%)** |
| 5.166%, 12/20/61, Pool No. 756740  | 447 | &nbsp;&nbsp; 454 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGES – (CONTINUED)** | **MORTGAGES – (CONTINUED)** | **MORTGAGES – (CONTINUED)** |
| **GINNIE MAE POOLS – (CONTINUED)** | **GINNIE MAE POOLS – (CONTINUED)** | **GINNIE MAE POOLS – (CONTINUED)** |
| 4.628%, 07/20/67, Pool No. BB0084  | $222133 | &nbsp;&nbsp; $219308 |
| 4.434%, 04/20/70, Pool No. BT6816  | 102139 | &nbsp;&nbsp; 101016 |
| **Total Ginnie Mae Pools** | **Total Ginnie Mae Pools** | &nbsp;&nbsp; **320778** |
| **TOTAL MORTGAGES –** <br>**(Identified cost $13,614,555)** | **TOTAL MORTGAGES –** <br>**(Identified cost $13,614,555)** | &nbsp;&nbsp; **13313502** |
| **SMALL BUSINESS ADMINISTRATION – (9.99%)** | **SMALL BUSINESS ADMINISTRATION – (9.99%)** | **SMALL BUSINESS ADMINISTRATION – (9.99%)** |
| 4.85% (Prime Rate – 2.65%), 10/25/28, Pool No. <br> 510194 (a)<br>| 122306 | &nbsp;&nbsp; 121689 |
| 6.825% (Prime Rate – 0.675%), 09/25/30, Pool <br> No. 510685 (a)<br>| 60525 | &nbsp;&nbsp; 61811 |
| 8.464% (Prime Rate + 0.964%), 09/25/30, Pool <br> No. 522596 (a)<br>| 257264 | &nbsp;&nbsp; 268442 |
| 8.345% (Prime Rate + 0.845%), 10/25/30, Pool <br> No. 522619 (a)<br>| 177783 | &nbsp;&nbsp; 186612 |
| 7.70% (Prime Rate + 0.20%), 01/25/32, Pool No. <br> 530037 (a)<br>| 502510 | &nbsp;&nbsp; 518444 |
| 7.825% (Prime Rate + 0.325%), 05/25/32, Pool <br> No. 510690 (a)<br>| 45746 | &nbsp;&nbsp; 48362 |
| 6.50% (Prime Rate – 1.00%), 10/25/32, Pool No. <br> 530180 (a)<br>| 492796 | &nbsp;&nbsp; 506682 |
| **TOTAL SMALL BUSINESS ADMINISTRATION –** <br>**(Identified cost $1,702,793)** | **TOTAL SMALL BUSINESS ADMINISTRATION –** <br>**(Identified cost $1,702,793)** | &nbsp;&nbsp; **1712042** |
| **SHORT-TERM INVESTMENTS – (11.28%)** | **SHORT-TERM INVESTMENTS – (11.28%)** | **SHORT-TERM INVESTMENTS – (11.28%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.20%, 10/01/25 (b)<br>| 395000 | &nbsp;&nbsp; 395000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.20%, 10/01/25 (c)<br>| 1538000 | &nbsp;&nbsp; 1538000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $1,933,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $1,933,000)** | &nbsp;&nbsp; **1933000** |
| Total Investments – (98.98%) – <br>(Identified cost $17,250,348) | Total Investments – (98.98%) – <br>(Identified cost $17,250,348) | &nbsp;&nbsp; 16958544 |
| Other Assets Less Liabilities – (1.02%) | Other Assets Less Liabilities – (1.02%) | &nbsp;&nbsp; 175295 |
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $17133839 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SOFR: Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) The interest rates on floating rate securities, shown as of September 30, 2025, may change daily or less frequently and are based on a published reference rate and basis point spread.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Dated 09/30/25, repurchase value of $395,046 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%- 6.50%, 05/20/46-07/01/55, total fair value $402,900).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Dated 09/30/25, repurchase value of $1,538,179 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 10/25/25-05/15/64, total fair value $1,568,760).

Please refer to "Notes to Schedule of Investments" on page 8 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 Financial Statements.

------

**DAVIS SERIES, INC.** <br>**DAVIS FINANCIAL FUND**

**Schedule of Investments**

**September 30, 2025 *(Unaudited)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK – (98.25%)** | **COMMON STOCK – (98.25%)** | **COMMON STOCK – (98.25%)** |
| **CONSUMER DISCRETIONARY – (3.40%)** | **CONSUMER DISCRETIONARY – (3.40%)** | **CONSUMER DISCRETIONARY – (3.40%)** |
| **Consumer Discretionary Distribution & Retail – (3.40%)** | **Consumer Discretionary Distribution & Retail – (3.40%)** | **Consumer Discretionary Distribution & Retail – (3.40%)** |
| Prosus N.V., Class N (Netherlands)  | 566685 | &nbsp;&nbsp; $39879095 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **39879095** |
| **FINANCIALS – (94.85%)** | **FINANCIALS – (94.85%)** | **FINANCIALS – (94.85%)** |
| **Banks – (45.41%)** | **Banks – (45.41%)** | **Banks – (45.41%)** |
| Bank of America Corp.  | 580059 | &nbsp;&nbsp; 29925244 |
| Bank of N.T. Butterfield & Son Ltd. <br> (Bermuda) <br>| 302372 | &nbsp;&nbsp; 12977806 |
| Danske Bank A/S (Denmark)  | 1114720 | &nbsp;&nbsp; 47495324 |
| DBS Group Holdings Ltd. (Singapore)  | 1300897 | &nbsp;&nbsp; 51584078 |
| DNB Bank ASA (Norway)  | 706366 | &nbsp;&nbsp; 19217136 |
| Fifth Third Bancorp  | 1317490 | &nbsp;&nbsp; 58694179 |
| JPMorgan Chase & Co.  | 311267 | &nbsp;&nbsp; 98182950 |
| Metro Bank Holdings PLC (United <br> Kingdom) \*<br>| 3420765 | &nbsp;&nbsp; 5575909 |
| PNC Financial Services Group, Inc.  | 243176 | &nbsp;&nbsp; 48861354 |
| U.S. Bancorp  | 1049488 | &nbsp;&nbsp; 50721755 |
| Wells Fargo & Co.  | 1310591 | &nbsp;&nbsp; 109853738 |
|  |  | &nbsp;&nbsp; 533089473 |
| **Financial Services – (34.68%)** | **Financial Services – (34.68%)** | **Financial Services – (34.68%)** |
| **Capital Markets – (8.28%)** | **Capital Markets – (8.28%)** | **Capital Markets – (8.28%)** |
| Bank of New York Mellon Corp.  | 361797 | &nbsp;&nbsp; 39421401 |
| Charles Schwab Corp.  | 135725 | &nbsp;&nbsp; 12957666 |
| Julius Baer Group Ltd. (Switzerland)  | 649704 | &nbsp;&nbsp; 44856142 |
|  |  | &nbsp;&nbsp; 97235209 |
| **Consumer Finance – (14.93%)** | **Consumer Finance – (14.93%)** | **Consumer Finance – (14.93%)** |
| American Express Co.  | 120686 | &nbsp;&nbsp; 40087062 |
| Capital One Financial Corp.  | 635808 | &nbsp;&nbsp; 135160064 |
|  |  | &nbsp;&nbsp; 175247126 |
| **Financial Services – (11.47%)** | **Financial Services – (11.47%)** | **Financial Services – (11.47%)** |
| Berkshire Hathaway Inc., Class A \* | 72 | &nbsp;&nbsp; 54302400 |
| Chime Financial, Inc., Class A \* | 1219210 | &nbsp;&nbsp; 24591466 |
| Exor N.V. (Netherlands)  | 279500 | &nbsp;&nbsp; 27301844 |
| Rocket Companies, Inc., Class A  | 1469449 | &nbsp;&nbsp; 28477921 |
|  |  | &nbsp;&nbsp; 134673631 |
|  |  | &nbsp;&nbsp; 407155966 |
| **Insurance – (14.76%)** | **Insurance – (14.76%)** | **Insurance – (14.76%)** |
| **Life & Health Insurance – (0.68%)** | **Life & Health Insurance – (0.68%)** | **Life & Health Insurance – (0.68%)** |
| Ping An Insurance (Group) Co. of China, <br> Ltd. - H (China) <br>| 1166800 | &nbsp;&nbsp; 7954143 |
| **Property & Casualty Insurance – (11.56%)** | **Property & Casualty Insurance – (11.56%)** | **Property & Casualty Insurance – (11.56%)** |
| Chubb Ltd.  | 165298 | &nbsp;&nbsp; 46655360 |
| Loews Corp.  | 329396 | &nbsp;&nbsp; 33068064 |
| Markel Group Inc. \* | 29271 | &nbsp;&nbsp; 55947419 |
|  |  | &nbsp;&nbsp; 135670843 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **FINANCIALS – (CONTINUED)** | **FINANCIALS – (CONTINUED)** | **FINANCIALS – (CONTINUED)** |
| **Insurance – (Continued)** | **Insurance – (Continued)** | **Insurance – (Continued)** |
| **Reinsurance – (2.52%)** | **Reinsurance – (2.52%)** | **Reinsurance – (2.52%)** |
| Everest Group, Ltd.  | 22915 | &nbsp;&nbsp; $8025521 |
| RenaissanceRe Holdings Ltd.  | 84940 | &nbsp;&nbsp; 21568814 |
|  |  | &nbsp;&nbsp; 29594335 |
|  |  | &nbsp;&nbsp; 173219321 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1113464760** |
| **TOTAL COMMON STOCK –** <br>**(Identified cost $481,427,105)** | **TOTAL COMMON STOCK –** <br>**(Identified cost $481,427,105)** | &nbsp;&nbsp; **1153343855** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM INVESTMENTS – (1.51%)** | **SHORT-TERM INVESTMENTS – (1.51%)** | **SHORT-TERM INVESTMENTS – (1.51%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.20%, 10/01/25 <br> (a)<br>| $3629000 | &nbsp;&nbsp; $3629000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.20%, 10/01/25 (b)<br>| 14134000 | &nbsp;&nbsp; 14134000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $17,763,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $17,763,000)** | &nbsp;&nbsp; **17763000** |
| Total Investments – (99.76%) – <br>(Identified cost $499,190,105) | Total Investments – (99.76%) – <br>(Identified cost $499,190,105) | &nbsp;&nbsp; 1171106855 |
| Other Assets Less Liabilities – (0.24%) | Other Assets Less Liabilities – (0.24%) | &nbsp;&nbsp; 2848957 |
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $1173955812 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) Dated 09/30/25, repurchase value of $3,629,423 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%- 7.50%, 05/20/32-10/15/60, total fair value $3,701,580). 

(b) Dated 09/30/25, repurchase value of $14,135,649 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash ccount, 0.00%-9.00%, 10/25/25-05/15/64, total fair value $14,416,680). 

Please refer to "Notes to Schedule of Investments" on page 8 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 Financial Statements.

------

**DAVIS SERIES, INC.** <br>**DAVIS BALANCED FUND**

**Schedule of Investments**

**September 30, 2025 *(Unaudited)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK – (75.89%)** | **COMMON STOCK – (75.89%)** | **COMMON STOCK – (75.89%)** |
| **COMMUNICATION SERVICES – (4.45%)** | **COMMUNICATION SERVICES – (4.45%)** | **COMMUNICATION SERVICES – (4.45%)** |
| **Media & Entertainment – (4.45%)** | **Media & Entertainment – (4.45%)** | **Media & Entertainment – (4.45%)** |
| Alphabet Inc., Class C  | 30790 | &nbsp;&nbsp; $7498904 |
| Meta Platforms, Inc., Class A  | 6692 | &nbsp;&nbsp; 4914471 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **12413375** |
| **CONSUMER DISCRETIONARY – (3.47%)** | **CONSUMER DISCRETIONARY – (3.47%)** | **CONSUMER DISCRETIONARY – (3.47%)** |
| **Consumer Discretionary Distribution & Retail – (3.47%)** | **Consumer Discretionary Distribution & Retail – (3.47%)** | **Consumer Discretionary Distribution & Retail – (3.47%)** |
| Amazon.com, Inc. \* | 44080 | &nbsp;&nbsp; 9678646 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **9678646** |
| **ENERGY – (3.89%)** | **ENERGY – (3.89%)** | **ENERGY – (3.89%)** |
| Coterra Energy Inc.  | 279690 | &nbsp;&nbsp; 6614669 |
| Tourmaline Oil Corp. (Canada)  | 98280 | &nbsp;&nbsp; 4238532 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **10853201** |
| **FINANCIALS – (30.93%)** | **FINANCIALS – (30.93%)** | **FINANCIALS – (30.93%)** |
| **Banks – (8.76%)** | **Banks – (8.76%)** | **Banks – (8.76%)** |
| Danske Bank A/S (Denmark)  | 134040 | &nbsp;&nbsp; 5711096 |
| DBS Group Holdings Ltd. (Singapore)  | 173217 | &nbsp;&nbsp; 6868522 |
| JPMorgan Chase & Co.  | 13853 | &nbsp;&nbsp; 4369652 |
| U.S. Bancorp  | 32635 | &nbsp;&nbsp; 1577249 |
| Wells Fargo & Co.  | 70568 | &nbsp;&nbsp; 5915010 |
|  |  | &nbsp;&nbsp; 24441529 |
| **Financial Services – (17.06%)** | **Financial Services – (17.06%)** | **Financial Services – (17.06%)** |
| **Capital Markets – (4.27%)** | **Capital Markets – (4.27%)** | **Capital Markets – (4.27%)** |
| Bank of New York Mellon Corp.  | 49500 | &nbsp;&nbsp; 5393520 |
| Julius Baer Group Ltd. (Switzerland)  | 94720 | &nbsp;&nbsp; 6539553 |
|  |  | &nbsp;&nbsp; 11933073 |
| **Consumer Finance – (6.34%)** | **Consumer Finance – (6.34%)** | **Consumer Finance – (6.34%)** |
| Capital One Financial Corp.  | 83261 | &nbsp;&nbsp; 17699623 |
| **Financial Services – (6.45%)** | **Financial Services – (6.45%)** | **Financial Services – (6.45%)** |
| Berkshire Hathaway Inc., Class B \* | 35796 | &nbsp;&nbsp; 17996081 |
|  |  | &nbsp;&nbsp; 47628777 |
| **Insurance – (5.11%)** | **Insurance – (5.11%)** | **Insurance – (5.11%)** |
| **Life & Health Insurance – (0.98%)** | **Life & Health Insurance – (0.98%)** | **Life & Health Insurance – (0.98%)** |
| AIA Group Ltd. (Hong Kong)  | 284360 | &nbsp;&nbsp; 2727784 |
| **Property & Casualty Insurance – (4.13%)** | **Property & Casualty Insurance – (4.13%)** | **Property & Casualty Insurance – (4.13%)** |
| Chubb Ltd.  | 22955 | &nbsp;&nbsp; 6479049 |
| Markel Group Inc. \* | 2640 | &nbsp;&nbsp; 5045990 |
|  |  | &nbsp;&nbsp; 11525039 |
|  |  | &nbsp;&nbsp; 14252823 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **86323129** |
| **HEALTH CARE – (19.84%)** | **HEALTH CARE – (19.84%)** | **HEALTH CARE – (19.84%)** |
| **Health Care Equipment & Services – (15.92%)** | **Health Care Equipment & Services – (15.92%)** | **Health Care Equipment & Services – (15.92%)** |
| Cigna Group  | 16380 | &nbsp;&nbsp; 4721535 |
| CVS Health Corp.  | 180220 | &nbsp;&nbsp; 13586786 |
| Humana Inc.  | 5200 | &nbsp;&nbsp; 1352884 |
| Quest Diagnostics Inc.  | 74140 | &nbsp;&nbsp; 14129601 |
| Solventum Corp. \* | 113020 | &nbsp;&nbsp; 8250460 |
| UnitedHealth Group Inc.  | 6960 | &nbsp;&nbsp; 2403288 |
|  |  | &nbsp;&nbsp; 44444554 |
| **Pharmaceuticals, Biotechnology & Life Sciences – (3.92%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (3.92%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (3.92%)** |
| Viatris Inc.  | 1104050 | &nbsp;&nbsp; 10930095 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **55374649** |
| **INDUSTRIALS – (4.30%)** | **INDUSTRIALS – (4.30%)** | **INDUSTRIALS – (4.30%)** |
| **Capital Goods – (4.30%)** | **Capital Goods – (4.30%)** | **Capital Goods – (4.30%)** |
| AGCO Corp.  | 36040 | &nbsp;&nbsp; 3858803 |
| Johnson Controls International plc  | 25567 | &nbsp;&nbsp; 2811091 |
| Owens Corning  | 37600 | &nbsp;&nbsp; 5318896 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **11988790** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **INFORMATION TECHNOLOGY – (7.86%)** | **INFORMATION TECHNOLOGY – (7.86%)** | **INFORMATION TECHNOLOGY – (7.86%)** |
| **Semiconductors & Semiconductor Equipment – (6.80%)** | **Semiconductors & Semiconductor Equipment – (6.80%)** | **Semiconductors & Semiconductor Equipment – (6.80%)** |
| Applied Materials, Inc.  | 68908 | &nbsp;&nbsp; $14108224 |
| Texas Instruments Inc.  | 26473 | &nbsp;&nbsp; 4863884 |
|  |  | &nbsp;&nbsp; 18972108 |
| **Software & Services – (1.06%)** | **Software & Services – (1.06%)** | **Software & Services – (1.06%)** |
| Microsoft Corp.  | 5751 | &nbsp;&nbsp; 2978731 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **21950839** |
| **MATERIALS – (1.15%)** | **MATERIALS – (1.15%)** | **MATERIALS – (1.15%)** |
| Vale S.A., ADR (Brazil)  | 296950 | &nbsp;&nbsp; 3224877 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **3224877** |
| **TOTAL COMMON STOCK –** <br>**(Identified cost $119,770,625)** | **TOTAL COMMON STOCK –** <br>**(Identified cost $119,770,625)** | &nbsp;&nbsp; **211807506** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED – (0.31%)** | **ASSET-BACKED – (0.31%)** | **ASSET-BACKED – (0.31%)** |
| Montana Higher Education Student Assistance <br> Corp., Series 12-1, Class A3, 5.5533% (30 day <br> SOFR +1.16%), 07/20/43 (a)<br>| $883742 | &nbsp;&nbsp; $881266 |
| **TOTAL ASSET-BACKED –** <br>**(Identified cost $884,620)**<br>|  | &nbsp;&nbsp; **881266** |
| **CORPORATE BONDS – (1.88%)** | **CORPORATE BONDS – (1.88%)** | **CORPORATE BONDS – (1.88%)** |
| **FINANCIALS – (1.26%)** | **FINANCIALS – (1.26%)** | **FINANCIALS – (1.26%)** |
| **Financial Services – (1.26%)** | **Financial Services – (1.26%)** | **Financial Services – (1.26%)** |
| **Capital Markets – (1.26%)** |  |  |
| Goldman Sachs Group, Inc., Sr. Notes, <br> 5.1259% (SOFR + 0.81%), 03/09/27 (a)<br>| 3500000 | &nbsp;&nbsp; 3504668 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **3504668** |
| **HEALTH CARE – (0.62%)** | **HEALTH CARE – (0.62%)** | **HEALTH CARE – (0.62%)** |
| **Pharmaceuticals, Biotechnology & Life Sciences – (0.62%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (0.62%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (0.62%)** |
| Viatris Inc., Sr. Notes, 2.70%, 06/22/30  | 1925000 | &nbsp;&nbsp; 1733730 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1733730** |
| **TOTAL CORPORATE BONDS –** <br>**(Identified cost $5,426,175)** | **TOTAL CORPORATE BONDS –** <br>**(Identified cost $5,426,175)** | &nbsp;&nbsp; **5238398** |
| **MORTGAGES – (10.15%)** | **MORTGAGES – (10.15%)** | **MORTGAGES – (10.15%)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (5.54%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS – (5.54%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS – (5.54%)** |
| **Brean Asset Backed Securities Trust** | **Brean Asset Backed Securities Trust** | **Brean Asset Backed Securities Trust** |
| 1.75%, 10/25/61, Series 2021-RM2, Class A, <br> 144A (b)<br>| 475535 | &nbsp;&nbsp; 461293 |
| 1.75%, 02/25/62, Series 2022-RM3, Class A, <br> 144A (b)<br>| 880616 | &nbsp;&nbsp; 830374 |
| 1.40%, 10/25/63, Series 2021-RM1, Class A, <br> 144A (b)<br>| 1611132 | &nbsp;&nbsp; 1517546 |
| **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
| 5.00%, 07/25/51  | 1676962 | &nbsp;&nbsp; 1680945 |
| **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
| 2.00%, 10/25/40  | 231706 | &nbsp;&nbsp; 223256 |
| 5.50%, 06/25/50  | 1858847 | &nbsp;&nbsp; 1862928 |
| 5.75%, 06/25/55  | 4077219 | &nbsp;&nbsp; 4069173 |
| **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
| 6.00%, 08/20/34  | 1732521 | &nbsp;&nbsp; 1751362 |
| 6.00%, 07/20/37  | 773851 | &nbsp;&nbsp; 775934 |
| 6.00%, 10/20/59  | 537044 | &nbsp;&nbsp; 542591 |
| 7.00%, 12/20/62  | 592538 | &nbsp;&nbsp; 621923 |
| 5.7158% (1 mo. SOFR + 1.36%), 09/20/70 (a) | 1104688 | &nbsp;&nbsp; 1123005 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp; **15460330** |
| **FANNIE MAE POOLS – (3.11%)** | **FANNIE MAE POOLS – (3.11%)** | **FANNIE MAE POOLS – (3.11%)** |
| 4.50%, 10/01/33, Pool No. AL8809  | 423598 | &nbsp;&nbsp; 427631 |
| 5.398% (30 day SOFR +2.255%), 05/01/53, <br> Pool No. BM7225 (a)<br>| 1642971 | &nbsp;&nbsp; 1668047 |
| 4.638% (30 day SOFR +2.223%), 06/01/54, <br> Pool No. BM7528 (a)<br>| 2899969 | &nbsp;&nbsp; 2863770 |

---

------

**DAVIS SERIES, INC.** <br>**DAVIS BALANCED FUND**

**Schedule of Investments - (Continued)**

**September 30, 2025 *(Unaudited)***

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGES – (CONTINUED)** | **MORTGAGES – (CONTINUED)** | **MORTGAGES – (CONTINUED)** |
| **FANNIE MAE POOLS – (CONTINUED)** | **FANNIE MAE POOLS – (CONTINUED)** | **FANNIE MAE POOLS – (CONTINUED)** |
| 5.859% (30 day SOFR +2.286%), 11/01/54, <br> Pool No. BM7583 (a)<br>| $1660528 | &nbsp;&nbsp; $1686387 |
| 5.383% (30 day SOFR + 2.074%), 06/01/55, <br> Pool No. BM7752 (a)<br>| 1992221 | &nbsp;&nbsp; 2035818 |
| **Total Fannie Mae Pools** | **Total Fannie Mae Pools** | &nbsp;&nbsp; **8681653** |
| **FREDDIE MAC POOLS – (0.22%)** | **FREDDIE MAC POOLS – (0.22%)** | **FREDDIE MAC POOLS – (0.22%)** |
| 5.00%, 06/01/44, Pool No. G60660  | 605343 | &nbsp;&nbsp; 624125 |
| **Total Freddie Mac Pools** | **Total Freddie Mac Pools** | &nbsp;&nbsp; **624125** |
| **GINNIE MAE POOLS – (1.28%)** | **GINNIE MAE POOLS – (1.28%)** | **GINNIE MAE POOLS – (1.28%)** |
| 6.50%, 05/20/53, Pool No. MA8881  | 1089779 | &nbsp;&nbsp; 1120473 |
| 4.765%, 08/20/73, Pool No. 786935  | 1475725 | &nbsp;&nbsp; 1488169 |
| 3.859%, 09/20/73, Pool No. 787068  | 986798 | &nbsp;&nbsp; 952223 |
| **Total Ginnie Mae Pools** | **Total Ginnie Mae Pools** | &nbsp;&nbsp; **3560865** |
| **TOTAL MORTGAGES –** <br>**(Identified cost $27,950,629)** | **TOTAL MORTGAGES –** <br>**(Identified cost $27,950,629)** | &nbsp;&nbsp; **28326973** |
| **MUNICIPAL BONDS – (0.34%)** | **MUNICIPAL BONDS – (0.34%)** | **MUNICIPAL BONDS – (0.34%)** |
| American Eagle Northwest, LLC, Washington <br> Military Housing Revenue Taxable Bonds, <br> Series 2005-A, 5.48%, 12/15/28 <br>| 940000 | &nbsp;&nbsp; 940710 |
| **TOTAL MUNICIPAL BONDS –** <br>**(Identified cost $991,905)**<br>|  | &nbsp;&nbsp; **940710** |
| **SMALL BUSINESS ADMINISTRATION – (1.34%)** | **SMALL BUSINESS ADMINISTRATION – (1.34%)** | **SMALL BUSINESS ADMINISTRATION – (1.34%)** |
| 5.10% (Prime Rate – 2.40%), 01/25/33, Pool <br> No. 530285 (a)<br>| 277954 | &nbsp;&nbsp; 277451 |
| 5.10% (Prime Rate – 2.40%), 01/25/33, Pool <br> No. 530303 (a)<br>| 947593 | &nbsp;&nbsp; 952605 |
| 5.15% (Prime Rate – 2.35%), 11/25/33, Pool <br> No. 530455 (a)<br>| 2513537 | &nbsp;&nbsp; 2519947 |
| **TOTAL SMALL BUSINESS ADMINISTRATION –** <br>**(Identified cost $3,737,678)** | **TOTAL SMALL BUSINESS ADMINISTRATION –** <br>**(Identified cost $3,737,678)** | &nbsp;&nbsp; **3750003** |
| **SHORT-TERM INVESTMENTS – (9.87%)** | **SHORT-TERM INVESTMENTS – (9.87%)** | **SHORT-TERM INVESTMENTS – (9.87%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.20%, 10/01/25 (c)<br>| 5625000 | &nbsp;&nbsp; 5625000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.20%, 10/01/25 (d)<br>| 21909000 | &nbsp;&nbsp; 21909000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $27,534,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $27,534,000)** | &nbsp;&nbsp; **27534000** |
| Total Investments – (99.78%) – <br>(Identified cost $186,295,632) | Total Investments – (99.78%) – <br>(Identified cost $186,295,632) | &nbsp;&nbsp; 278478856 |
| Other Assets Less Liabilities – (0.22%) | Other Assets Less Liabilities – (0.22%) | &nbsp;&nbsp; 604269 |
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $279083125 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR: American Depositary Receipt <br> SOFR: Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) The interest rates on floating rate securities, shown as of September 30, 2025, may change daily or less frequently and are based on a published reference rate and basis point spread. 

(b) These securities are subject to Rule 144A. The Pricing Committee of the Fund has determined that there is sufficient liquidity in these securities to realize current valuations. These securities amounted to $2,809,213 or 1.01% of the Fund's net assets as of September 30, 2025. 

(c) Dated 09/30/25, repurchase value of $5,625,656 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 0.00%-6.50%, 03/17/31-01/20/62, total fair value $5,737,500). 

(d) Dated 09/30/25, repurchase value of $21,911,556 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash ccount, 0.00%-9.00%, 10/25/25-05/15/64, total fair value $22,347,180). 

Please refer to "Notes to Schedule of Investments" on page 8 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 Financial Statements.

------

**DAVIS SERIES, INC.** <br>**DAVIS REAL ESTATE FUND**

**Schedule of Investments**

**September 30, 2025 *(Unaudited)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK – (98.96%)** | **COMMON STOCK – (98.96%)** | **COMMON STOCK – (98.96%)** |
| **REAL ESTATE – (98.96%)** | **REAL ESTATE – (98.96%)** | **REAL ESTATE – (98.96%)** |
| **Equity Real Estate Investment Trusts (REITs) – (98.96%)** | **Equity Real Estate Investment Trusts (REITs) – (98.96%)** | **Equity Real Estate Investment Trusts (REITs) – (98.96%)** |
| **Health Care REITs – (10.02%)** | **Health Care REITs – (10.02%)** | **Health Care REITs – (10.02%)** |
| Alexandria Real Estate Equities, Inc.  | 68123 | &nbsp;&nbsp; $5677371 |
| Community Healthcare Trust Inc.  | 132930 | &nbsp;&nbsp; 2033829 |
| Healthpeak Properties, Inc.  | 172040 | &nbsp;&nbsp; 3294566 |
| Ventas, Inc.  | 43140 | &nbsp;&nbsp; 3019368 |
|  |  | &nbsp;&nbsp; 14025134 |
| **Hotel & Resort REITs – (3.74%)** | **Hotel & Resort REITs – (3.74%)** | **Hotel & Resort REITs – (3.74%)** |
| Sunstone Hotel Investors, Inc.  | 559220 | &nbsp;&nbsp; 5239891 |
| **Industrial REITs – (13.88%)** | **Industrial REITs – (13.88%)** | **Industrial REITs – (13.88%)** |
| EastGroup Properties, Inc.  | 20710 | &nbsp;&nbsp; 3505375 |
| Prologis, Inc.  | 60526 | &nbsp;&nbsp; 6931437 |
| Rexford Industrial Realty, Inc.  | 157518 | &nbsp;&nbsp; 6475565 |
| Terreno Realty Corp.  | 44159 | &nbsp;&nbsp; 2506023 |
|  |  | &nbsp;&nbsp; 19418400 |
| **Office REITs – (19.09%)** | **Office REITs – (19.09%)** | **Office REITs – (19.09%)** |
| BXP, Inc.  | 94796 | &nbsp;&nbsp; 7047135 |
| COPT Defense Properties  | 113960 | &nbsp;&nbsp; 3311678 |
| Cousins Properties Inc.  | 200569 | &nbsp;&nbsp; 5804467 |
| Derwent London plc (United Kingdom)  | 110130 | &nbsp;&nbsp; 2581623 |
| Douglas Emmett, Inc.  | 124890 | &nbsp;&nbsp; 1944537 |
| Great Portland Estates plc (United Kingdom)  | 752626 | &nbsp;&nbsp; 3223877 |
| Hudson Pacific Properties, Inc. \* | 1013200 | &nbsp;&nbsp; 2796432 |
|  |  | &nbsp;&nbsp; 26709749 |
| **Residential REITs – (18.39%)** | **Residential REITs – (18.39%)** | **Residential REITs – (18.39%)** |
| American Homes 4 Rent, Class A  | 114980 | &nbsp;&nbsp; 3823085 |
| AvalonBay Communities, Inc.  | 25758 | &nbsp;&nbsp; 4975673 |
| Camden Property Trust  | 37715 | &nbsp;&nbsp; 4027208 |
| Equity Residential  | 46290 | &nbsp;&nbsp; 2996352 |
| Essex Property Trust, Inc.  | 6404 | &nbsp;&nbsp; 1714095 |
| Mid-America Apartment Communities, Inc.  | 23780 | &nbsp;&nbsp; 3322779 |
| Sun Communities, Inc.  | 17570 | &nbsp;&nbsp; 2266530 |
| UDR, Inc.  | 69870 | &nbsp;&nbsp; 2603356 |
|  |  | &nbsp;&nbsp; 25729078 |
| **Retail REITs – (13.10%)** | **Retail REITs – (13.10%)** | **Retail REITs – (13.10%)** |
| Brixmor Property Group Inc.  | 235740 | &nbsp;&nbsp; 6525283 |
| NETSTREIT Corp.  | 142250 | &nbsp;&nbsp; 2569035 |
| Regency Centers Corp.  | 54380 | &nbsp;&nbsp; 3964302 |
| Simon Property Group, Inc.  | 28125 | &nbsp;&nbsp; 5278219 |
|  |  | &nbsp;&nbsp; 18336839 |
| **Specialized REITs – (20.74%)** | **Specialized REITs – (20.74%)** | **Specialized REITs – (20.74%)** |
| American Tower Corp.  | 29920 | &nbsp;&nbsp; 5754214 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **REAL ESTATE – (CONTINUED)** | **REAL ESTATE – (CONTINUED)** | **REAL ESTATE – (CONTINUED)** |
| **Equity Real Estate Investment Trusts (REITs) – (Continued)** | **Equity Real Estate Investment Trusts (REITs) – (Continued)** | **Equity Real Estate Investment Trusts (REITs) – (Continued)** |
| **Specialized REITs – (Continued)** | **Specialized REITs – (Continued)** | **Specialized REITs – (Continued)** |
| Crown Castle Inc.  | 18910 | &nbsp;&nbsp; $1824626 |
| Digital Realty Trust, Inc.  | 29745 | &nbsp;&nbsp; 5142316 |
| Equinix, Inc.  | 7405 | &nbsp;&nbsp; 5799892 |
| Extra Space Storage Inc.  | 24809 | &nbsp;&nbsp; 3496580 |
| Public Storage  | 16021 | &nbsp;&nbsp; 4627666 |
| VICI Properties Inc.  | 72760 | &nbsp;&nbsp; 2372704 |
|  |  | &nbsp;&nbsp; 29017998 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **138477089** |
| **TOTAL COMMON STOCK –** <br>**(Identified cost $120,469,333)** | **TOTAL COMMON STOCK –** <br>**(Identified cost $120,469,333)** | &nbsp;&nbsp; **138477089** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM INVESTMENTS – (0.64%)** | **SHORT-TERM INVESTMENTS – (0.64%)** | **SHORT-TERM INVESTMENTS – (0.64%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.20%, 10/01/25 (a)<br>| $182000 | &nbsp;&nbsp; $182000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.20%, 10/01/25 (b)<br>| 710000 | &nbsp;&nbsp; 710000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $892,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $892,000)** | &nbsp;&nbsp; **892000** |
| Total Investments – (99.60%) – <br>(Identified cost $121,361,333) | Total Investments – (99.60%) – <br>(Identified cost $121,361,333) | &nbsp;&nbsp; 139369089 |
| Other Assets Less Liabilities – (0.40%) | Other Assets Less Liabilities – (0.40%) | &nbsp;&nbsp; 565357 |
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $139934446 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) Dated 09/30/25, repurchase value of $182,021 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 2.125%-5.50%, 09/01/30-04/20/55, total fair value $185,640). 

(b) Dated 09/30/25, repurchase value of $710,083 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 10/25/25-05/15/64, total fair value $724,200). 

Please refer to "Notes to Schedule of Investments" on page 8 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 Financial Statements.

------

**DAVIS SERIES, INC.**

**Notes to Schedule of Investments**

**September 30, 2025 *(Unaudited)***

***Security Valuation*** - The Funds' Board of Directors has designated Davis Selected Advisers, L.P. ("Adviser"), the Funds' investment adviser, as the valuation designee for the Funds. The Adviser has established a Pricing Committee to carry out the day-to-day valuation activities for the Funds. The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange ("Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds' assets are valued. Fixed income securities with more than 60 days to maturity are generally valued using evaluated prices or matrix pricing methods determined by an independent pricing service which takes into consideration factors such as yield, maturity, liquidity, ratings, and traded prices in identical or similar securities. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what the Adviser identifies as a significant event occurring before the Funds' assets are valued, but after the close of their respective exchanges, will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Pricing Committee. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser's portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Pricing Committee may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer's industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

Short-term investments purchased within 60 days to maturity and of sufficient credit quality are valued at amortized cost, which approximates fair value.

On a quarterly basis, the Board of Directors receives reports of valuation actions taken by the Pricing Committee. On at least an annual basis, the Board of Directors receives an assessment of the adequacy and effectiveness of the Adviser's process for determining the fair value of the Funds' investments.

**Fair Value Measurements** - Fair value is defined as the price that the Funds would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the Funds' investments. These inputs are summarized in the three broad levels listed below.

Level 1 -

quoted prices in active markets for identical securities

Level 2 -

other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 -

significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security.

------

**DAVIS SERIES, INC.**

**Notes to Schedule of Investments - (Continued)**

**September 30, 2025 *(Unaudited)***

***Security Valuation - (Continued)***

**Fair Value Measurements - (Continued)**

The following is a summary of the inputs used as of September 30, 2025 in valuing each Fund's investments carried at value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities at Value** | **Investments in Securities at Value** | **Investments in Securities at Value** | **Investments in Securities at Value** | **Investments in Securities at Value** |
|  | **Davis** <br>**Opportunity** <br>**Fund**<br>| **Davis** <br>**Government** <br>**Bond Fund**<br>| **Davis** <br>**Financial** <br>**Fund**<br>| **Davis** <br>**Balanced** <br>**Fund**<br>| **Davis Real** <br>**Estate** <br>**Fund**<br>|
| Valuation Inputs |  |  |  |  |  |
| **Level 1 – Quoted Prices:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp; $32608786 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $12413375 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 58290270 | &nbsp;&nbsp; – | &nbsp;&nbsp; 39879095 | &nbsp;&nbsp; 9678646 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp; 21572389 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; 35327977 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 10853201 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; 97450720 | &nbsp;&nbsp; – | &nbsp;&nbsp; 1113464760 | &nbsp;&nbsp; 86323129 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; 138862788 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 55374649 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 81160296 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 11988790 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; 83362171 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 21950839 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; 30691959 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 3224877 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 138477089 |
| **Total Level 1** | **579327356** | **–** | **1153343855** | **211807506** | **138477089** |
| **Level 2 – Other Significant Observable Inputs:** |  |  |  |  |  |
| <u>Debt securities issued by U.S. Treasury and</u> <br> <u>U.S. Government corporations and agencies:</u><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term | &nbsp;&nbsp; – | &nbsp;&nbsp; 1495721 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp; Asset-Backed | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 881266 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 5238398 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp; Mortgages | &nbsp;&nbsp; – | &nbsp;&nbsp; 11817781 | &nbsp;&nbsp; – | &nbsp;&nbsp; 28326973 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 940710 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp; Small Business Administration | &nbsp;&nbsp; – | &nbsp;&nbsp; 1712042 | &nbsp;&nbsp; – | &nbsp;&nbsp; 3750003 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 27126000 | &nbsp;&nbsp; 1933000 | &nbsp;&nbsp; 17763000 | &nbsp;&nbsp; 27534000 | &nbsp;&nbsp; 892000 |
| **Total Level 2** | **27126000** | **16958544** | **17763000** | **66671350** | **892000** |
| **Level 3 – Significant Unobservable Inputs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp; 119845 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – |
| **Total Level 3** | **119845** | **–** | **–** | **–** | **–** |
| **Total Investments** | **$606573201** | **$16958544** | **$1171106855** | **$278478856** | **$139369089** |

---

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the nine months ended September 30, 2025. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at September 30, 2025 was $9,023 for Davis Opportunity Fund. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**Balance at** <br>**January 1,** <br>**2025**<br>| **Cost of** <br>**Purchases**<br>| **Proceeds** <br>**from Sales**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Ending** <br>**Balance at** <br>**September 30,** <br> **2025**<br>|
| **Davis Opportunity** <br> **Fund**<br>|  |  |  |  |  |  |  |  |
| ***Investments in*** <br> ***Securities:***<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common <br> Stock<br>| $110822 | $– | $– | $9023 | $– | $– | $– | $119845 |
| **Total Level 3** | **$110822** | **$–** | **$–** | **$9023** | **$–** | **$–** | **$–** | **$119845** |

---

------

**DAVIS SERIES, INC.**

**Notes to Schedule of Investments - (Continued)**

**September 30, 2025 *(Unaudited)***

***Security Valuation - (Continued)***

**Fair Value Measurements - (Continued)**

The following table is a summary of those assets in which significant unobservable inputs (Level 3) were used by the Adviser in determining fair value. Note that these amounts exclude any valuations provided by a pricing service or broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**September 30, 2025**<br>| **Valuation** <br>**Technique**<br>| **Unobservable** <br>**Input**<br>| **Amount** | **Impact to** <br>**Valuation from** <br>**an Increase in Input**<br>|
| **Davis Opportunity Fund** |  |  |  |  |  |
| ***Investments in Securities:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $119845 | Income Approach / <br>Discounted Cash Flow<br>| Annualized Yield | 4.652% | Decrease |
| **Total Level 3** | **$119845** |  |  |  |  |

---

The significant unobservable input listed in the above table is used in the fair value measurement of common stock, and if changed, would affect the fair value of the Fund's investments. The "Impact to Valuation from an Increase in Input" represents the change in fair value measurement resulting from an increase in the corresponding input. A decrease in the input would have the opposite effect.

***Federal Income Taxes***

At September 30, 2025, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Davis** <br>**Opportunity** <br>**Fund**<br>| **Davis** <br>**Government** <br>**Bond Fund**<br>| **Davis** <br>**Financial** <br>**Fund**<br>| **Davis** <br>**Balanced** <br>**Fund**<br>| **Davis Real** <br>**Estate** <br>**Fund**<br>|
| Cost | $412192511 | &nbsp;&nbsp; $17250348 | &nbsp;&nbsp; $500354087 | &nbsp;&nbsp; $186414727 | &nbsp;&nbsp; $123424206 |
| Unrealized appreciation | 228664205 | &nbsp;&nbsp; 64596 | &nbsp;&nbsp; 677317376 | &nbsp;&nbsp; 95112228 | &nbsp;&nbsp; 28237469 |
| Unrealized depreciation | (34283515)<br>| &nbsp;&nbsp; (356400)<br>| &nbsp;&nbsp; (6564608)<br>| &nbsp;&nbsp; (3048099)<br>| &nbsp;&nbsp; (12292586)<br>|
| Net unrealized appreciation <br>(depreciation)<br>| $194380690 | &nbsp;&nbsp; $(291804)<br>| &nbsp;&nbsp; $670752768 | &nbsp;&nbsp; $92064129 | &nbsp;&nbsp; $15944883 |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** DAVIS SERIES INC

- **b. Investment Company Act file number:** 811-02679

- **c. CIK number of Registrant:** 0000203002

- **d. LEI of Registrant:** 254900V5R8G1UV68J551

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2949 E. Elvira Road

  - **City:** Tucson

  - **State:** AZ

  - **Foreign country:** US

  - **Zip / Postal Code:** 85756

  - **Telephone number:** 520-806-7600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Davis Balanced Fund

- **b. EDGAR series identifier (if any):** S000003446

- **c. LEI of Series:** 254900C1B4QGADM32I05

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $279232794.13

**Total Liabilities:** $273464.98

**Net Assets:** $278959329.15

**Cash Not Reported:** $30393.20

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -77.635249100000 | **1-Year:** -158.612403900000 | **5-Year:** -232.934391000000 | **10-Year:** -99.042236300000 | **30-Year:** -0.003712600000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -1.362590300000 | **1-Year:** -160.276886000000 | **5-Year:** -991.826721200000 | **10-Year:** -133.105896000000 | **30-Year:** -18.743024800000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009543 | -1.19%               | 4.38%                | 0.64%                |
| Class ID C000009545 | -1.24%               | 4.30%                | 0.58%                |
| Class ID C000009546 | -1.17%               | 4.42%                | 0.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3976445.22              | $-7494105.97                               |
| Month 2  | $189325.92               | $10985807.36                               |
| Month 3  | $1043188.47              | $538483.03                                 |

### Schedule of Portfolio Investments

| Name                           | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMERICAN EAGLE NORTHWEST LLC W | AMERICAN EAGLE NORTHWEST LLC W AMEHSG 12/28 FIXED 5.48 | CUSIP: 02554CAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $940709.70    | 0.34%             | 2028-12-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| BREAN ASSET BACKED SECURITIES  | BREAN ASSET BACKED SECURITIES BABS 2021 RM1 A 144A     | CUSIP: 10638CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1611132 | PA      | $1517546.05   | 0.54%             | 2063-10-25      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| BREAN ASSET BACKED SECURITIES  | BREAN ASSET BACKED SECURITIES BABS 2021 RM2 A 144A     | CUSIP: 10638MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    475535 | PA      | $461293.19    | 0.17%             | 2061-10-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| BREAN ASSET BACKED SECURITIES  | BREAN ASSET BACKED SECURITIES BABS 2022 RM3 A 144A     | CUSIP: 10638NAA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    880616 | PA      | $830374.00    | 0.30%             | 2062-02-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| FED HM LN PC POOL G60660       | FED HM LN PC POOL G60660                               | CUSIP: 31335AWV6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    605342 | PA      | $624125.39    | 0.22%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                     | FANNIE MAE FNR 2024 90 B                               | CUSIP: 3136BTYR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGA              | US        |   1676962 | PA      | $1680945.09   | 0.60%             | 2051-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                    | FREDDIE MAC FHR 5028 BD                                | CUSIP: 3137FWR85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    231706 | PA      | $223255.52    | 0.08%             | 2040-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                    | FREDDIE MAC FHR 5386 EA                                | CUSIP: 3137HBXM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1858847 | PA      | $1862928.11   | 0.67%             | 2050-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                    | FEDERAL HOME LN MTG CORP 06/55 5.75                    | CUSIP: 3137HLLY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   4077219 | PA      | $4069173.13   | 1.46%             | 2055-06-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FNMA POOL AL8809               | FNMA POOL AL8809                                       | CUSIP: 3138ETYF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGA              | US        |    423598 | PA      | $427630.51    | 0.15%             | 2033-10-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA POOL BM7225               | FNMA POOL BM7225 FN 05/53 FLOATING VAR                 | CUSIP: 3140JCA38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGA              | US        |   1642971 | PA      | $1668047.13   | 0.60%             | 2053-05-01      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| GNMA II POOL 786935            | GNMA II POOL 786935 G2 08/73 VARIABLE                  | CUSIP: 3622ACSY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1475725 | PA      | $1488168.81   | 0.53%             | 2073-08-20      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| GNMA II POOL 787068            | GNMA II POOL 787068                                    | CUSIP: 3622ACW55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    986798 | PA      | $952222.82    | 0.34%             | 2073-09-20      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | GOLDMAN SACHS GROUP INC SR UNSECURED 03/27 VAR         | CUSIP: 38141GXX7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3504668.09   | 1.26%             | 2027-03-09      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE A | GOVERNMENT NATIONAL MORTGAGE A GNR 2020 H16 FN         | CUSIP: 38380QLA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1104689 | PA      | $1123005.35   | 0.40%             | 2070-09-20      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE A | GOVERNMENT NATIONAL MORTGAGE A GNR 2022 207 BT         | CUSIP: 38383HGM5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    592538 | PA      | $621923.42    | 0.22%             | 2062-12-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE A | GOVERNMENT NATIONAL MORTGAGE A GNR 2023 111 GA         | CUSIP: 38384CJB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    773851 | PA      | $775933.42    | 0.28%             | 2037-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE A | GOVERNMENT NATIONAL MORTGAGE A GNR 2023 147 DV         | CUSIP: 38384DSZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1732521 | PA      | $1751361.82   | 0.63%             | 2034-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE   | GOVERNMENT NATIONAL MORTGAGE GNR 2023 136 EA           | CUSIP: 38384EW27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    537044 | PA      | $542591.25    | 0.19%             | 2059-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MONTANA HIGHER EDUCATION STUDE | MONTANA HIGHER EDUCATION STUDE MHESA 2012 1 A3         | CUSIP: 61205PAL3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    883742 | PA      | $881265.69    | 0.32%             | 2043-07-20      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| SBA POOL 530285                | SBA POOL 530285 SBA 01/33 FLOATING VAR                 | CUSIP: 8316A0J76<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    277954 | PA      | $277451.30    | 0.10%             | 2033-01-25      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| SBA POOL 530303                | SBA POOL 530303 SBA 01/33 FLOATING VAR                 | CUSIP: 8316A0KR0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    947593 | PA      | $952605.36    | 0.34%             | 2033-01-25      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| SBA POOL 530455                | SBA POOL 530455 SBA 11/33 FLOATING VAR                 | CUSIP: 8316A0QH6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   2513537 | PA      | $2519946.47   | 0.90%             | 2033-11-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                    | VIATRIS INC COMPANY GUAR 06/30 2.7                     | CUSIP: 92556VAD8<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |   1925000 | PA      | $1733730.11   | 0.62%             | 2030-06-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Nomura Repo                    | Nomura Repo REPO - 01Oct25                             | CUSIP: ARP1BDL99<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | RA               | USGA              | US        |   5625000 | PA      | $5625000.00   | 2.02%             | 2025-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| STONEX REPO                    | STONEX REPO REPO - 01Oct25                             | CUSIP: ARP1BDLB4<br>LEI: 549300LNKU6K5TJCRG93 | Long             | RA               | USGA              | US        |  21909000 | PA      | $21909000.00  | 7.85%             | 2025-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| AGCO CORP                      | AGCO CORP COMMON STOCK USD.01                          | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     36040 | NS      | $3858802.80   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC CL C              | ALPHABET INC CL C                                      | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     30790 | NS      | $7498904.50   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                 | AMAZON.COM INC                                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     44080 | NS      | $9678645.60   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS INC          | APPLIED MATERIALS INC                                  | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     68908 | NS      | $14108223.92  | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NEW YORK MELLON CORP   | BANK OF NEW YORK MELLON CORP                           | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     49500 | NS      | $5393520.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC CL B    | BERKSHIRE HATHAWAY INC CL B                            | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     35796 | NS      | $17996081.04  | 6.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA GROUP                    | CIGNA CORP COMMON STOCK USD.01                         | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     16380 | NS      | $4721535.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                | CVS HEALTH CORP COMMON STOCK USD.01                    | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    180220 | NS      | $13586785.80  | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| COTERRA ENERGY INC             | COTERRA ENERGY INC COMMON STOCK USD.1                  | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    279690 | NS      | $6614668.50   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP     | CAPITAL ONE FINANCIAL CORP                             | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     83261 | NS      | $17699623.38  | 6.34%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC CLASS A     | META PLATFORMS INC CLASS A                             | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      6692 | NS      | $4914470.96   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC                     | HUMANA INC                                             | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      5200 | NS      | $1352884.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| DANSKE BANK A/S                | DANSKE BANK A/S                                        | CUSIP: 458882909<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |    134040 | NS      | $5711096.33   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE + CO            | JPMORGAN CHASE + CO                                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     13853 | NS      | $4369651.79   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| MARKEL GROUP INC               | MARKEL CORP                                            | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      2640 | NS      | $5045990.40   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                 | MICROSOFT CORP                                         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5751 | NS      | $2978730.45   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS GROUP HOLDINGS LTD         | DBS GROUP HOLDINGS LTD                                 | CUSIP: 617520903<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |    173217 | NS      | $6868521.69   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                  | OWENS CORNING COMMON STOCK USD.001                     | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     37600 | NS      | $5318896.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INC          | QUEST DIAGNOSTICS INC COMMON STOCK USD.01              | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     74140 | NS      | $14129601.20  | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLVENTUM CORP                 | SOLVENTUM CORP COMMON STOCK                            | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |    113020 | NS      | $8250460.00   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INC          | TEXAS INSTRUMENTS INC                                  | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     26473 | NS      | $4863884.29   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| TOURMALINE OIL CORP            | TOURMALINE OIL CORP COMMON STOCK                       | CUSIP: 89156V957<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |     98280 | NS      | $4238532.44   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                     | US BANCORP                                             | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     32635 | NS      | $1577249.55   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC         | UNITEDHEALTH GROUP INC COMMON STOCK USD.01             | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      6960 | NS      | $2403288.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE SA SP ADR                 | VALE SA SP ADR ADR                                     | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    296950 | NS      | $3224877.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| VIATRIS INC                    | VIATRIS INC COMMON STOCK                               | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |   1104050 | NS      | $10930095.00  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO + CO               | WELLS FARGO + CO                                       | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     70568 | NS      | $5915009.76   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JULIUS BAER GROUP LTD          | JULIUS BAER GROUP LTD                                  | CUSIP: B4R2R5908<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |     94720 | NS      | $6539553.04   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA GROUP LTD                  | AIA GROUP LTD COMMON STOCK                             | CUSIP: B4TX8S909<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    284360 | NS      | $2727783.40   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATION   | JOHNSON CONTROLS INTERNATION                           | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |     25567 | NS      | $2811091.65   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUBB LTD                      | CHUBB LTD                                              | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     22955 | NS      | $6479048.75   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA POOL BM7528               | FNMA POOL BM7528 FN 07/54 FLOATING VAR                 | CUSIP: 3140JCLJ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGA              | US        |   2899969 | PA      | $2863769.67   | 1.03%             | 2054-06-01      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| FNMA POOL BM7583               | FNMA POOL BM7583 FN 11/54 FLOATING VAR                 | CUSIP: 3140JCM92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGA              | US        |   1660528 | PA      | $1686387.14   | 0.60%             | 2054-11-01      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| FNMA POOL BM7752               | FNMA POOL BM7752 FN 06/55 FLOATING VAR                 | CUSIP: 3140JCTJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGA              | US        |   1992220 | PA      | $2035818.37   | 0.73%             | 2055-06-01      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| GNMA II POOL MA8881            | GNMA II POOL MA8881 G2 05/53 FIXED 6.5                 | CUSIP: 36179X2N5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1089780 | PA      | $1120472.82   | 0.40%             | 2053-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** DAVIS SERIES INC

**Signature:** Doug A. Haines

**Name of Signer:** Doug A. Haines

**Title:** Treasurer