# EDGAR Filing Document

**Accession Number:** 0000203002
**File Stem:** 0000071701-23-000010
**Filing Date:** 2023-3
**Character Count:** 317047
**Document Hash:** d5443e1eaa5f1d551898f284e0187a23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000071701-23-000010.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0000071701-23-000010

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAVIS SERIES INC
- **CENTRAL INDEX KEY:** 0000203002
- **IRS NUMBER:** 362926440
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02679
- **FILM NUMBER:** 23704745

**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 Opportunity Fund (Series ID: S000003442)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009527 | Class A      | RPEAX           |
| C000009529 | Class C      | DGOCX           |
| C000009530 | Class Y      | DGOYX           |

### Davis Government Bond Fund (Series ID: S000003443)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009531 | Class A      | RFBAX           |
| C000009533 | Class C      | DGVCX           |
| C000009534 | Class Y      | DGVYX           |

### Davis Government Money Market Fund (Series ID: S000003444)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009536 | Class C      |  |
| C000009537 | Class Y      |  |
| C000009538 | Class A      | RPGXX           |

### Davis Financial Fund (Series ID: S000003445)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009539 | Class A      | RPFGX           |
| C000009541 | Class C      | DFFCX           |
| C000009542 | Class Y      | DVFYX           |

### Davis Appreciation & Income Fund (Series ID: S000003446)

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

### Davis Real Estate Fund (Series ID: S000003447)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009547 | Class A      | RPFRX           |
| C000009549 | Class C      | DRECX           |
| C000009550 | Class Y      | DREYX           |

------

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, DC 20549

#### FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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

### DAVIS SERIES, INC.
(Exact name of registrant as specified in charter)

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(Address of principal executive offices)

Lisa J. Cohen

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(Name and address of agent for service)

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

#### Date of fiscal year end: December 31, 2022

#### Date of reporting period: December 31, 2022
____________________

#### ITEM 1. REPORT TO STOCKHOLDERS

------

![](cover.jpg)

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Table of Contents** |

---

---

| | |
|:---|:---|
| [Shareholder Letter](#ShareholderLetter) | 2 |
| <br>Management's Discussion of Fund Performance: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Opportunity Fund](#DOFManagementsDiscussionofFu) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Government Bond Fund](#DGBFManagementsDiscussionofFu) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Financial Fund](#DFFManagementsDiscussionofFu) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Appreciation & Income Fund](#DAIFManagementsDiscussionofFu) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Real Estate Fund](#DREFManagementsDiscussionofFu) | 11 |
| <br>Fund Overview: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Opportunity Fund](#DOFFundOverview) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Government Bond Fund](#DGBFFundOverview) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Government Money Market Fund](#DGMMFFundOverview) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Financial Fund](#DFFFundOverview) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Appreciation & Income Fund](#DAIFFundOverview) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Real Estate Fund](#DREFFundOverview) | 20 |
| <br> [Expense Example](#ExpenseExample) | 22 |
| <br>Schedule of Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Opportunity Fund](#DOFScheduleofInvestments) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Government Bond Fund](#DGBFScheduleofInvestments) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Government Money Market Fund](#DGMMFScheduleofInvestments) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Financial Fund](#DFFScheduleofInvestments) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Appreciation & Income Fund](#DAIFScheduleofInvestments) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Davis Real Estate Fund](#DREFScheduleofInvestments) | 35 |
| <br>[Statements of Assets and Liabilities](#StatementsofAssetsandLiab) | 37 |
| <br>[Statements of Operations](#StatementsofOperations) | 39 |
| <br>[Statements of Changes in Net Assets](#StatementsofChangesinNetA) | 40 |
| <br>[Notes to Financial Statements](#NotestoFinancialStatement) | 42 |
| <br>[Financial Highlights](#FinancialHighlights) | 53 |
| <br>[Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegist) | 59 |
| <br>[Federal Income Tax Information](#FederalIncomeTaxInformati) | 60 |
| <br>[Privacy Notice and Householding](#PrivacyNoticeandHousehold) | 61 |
| <br>[Directors and Officers](#DirectorsandOfficers) | 62 |

---

***This Annual Report is authorized for use by existing shareholders. Prospective shareholders must receive a current Davis Series, Inc. (the "Funds") prospectus, which contains more information about investment strategies, risks, charges, and expenses. Please read the prospectus carefully before investing or sending money.***

*Shares of the Funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.*

#### Portfolio Proxy Voting Policies and Procedures
The Funds have adopted Portfolio Proxy Voting Policies and Procedures under which the Funds vote proxies relating to securities held by the Funds. A description of the Funds' Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Funds toll-free at 1-800-279-0279, (ii) on the Funds' website at www.davisfunds.com, and (iii) on the SEC's website at www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting record for the 12 months ended June 30<sup>th</sup>, no later than August 31<sup>st</sup> of each year. The Funds' Form N-PX filing is available (i) without charge, upon request, by calling the Funds toll-free at 1-800-279-0279, (ii) on the Funds' website at www.davisfunds.com, and (iii) on the SEC's website at www.sec.gov.

#### Quarterly Schedule of Investments and Form N-MFP
The Funds file their complete schedule of investments with the SEC on Form N-CSR (as of the end of the second and fourth quarters) and on Form N-PORT Part F (as of the end of the first and third quarters [excluding Davis Government Money Market Fund]). Davis Government Money Market Fund files its complete schedule of portfolio holdings with the SEC for each month end on Form N-MFP. The Funds' Forms N-CSR (Annual and Semi-Annual Reports), N-PORT Part F, and Davis Government Money Market Fund's Form N-MFP are available without charge, upon request, by calling 1-800-279-0279, on the Funds' website at www.davisfunds.com, and on the SEC's website at www.sec.gov. A list of the Funds' quarter-end holdings (other than Davis Government Bond Fund and Davis Government Money Market Fund) is also available at www.davisfunds.com on or about the 15<sup>th</sup> day following each quarter end and remains available on the website until the list is updated for the subsequent quarter.

------

---

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

---

Dear Fellow Shareholder,

As stewards of our customers' savings, the management team and Directors of Davis Funds recognize the importance of candid, thorough, and regular communication with our shareholders. In our Annual and Semi-Annual Reports we include all of the required quantitative information such as audited financial statements, detailed footnotes, performance reports, fund holdings, and performance attribution. Also included is a list of positions opened and closed.

In addition, we produce a Manager Commentary for certain funds. In this commentary, we give a more qualitative perspective on fund performance, discuss our thoughts on individual holdings, and share our investment outlook. You may obtain a copy of the current Manager Commentary either on our website, www.davisfunds.com, or by calling 1-800-279-0279.

We value the trust you have placed in us and look forward to continuing our investment journey together.

Sincerely,

---

| |
|:---|
| ![](signature.jpg) |
| Christopher C. Davis |
| President |
| February 1, 2023 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Management's Discussion of Fund Performance** |
| **DAVIS OPPORTUNITY FUND** |  |

---

#### Performance Overview

Davis Opportunity Fund outperformed the Standard & Poor's 1500<sup>®</sup> Index ("S&P 1500<sup>®</sup>"or the "Index") for the twelve-month period ended December 31, 2022 (the "period"). The Fund's Class A shares delivered a total return on net asset value of -14.08%, versus a -17.78% return for the S&P 1500<sup>®</sup>.

#### Index Overview

<u>S&P 1500<sup>®</sup></u>

&nbsp;&nbsp;&nbsp;&nbsp;• Strongest performing sectors<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Energy (+64%), Utilities (+1%), and Consumer Staples (-1%)

&nbsp;&nbsp;&nbsp;&nbsp;• Weakest performing sectors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Communication Services (-40%), Consumer Discretionary (-36%), and Information Technology (-29%)

#### Contributors<sup>2</sup> to Performance

&nbsp;&nbsp;&nbsp;&nbsp;• Health Care - outperformed the Index sector (+9% vs -3%) and overweight (average weighting 26% vs 14%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Cigna*<sup>3</sup> (+47%) - largest individual contributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *UnitedHealth Group* (+7%) and *Humana* (+11%)

&nbsp;&nbsp;&nbsp;&nbsp;• Materials - outperformed the Index sector (+34% vs -11%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Teck Resources* (+34%)

&nbsp;&nbsp;&nbsp;&nbsp;• Underweight in three weakest performing Index sectors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* Information Technology (average weighting 10% vs 25%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Samsung Electronics* (+14%) - new Fund holding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* Consumer Discretionary (average weighting 6% vs 11%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* Communication Services (average weighting 5% vs 8%)

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight in stronger performing sectors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* Financials (average weighting 25% vs 12%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Markel* (+7%), *Berkshire Hathaway* (+3%), and *AIA Group* (+12%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* Industrials (average weighting 19% vs 9%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Raytheon Technologies* (+20%) and *WESCO International* (+21%) (new Fund holding)

#### Detractors from Performance

&nbsp;&nbsp;&nbsp;&nbsp;• Industrials - underperformed the Index sector (-15% vs -6%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Schneider Electric* (-27%)

&nbsp;&nbsp;&nbsp;&nbsp;• Consumer Staples - underperformed the Index sector (-31% vs -1%) and underweight (average weighting 3% vs 6%)

&nbsp;&nbsp;&nbsp;&nbsp;• Communication Services - underperformed the Index sector (-55% vs -40%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Alphabet* (-39%), *Vimeo* (-81%), and *IAC* (-66%)

&nbsp;&nbsp;&nbsp;&nbsp;• No exposure in Energy or Utilities, the two highest performing sectors of the S&P 1500<sup>®</sup>, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Individual holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Capital One Financial* (-35%) and *Delivery Hero* (-54%) (new Fund holding) - two largest individual detractors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Intel* (-47%), *U.S. Bancorp* (-19%), *Amazon* (-50%), and *Applied Materials* (-38%)

------

Davis Opportunity Fund's investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Davis Opportunity Fund's principal risks are: stock market risk, common stock risk, foreign country risk, headline risk, large-capitalization companies risk, mid- and small-capitalization companies risk, manager risk, depositary receipts risk, emerging market risk, fees and expenses risk, and foreign currency risk. See the prospectus for a full description of each risk.

Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended December 31, 2022, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, December 31, 2022, unless otherwise noted.

<sup>1</sup> The companies included in the Standard & Poor's 1500<sup>®</sup> Index are divided into eleven sectors. One or more industry groups make up a sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry group or industry level. See the SAI for additional information regarding the Fund's concentration policy.

<sup>2</sup> A company's or sector's contribution to or detraction from the Fund's performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.

<sup>3</sup> Management's Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund's holdings of each company discussed.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Management's Discussion of Fund Performance** |
| **DAVIS OPPORTUNITY FUND - (CONTINUED)** |  |

---

#### Comparison of a $10,000 investment in Davis Opportunity Fund Class A versus
**the Standard & Poor's 1500**<sup>®</sup> **Index over 10 years for an investment made on December 31, 2012**

![](graph1.jpg)

#### Average Annual Total Return for periods ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Fund & Benchmark Index** | **1-Year** | **5-Year** | **10-Year** | **Since**<br> **Inception** | **Inception**<br> **Date** | **Gross Expense**<br> **Ratio** | **Net Expense**<br> **Ratio** |
| Class A - *without sales charge* | (14.08)% | 5.62% | 11.54% | 10.16% | 12/01/94 | 0.94% | 0.94% |
| Class A - *with sales charge*\* | (18.16)% | 4.60% | 11.00% | 9.98% | 12/01/94 | 0.94% | 0.94% |
| Class C\*\* | (15.53)% | 4.77% | 10.84% | 7.46% | 08/15/97 | 1.76% | 1.75% |
| Class Y | (13.85)% | 5.87% | 11.81% | 7.80% | 09/18/97 | 0.69% | 0.69% |
| S&P 1500<sup>®</sup> Index\*\*\* | (17.78)% | 9.15% | 12.39% | 10.07% |  |  |  |

---

The Standard & Poor's 1500<sup>®</sup> Index is comprised of the S&P 500<sup>®</sup>, S&P MidCap 400<sup>®</sup>, and S&P SmallCap 600<sup>®</sup> indices, which together represent approximately 90% of U.S. market capitalization. Investments cannot be made directly in the Index.

**The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com.**

Davis Opportunity Fund's performance benefited from IPO purchases in 2013 and 2014. After purchase, the IPOs rapidly increased in value. The Adviser purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences.

\*Reflects 4.75% front-end sales charge.

\*\*Includes any applicable contingent deferred sales charge. Because Class C shares automatically convert to Class A shares after 8 years, the "10-Year" and "Since Inception" returns for Class C reflect Class A performance for the period after conversion.

\*\*\*Inception return is from 12/01/94.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Management's Discussion of Fund Performance** |
| **DAVIS GOVERNMENT BOND FUND** |  |

---

#### Performance Overview

Davis Government Bond Fund underperformed the Bloomberg U.S. Government 1-3 Year Bond Index (the "Bloomberg Index") for the twelve-month period ended December 31, 2022 (the "period"). The Fund's Class A shares delivered a total return on net asset value of -5.29%, versus a -3.81% return for the Bloomberg Index.

The Fund's investment strategy, under normal circumstances, is to invest exclusively in U.S. Government securities and repurchase agreements, collateralized by U.S. Government securities, with a weighted average maturity of three years or less. The Fund maintained a weighted average maturity of 2.94 years during the period. The Fund remains almost exclusively invested in mortgage-backed securities. The largest position during the period was in collateralized mortgage obligations (average weighting of 61%). Additionally, the Fund had a significant average weighting (16%) in repurchase agreements (cash).

------

Davis Government Bond Fund's investment objective is current income. There can be no assurance that the Fund will achieve its objective. Davis Government Bond Fund's principal risks are: U.S. government securities risk, repurchase agreement risk, credit risk, changes in debt rating risk, fees and expenses risk, inflation risk, interest rate risk, extension and prepayment risk, and variable current income risk. See the prospectus for a full description of each risk.

Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended December 31, 2022, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, December 31, 2022, unless otherwise noted.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Management's Discussion of Fund Performance** |
| **DAVIS GOVERNMENT BOND FUND - (CONTINUED)** |  |

---

#### Comparison of a $10,000 investment in Davis Government Bond Fund Class A
**versus the Bloomberg U.S. Government 1-3 Year Bond Index**

#### over 10 years for an investment made on December 31, 2012

![](graph2.jpg)

#### Average Annual Total Return for periods ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund & Benchmark Index** | **1-Year** | **5-Year** | **10-Year** | **Since**<br> **Inception** | **Inception**<br> **Date** | **Gross Expense**<br> **Ratio** | **Net Expense**<br> **Ratio** |
| Class A - *without sales charge* | (5.29)% | (0.33)% | (0.17)% | 2.50% | 12/01/94 | 1.26% | 1.00% |
| Class A - *with sales charge*\* | (9.79)% | (1.30)% | (0.66)% | 2.32% | 12/01/94 | 1.26% | 1.00% |
| Class C\*\* | (6.82)% | (1.07)% | (0.80)% | 1.75% | 08/19/97 | 2.84% | 1.75% |
| Class Y | (5.01)% | (0.08)% | 0.11% | 2.02% | 09/01/98 | 0.95% | 0.75% |
| Bloomberg U.S. Government 1-3<br> Year Bond Index\*\*\* | (3.81)% | 0.74% | 0.66% | 3.18% |  |  |  |

---

The Bloomberg U.S. Government 1-3 Year Bond Index measures the investment grade, U.S. dollar-denominated, fixed-rate Treasuries and government-related securities. Investments cannot be made directly in the Index.

**The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com.**

\*Reflects 4.75% front-end sales charge.

\*\*Includes any applicable contingent deferred sales charge. Because Class C shares automatically convert to Class A shares after 8 years, the "10-Year" and "Since Inception" returns for Class C reflect Class A performance for the period after conversion.

\*\*\*Inception return is from 12/01/94.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Management's Discussion of Fund Performance** |
| **DAVIS FINANCIAL FUND** |  |

---

#### Performance Overview

Davis Financial Fund outperformed the Standard & Poor's 500<sup>®</sup> Index ("S&P 500<sup>®</sup>" or the "Index") for the twelve-month period ended December 31, 2022 (the "period"). The Fund's Class A shares delivered a total return on net asset value of -8.91%, versus a -18.11% return for the S&P 500<sup>®</sup>.

#### Index Overview

<u>S&P 500<sup>®</sup></u>

&nbsp;&nbsp;&nbsp;&nbsp;• Strongest performing sectors<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Energy (+66%), Utilities (+1%), and Consumer Staples (-1%)

&nbsp;&nbsp;&nbsp;&nbsp;• Weakest performing sectors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Communication Services (-40%), Consumer Discretionary (-37%), and Information Technology (-29%)

<u>S&P 500<sup>®</sup> Financials industries</u>

&nbsp;&nbsp;&nbsp;&nbsp;• Strongest performing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Insurance (+10%) and Diversified Financial Services (+1%)

&nbsp;&nbsp;&nbsp;&nbsp;• Weakest performing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Banks (-19%), Consumer Finance (-19%), and Capital Markets (-17%)

#### Contributors<sup>2</sup> to Performance

&nbsp;&nbsp;&nbsp;&nbsp;• Insurance - outperformed the Index industry (+12% vs +10%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Chubb*<sup>3</sup> (+16%) - largest individual contributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Alleghany* (+25%), *Markel* (+7%), *Everest Re Group* (+24%), and *Loews* (+1%)

*-* *Alleghany -* no longer a Fund holding

&nbsp;&nbsp;&nbsp;&nbsp;• Diversified Financial Services - outperformed the Index industry (+4% vs +1%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Berkshire Hathaway* (+4%)

&nbsp;&nbsp;&nbsp;&nbsp;• Banks - outperformed the Index industry (-12% vs -19%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Danske Bank* (+16%), *DBS Group Holdings* (+9%), and *Metro Bank* (+12%)

&nbsp;&nbsp;&nbsp;&nbsp;• Select non-financial company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Prosus* (+22%) - new Fund holding

#### Detractors from Performance

&nbsp;&nbsp;&nbsp;&nbsp;• Consumer Finance - underperformed the Index industry (-27% vs -19%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Capital One Financial* (-35%) - largest individual detractor

&nbsp;&nbsp;&nbsp;&nbsp;• Individual Bank holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Bank of America* (-24%), *U.S. Bancorp* (-19%), *PNC Financial* (-19%), *JPMorgan Chase* (-13%), *Wells Fargo* (-12%), *Bank of N.T. Butterfield* (-18%), and *Fifth Third Bancorp* (-10%)

*-* *Fifth Third Bancorp -* new Fund holding

&nbsp;&nbsp;&nbsp;&nbsp;• Other select holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Rocket Companies* (-46%) and *Bank of New York Mellon* (-19%)

------

Davis Financial Fund's investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Davis Financial Fund's principal risks are: stock market risk, common stock risk, financial services risk, credit risk, interest rate sensitivity risk, focused portfolio risk, headline risk, foreign country risk, large-capitalization companies risk, manager risk, depositary receipts risk, fees and expenses risk, foreign currency risk, emerging market risk, and mid- and small-capitalization companies risk. See the prospectus for a full description of each risk.

Davis Financial Fund concentrates its investments in the financial sector, and it may be subject to greater risks than a fund that does not concentrate its investments in a particular sector. The Fund's investment performance, both positive and negative, is expected to reflect the economic performance of the financial sector more than a fund that does not concentrate its portfolio.

Davis Financial Fund is allowed to focus its investments in fewer companies, and it may be subject to greater risks than a more diversified portfolio that is not allowed to focus its investments in a few companies. Should the portfolio manager determine that it is prudent to focus the Fund's portfolio in a few companies, the Fund's investment performance, both positive and negative, is expected to reflect the economic performance of its more focused portfolio.

Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended December 31, 2022, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period 1or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, December 31, 2022, unless otherwise noted.

<sup>1</sup> The companies included in the Standard & Poor's 500<sup>®</sup> Index are divided into eleven sectors. One or more industry groups make up a sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry level. See the SAI for additional information regarding the Fund's concentration policy.

<sup>2</sup> A company's or industry's contribution to or detraction from the Fund's performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.

<sup>3</sup> Management's Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund's holdings of each company discussed.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Management's Discussion of Fund Performance** |
| **DAVIS FINANCIAL FUND - (CONTINUED)** |  |

---

#### Comparison of a $10,000 investment in Davis Financial Fund Class A versus the
**Standard & Poor's 500**<sup>®</sup> **Index over 10 years for an investment made on December 31, 2012**

![](graph3.jpg)

#### Average Annual Total Return for periods ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund & Benchmark Index** | **1-Year** | **5-Year** | **10-Year** | **Since**<br> **Inception** | **Inception**<br> **Date** | **Gross Expense**<br> **Ratio** | **Net Expense**<br> **Ratio** |
| Class A - *without sales charge* | (8.91)% | 4.66% | 10.04% | 10.83% | 05/01/91 | 0.95% | 0.95% |
| Class A - *with sales charge*\* | (13.24)% | 3.65% | 9.51% | 10.67% | 05/01/91 | 0.95% | 0.95% |
| Class C\*\* | (10.49)% | 3.85% | 9.31% | 6.71% | 08/12/97 | 1.73% | 1.73% |
| Class Y | (8.70)% | 4.90% | 10.27% | 7.73% | 03/10/97 | 0.72% | 0.72% |
| S&P 500<sup>®</sup> Index\*\*\* | (18.11)% | 9.42% | 12.56% | 9.76% |  |  |  |

---

The Standard & Poor's 500<sup>®</sup> Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations, and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in the Index.

**The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com.**

\*Reflects 4.75% front-end sales charge.

\*\*Includes any applicable contingent deferred sales charge. Because Class C shares automatically convert to Class A shares after 8 years, the "10-Year" and "Since Inception" returns for Class C reflect Class A performance for the period after conversion.

\*\*\*Inception return is from 05/01/91.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Management's Discussion of Fund Performance** |
| **DAVIS APPRECIATION & INCOME FUND** |  |

---

#### Performance Overview

Davis Appreciation & Income Fund outperformed the Standard & Poor's 500<sup>®</sup> Index ("S&P 500<sup>®</sup>"or the "Index") for the twelve-month period ended December 31, 2022 (the "period"). The Fund's Class A shares delivered a total return on net asset value of -15.64%, versus a -18.11% return for the S&P 500<sup>®</sup>.

The Fund ended the period with 79% of net assets invested in equities, 16% in fixed-income securities, and 5% in repurchase agreements and cash.

#### Index Overview

<u>S&P 500<sup>®</sup></u>

&nbsp;&nbsp;&nbsp;&nbsp;• Strongest performing sectors<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Energy (+66%), Utilities (+1%), and Consumer Staples (-1%)

&nbsp;&nbsp;&nbsp;&nbsp;• Weakest performing sectors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Communication Services (-40%), Consumer Discretionary (-37%), and Information Technology (-29%)

#### Contributors<sup>2</sup> to Performance

&nbsp;&nbsp;&nbsp;&nbsp;• Financials (Equities only) - outperformed the Index sector (-7% vs -10%) and significantly overweight (average weighting 41% vs 12%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Julius Baer*<sup>3</sup> (+13%) (new Fund holding), *Chubb* (+16%), *Danske Bank* (+16%), *Berkshire Hathaway* (+3%), *AIA Group* (+12%), *DBS Group Holdings* (+9%), and *Markel* (+7%)

&nbsp;&nbsp;&nbsp;&nbsp;• Health Care (Equities only) - outperformed the Index sector (+3% vs -2%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Cigna* (+47%) - largest individual contributor

&nbsp;&nbsp;&nbsp;&nbsp;• Underweight in three weakest performing Index sectors (Equities only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* Information Technology (average weighting 15% vs 26%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* Consumer Discretionary (average weighting 4% vs 11%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* Communication Services (average weighting 7% vs 9%)

&nbsp;&nbsp;&nbsp;&nbsp;• Given the down market, the Fund benefited relative to the S&P 500<sup>®</sup> from its position in fixed-income securities (-6%)

#### Detractors from Performance

&nbsp;&nbsp;&nbsp;&nbsp;• Industrials (Equities only) - underperformed the Index sector (-18% vs -6%) and underweight (average weighting 2% vs 8%)

&nbsp;&nbsp;&nbsp;&nbsp;• No equity exposure in Energy, Utilities, or Consumer Staples, the three highest performing sectors of the S&P 500<sup>®</sup>, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Communication Services (Equities only) - underperformed the Index sector (-44% vs -40%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Alphabet* (-39%) - largest individual detractor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Meta Platforms* (-64%)

&nbsp;&nbsp;&nbsp;&nbsp;• Information Technology (Equities only) - underperformed the Index sector (-31% vs -29%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Applied Materials* (-38%), *Intel* (-47%), and *Microsoft* (-28%)

&nbsp;&nbsp;&nbsp;&nbsp;• Underweight in Health Care (Equities only) - (average weighting 9% vs 14%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Viatris* (-14%)

&nbsp;&nbsp;&nbsp;&nbsp;• Individual equity holdings from Financials and Consumer Discretionary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Capital One Financial* (-35%)*, Wells Fargo* (-12%), and *Bank of New York Mellon* (-19%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Amazon* (-50%)

------

Davis Appreciation & Income Fund's investment objective is total return through a combination of growth and income. There can be no assurance that the Fund will achieve its objective. Davis Appreciation & Income Fund's principal risks are: stock market risk, common stock risk, headline risk, large-capitalization companies risk, manager risk, preferred stock risk, bonds and other debt securities risk, interest rate risk, variable current income risk, credit risk, convertible securities risk, changes in debt rating risk, extension and prepayment risk, foreign country risk, depositary receipts risk, fees and expenses risk, mid- and small-capitalization companies risk, and high-yield, high-risk debt securities risk. See the prospectus for a full description of each risk.

Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended December 31, 2022, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, December 31, 2022, unless otherwise noted.

<sup>1</sup> The companies included in the Standard & Poor's 500<sup>®</sup> Index are divided into eleven sectors. One or more industry groups make up a sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry group or industry level. See the SAI for additional information regarding the Fund's concentration policy.

<sup>2</sup> A company's or sector's contribution to or detraction from the Fund's performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.

<sup>3</sup> Management's Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund's holdings of each company discussed.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Management's Discussion of Fund Performance** |
| **DAVIS APPRECIATION & INCOME FUND - (CONTINUED)** |  |

---

#### Comparison of a $10,000 investment in Davis Appreciation & Income Fund Class A versus the
**Standard & Poor's 500**<sup>®</sup> **Index over 10 years for an investment made on December 31, 2012**

![](graph4.jpg)

#### Average Annual Total Return for periods ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund & Benchmark Index** | **1-Year** | **5-Year** | **10-Year** | **Since**<br> **Inception** | **Inception**<br> **Date** | **Gross Expense**<br> **Ratio** | **Net Expense**<br> **Ratio** |
| Class A - *without sales charge* | (15.64)% | 4.22% | 6.61% | 7.56% | 05/01/92 | 1.00% | 1.00% |
| Class A - *with sales charge*\* | (19.65)% | 3.21% | 6.10% | 7.40% | 05/01/92 | 1.00% | 1.00% |
| Class C\*\* | (17.10)% | 3.42% | 5.93% | 5.17% | 08/12/97 | 1.97% | 1.75% |
| Class Y | (15.37)% | 4.56% | 6.90% | 6.56% | 11/13/96 | 0.68% | 0.68% |
| S&P 500<sup>®</sup> Index\*\*\* | (18.11)% | 9.42% | 12.56% | 9.69% |  |  |  |

---

The Standard & Poor's 500<sup>®</sup> Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalization, and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in the Index.

**The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com.**

\*Reflects 4.75% front-end sales charge.

\*\*Includes any applicable contingent deferred sales charge. Because Class C shares automatically convert to Class A shares after 8 years, the "10-Year" and "Since Inception" returns for Class C reflect Class A performance for the period after conversion.

\*\*\*Inception return is from 05/01/92.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Management's Discussion of Fund Performance** |
| **DAVIS REAL ESTATE FUND** |  |

---

#### Performance Overview

Davis Real Estate Fund performed in line with the Wilshire U.S. Real Estate Securities Index ("Wilshire Index" or the "Index") for the twelve-month period ended December 31, 2022 (the "period"). The Fund's Class A shares delivered a total return on net asset value of -26.74%, versus a -26.75% return for the Wilshire Index.

#### Index Overview

<u>Wilshire Index</u>

&nbsp;&nbsp;&nbsp;&nbsp;• Strongest performing sub-industries<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Diversified REITs (-5%), Hotels, Resorts & Cruise Lines (-6%), and Hotel & Resort REITs (-12%)

&nbsp;&nbsp;&nbsp;&nbsp;• Weakest performing sub-industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Office REITs (-36%), Residential REITs (-32%), and Real Estate Operating Companies (-31%)

#### Contributors<sup>2</sup> to Performance

&nbsp;&nbsp;&nbsp;&nbsp;• Specialized REITs - outperformed the Index sub-industry (-25% vs -27%) and overweight (average weighting 24% vs 22%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *CatchMark Timber Trust*<sup>3</sup> (+27%) and *VICI Properties* (+13%)

*-* *CatchMark Timber Trust -* no longer a Fund holding

&nbsp;&nbsp;&nbsp;&nbsp;• Residential REITs - performed in line with the Index sub-industry (both -32%) and underweight (average weighting 18% vs 23%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *American Campus Communities* (+14%) - largest individual contributor but no longer a Fund holding after announced it was being taken private

&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase agreement position (cash) in a down market (3% average position)

&nbsp;&nbsp;&nbsp;&nbsp;• Recently added UK Office REIT investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Derwent London* (+31%) and *Great Portland Estates* (+19%)

#### Detractors from Performance

&nbsp;&nbsp;&nbsp;&nbsp;• Office REITs - underperformed the Index sub-industry (-39% vs -36%) and overweight (average weighting 12% vs 10%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Alexandria Real Estate Equities* (-33%) and *Douglas Emmett* (-51%)

&nbsp;&nbsp;&nbsp;&nbsp;• Industrial REITs - underperformed the Index sub-industry (-32% vs -30%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Prologis* (-31%) - largest individual detractor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Rexford Industrial Realty* (-31%) and *Terreno Realty* (-32%)

&nbsp;&nbsp;&nbsp;&nbsp;• Underweight in Diversified REITs (average weighting 1% vs 2%)

&nbsp;&nbsp;&nbsp;&nbsp;• Individual holdings from Specialized REITs and Residential REITs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Digital Realty Trust* (-41%) and *American Tower* (-26%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-* *Essex Property Trust* (-38%), *AvalonBay Communities* (-34%), and *Equity Residential* (-32%)

------

Davis Real Estate Fund's investment objective is total return through a combination of growth and income. There can be no assurance that the Fund will achieve its objective. Davis Real Estate Fund's principal risks are: stock market risk, common stock risk, real estate risk, headline risk, large-capitalization companies risk, manager risk, fees and expenses risk, mid- and small-capitalization companies risk, and variable current income risk. See the prospectus for a full description of each risk.

Davis Real Estate Fund concentrates its investments in the real estate sector, and it may be subject to greater risks than a fund that does not concentrate its investments in a particular sector. The Fund's investment performance, both positive and negative, is expected to reflect the economic performance of the real estate sector more than a fund that does not concentrate its portfolio.

Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended December 31, 2022, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, December 31, 2022, unless otherwise noted.

<sup>1</sup> The companies included in the Wilshire U.S. Real Estate Securities Index are divided into ten sub-industries.

<sup>2</sup> A company's or sub-industry's contribution to or detraction from the Fund's performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.

<sup>3</sup> Management's Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund's holdings of each company discussed.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Management's Discussion of Fund Performance** |
| **DAVIS REAL ESTATE FUND - (CONTINUED)** |  |

---

#### Comparison of a $10,000 investment in Davis Real Estate Fund Class A versus the

#### Standard & Poor's 500<sup>®</sup> Index and the Wilshire U.S. Real Estate Securities Index
**over 10 years for an investment made on December 31, 2012**

![](graph5.jpg)

#### Average Annual Total Return for periods ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund & Benchmark Indices** | **1-Year** | **5-Year** | **10-Year** | **Since**<br> **Inception** | **Inception**<br> **Date** | **Gross Expense**<br> **Ratio** | **Net Expense**<br> **Ratio** |
| Class A - *without sales charge* | (26.74)% | 2.89% | 5.75% | 8.51% | 01/03/94 | 0.95% | 0.95% |
| Class A - *with sales charge*\* | (30.22)% | 1.89% | 5.24% | 8.33% | 01/03/94 | 0.95% | 0.95% |
| Class C\*\* | (28.01)% | 2.05% | 5.02% | 6.65% | 08/13/97 | 1.93% | 1.75% |
| Class Y | (26.56)% | 3.11% | 5.98% | 7.99% | 11/08/96 | 0.72% | 0.72% |
| S&P 500<sup>®</sup> Index\*\*\* | (18.11)% | 9.42% | 12.56% | 9.64% |  |  |  |
| Wilshire U.S. Real Estate<br> Securities Index\*\*\* | (26.75)% | 3.36% | 6.48% | 9.14% |  |  |  |

---

The Standard & Poor's 500<sup>®</sup> Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalization, and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in the Index.

The Wilshire U.S. Real Estate Securities Index is a broad measure of the performance of publicly traded real estate securities. It reflects no deduction for fees or expenses. Investments cannot be made directly in the Index.

**The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com.**

\*Reflects 4.75% front-end sales charge.

\*\*Includes any applicable contingent deferred sales charge. Because Class C shares automatically convert to Class A shares after 8 years, the "10-Year" and "Since Inception" returns for Class C reflect Class A performance for the period after conversion.

\*\*\*Inception return is from 01/03/94.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Fund Overview** |
| **DAVIS OPPORTUNITY FUND** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** | **Industry Weightings** | **Industry Weightings** | **Industry Weightings** |
| **(% of Fund's 12/31/22 Net Assets)** | **(% of Fund's 12/31/22 Net Assets)** | **(% of 12/31/22 Stock Holdings)** | **(% of 12/31/22 Stock Holdings)** | **(% of 12/31/22 Stock Holdings)** |
|  |  |  | **Fund** | **S&P 1500<sup>®</sup>** |
| Common Stock (U.S.) | 82.68% | Health Care | 28.18% | 15.37% |
| Common Stock (Foreign) | 16.01% | Capital Goods | 21.19% | 6.67% |
|  Short-Term Investments | 1.73% | Banks | 11.20% | 4.28% |
| Other Assets & Liabilities | (0.42)% | Information Technology | 9.21% | 24.62% |
|  | 100.00% | Diversified Financials | 7.27% | 5.20% |
|  |  | Retailing | 5.34% | 5.34% |
|  |  | Insurance | 5.18% | 2.55% |
|  |  | Materials | 4.64% | 3.03% |
|  |  | Media & Entertainment | 3.99% | 5.69% |
|  |  | Food, Beverage & Tobacco | 2.55% | 3.76% |
|  |  | Transportation | 1.25% | 1.76% |
|  |  | Energy | – | 5.14% |
|  |  | Utilities | – | 3.22% |
|  |  | Other | – | 13.37% |
|  |  |  | 100.00% | 100.00% |

---

#### Top 10 Long-Term Holdings

#### (% of Fund's 12/31/22 Net Assets)

---

| | | |
|:---|:---|:---|
| Cigna Corp. | Health Care Equipment & Services | 7.96% |
| Wells Fargo & Co. | Banks | 6.52% |
| Viatris Inc. | Pharmaceuticals, Biotechnology & Life Sciences | 5.89% |
| Quest Diagnostics Inc. | Health Care Equipment & Services | 5.86% |
| Owens Corning | Capital Goods | 5.21% |
| UnitedHealth Group Inc. | Health Care Equipment & Services | 4.70% |
| Teck Resources Ltd., Class B | Materials | 4.58% |
| U.S. Bancorp | Banks | 4.53% |
| Capital One Financial Corp. | Consumer Finance | 4.37% |
| Markel Corp. | Property & Casualty Insurance | 3.60% |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Fund Overview** |
| **DAVIS OPPORTUNITY FUND - (CONTINUED)** | **December 31, 2022** |

---

#### New Positions Added (01/01/22-12/31/22)
(Highlighted positions are those greater than 1.50% of the Fund's 12/31/22 net assets)

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Industry** | <br> **Date of 1<sup>st</sup>**<br> **Purchase** | **% of Fund's**<br> **12/31/22**<br> **Net Assets** |
| Delivery Hero SE | Retailing | 01/04/22 | 1.60% |
| MasterBrand, Inc. | Capital Goods | 12/15/22 | 1.36% |
| Prosus N.V., Class N | Retailing | 01/04/22 | 1.30% |
| Samsung Electronics Co., Ltd. | Technology Hardware & Equipment | 10/13/22 | 0.33% |
| WESCO International, Inc. | Capital Goods | 07/05/22 | 0.68% |

---

#### Positions Closed (01/01/22-12/31/22)
(Gains and losses greater than $6,000,000 are highlighted)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Security** | <br>**Industry** | **Date of**<br>**Final Sale** | **Realized**<br>**Gain (Loss)** |
| China Index Holdings Ltd., Class A, ADR | Commercial & Professional Services | 12/12/22 | $(448884) |
| DXC Technology Co. | Software & Services | 10/04/22 | (404679) |
| Missfresh Ltd., Class B, ADS | Food & Staples Retailing | 05/31/22 | (10494280) |
| Quotient Technology Inc. | Retailing | 01/12/22 | (495802) |
| VMware, Inc., Class A | Software & Services | 10/12/22 | 22831 |
| Vroom, Inc. | Retailing | 05/10/22 | (6441798) |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Fund Overview** |
| **DAVIS GOVERNMENT BOND FUND** | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** | **Fixed Income Portfolio Composition** | **Fixed Income Portfolio Composition** |
| **(% of Fund's 12/31/22 Net Assets)** | **(% of Fund's 12/31/22 Net Assets)** | **(% of 12/31/22 Bond Holdings)** | **(% of 12/31/22 Bond Holdings)** |
| Fixed Income | 97.89% | Collateralized Mortgage Obligations | 77.44% |
| Short-Term Investments | 2.23% | Fannie Mae Mortgage Pools | 10.43% |
| Other Assets & Liabilities | (0.12)% | Ginnie Mae Mortgage Pools | 9.23% |
|  | 100.00% | Freddie Mac Mortgage Pools | 2.90% |
|  |  |  | 100.00% |

---

#### Top 10 Fixed Income Holdings
**(% of Fund's 12/31/22 Net Assets)**

---

| | | |
|:---|:---|:---|
| Ginnie Mae, 4.5807%, 12/20/71 | Collateralized Mortgage Obligations | 11.00% |
| Ginnie Mae, 3.3451% (30 day SOFR + 1.15%), 02/20/71 | Collateralized Mortgage Obligations | 9.53% |
| Ginnie Mae, 2.25%, 03/20/66 | Collateralized Mortgage Obligations | 9.23% |
| Ginnie Mae, 0.8831% (30 day SOFR + 0.55%), 02/20/67 | Collateralized Mortgage Obligations | 7.20% |
| Fannie Mae, 3.57%, 11/01/25, Pool No. BL0533 | Fannie Mae Mortgage Pools | 6.77% |
| Ginnie Mae, 4.555%, 08/20/71, Pool No. 785652 | Ginnie Mae Mortgage Pools | 5.91% |
| Freddie Mac, 1.00%, 03/25/51 | Collateralized Mortgage Obligations | 4.38% |
| Ginnie Mae, 1.00%, 06/20/51 | Collateralized Mortgage Obligations | 3.71% |
| Fannie Mae, 5.1987% (1 mo. LIBOR US + 0.81%), 12/25/39 | Collateralized Mortgage Obligations | 3.16% |
| Ginnie Mae, 4.557%, 04/20/70, Pool No. BT6816 | Ginnie Mae Mortgage Pools | 3.12% |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Fund Overview** |
| **DAVIS GOVERNMENT MONEY MARKET FUND** | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** | **Maturity Diversification** | **Maturity Diversification** |
| **(% of Fund's 12/31/22 Net Assets)** | **(% of Fund's 12/31/22 Net Assets)** | **(% of 12/31/22 Portfolio Holdings)** | **(% of 12/31/22 Portfolio Holdings)** |
| Repurchase Agreements | 67.54% | 0-30 Days | 81.00% |
| Federal Home Loan Bank | 13.70% | 31-90 Days | 5.73% |
| Federal Farm Credit Bank | 9.04% | 91-180 Days | 8.33% |
| Mortgages | 8.09% | 181-397 Days | 4.94% |
| Other Assets & Liabilities | 1.63% |  | 100.00% |
|  | 100.00% |  |  |

---

The maturity dates of floating rate securities used in the Maturity Diversification table are considered to be the effective maturities, based on the reset dates of the securities' variable rates. See the Fund's Schedule of Investments for a listing of the floating rate securities.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Fund Overview** |
| **DAVIS FINANCIAL FUND** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** | **Industry Weightings** | **Industry Weightings** | **Industry Weightings** |
| **(% of Fund's 12/31/22 Net Assets)** | **(% of Fund's 12/31/22 Net Assets)** | **(% of 12/31/22 Stock Holdings)** | **(% of 12/31/22 Stock Holdings)** | **(% of 12/31/22 Stock Holdings)** |
|  |  |  | **Fund** | **S&P 500**<sup>®</sup> |
| Common Stock (U.S.) | 76.07% | Banks | 46.40% | 3.83% |
| Common Stock (Foreign) | 23.27% | Insurance | 18.11% | 2.45% |
| Short-Term Investments | 0.54% | Capital Markets | 12.90% | 3.13% |
| Other Assets & Liabilities | 0.12% | Consumer Finance | 11.10% | 0.51% |
|  | 100.00% | Diversified Financial Services | 6.99% | 1.73% |
|  |  | Retailing | 2.79% | 5.47% |
|  |  | Thrifts & Mortgage Finance | 1.71% | – |
|  |  | Information Technology | – | 25.74% |
|  |  | Health Care | – | 15.82% |
|  |  | Media & Entertainment | – | 6.08% |
|  |  | Capital Goods | – | 6.06% |
|  |  | Energy | – | 5.23% |
|  |  | Other | – | 23.95% |
|  |  |  | 100.00% | 100.00% |

---

#### Top 10 Long-Term Holdings
**(% of Fund's 12/31/22 Net Assets)**

---

| | | |
|:---|:---|:---|
| Capital One Financial Corp. | Consumer Finance | 7.29% |
| Berkshire Hathaway Inc., Class A | Diversified Financial Services | 6.95% |
| Wells Fargo & Co. | Banks | 6.72% |
| JPMorgan Chase & Co. | Banks | 6.56% |
| Chubb Ltd. | Property & Casualty Insurance | 6.01% |
| Markel Corp. | Property & Casualty Insurance | 5.86% |
| Julius Baer Group Ltd. | Capital Markets | 5.59% |
| Bank of New York Mellon Corp. | Capital Markets | 5.42% |
| U.S. Bancorp | Banks | 5.28% |
| DBS Group Holdings Ltd. | Banks | 4.94% |

---

#### New Positions Added (01/01/22-12/31/22)

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Industry** | <br> **Date of 1<sup>st</sup>**<br> **Purchase** | **% of Fund's**<br> **12/31/22**<br> **Net Assets** |
| Fifth Third Bancorp | Banks | 05/06/22 | 4.42% |
| Prosus N.V., Class N | Retailing | 03/10/22 | 2.77% |

---

#### Positions Closed (01/01/22-12/31/22)

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Industry** | **Date of**<br> **Final Sale** | **Realized**<br> **Gain** |
| Alleghany Corp. | Reinsurance | 06/14/22 | $11363846 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Fund Overview** |
| **DAVIS APPRECIATION & INCOME FUND** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Allocation** | **Asset Allocation** | **Equity Industry Weightings** | **Equity Industry Weightings** | **Equity Industry Weightings** |
| **(% of Fund's 12/31/22 Net Assets)** | **(% of Fund's 12/31/22 Net Assets)** | **(% of 12/31/22 Stock Holdings)** | **(% of 12/31/22 Stock Holdings)** | **(% of 12/31/22 Stock Holdings)** |
|  |  |  | **Fund** | **S&P 500**<sup>®</sup> |
| Equities | 78.88% | Diversified Financials | 25.93% | 5.38% |
| Fixed Income | 16.49% | Banks | 20.11% | 3.83% |
| Short-Term Investments | 4.50% | Information Technology | 17.65% | 25.74% |
| Other Assets & Liabilities | 0.13% | Health Care | 12.77% | 15.82% |
|  | 100.00% | Insurance | 9.02% | 2.45% |
|  |  | Media & Entertainment | 7.31% | 6.08% |
|  |  | Capital Goods | 3.95% | 6.06% |
|  |  | Retailing | 3.26% | 5.47% |
|  |  | Energy | – | 5.23% |
|  |  | Food, Beverage & Tobacco | – | 3.90% |
|  |  | Utilities | – | 3.18% |
|  |  | Materials | – | 2.73% |
|  |  | Other | – | 14.13% |
|  |  |  | 100.00% | 100.00% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Equity Portfolio Composition** | **Equity Portfolio Composition** | **Top 10 Equity Holdings** | **Top 10 Equity Holdings** |
| **(% of Fund's 12/31/22 Stock Holdings)** | **(% of Fund's 12/31/22 Stock Holdings)** | **(% of Fund's 12/31/22 Net Assets)** | **(% of Fund's 12/31/22 Net Assets)** |
| Common Stock (U.S.) | 85.87% | Berkshire Hathaway Inc., Class B | 8.18% |
| Common Stock (Foreign) | 14.13% | Wells Fargo & Co. | 5.49% |
|  | 100.00% | Alphabet Inc., Class C | 4.94% |
|  |  | Capital One Financial Corp. | 4.87% |
|  |  | Applied Materials, Inc. | 4.81% |
|  |  | Texas Instruments Inc. | 4.12% |
|  |  | Quest Diagnostics Inc. | 3.69% |
|  |  | Julius Baer Group Ltd. | 3.55% |
|  |  | Viatris Inc. | 3.45% |
|  |  | Chubb Ltd. | 3.01% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fixed Income Portfolio Composition** | **Fixed Income Portfolio Composition** | **Top 5 Fixed Income Holdings** | **Top 5 Fixed Income Holdings** |
| **(% of Fund's 12/31/22 Bond Holdings)** | **(% of Fund's 12/31/22 Bond Holdings)** | **(% of Fund's 12/31/22 Net Assets)** | **(% of Fund's 12/31/22 Net Assets)** |
| Mortgages | 49.58% | Goldman Sachs Group, Inc., Sr. Notes, 4.9365% |  |
| Corporate Bonds | 45.14% | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.81%), 03/09/27 | 1.82% |
| Municipal Bonds | 5.28% | CVS Health Corp., Sr. Notes, 4.30%, 03/25/28 | 1.35% |
|  | 100.00% | Occidental Petroleum Corp., Sr. Notes, 5.50%,<br> &nbsp;&nbsp;&nbsp;&nbsp; 12/01/25 | 1.22% |
|  |  | General Electric Co., Sr. Notes, 5.0791% (3 mo.<br> &nbsp;&nbsp;&nbsp;&nbsp; LIBOR US + 1.00%), 04/15/23 | 1.17% |
|  |  | Morgan Stanley BAML Trust, Series 2014-C19, Class<br> &nbsp;&nbsp;&nbsp;&nbsp; A3, 3.246%, 12/15/47 | 1.07% |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Fund Overview** |
| **DAVIS APPRECIATION & INCOME FUND - (CONTINUED)** | **December 31, 2022** |

---

#### New Positions Added (Equities & Corporate Bonds only) (01/01/22-12/31/22)
(Highlighted positions are those greater than 2.00% of the Fund's 12/31/22 net assets)

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Industry** | <br> **Date of 1<sup>st</sup>**<br> **Purchase** | **% of Fund's**<br> **12/31/22**<br> **Net Assets** |
| CVS Health Corp., Sr. Notes, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/25/28 | Health Care Equipment & Services | 04/08/22 | 1.35% |
| Julius Baer Group Ltd. | Capital Markets | 05/27/22 | 3.55% |
| Occidental Petroleum Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Notes, 5.50%, 12/01/25 | Energy | 03/14/22 | 1.22% |
| Owens Corning | Capital Goods | 04/05/22 | 2.08% |

---

#### Positions Closed (Equities & Corporate Bonds only) (01/01/22-12/31/22)
(Gains and losses greater than $20,000 are highlighted)

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Industry** | **Date of**<br> **Final Sale** | **Realized**<br> **Gain (Loss)** |
| CVS Health Corp., Sr. Notes, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/24 | Health Care Equipment & Services | 04/08/22 | $20566 |
| CVS Health Corp., Sr. Notes, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/20/25 | Health Care Equipment & Services | 04/08/22 | 7490 |
| DNB Bank ASA | Banks | 06/01/22 | 11453 |
| Thornburg Mortgage, Inc., Sr. Notes, | Mortgage Real Estate Investment  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/13  | &nbsp;&nbsp;&nbsp;&nbsp;Trusts (REITs) | 12/15/22 | (5076847) |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Fund Overview** |
| **DAVIS REAL ESTATE FUND** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** | **Sub-Industry Weightings** | **Sub-Industry Weightings** | **Sub-Industry Weightings** |
| **(% of Fund's 12/31/22 Net Assets)** | **(% of Fund's 12/31/22 Net Assets)** | **(% of 12/31/22 Stock Holdings)** | **(% of 12/31/22 Stock Holdings)** | **(% of 12/31/22 Stock Holdings)** |
|  |  |  |<br>**Fund** | **Wilshire U.S.**<br>**Real Estate**<br>**Securities Index** |
| Common Stock (U.S.) | 95.12% | Specialized REITs | 25.96% | 22.13% |
| Common Stock (Foreign) | 1.20% | Residential REITs | 17.59% | 21.27% |
| Short-Term Investments | 3.17% | Industrial REITs | 16.27% | 17.47% |
| Other Assets & Liabilities | 0.51% | Office REITs | 13.79% | 8.97% |
|  | 100.00% | Retail REITs | 13.20% | 12.81% |
|  |  | Health Care REITs | 6.60% | 10.50% |
|  |  | Hotel & Resort REITs | 3.77% | 3.78% |
|  |  | Diversified REITs | 1.45% | 2.26% |
|  |  | Integrated Telecommunication<br> &nbsp;&nbsp;&nbsp;&nbsp;Services | 1.37% | – |
|  |  | Hotels, Resorts & Cruise Lines | – | 0.57% |
|  |  | Real Estate Operating Companies | – | 0.24% |
|  |  |  | 100.00% | 100.00% |

---

#### Top 10 Long-Term Holdings
**(% of Fund's 12/31/22 Net Assets)**

---

| | | |
|:---|:---|:---|
| Prologis, Inc. | Industrial REITs | 7.16% |
| Public Storage | Specialized REITs | 4.73% |
|  Equinix, Inc. | Specialized REITs | 4.50% |
| Alexandria Real Estate Equities, Inc. | Office REITs | 4.18% |
| Simon Property Group, Inc. | Retail REITs | 4.06% |
| Brixmor Property Group, Inc. | Retail REITs | 3.96% |
|  American Tower Corp. | Specialized REITs | 3.77% |
|  AvalonBay Communities, Inc. | Residential REITs | 3.70% |
| Rexford Industrial Realty, Inc. | Industrial REITs | 3.57% |
|  Essex Property Trust, Inc. | Residential REITs | 3.43% |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Fund Overview** |
| **DAVIS REAL ESTATE FUND - (CONTINUED)** | **December 31, 2022** |

---

#### New Positions Added (01/01/22-12/31/22)
(Highlighted positions are those greater than 1.30% of the Fund's 12/31/22 net assets)

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Sub-Industry** | <br> **Date of 1<sup>st</sup>**<br> **Purchase** | **% of Fund's**<br> **12/31/22**<br> **Net Assets** |
| CubeSmart | Specialized REITs | 01/24/22 | 1.41% |
| Derwent London plc | Office REITs | 10/07/22 | 0.63% |
| Great Portland Estates plc | Office REITs | 10/07/22 | 0.57% |
| Innovative Industrial Properties, Inc. | Industrial REITs | 01/14/22 | 1.21% |
| NetSTREIT Corp. | Retail REITs | 01/05/22 | 1.24% |
| Radius Global Infrastructure, Inc., Class A | Integrated Telecommunication Services | 01/20/22 | 1.31% |

---

#### Positions Closed (01/01/22-12/31/22)
(Gains and losses greater than $800,000 are highlighted)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Security** | <br>**Sub-Industry** | &nbsp;&nbsp;&nbsp; **Date of**<br>**Final Sale** | **Realized**<br>**Gain (Loss)** |
| Acadia Realty Trust | Retail REITs | 11/22/22 | $(549980) |
| American Campus Communities, Inc. | Residential REITs | 04/25/22 | 3941237 |
| CatchMark Timber Trust Inc., Class A | Specialized REITs | 08/24/22 | 628184 |
| CyrusOne Inc. | Specialized REITs | 01/24/22 | 847319 |
| Healthcare Realty Trust, Inc. | Health Care REITs | 10/11/22 | (595112) |
| SL Green Realty Corp. | Office REITs | 07/18/22 | (798912) |
| Vornado Realty Trust | Office REITs | 05/12/22 | (1376768) |

---

------

---

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

---

As a shareholder of each Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and (2) ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated which for each class is for the six-month period ended December 31, 2022.

#### Actual Expenses

The information represented in the row entitled "Actual" provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. An annual maintenance fee of $15, charged on retirement plan accounts per Social Security Number, is not included in the Expense Example. This fee will be waived for accounts sharing the same Social Security Number if the accounts total at least $50,000 at Davis Funds. If this fee was included, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower, by this amount.

#### Hypothetical Example for Comparison Purposes

The information represented in the row entitled "Hypothetical" provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. An annual maintenance fee of $15, charged on retirement plan accounts per Social Security Number, is not included in the Expense Example. This fee will be waived for accounts sharing the same Social Security Number if the accounts total at least $50,000 at Davis Funds. If this fee was included, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower, by this amount.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the information in the row entitled "Hypothetical" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning**<br>**Account Value**<br>**(07/01/22)** | **Ending**<br>**Account Value**<br>**(12/31/22)** | **Expenses Paid**<br>**During Period**\*<br>**(07/01/22-12/31/22)** |
| <br> **Davis Opportunity Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A** (annualized expense ratio 0.95%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1065.07 | $4.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1020.42 | $4.84 |
| &nbsp;&nbsp;&nbsp; **Class C** (annualized expense ratio 1.75%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1061.00 | $9.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1016.38 | $8.89 |
| &nbsp;&nbsp;&nbsp; **Class Y** (annualized expense ratio 0.70%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1066.58 | $3.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1021.68 | $3.57 |
| <br> **Davis Government Bond Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A** (annualized expense ratio 1.00%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $988.10 | $5.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1020.16 | $5.09 |
| &nbsp;&nbsp;&nbsp; **Class C** (annualized expense ratio 1.75%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $984.10 | $8.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1016.38 | $8.89 |
| &nbsp;&nbsp;&nbsp; **Class Y** (annualized expense ratio 0.75%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $989.50 | $3.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1021.42 | $3.82 |
| <br> **Davis Government Money Market Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A, C, and Y** (annualized expense ratio 0.66%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1010.82 | $3.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1021.88 | $3.36 |
| <br> **Davis Financial Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A** (annualized expense ratio 0.95%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1081.64 | $4.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1020.42 | $4.84 |
| &nbsp;&nbsp;&nbsp; **Class C** (annualized expense ratio 1.74%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1077.50 | $9.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1016.43 | $8.84 |
| &nbsp;&nbsp;&nbsp; **Class Y** (annualized expense ratio 0.73%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1082.78 | $3.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1021.53 | $3.72 |
| <br> **Davis Appreciation & Income Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A** (annualized expense ratio 1.00%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1035.30 | $5.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1020.16 | $5.09 |
| &nbsp;&nbsp;&nbsp; **Class C** (annualized expense ratio 1.75%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1031.40 | $8.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1016.38 | $8.89 |
| &nbsp;&nbsp;&nbsp; **Class Y** (annualized expense ratio 0.69%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1036.89 | $3.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1021.73 | $3.52 |
| <br> **Davis Real Estate Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A** (annualized expense ratio 0.97%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $925.62 | $4.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1020.32 | $4.94 |
| &nbsp;&nbsp;&nbsp; **Class C** (annualized expense ratio 1.75%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $922.00 | $8.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1016.38 | $8.89 |
| &nbsp;&nbsp;&nbsp; **Class Y** (annualized expense ratio 0.73%\*\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $926.63 | $3.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1021.53 | $3.72 |

---

---

| |
|:---|
| Hypothetical assumes 5% annual return before expenses. |
| \*Expenses are equal to each Class's annualized operating expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| \*\*The expense ratios reflect the impact, if any, of certain reimbursements and/or waivers from the Adviser. |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS OPPORTUNITY FUND** | **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| | **Shares/Units** | **Value<br> (Note 1)** |
| **COMMON STOCK – (98.69%)** | **COMMON STOCK – (98.69%)** | **COMMON STOCK – (98.69%)** |
| **COMMUNICATION SERVICES – (3.94%)** | **COMMUNICATION SERVICES – (3.94%)** | **COMMUNICATION SERVICES – (3.94%)** |
| &nbsp;&nbsp; **Media & Entertainment – (3.94%)** | &nbsp;&nbsp; **Media & Entertainment – (3.94%)** | &nbsp;&nbsp; **Media & Entertainment – (3.94%)** |
| Alphabet Inc., Class C \* | 96730 | $8582853 |
| ASAC II L.P. \*(a)(b) | 116129 | 113005 |
| IAC Inc. \* | 62120 | 2758128 |
| Meta Platforms, Inc., Class A \* | 48163 | 5795936 |
| Vimeo, Inc. \* | 391121 | 1341545 |
| Total Communication Services | Total Communication Services | 18591467 |
| **CONSUMER DISCRETIONARY – (5.27%)** | **CONSUMER DISCRETIONARY – (5.27%)** | **CONSUMER DISCRETIONARY – (5.27%)** |
| &nbsp;&nbsp; **Retailing – (5.27%)** | &nbsp;&nbsp; **Retailing – (5.27%)** | &nbsp;&nbsp; **Retailing – (5.27%)** |
| Alibaba Group Holding Ltd., ADR (China)\* | 17030 | 1500172 |
| Amazon.com, Inc. \* | 62730 | 5269320 |
| Delivery Hero SE (Germany)\* | 157270 | 7538695 |
| JD.com, Inc., Class A, ADR (China) | 79440 | 4458967 |
| Prosus N.V., Class N (Netherlands) | 88590 | 6111866 |
| Total Consumer Discretionary | Total Consumer Discretionary | 24879020 |
| **CONSUMER STAPLES – (2.51%)** | **CONSUMER STAPLES – (2.51%)** | **CONSUMER STAPLES – (2.51%)** |
| &nbsp;&nbsp; **Food, Beverage & Tobacco – (2.51%)** | &nbsp;&nbsp; **Food, Beverage & Tobacco – (2.51%)** | &nbsp;&nbsp; **Food, Beverage & Tobacco – (2.51%)** |
| Darling Ingredients Inc. \* | 189556 | 11864310 |
| Total Consumer Staples | Total Consumer Staples | 11864310 |
| **FINANCIALS – (23.34%)** | **FINANCIALS – (23.34%)** | **FINANCIALS – (23.34%)** |
| &nbsp;&nbsp; **Banks – (11.05%)** | &nbsp;&nbsp; **Banks – (11.05%)** | &nbsp;&nbsp; **Banks – (11.05%)** |
| U.S. Bancorp | 490630 | 21396374 |
| Wells Fargo & Co. | 744891 | 30756550 |
|  |  | 52152924 |
| &nbsp;&nbsp; **Diversified Financials – (7.17%)** | &nbsp;&nbsp; **Diversified Financials – (7.17%)** | &nbsp;&nbsp; **Diversified Financials – (7.17%)** |
| &nbsp;&nbsp; **Consumer Finance – (4.37%)** | &nbsp;&nbsp; **Consumer Finance – (4.37%)** | &nbsp;&nbsp; **Consumer Finance – (4.37%)** |
| Capital One Financial Corp. | 221770 | 20615739 |
| &nbsp;&nbsp; **Diversified Financial Services – (2.80%)** | &nbsp;&nbsp; **Diversified Financial Services – (2.80%)** | &nbsp;&nbsp; **Diversified Financial Services – (2.80%)** |
| Berkshire Hathaway Inc., Class B \* | 42753 | 13206402 |
|  |  | 33822141 |
| &nbsp;&nbsp; **Insurance – (5.12%)** | &nbsp;&nbsp; **Insurance – (5.12%)** | &nbsp;&nbsp; **Insurance – (5.12%)** |
| &nbsp;&nbsp; **Life & Health Insurance – (1.52%)** | &nbsp;&nbsp; **Life & Health Insurance – (1.52%)** | &nbsp;&nbsp; **Life & Health Insurance – (1.52%)** |
| AIA Group Ltd. (Hong Kong) | 643800 | 7159336 |
| &nbsp;&nbsp; **Property & Casualty Insurance – (3.60%)** | &nbsp;&nbsp; **Property & Casualty Insurance – (3.60%)** | &nbsp;&nbsp; **Property & Casualty Insurance – (3.60%)** |
| Markel Corp. \* | 12886 | 16977176 |
|  |  | 24136512 |
| Total Financials | Total Financials | 110111577 |
| **HEALTH CARE – (27.81%)** | **HEALTH CARE – (27.81%)** | **HEALTH CARE – (27.81%)** |
| &nbsp;&nbsp; **Health Care Equipment & Services – (21.92%)** | &nbsp;&nbsp; **Health Care Equipment & Services – (21.92%)** | &nbsp;&nbsp; **Health Care Equipment & Services – (21.92%)** |
| Cigna Corp. | 113292 | 37538171 |
| CVS Health Corp. | 81829 | 7625645 |
| Humana Inc. | 16395 | 8397355 |
| Quest Diagnostics Inc. | 176811 | 27660313 |
| UnitedHealth Group Inc. | 41850 | 22188033 |
|  |  | 103409517 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS OPPORTUNITY FUND - (CONTINUED)** | **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| | **Shares/Principal** | **Value<br> (Note 1)** |
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **HEALTH CARE – (CONTINUED)** | **HEALTH CARE – (CONTINUED)** | **HEALTH CARE – (CONTINUED)** |
| &nbsp;&nbsp; **Pharmaceuticals, Biotechnology & Life Sciences – (5.89%)** | &nbsp;&nbsp; **Pharmaceuticals, Biotechnology & Life Sciences – (5.89%)** | &nbsp;&nbsp; **Pharmaceuticals, Biotechnology & Life Sciences – (5.89%)** |
| Viatris Inc. | 2496950 | $27791053 |
| Total Health Care | Total Health Care | 131200570 |
| **INDUSTRIALS – (22.15%)** | **INDUSTRIALS – (22.15%)** | **INDUSTRIALS – (22.15%)** |
| &nbsp;&nbsp; **Capital Goods – (20.91%)** | &nbsp;&nbsp; **Capital Goods – (20.91%)** | &nbsp;&nbsp; **Capital Goods – (20.91%)** |
| Carrier Global Corp. | 245566 | 10129597 |
| Eaton Corp. plc | 75677 | 11877505 |
| Ferguson plc | 85385 | 10776816 |
| Johnson Controls International plc | 185152 | 11849728 |
| MasterBrand, Inc. \* | 850800 | 6423540 |
| Owens Corning | 288370 | 24597961 |
| Raytheon Technologies Corp. | 48384 | 4882913 |
| Schneider Electric SE (France) | 106520 | 14905254 |
| WESCO International, Inc. \* | 25510 | 3193852 |
|  |  | 98637166 |
| &nbsp;&nbsp; **Transportation – (1.24%)** | &nbsp;&nbsp; **Transportation – (1.24%)** | &nbsp;&nbsp; **Transportation – (1.24%)** |
| DiDi Global Inc., Class A, ADS (China)\* | 1833638 | 5830969 |
| Total Industrials | Total Industrials | 104468135 |
| **INFORMATION TECHNOLOGY – (9.09%)** | **INFORMATION TECHNOLOGY – (9.09%)** | **INFORMATION TECHNOLOGY – (9.09%)** |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment – (4.91%)** | &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment – (4.91%)** | &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment – (4.91%)** |
| Applied Materials, Inc. | 80670 | 7855645 |
| Intel Corp. | 254550 | 6727756 |
| Texas Instruments Inc. | 51792 | 8557074 |
|  |  | 23140475 |
| &nbsp;&nbsp; **Software & Services – (3.85%)** | &nbsp;&nbsp; **Software & Services – (3.85%)** | &nbsp;&nbsp; **Software & Services – (3.85%)** |
| Clear Secure, Inc., Class A | 112600 | 3088618 |
| Microsoft Corp. | 17899 | 4292538 |
| Oracle Corp. | 72660 | 5939229 |
| SAP SE, ADR (Germany) | 47085 | 4858701 |
|  |  | 18179086 |
| &nbsp;&nbsp; **Technology Hardware & Equipment – (0.33%)** | &nbsp;&nbsp; **Technology Hardware & Equipment – (0.33%)** | &nbsp;&nbsp; **Technology Hardware & Equipment – (0.33%)** |
| Samsung Electronics Co., Ltd. (South Korea) | 35410 | 1548575 |
| Total Information Technology | Total Information Technology | 42868136 |
| **MATERIALS – (4.58%)** | **MATERIALS – (4.58%)** | **MATERIALS – (4.58%)** |
| Teck Resources Ltd., Class B (Canada) | 571140 | 21600515 |
| Total Materials | Total Materials | 21600515 |
| <br> **TOTAL COMMON STOCK – (Identified cost $341,499,015)**<br> ****  | <br> **TOTAL COMMON STOCK – (Identified cost $341,499,015)**<br> ****  | 465583730 |
| **SHORT-TERM INVESTMENTS – (1.73%)** | **SHORT-TERM INVESTMENTS – (1.73%)** | **SHORT-TERM INVESTMENTS – (1.73%)** |
| StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 01/03/23,<br> dated 12/30/22, repurchase value of $4,337,071 (collateralized by: U.S.<br> Government agency mortgages and obligations in a pooled cash<br> account, 0.00%-8.50%, 12/31/22-10/20/71, total market value<br> $4,421,700) | $4335000 | 4335000 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS OPPORTUNITY FUND - (CONTINUED)** | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal** | **Value<br> (Note 1)** |
| **SHORT-TERM INVESTMENTS – (CONTINUED)** | **SHORT-TERM INVESTMENTS – (CONTINUED)** | **SHORT-TERM INVESTMENTS – (CONTINUED)** | **SHORT-TERM INVESTMENTS – (CONTINUED)** |
|  | Truist Securities, Inc. Joint Repurchase Agreement, 4.28%, 01/03/23,<br> dated 12/30/22, repurchase value of $3,827,819 (collateralized by: U.S.<br> Government agency mortgages in a pooled cash account, 2.00%-5.00%,<br> 08/01/28-12/01/52, total market value $3,902,520) | 3826000 | $3826000 |
|  | <br> **TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,161,000)**<br> ****  | <br> **TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,161,000)**<br> ****  | 8161000 |
|  | <br> Total Investments – (100.42%) – (Identified cost $349,660,015) | <br> Total Investments – (100.42%) – (Identified cost $349,660,015) | &nbsp;&nbsp;&nbsp;&nbsp; 473744730 |
|  | Liabilities Less Other Assets – (0.42%) | Liabilities Less Other Assets – (0.42%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2004329) |
|  | Net Assets – (100.00%) | Net Assets – (100.00%) | $&nbsp;&nbsp;&nbsp;&nbsp; 471740401 |
|  | ADR: American Depositary Receipt | ADR: American Depositary Receipt | ADR: American Depositary Receipt |
|  | ADS: American Depositary Share | ADS: American Depositary Share | ADS: American Depositary Share |
| \* | Non-income producing security. | Non-income producing security. | Non-income producing security. |
| (a) | Restricted Security – See Note 6 of the Notes to Financial Statements. | Restricted Security – See Note 6 of the Notes to Financial Statements. | Restricted Security – See Note 6 of the Notes to Financial Statements. |
| (b) | The value of this security was determined using significant unobservable inputs. See Note 1 of the Notes to Financial Statements. | The value of this security was determined using significant unobservable inputs. See Note 1 of the Notes to Financial Statements. | The value of this security was determined using significant unobservable inputs. See Note 1 of the Notes to Financial Statements. |
| ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS GOVERNMENT BOND FUND** | **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value<br> (Note 1)** |
| **MORTGAGES – (97.89%)** | **MORTGAGES – (97.89%)** | **MORTGAGES – (97.89%)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (75.80%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS – (75.80%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS – (75.80%)** |
| Fannie Mae, 4.7387% (1 mo. LIBOR US + 0.35%), 07/25/37 (a) | $11717 | $11523 |
| Fannie Mae, 3.50%, 01/25/39 | 124555 | 121931 |
| Fannie Mae, 5.1987% (1 mo. LIBOR US + 0.81%), 12/25/39 (a) | 670681 | 677822 |
| Fannie Mae, 4.7887% (1 mo. LIBOR US + 0.40%), 09/25/40 (a) | 278777 | 276276 |
| Fannie Mae, 3.00%, 04/25/41 | 211354 | 204221 |
| Fannie Mae, 2.00%, 12/25/42 | 246593 | 214152 |
| Fannie Mae, 2.50%, 04/25/43 | 447855 | 420599 |
| Fannie Mae, 2.50%, 07/25/47 | 159146 | 136255 |
| Freddie Mac, 4.00%, 06/15/26 | 83465 | 82494 |
| Freddie Mac, 2.00%, 06/15/28 | 223213 | 214311 |
| Freddie Mac, 2.50%, 01/15/29 | 123346 | 117888 |
| Freddie Mac, 4.8179% (1 mo. LIBOR US + 0.50%), 08/15/40 (a) | 80347 | 79799 |
| Freddie Mac, 4.6679% (1 mo. LIBOR US + 0.35%), 09/15/43 (a) | 165910 | 162833 |
| Freddie Mac, 1.00%, 03/25/51 | 1226101 | 940967 |
| Freddie Mac Multifamily Structured Pass-Through, 4.592% (1 mo.<br> LIBOR US + 0.45%), 06/25/23 (a) | 20142 | 20155 |
| Freddie Mac Multifamily Structured Pass-Through, 3.527%, 10/25/23 | 365000 | 359995 |
| Freddie Mac Multifamily Structured Pass-Through, 2.689%, 12/25/24 | 318989 | 311196 |
| Ginnie Mae, 5.8123%, 06/20/31 | 130993 | 130821 |
| Ginnie Mae, 4.00%, 09/20/39 | 24227 | 23550 |
| Ginnie Mae, 5.278%, 04/16/41 | 9813 | 9746 |
| Ginnie Mae, 1.00%, 12/20/42 | 58847 | 49130 |
| Ginnie Mae, 3.50%, 03/16/47 | 320684 | 303882 |
| Ginnie Mae, 2.40%, 10/16/50 | 359269 | 333339 |
| Ginnie Mae, 1.00%, 06/20/51 | 1040240 | 795114 |
| Ginnie Mae, 2.60%, 03/16/52 | 111464 | 102228 |
| Ginnie Mae, 2.70%, 06/16/58 | 697598 | 652060 |
| Ginnie Mae, 4.1853% (1 mo. LIBOR US + 0.62%), 09/20/64 (a) | 539408 | 533514 |
| Ginnie Mae, 2.25%, 07/20/65 | 674553 | 644156 |
| Ginnie Mae, 2.25%, 03/20/66 | 2086092 | 1981474 |
| Ginnie Mae, 0.8831% (30 day SOFR + 0.55%), 02/20/67 (a) | 1581302 | 1545459 |
| Ginnie Mae, 2.25%, 08/20/69 | 425727 | 404505 |
| Ginnie Mae, 3.3451% (30 day SOFR + 1.15%), 02/20/71 (a) | 2062928 | 2044768 |
| Ginnie Mae, 4.5807%, 12/20/71 | 2394034 | 2361604 |
| Total Collateralized Mortgage Obligations | Total Collateralized Mortgage Obligations | 16267767 |
| **FANNIE MAE POOLS – (10.21%)** | **FANNIE MAE POOLS – (10.21%)** | **FANNIE MAE POOLS – (10.21%)** |
| 3.57%, 11/01/25, Pool No. BL0533 | 1500000 | 1453669 |
| 4.00%, 05/01/29, Pool No. AL7358 | 261001 | 257608 |
| 2.00%, 08/01/30, Pool No. AX9709 | 211933 | 200443 |
| 3.50%, 03/01/32, Pool No. MA1010 | 262696 | 254824 |
| 6.50%, 07/01/32, Pool No. 635069 | 5032 | 5014 |
| 6.00%, 09/01/37, Pool No. 888796 | 18827 | 18767 |
| Total Fannie Mae Pools | Total Fannie Mae Pools | 2190325 |
| **FREDDIE MAC POOLS – (2.84%)** | **FREDDIE MAC POOLS – (2.84%)** | **FREDDIE MAC POOLS – (2.84%)** |
| 3.00%, 09/01/27, Pool No. U70063 | 170270 | 162582 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS GOVERNMENT BOND FUND - (CONTINUED)** | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal** | **Value<br> (Note 1)** |
| **MORTGAGES – (CONTINUED)** | **MORTGAGES – (CONTINUED)** | **MORTGAGES – (CONTINUED)** | **MORTGAGES – (CONTINUED)** |
|  | **FREDDIE MAC POOLS – (CONTINUED)** | **FREDDIE MAC POOLS – (CONTINUED)** | **FREDDIE MAC POOLS – (CONTINUED)** |
|  | 2.50%, 09/01/31, Pool No. G18611 | 475220 | $445833 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac Pools | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac Pools | 608415 |
|  | **GINNIE MAE POOLS – (9.04%)** | **GINNIE MAE POOLS – (9.04%)** | **GINNIE MAE POOLS – (9.04%)** |
|  | 5.084%, 12/20/61, Pool No. 756740 | 1047 | 1051 |
|  | 4.557%, 04/20/70, Pool No. BT6816 | 684002 | 669558 |
|  | 4.555%, 08/20/71, Pool No. 785652 | 1288635 | 1268883 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ginnie Mae Pools | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ginnie Mae Pools | 1939492 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGES – (Identified cost $22,460,107)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGES – (Identified cost $22,460,107)**<br> ****  | **21005999**  |
| **SHORT-TERM INVESTMENTS – (2.23%)** | **SHORT-TERM INVESTMENTS – (2.23%)** | **SHORT-TERM INVESTMENTS – (2.23%)** | **SHORT-TERM INVESTMENTS – (2.23%)** |
|  | StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 01/03/23,<br> dated 12/30/22, repurchase value of $254,121 (collateralized by: U.S.<br> Government agency mortgages and obligations in a pooled cash<br> account, 0.00%-8.50%, 12/31/22-10/20/71, total market value $259,080) | 254000 | 254000 |
|  | Truist Securities, Inc. Joint Repurchase Agreement, 4.28%, 01/03/23,<br> dated 12/30/22, repurchase value of $225,107 (collateralized by: U.S.<br> Government agency mortgages in a pooled cash account, 2.00%-<br> 4.933%, 07/01/27-12/01/52, total market value $229,500) | 225000 | 225000 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS – (Identified cost $479,000)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS – (Identified cost $479,000)**<br> ****  | **479000**  |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (100.12%) – (Identified cost $22,939,107) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (100.12%) – (Identified cost $22,939,107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21484999 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets – (0.12%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets – (0.12%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24770) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21460229 |
|  | LIBOR: London Inter-Bank Offered Rate | LIBOR: London Inter-Bank Offered Rate | LIBOR: London Inter-Bank Offered Rate |
|  | SOFR: Secured Overnight Financing Rate | SOFR: Secured Overnight Financing Rate | SOFR: Secured Overnight Financing Rate |
| (a) | The interest rates on floating rate securities, shown as of December 31, 2022, may change daily or less frequently and are based on a published reference rate and basis point spread. | The interest rates on floating rate securities, shown as of December 31, 2022, may change daily or less frequently and are based on a published reference rate and basis point spread. | The interest rates on floating rate securities, shown as of December 31, 2022, may change daily or less frequently and are based on a published reference rate and basis point spread. |
| ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS GOVERNMENT MONEY MARKET FUND** | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal** | **Value<br> (Note 1)** |
| **FEDERAL FARM CREDIT BANK – (9.04%)** | **FEDERAL FARM CREDIT BANK – (9.04%)** | **FEDERAL FARM CREDIT BANK – (9.04%)** | **FEDERAL FARM CREDIT BANK – (9.04%)** |
|  | 4.35% (SOFR + 0.05%), 02/17/23 (a) | $5000000 | $5000229 |
|  | 0.125%, 04/27/23 | 6250000 | 6163991 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL FARM CREDIT BANK – (Identified cost $11,164,220)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL FARM CREDIT BANK – (Identified cost $11,164,220)**<br> ****  | 11164220 |
| **FEDERAL HOME LOAN BANK – (13.70%)** | **FEDERAL HOME LOAN BANK – (13.70%)** | **FEDERAL HOME LOAN BANK – (13.70%)** | **FEDERAL HOME LOAN BANK – (13.70%)** |
|  | Discount Note, 4.0837%, 03/22/23 (b) | 5000000 | 4955389 |
|  | Discount Note, 3.9393%, 05/12/23 (b) | 2000000 | 1971981 |
|  | 1.30%, 03/21/23 | 2000000 | 2000000 |
|  | 2.125%, 05/25/23 | 2000000 | 1980522 |
|  | 4.625%, 10/20/23 | 2000000 | 2000000 |
|  | 4.75%, 10/24/23 | 4000000 | 3999124 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL HOME LOAN BANK – (Identified cost $16,907,016)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL HOME LOAN BANK – (Identified cost $16,907,016)**<br> ****  | 16907016 |
| **MORTGAGES – (8.09%)** | **MORTGAGES – (8.09%)** | **MORTGAGES – (8.09%)** | **MORTGAGES – (8.09%)** |
|  | Freddie Mac Multifamily Structured Pass-Through, 2.615%, 01/25/23 | 10000000 | 9982607 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGES – (Identified cost $9,982,607)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGES – (Identified cost $9,982,607)**<br> ****  | 9982607 |
| **REPURCHASE AGREEMENTS – (67.54%)** | **REPURCHASE AGREEMENTS – (67.54%)** | **REPURCHASE AGREEMENTS – (67.54%)** | **REPURCHASE AGREEMENTS – (67.54%)** |
|  | StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 01/03/23,<br> dated 12/30/22, repurchase value of $44,303,157 (collateralized by: U.S.<br> Government agency mortgages and obligations in a pooled cash<br> account, 0.00%-8.50%, 12/31/22-10/20/71, total market value<br> $45,167,640) | 44282000 | 44282000 |
|  | Truist Securities, Inc. Joint Repurchase Agreement, 4.28%, 01/03/23,<br> dated 12/30/22, repurchase value of $39,100,586 (collateralized by: U.S.<br> Government agency mortgages in a pooled cash account, 1.23%-6.00%,<br> 06/01/28-12/01/52, total market value $39,863,640) | 39082000 | 39082000 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS – (Identified cost $83,364,000)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS – (Identified cost $83,364,000)**<br> ****  | 83364000 |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (98.37%) – (Identified cost $121,417,843) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (98.37%) – (Identified cost $121,417,843) | &nbsp;&nbsp;&nbsp;&nbsp; 121417843 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets Less Liabilities – (1.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets Less Liabilities – (1.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018171 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | $&nbsp;&nbsp;&nbsp;&nbsp; 123436014 |
|  | SOFR: Secured Overnight Financing Rate | SOFR: Secured Overnight Financing Rate | SOFR: Secured Overnight Financing Rate |
| (a) | The interest rates on floating rate securities, shown as of December 31, 2022, may change daily or less frequently and are based on a published reference rate and basis point spread. 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. | The interest rates on floating rate securities, shown as of December 31, 2022, may change daily or less frequently and are based on a published reference rate and basis point spread. 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. | The interest rates on floating rate securities, shown as of December 31, 2022, may change daily or less frequently and are based on a published reference rate and basis point spread. For purposes of amortized cost valuation, the maturity dates of these securities are considered to be the effective maturities, based on the reset dates of the securities' variable rates. |
| (b) | Zero coupon bonds reflect the effective yield on the date of purchase. | Zero coupon bonds reflect the effective yield on the date of purchase. | Zero coupon bonds reflect the effective yield on the date of purchase. |
| ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS FINANCIAL FUND** | **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 1)** |
| **COMMON STOCK – (99.34%)** | **COMMON STOCK – (99.34%)** | **COMMON STOCK – (99.34%)** |
| **CONSUMER DISCRETIONARY – (2.77%)** | **CONSUMER DISCRETIONARY – (2.77%)** | **CONSUMER DISCRETIONARY – (2.77%)** |
| &nbsp;&nbsp; **Retailing – (2.77%)** | &nbsp;&nbsp; **Retailing – (2.77%)** | &nbsp;&nbsp; **Retailing – (2.77%)** |
| Prosus N.V., Class N (Netherlands) | 339290 | $23407776 |
| Total Consumer Discretionary | Total Consumer Discretionary | 23407776 |
| **FINANCIALS – (96.57%)** | **FINANCIALS – (96.57%)** | **FINANCIALS – (96.57%)** |
| &nbsp;&nbsp; **Banks – (47.79%)** | &nbsp;&nbsp; **Banks – (47.79%)** | &nbsp;&nbsp; **Banks – (47.79%)** |
| &nbsp;&nbsp; **Banks – (46.09%)** | &nbsp;&nbsp; **Banks – (46.09%)** | &nbsp;&nbsp; **Banks – (46.09%)** |
| Bank of America Corp. | 1227630 | 40659106 |
| Bank of N.T. Butterfield & Son Ltd. (Bermuda) | 717492 | 21388437 |
| Danske Bank A/S (Denmark) | 1550780 | 30650385 |
| DBS Group Holdings Ltd. (Singapore) | 1645334 | 41667709 |
| DNB Bank ASA (Norway) | 982686 | 19504664 |
| Fifth Third Bancorp | 1136640 | 37293158 |
| JPMorgan Chase & Co. | 412754 | 55350311 |
| Metro Bank PLC (United Kingdom)\* | 1521430 | 2225593 |
| PNC Financial Services Group, Inc. | 245456 | 38767321 |
| U.S. Bancorp | 1022058 | 44571949 |
| Wells Fargo & Co. | 1373669 | 56718793 |
|  |  | 388797426 |
| &nbsp;&nbsp; **Thrifts & Mortgage Finance – (1.70%)** | &nbsp;&nbsp; **Thrifts & Mortgage Finance – (1.70%)** | &nbsp;&nbsp; **Thrifts & Mortgage Finance – (1.70%)** |
| Rocket Companies, Inc., Class A | 2044319 | 14310233 |
|  |  | 403107659 |
| &nbsp;&nbsp; **Diversified Financials – (30.79%)** | &nbsp;&nbsp; **Diversified Financials – (30.79%)** | &nbsp;&nbsp; **Diversified Financials – (30.79%)** |
| &nbsp;&nbsp; **Capital Markets – (12.81%)** | &nbsp;&nbsp; **Capital Markets – (12.81%)** | &nbsp;&nbsp; **Capital Markets – (12.81%)** |
| Bank of New York Mellon Corp. | 1004651 | 45731714 |
| Charles Schwab Corp. | 182778 | 15218096 |
| Julius Baer Group Ltd. (Switzerland) | 808854 | 47114991 |
|  |  | 108064801 |
| &nbsp;&nbsp; **Consumer Finance – (11.03%)** | &nbsp;&nbsp; **Consumer Finance – (11.03%)** | &nbsp;&nbsp; **Consumer Finance – (11.03%)** |
| American Express Co. | 213582 | 31556741 |
| Capital One Financial Corp. | 661241 | 61468963 |
|  |  | 93025704 |
| &nbsp;&nbsp; **Diversified Financial Services – (6.95%)** | &nbsp;&nbsp; **Diversified Financial Services – (6.95%)** | &nbsp;&nbsp; **Diversified Financial Services – (6.95%)** |
| Berkshire Hathaway Inc., Class A \* | 125 | 58588870 |
|  |  | 259679375 |
| &nbsp;&nbsp; **Insurance – (17.99%)** | &nbsp;&nbsp; **Insurance – (17.99%)** | &nbsp;&nbsp; **Insurance – (17.99%)** |
| &nbsp;&nbsp; **Life & Health Insurance – (1.22%)** | &nbsp;&nbsp; **Life & Health Insurance – (1.22%)** | &nbsp;&nbsp; **Life & Health Insurance – (1.22%)** |
| Ping An Insurance (Group) Co. of China, Ltd. - H (China) | 1563000 | 10342639 |
| &nbsp;&nbsp; **Property & Casualty Insurance – (15.05%)** | &nbsp;&nbsp; **Property & Casualty Insurance – (15.05%)** | &nbsp;&nbsp; **Property & Casualty Insurance – (15.05%)** |
| Chubb Ltd. | 229958 | 50728735 |
| Loews Corp. | 459256 | 26788402 |
| Markel Corp. \* | 37501 | 49407192 |
|  |  | 126924329 |
| &nbsp;&nbsp; **Reinsurance – (1.72%)** | &nbsp;&nbsp; **Reinsurance – (1.72%)** | &nbsp;&nbsp; **Reinsurance – (1.72%)** |
| Everest Re Group, Ltd. | 29481 | 9766171 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS FINANCIAL FUND - (CONTINUED)** | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/Principal** | **Value<br> (Note 1)** |
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
|  | **FINANCIALS – (CONTINUED)** | **FINANCIALS – (CONTINUED)** | **FINANCIALS – (CONTINUED)** |
|  | &nbsp;&nbsp; **Insurance – (Continued)** | &nbsp;&nbsp; **Insurance – (Continued)** | &nbsp;&nbsp; **Insurance – (Continued)** |
| | &nbsp;&nbsp; **Reinsurance – (Continued)** | &nbsp;&nbsp; **Reinsurance – (Continued)** | &nbsp;&nbsp; **Reinsurance – (Continued)** |
|  | Greenlight Capital Re, Ltd., Class A \* | 581840 | $4741996 |
|  |  |  | 14508167 |
|  |  |  | 151775135 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 814562169 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK – (Identified cost $572,635,992)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK – (Identified cost $572,635,992)**<br> ****  | 837969945 |
| **SHORT-TERM INVESTMENTS – (0.54%)** | **SHORT-TERM INVESTMENTS – (0.54%)** | **SHORT-TERM INVESTMENTS – (0.54%)** | **SHORT-TERM INVESTMENTS – (0.54%)** |
|  | StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 01/03/23,<br> dated 12/30/22, repurchase value of $2,416,154 (collateralized by: U.S.<br> Government agency mortgages and obligations in a pooled cash<br> account, 0.00%-8.50%, 12/31/22-10/20/71, total market value<br> $2,463,300) | $2415000 | 2415000 |
|  | Truist Securities, Inc. Joint Repurchase Agreement, 4.28%, 01/03/23,<br> dated 12/30/22, repurchase value of $2,133,014 (collateralized by: U.S.<br> Government agency mortgages in a pooled cash account, 2.00%-5.00%,<br> 09/01/31-12/01/52, total market value $2,174,640) | 2132000 | 2132000 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS – (Identified cost $4,547,000)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS – (Identified cost $4,547,000)**<br> ****  | 4547000 |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (99.88%) – (Identified cost $577,182,992) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (99.88%) – (Identified cost $577,182,992) | &nbsp;&nbsp;&nbsp;&nbsp; 842516945 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets Less Liabilities – (0.12%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets Less Liabilities – (0.12%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1017962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | $&nbsp;&nbsp;&nbsp;&nbsp; 843534907 |
| \* | Non-income producing security. | Non-income producing security. | Non-income producing security. |
| ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS APPRECIATION & INCOME FUND** | **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 1)** |
| **COMMON STOCK – (78.88%)** | **COMMON STOCK – (78.88%)** | **COMMON STOCK – (78.88%)** |
| **COMMUNICATION SERVICES – (5.77%)** | **COMMUNICATION SERVICES – (5.77%)** | **COMMUNICATION SERVICES – (5.77%)** |
| &nbsp;&nbsp; **Media & Entertainment – (5.77%)** | &nbsp;&nbsp; **Media & Entertainment – (5.77%)** | &nbsp;&nbsp; **Media & Entertainment – (5.77%)** |
| Alphabet Inc., Class C \* | 102720 | $9114346 |
| Meta Platforms, Inc., Class A \* | 12722 | 1530965 |
| Total Communication Services | Total Communication Services | 10645311 |
| **CONSUMER DISCRETIONARY – (2.57%)** | **CONSUMER DISCRETIONARY – (2.57%)** | **CONSUMER DISCRETIONARY – (2.57%)** |
| &nbsp;&nbsp; **Retailing – (2.57%)** | &nbsp;&nbsp; **Retailing – (2.57%)** | &nbsp;&nbsp; **Retailing – (2.57%)** |
| Amazon.com, Inc. \* | 56520 | 4747680 |
| Total Consumer Discretionary | Total Consumer Discretionary | 4747680 |
| **FINANCIALS – (43.43%)** | **FINANCIALS – (43.43%)** | **FINANCIALS – (43.43%)** |
| &nbsp;&nbsp; **Banks – (15.87%)** | &nbsp;&nbsp; **Banks – (15.87%)** | &nbsp;&nbsp; **Banks – (15.87%)** |
| Bank of America Corp. | 101200 | 3351744 |
| Danske Bank A/S (Denmark) | 234720 | 4639123 |
| DBS Group Holdings Ltd. (Singapore) | 208925 | 5290978 |
| JPMorgan Chase & Co. | 33233 | 4456545 |
| U.S. Bancorp | 32635 | 1423212 |
| Wells Fargo & Co. | 245548 | 10138677 |
|  |  | 29300279 |
| &nbsp;&nbsp; **Diversified Financials – (20.45%)** | &nbsp;&nbsp; **Diversified Financials – (20.45%)** | &nbsp;&nbsp; **Diversified Financials – (20.45%)** |
| &nbsp;&nbsp; **Capital Markets – (6.47%)** | &nbsp;&nbsp; **Capital Markets – (6.47%)** | &nbsp;&nbsp; **Capital Markets – (6.47%)** |
| Bank of New York Mellon Corp. | 118600 | 5398672 |
| Julius Baer Group Ltd. (Switzerland) | 112410 | 6547778 |
|  |  | 11946450 |
| &nbsp;&nbsp; **Consumer Finance – (5.80%)** | &nbsp;&nbsp; **Consumer Finance – (5.80%)** | &nbsp;&nbsp; **Consumer Finance – (5.80%)** |
| American Express Co. | 11565 | 1708729 |
| Capital One Financial Corp. | 96831 | 9001410 |
|  |  | 10710139 |
| &nbsp;&nbsp; **Diversified Financial Services – (8.18%)** | &nbsp;&nbsp; **Diversified Financial Services – (8.18%)** | &nbsp;&nbsp; **Diversified Financial Services – (8.18%)** |
| Berkshire Hathaway Inc., Class B \* | 48926 | 15113241 |
|  |  | 37769830 |
| &nbsp;&nbsp; **Insurance – (7.11%)** | &nbsp;&nbsp; **Insurance – (7.11%)** | &nbsp;&nbsp; **Insurance – (7.11%)** |
| &nbsp;&nbsp; **Life & Health Insurance – (2.22%)** | &nbsp;&nbsp; **Life & Health Insurance – (2.22%)** | &nbsp;&nbsp; **Life & Health Insurance – (2.22%)** |
| AIA Group Ltd. (Hong Kong) | 368960 | 4102996 |
| &nbsp;&nbsp; **Property & Casualty Insurance – (4.89%)** | &nbsp;&nbsp; **Property & Casualty Insurance – (4.89%)** | &nbsp;&nbsp; **Property & Casualty Insurance – (4.89%)** |
| Chubb Ltd. | 25165 | 5551399 |
| Markel Corp. \* | 2640 | 3478173 |
|  |  | 9029572 |
|  |  | 13132568 |
| Total Financials | Total Financials | 80202677 |
| **HEALTH CARE – (10.07%)** | **HEALTH CARE – (10.07%)** | **HEALTH CARE – (10.07%)** |
| &nbsp;&nbsp; **Health Care Equipment & Services – (6.62%)** | &nbsp;&nbsp; **Health Care Equipment & Services – (6.62%)** | &nbsp;&nbsp; **Health Care Equipment & Services – (6.62%)** |
| Cigna Corp. | 16380 | 5427349 |
| Quest Diagnostics Inc. | 43500 | 6805140 |
|  |  | 12232489 |
| &nbsp;&nbsp; **Pharmaceuticals, Biotechnology & Life Sciences – (3.45%)** | &nbsp;&nbsp; **Pharmaceuticals, Biotechnology & Life Sciences – (3.45%)** | &nbsp;&nbsp; **Pharmaceuticals, Biotechnology & Life Sciences – (3.45%)** |
| Viatris Inc. | 572030 | 6366694 |
| Total Health Care | Total Health Care | 18599183 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS APPRECIATION & INCOME FUND - (CONTINUED)** | **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| | **Shares/Principal** | **Value<br> (Note 1)** |
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **INDUSTRIALS – (3.12%)** | **INDUSTRIALS – (3.12%)** | **INDUSTRIALS – (3.12%)** |
| &nbsp;&nbsp; **Capital Goods – (3.12%)** | &nbsp;&nbsp; **Capital Goods – (3.12%)** | &nbsp;&nbsp; **Capital Goods – (3.12%)** |
| Johnson Controls International plc | 29977 | $1918528 |
| Owens Corning | 45020 | 3840206 |
| Total Industrials | Total Industrials | 5758734 |
| **INFORMATION TECHNOLOGY – (13.92%)** | **INFORMATION TECHNOLOGY – (13.92%)** | **INFORMATION TECHNOLOGY – (13.92%)** |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment – (11.00%)** | &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment – (11.00%)** | &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment – (11.00%)** |
| Applied Materials, Inc. | 91198 | 8880861 |
| Intel Corp. | 144340 | 3814906 |
| Texas Instruments Inc. | 46083 | 7613834 |
|  |  | 20309601 |
| &nbsp;&nbsp; **Software & Services – (2.92%)** | &nbsp;&nbsp; **Software & Services – (2.92%)** | &nbsp;&nbsp; **Software & Services – (2.92%)** |
| Microsoft Corp. | 22511 | 5398588 |
| Total Information Technology | Total Information Technology | 25708189 |
| <br> **TOTAL COMMON STOCK – (Identified cost $116,757,416)**<br> ****  | <br> **TOTAL COMMON STOCK – (Identified cost $116,757,416)**<br> ****  | **145661774**  |
| **CORPORATE BONDS – (7.44%)** | **CORPORATE BONDS – (7.44%)** | **CORPORATE BONDS – (7.44%)** |
| **ENERGY – (1.22%)** | **ENERGY – (1.22%)** | **ENERGY – (1.22%)** |
| Occidental Petroleum Corp., Sr. Notes, 5.50%, 12/01/25 | $2250000 | 2245500 |
| Total Energy | Total Energy | 2245500 |
| **FINANCIALS – (1.82%)** | **FINANCIALS – (1.82%)** | **FINANCIALS – (1.82%)** |
| &nbsp;&nbsp; **Diversified Financials – (1.82%)** | &nbsp;&nbsp; **Diversified Financials – (1.82%)** | &nbsp;&nbsp; **Diversified Financials – (1.82%)** |
| &nbsp;&nbsp; **Capital Markets – (1.82%)** | &nbsp;&nbsp; **Capital Markets – (1.82%)** | &nbsp;&nbsp; **Capital Markets – (1.82%)** |
| Goldman Sachs Group, Inc., Sr. Notes, 4.9365% (SOFR + 0.81%), 03/09/27 (a) | 3500000 | 3360614 |
| Total Financials | Total Financials | 3360614 |
| **HEALTH CARE – (2.17%)** | **HEALTH CARE – (2.17%)** | **HEALTH CARE – (2.17%)** |
| &nbsp;&nbsp; **Health Care Equipment & Services – (1.35%)** | &nbsp;&nbsp; **Health Care Equipment & Services – (1.35%)** | &nbsp;&nbsp; **Health Care Equipment & Services – (1.35%)** |
| CVS Health Corp., Sr. Notes, 4.30%, 03/25/28 | 2575000 | 2495450 |
| &nbsp;&nbsp; **Pharmaceuticals, Biotechnology & Life Sciences – (0.82%)** | &nbsp;&nbsp; **Pharmaceuticals, Biotechnology & Life Sciences – (0.82%)** | &nbsp;&nbsp; **Pharmaceuticals, Biotechnology & Life Sciences – (0.82%)** |
| Viatris Inc., Sr. Notes, 2.70%, 06/22/30 | 1925000 | 1509118 |
| Total Health Care | Total Health Care | 4004568 |
| **INDUSTRIALS – (1.17%)** | **INDUSTRIALS – (1.17%)** | **INDUSTRIALS – (1.17%)** |
| &nbsp;&nbsp; **Capital Goods – (1.17%)** | &nbsp;&nbsp; **Capital Goods – (1.17%)** | &nbsp;&nbsp; **Capital Goods – (1.17%)** |
| General Electric Co., Sr. Notes, 5.0791% (3 mo. LIBOR US + 1.00%),<br> 04/15/23 (a) | 2165000 | 2165361 |
| Total Industrials | Total Industrials | 2165361 |
| **INFORMATION TECHNOLOGY – (1.06%)** | **INFORMATION TECHNOLOGY – (1.06%)** | **INFORMATION TECHNOLOGY – (1.06%)** |
| &nbsp;&nbsp; **Technology Hardware & Equipment – (1.06%)** | &nbsp;&nbsp; **Technology Hardware & Equipment – (1.06%)** | &nbsp;&nbsp; **Technology Hardware & Equipment – (1.06%)** |
| Dell International LLC EMC Corp., Sr. Notes, 8.10%, 07/15/36 | 1750000 | 1967882 |
| Total Information Technology | Total Information Technology | 1967882 |
| <br> **TOTAL CORPORATE BONDS – (Identified cost $15,200,621)**<br> ****  | <br> **TOTAL CORPORATE BONDS – (Identified cost $15,200,621)**<br> ****  | **13743925**  |
| **MORTGAGES – (8.18%)** | **MORTGAGES – (8.18%)** | **MORTGAGES – (8.18%)** |
| Brean Asset Backed Securities Trust, Series 2021-RM1, Class A, 144A,<br> 1.40%, 10/25/63 (b) | 1820823 | 1549376 |
| Brean Asset Backed Securities Trust, Series 2021-RM2, Class A, 144A,<br> 1.75%, 10/25/61 (b) | 563132 | 491554 |
| Brean Asset Backed Securities Trust, Series 2022-RM3, Class A, 144A,<br> 1.75%, 02/25/62 (b) | 1109310 | 967288 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS APPRECIATION & INCOME FUND - (CONTINUED)** | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal** | **Value<br> (Note 1)** |
| **MORTGAGES – (CONTINUED)** | **MORTGAGES – (CONTINUED)** | **MORTGAGES – (CONTINUED)** | **MORTGAGES – (CONTINUED)** |
|  | Fannie Mae, 4.50%, 10/01/33, Pool No. AL8809 | 728026 | $730261 |
|  | Fannie Mae, 1.62%, 09/01/51, Pool No. BT4507 | 1696620 | 1472279 |
|  | Freddie Mac, 2.00%, 10/25/40 | 423485 | 390311 |
|  | Freddie Mac, 5.00%, 06/01/44, Pool No. G60660 | 966051 | 985290 |
|  | Ginnie Mae, Series 2020-H16, 4.3894% (1 mo. LIBOR US + 1.25%),<br> 09/20/70 (a) | 1255506 | 1274671 |
|  | Ginnie Mae, Series 2022-207, 7.00%, 12/20/62 | 1500000 | 1569375 |
|  | GS Mortgage Securities Trust, Series 2013-GC12, Class B, 3.777%,<br> 06/10/46 | 1600619 | 1581962 |
|  | IMS Ecuadorian Mortgage Trust, Series 2021-1, 144A, 3.40%, 08/18/43<br> (b) | 1232574 | 1140131 |
|  | Morgan Stanley BAML Trust, Series 2013-C7, Class AS, 3.214%,<br> 02/15/46 | 970593 | 965300 |
|  | Morgan Stanley BAML Trust, Series 2014-C19, Class A3, 3.246%,<br> 12/15/47 | 2042408 | 1977373 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGES – (Identified cost $16,014,418)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGES – (Identified cost $16,014,418)**<br> ****  | 15095171 |
| **MUNICIPAL BONDS – (0.87%)** | **MUNICIPAL BONDS – (0.87%)** | **MUNICIPAL BONDS – (0.87%)** | **MUNICIPAL BONDS – (0.87%)** |
|  | American Eagle Northwest, LLC, Washington Military Housing<br> Revenue Taxable Bonds, Series 2005-A, 5.48%, 12/15/28 | 1625000 | 1607092 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS – (Identified cost $1,783,877)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS – (Identified cost $1,783,877)**<br> ****  | 1607092 |
| **SHORT-TERM INVESTMENTS – (4.50%)** | **SHORT-TERM INVESTMENTS – (4.50%)** | **SHORT-TERM INVESTMENTS – (4.50%)** | **SHORT-TERM INVESTMENTS – (4.50%)** |
|  | StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 01/03/23,<br> dated 12/30/22, repurchase value of $4,419,110 (collateralized by: U.S.<br> Government agency mortgages and obligations in a pooled cash<br> account, 0.00%-8.50%, 12/31/22-10/20/71, total market value<br> $4,505,340) | 4417000 | 4417000 |
|  | Truist Securities, Inc. Joint Repurchase Agreement, 4.28%, 01/03/23,<br> dated 12/30/22, repurchase value of $3,899,854 (collateralized by: U.S.<br> Government agency mortgages in a pooled cash account, 2.50%-6.50%,<br> 08/01/28-12/01/52, total market value $3,975,960) | 3898000 | 3898000 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,315,000)<br>**  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,315,000)<br>**  | 8315000 |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (99.87%) – (Identified cost $158,071,332) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (99.87%) – (Identified cost $158,071,332) | &nbsp;&nbsp;&nbsp;&nbsp; 184422962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets Less Liabilities – (0.13%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets Less Liabilities – (0.13%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243288 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | $&nbsp;&nbsp;&nbsp;&nbsp; 184666250 |
|  | LIBOR: London Inter-Bank Offered Rate | LIBOR: London Inter-Bank Offered Rate | LIBOR: London Inter-Bank Offered Rate |
|  | SOFR: Secured Overnight Financing Rate | SOFR: Secured Overnight Financing Rate | SOFR: Secured Overnight Financing Rate |
| \* | Non-income producing security. | Non-income producing security. | Non-income producing security. |
| (a) | The interest rates on floating rate securities, shown as of December 31, 2022, may change daily or less frequently and are based on a published reference rate and basis point spread. | The interest rates on floating rate securities, shown as of December 31, 2022, may change daily or less frequently and are based on a published reference rate and basis point spread. | The interest rates on floating rate securities, shown as of December 31, 2022, 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 Board of Directors of the Fund has determined that there is sufficient liquidity in these securities to realize current valuations. These securities amounted to $4,148,349 or 2.25% of the Fund's net assets as of December 31, 2022. | 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 $4,148,349 or 2.25% of the Fund's net assets as of December 31, 2022. | 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 $4,148,349 or 2.25% of the Fund's net assets as of December 31, 2022. |
| ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS REAL ESTATE FUND** | **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 1)** |
| **COMMON STOCK – (96.32%)** | **COMMON STOCK – (96.32%)** | **COMMON STOCK – (96.32%)** |
| **COMMUNICATION SERVICES – (1.31%)** | **COMMUNICATION SERVICES – (1.31%)** | **COMMUNICATION SERVICES – (1.31%)** |
| &nbsp;&nbsp; **Telecommunication Services – (1.31%)** | &nbsp;&nbsp; **Telecommunication Services – (1.31%)** | &nbsp;&nbsp; **Telecommunication Services – (1.31%)** |
| &nbsp;&nbsp; **Integrated Telecommunication Services – (1.31%)** | &nbsp;&nbsp; **Integrated Telecommunication Services – (1.31%)** | &nbsp;&nbsp; **Integrated Telecommunication Services – (1.31%)** |
| Radius Global Infrastructure, Inc., Class A \* | 201130 | $2377357 |
| Total Communication Services | Total Communication Services | 2377357 |
| **REAL ESTATE – (95.01%)** | **REAL ESTATE – (95.01%)** | **REAL ESTATE – (95.01%)** |
| &nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) – (95.01%)** | &nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) – (95.01%)** | &nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) – (95.01%)** |
| &nbsp;&nbsp; **Diversified REITs – (1.40%)** | &nbsp;&nbsp; **Diversified REITs – (1.40%)** | &nbsp;&nbsp; **Diversified REITs – (1.40%)** |
| STORE Capital Corp. | 78670 | 2522160 |
| &nbsp;&nbsp; **Health Care REITs – (6.36%)** | &nbsp;&nbsp; **Health Care REITs – (6.36%)** | &nbsp;&nbsp; **Health Care REITs – (6.36%)** |
| Healthpeak Properties, Inc. | 77790 | 1950195 |
| Ventas, Inc. | 115450 | 5201023 |
| Welltower Inc. | 66160 | 4336788 |
|  |  | 11488006 |
| &nbsp;&nbsp; **Hotel & Resort REITs – (3.63%)** | &nbsp;&nbsp; **Hotel & Resort REITs – (3.63%)** | &nbsp;&nbsp; **Hotel & Resort REITs – (3.63%)** |
| Host Hotels & Resorts Inc. | 180621 | 2898967 |
| Sunstone Hotel Investors, Inc. | 379030 | 3661430 |
|  |  | 6560397 |
| &nbsp;&nbsp; **Industrial REITs – (15.67%)** | &nbsp;&nbsp; **Industrial REITs – (15.67%)** | &nbsp;&nbsp; **Industrial REITs – (15.67%)** |
| Americold Realty Trust, Inc. | 39940 | 1130701 |
| Innovative Industrial Properties, Inc. | 21500 | 2179025 |
| Prologis, Inc. | 114776 | 12938699 |
| Rexford Industrial Realty, Inc. | 118048 | 6450143 |
| Terreno Realty Corp. | 98729 | 5614718 |
|  |  | 28313286 |
| &nbsp;&nbsp; **Office REITs – (13.28%)** | &nbsp;&nbsp; **Office REITs – (13.28%)** | &nbsp;&nbsp; **Office REITs – (13.28%)** |
| Alexandria Real Estate Equities, Inc. | 51803 | 7546143 |
| Boston Properties, Inc. | 26146 | 1766947 |
| Cousins Properties, Inc. | 206359 | 5218819 |
| Derwent London plc (United Kingdom) | 40000 | 1145118 |
| Douglas Emmett, Inc. | 211480 | 3316006 |
| Great Portland Estates plc (United Kingdom) | 173000 | 1035284 |
| Highwoods Properties, Inc. | 67440 | 1886971 |
| Hudson Pacific Properties, Inc. | 213590 | 2078231 |
|  |  | 23993519 |
| &nbsp;&nbsp; **Residential REITs – (16.94%)** | &nbsp;&nbsp; **Residential REITs – (16.94%)** | &nbsp;&nbsp; **Residential REITs – (16.94%)** |
| American Homes 4 Rent, Class A | 124160 | 3742182 |
| AvalonBay Communities, Inc. | 41428 | 6691451 |
| Camden Property Trust | 34255 | 3832450 |
| Equity Residential | 65170 | 3845030 |
| Essex Property Trust, Inc. | 29234 | 6195269 |
| Sun Communities, Inc. | 14820 | 2119260 |
| UDR, Inc. | 107940 | 4180516 |
|  |  | 30606158 |
| &nbsp;&nbsp; **Retail REITs – (12.72%)** | &nbsp;&nbsp; **Retail REITs – (12.72%)** | &nbsp;&nbsp; **Retail REITs – (12.72%)** |
| Brixmor Property Group, Inc. | 315560 | 7153745 |
| Federal Realty Investment Trust | 25539 | 2580461 |
| NetSTREIT Corp. | 122390 | 2243409 |
| Retail Opportunity Investments Corp. | 243644 | 3661969 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Schedule of Investments** |
| **DAVIS REAL ESTATE FUND - (CONTINUED)** | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/Principal** | **Value<br> (Note 1)** |
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
|  | **REAL ESTATE – (CONTINUED)** | **REAL ESTATE – (CONTINUED)** | **REAL ESTATE – (CONTINUED)** |
|  | &nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) – (Continued)** | &nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) – (Continued)** | &nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) – (Continued)** |
| | &nbsp;&nbsp; **Retail REITs – (Continued)** | &nbsp;&nbsp; **Retail REITs – (Continued)** | &nbsp;&nbsp; **Retail REITs – (Continued)** |
|  | Simon Property Group, Inc. | 62476 | $7339680 |
|  |  |  | 22979264 |
|  | &nbsp;&nbsp; **Specialized REITs – (25.01%)** | &nbsp;&nbsp; **Specialized REITs – (25.01%)** | &nbsp;&nbsp; **Specialized REITs – (25.01%)** |
|  | American Tower Corp. | 32190 | 6819773 |
|  | Crown Castle Inc. | 39950 | 5418818 |
|  | CubeSmart | 63120 | 2540580 |
|  | Digital Realty Trust, Inc. | 50345 | 5048093 |
|  | Equinix, Inc. | 12420 | 8135473 |
|  | Extra Space Storage Inc. | 24177 | 3558371 |
|  | Life Storage, Inc. | 28290 | 2786565 |
|  | Public Storage | 30501 | 8546075 |
|  | VICI Properties Inc. | 71610 | 2320164 |
|  |  |  | 45173912 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate | 171636702 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK – (Identified cost $159,292,738)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK – (Identified cost $159,292,738)**<br> ****  | 174014059 |
| **SHORT-TERM INVESTMENTS – (3.17%)** | **SHORT-TERM INVESTMENTS – (3.17%)** | **SHORT-TERM INVESTMENTS – (3.17%)** | **SHORT-TERM INVESTMENTS – (3.17%)** |
|  | StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 01/03/23,<br> dated 12/30/22, repurchase value of $3,043,453 (collateralized by: U.S.<br> Government agency mortgages and obligations in a pooled cash<br> account, 0.00%-8.50%, 12/31/22-10/20/71, total market value<br> $3,102,840) | $3042000 | 3042000 |
|  | Truist Securities, Inc. Joint Repurchase Agreement, 4.28%, 01/03/23,<br> dated 12/30/22, repurchase value of $2,685,276 (collateralized by: U.S.<br> Government agency mortgages in a pooled cash account, 3.50%-5.00%,<br> 07/01/31-12/01/52, total market value $2,737,680) | 2684000 | 2684000 |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,726,000)**<br> ****  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,726,000)**<br> ****  | 5726000 |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (99.49%) – (Identified cost $165,018,738) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments – (99.49%) – (Identified cost $165,018,738) | &nbsp;&nbsp;&nbsp;&nbsp; 179740059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets Less Liabilities – (0.51%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets Less Liabilities – (0.51%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 916606 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets – (100.00%) | $&nbsp;&nbsp;&nbsp;&nbsp; 180656665 |
| \* | Non-income producing security. | Non-income producing security. | Non-income producing security. |
| ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Statements of Assets and Liabilities** |
|  | **At December 31, 2022** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Davis**<br> **Opportunity**<br> **Fund** | **Davis**<br> **Government**<br> **Bond Fund** | **Davis**<br> **Government**<br> **Money Market**<br> **Fund** | **Davis Financial**<br> **Fund** | **Davis**<br> **Appreciation &**<br> **Income Fund** | **Davis Real Estate**<br> **Fund** |
| <br> **ASSETS:** |  |  |  |  |  |  |
| Investments in securities, at value\*<br> (see accompanying Schedule of<br> Investments): |  |  |  |  |  |  |
| Unaffiliated investments | $465583730 | $21005999 | $38053843 | $837969945 | $176107962 | $174014059 |
| Repurchase agreements | 8161000 | &nbsp;&nbsp;&nbsp;&nbsp; 479000 | 83364000 | 4547000 | 8315000 | 5726000 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594 |
| Receivables: |  |  |  |  |  |  |
| Capital stock sold | &nbsp;&nbsp;&nbsp;&nbsp; 603057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5215 | 9227240 | 1040870 | &nbsp;&nbsp;&nbsp;&nbsp; 471152 | &nbsp;&nbsp;&nbsp;&nbsp; 484797 |
| Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp; 513305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46795 | &nbsp;&nbsp;&nbsp;&nbsp; 133326 | 2067326 | &nbsp;&nbsp;&nbsp;&nbsp; 260602 | &nbsp;&nbsp;&nbsp;&nbsp; 806059 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8589 |
| Due from Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 |
| **Total assets** | **474925112** | **21542676** | **130783482** | **845658649** | **185163610** | **181040403** |
| **** <br>**LIABILITIES:** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| Capital stock redeemed | 2185121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18200 | 7211333 | 1224217 | &nbsp;&nbsp;&nbsp;&nbsp; 288813 | &nbsp;&nbsp;&nbsp;&nbsp; 164866 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp; 482840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| Accrued audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22645 |
| Accrued custodian fees | &nbsp;&nbsp;&nbsp;&nbsp; 104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32300 | &nbsp;&nbsp;&nbsp;&nbsp; 137050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32000 |
| Accrued distribution and service<br> plan fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 174667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30206 |
| Accrued investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 232707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37168 | &nbsp;&nbsp;&nbsp;&nbsp; 412324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90897 |
| Accrued transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21975 | &nbsp;&nbsp;&nbsp;&nbsp; 126920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29207 |
| Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13917 |
| **Total liabilities** | **3184711** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **82447** | **7347468** | **2123742** | &nbsp;&nbsp;&nbsp;&nbsp; **497360** | &nbsp;&nbsp;&nbsp;&nbsp; **383738** |
| **NET ASSETS** | $**471740401** | $**21460229** | $**123436014** | $**843534907** | $**184666250** | $**180656665** |
| <br> **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Par value of shares of capital stock | $&nbsp;&nbsp;&nbsp;&nbsp; 139506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43031 | $1234360 | $&nbsp;&nbsp;&nbsp;&nbsp; 177098 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46460 |
| <br>Additional paid-in capital | 345777648 | 27686099 | 122166290 | 559729926 | 163062418 | 167745901 |
| <br>Distributable earnings (losses) | 125823247 | (6268901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35364 | 283627883 | 21563453 | 12864304 |
| **Net Assets** | $**471740401** | $**21460229** | $**123436014** | $**843534907** | $**184666250** | $**180656665** |
| <br> \*Including: |  |  |  |  |  |  |
| Cost of unaffiliated investments | $341499015 | $22460107 | $38053843 | $572635992 | $149756332 | $159292738 |
| Cost of repurchase agreements | 8161000 | &nbsp;&nbsp;&nbsp;&nbsp; 479000 | 83364000 | 4547000 | 8315000 | 5726000 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Statements of Assets and Liabilities - (Continued)** |
|  | **At December 31, 2022** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Davis**<br> **Opportunity**<br> **Fund** | **Davis**<br> **Government**<br> **Bond Fund** | **Davis**<br> **Government**<br> **Money Market**<br> **Fund** | **Davis Financial**<br> **Fund** | **Davis**<br> **Appreciation &**<br> **Income Fund** | **Davis Real Estate**<br> **Fund** |
| **** <br>**CLASS A SHARES:** |  |  |  |  |  |  |
| Net assets | $265762566 | $17817947 | $117934250 | $378784076 | $104139879 | $99332244 |
| Shares outstanding | 7997103 | 3576703 | 117934250 | 7938681 | 2281173 | 2570731 |
| Net asset value and redemption<br> price per share (Net assets ÷<br> Shares outstanding) | $33.23 | $4.98 | $1.00 | $47.71 | $45.65 | $38.64 |
| Maximum offering price per share<br> (100/95.25 of net asset value)† | $34.89 | $5.23 | $NA | $50.09 | $47.93 | $40.57 |
| **** <br>**CLASS C SHARES:** |  |  |  |  |  |  |
| Net assets | $12419213 | $&nbsp;&nbsp;&nbsp;&nbsp; 541811 | $1292572 | $60375463 | $2178547 | $2276544 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 523627 | &nbsp;&nbsp;&nbsp;&nbsp; 109226 | 1292572 | 1612606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58922 |
| Net asset value, offering, and<br> redemption price per share (Net<br> assets ÷ Shares outstanding) | $23.72 | $4.96 | $1.00 | $37.44 | $45.51 | $38.64 |
| **** <br>**CLASS Y SHARES:** |  |  |  |  |  |  |
| Net assets | $193558622 | $3100471 | $4209192 | $404375368 | $78347824 | $79047877 |
| Shares outstanding | 5429823 | &nbsp;&nbsp;&nbsp;&nbsp; 617146 | 4209192 | 8158544 | 1708834 | 2016308 |
| Net asset value, offering, and<br> redemption price per share (Net<br> assets ÷ Shares outstanding) | $35.65 | $5.02 | $1.00 | $49.56 | $45.85 | $39.20 |

---

†On purchases of $100,000 or more, the offering price is reduced.<br>

***See Notes to Financial Statements***<br>

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Statements of Operations** |
|  | **For the year ended December 31, 2022** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Davis**<br> **Opportunity**<br> **Fund** | **Davis**<br> **Government**<br> **Bond Fund** | **Davis**<br> **Government**<br> **Money Market**<br> **Fund** | **Davis Financial**<br> **Fund** | **Davis**<br> **Appreciation &**<br> **Income Fund** | **Davis Real Estate**<br> **Fund** |
| **** <br>**INVESTMENT INCOME:** |  |  |  |  |  |  |
| **Income:** |  |  |  |  |  |  |
| Dividends\* | $8518973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $23198277 | $2763278 | $5525311 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 227485 | &nbsp;&nbsp;&nbsp;&nbsp; 359284 | 1737705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90927 | &nbsp;&nbsp;&nbsp;&nbsp; 957961 | &nbsp;&nbsp;&nbsp;&nbsp; 120146 |
| Net securities lending fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 322922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total income** | **8746458** | &nbsp;&nbsp;&nbsp;&nbsp; **359284** | **1737705** | **23612126** | **3721239** | **5645457** |
| **** <br>**Expenses:** |  |  |  |  |  |  |
| Investment advisory fees (Note 3) | 2796217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75453 | &nbsp;&nbsp;&nbsp;&nbsp; 349301 | 5144178 | 1086173 | 1191966 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp; 117394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40271 | &nbsp;&nbsp;&nbsp;&nbsp; 160522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38618 |
| Transfer agent fees: |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 252654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50864 | &nbsp;&nbsp;&nbsp;&nbsp; 120813 | &nbsp;&nbsp;&nbsp;&nbsp; 388967 | &nbsp;&nbsp;&nbsp;&nbsp; 121759 | &nbsp;&nbsp;&nbsp;&nbsp; 143809 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8069 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 118562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4780 | &nbsp;&nbsp;&nbsp;&nbsp; 498853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66942 |
| Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36895 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6338 |
| Accounting fees (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10002 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11630 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18215 | &nbsp;&nbsp;&nbsp;&nbsp; 131486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32811 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49462 |
| Excise tax expense (Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| Expenses recaptured by Adviser<br> (Note 3): |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25332 |
| Distribution and service plan fees (Note 3): |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 620612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 981353 | &nbsp;&nbsp;&nbsp;&nbsp; 261731 | &nbsp;&nbsp;&nbsp;&nbsp; 231736 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 146366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 687786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28645 |
| **Total expenses** | **4362338** | &nbsp;&nbsp;&nbsp;&nbsp; **308955** | &nbsp;&nbsp;&nbsp;&nbsp; **703840** | **8379903** | **1732622** | **1882255** |
| Reimbursement/waiver of expenses<br> by Adviser (Note 3): |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; (50355) | (169731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5135) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Net expenses** | **4360673** | &nbsp;&nbsp;&nbsp;&nbsp; **243285** | &nbsp;&nbsp;&nbsp;&nbsp; **525257** | **8379903** | **1726647** | **1877120** |
| **Net investment income** | **4385785** | &nbsp;&nbsp;&nbsp;&nbsp; **115999** | **1212448** | **15232223** | **1994592** | **3768337** |
| **** <br>**REALIZED AND**<br> **UNREALIZED GAIN (LOSS)**<br> **ON INVESTMENTS AND**<br> **FOREIGN CURRENCY**<br> **TRANSACTIONS:** |  |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |  |
| Investment transactions | (1030673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | 38003085 | (4594219) | 1349389 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; (77251) | &nbsp;&nbsp;&nbsp;&nbsp; (15554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3711) |
| **Net realized gain (loss)** | **(1035457)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **137** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **–** | **37925834** | **(4609773)** | **1345678** |
| Net increase (decrease) in<br> unrealized appreciation<br> (depreciation) | (87301764) | (1436254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | (150239878) | (32466766) | (74513208) |
| **Net realized and unrealized**<br> **loss on investments and**<br> **foreign currency**<br> **transactions** | **(88337221)** | **(1436117)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **–** | **(112314044)** | **(37076539)** | **(73167530)** |
| **Net increase (decrease) in net**<br> **assets resulting from operations** | $**(83951436)** | $**(1320118)** | $**1212448** | $**(97081821)** | $**(35081947)** | $**(69399193)** |
| <br>\*Net of foreign taxes withheld of | $&nbsp;&nbsp;&nbsp;&nbsp; 113460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; 603487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725 |

---

***See Notes to Financial Statements***<br>

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Statements of Changes in Net Assets** |
|  | **For the year ended December 31, 2022** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Davis**<br> **Opportunity**<br> **Fund** | **Davis**<br> **Government**<br> **Bond Fund** | **Davis**<br> **Government**<br> **Money Market**<br> **Fund** | **Davis Financial**<br> **Fund** | **Davis**<br> **Appreciation &**<br> **Income Fund** | **Davis Real Estate**<br> **Fund** |
| **** <br>**OPERATIONS:** |  |  |  |  |  |  |
| Net investment income | $4385785 | $&nbsp;&nbsp;&nbsp;&nbsp; 115999 | $1212448 | $15232223 | $1994592 | $3768337 |
| Net realized gain (loss) from<br> investments and foreign currency<br> transactions | (1035457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | 37925834 | (4609773) | 1345678 |
| Net increase (decrease) in<br> unrealized appreciation<br> (depreciation) on investments and<br> foreign currency transactions | (87301764) | (1436254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | (150239878) | (32466766) | (74513208) |
| **Net increase (decrease) in net**<br> **assets resulting from**<br> **operations** | **(83951436)** | **(1320118)** | **1212448** | **(97081821)** | **(35081947)** | **(69399193)** |
| **** <br>**DIVIDENDS AND**<br> **DISTRIBUTIONS TO**<br> **SHAREHOLDERS:** |  |  |  |  |  |  |
| Class A | (21129914) | (151670) | (1149819) | (12727253) | (2695394) | (5210340) |
| Class C | (1292607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; (15005) | (1838537) | &nbsp;&nbsp;&nbsp;&nbsp; (46148) | &nbsp;&nbsp;&nbsp;&nbsp; (97445) |
| Class Y | (15132101) | &nbsp;&nbsp;&nbsp;&nbsp; (57227) | &nbsp;&nbsp;&nbsp;&nbsp; (47624) | (14269487) | (2286964) | (4225908) |
| **** <br>**CAPITAL SHARE**<br> **TRANSACTIONS:** |  |  |  |  |  |  |
| Net increase (decrease) in net<br> assets resulting from capital share<br> transactions (Note 4): |  |  |  |  |  |  |
| Class A | (4642940) | (2648803) | (22072440) | (16800977) | (1859923) | (9024478) |
| Class C | (2654593) | &nbsp;&nbsp;&nbsp;&nbsp; (17117) | (409414) | (9338632) | (767984) | (681605) |
| Class Y | (2732749) | 1246639 | (497668) | (30428188) | (1580316) | 9141548 |
| **** <br>**Total decrease in net assets** | **(131536340)** | **(2948296)** | **(22979522)** | **(182484895)** | **(44318676)** | **(79497421)** |
| **<br> NET ASSETS:** |  |  |  |  |  |  |
| Beginning of year | 603276741 | 24408525 | 146415536 | 1026019802 | 228984926 | 260154086 |
| **End of year** | $**471740401** | $**21460229** | $**123436014** | $**843534907** | $**184666250** | $**180656665** |

---

***See Notes to Financial Statements***<br>

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Statements of Changes in Net Assets** |
|  | **For the year ended December 31, 2021** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Davis**<br> **Opportunity**<br> **Fund** | **Davis**<br> **Government**<br> **Bond Fund** | **Davis**<br> **Government**<br> **Money Market**<br> **Fund** | **Davis Financial**<br> **Fund** | **Davis**<br> **Appreciation &**<br> **Income Fund** | **Davis Real Estate**<br> **Fund** |
| **** <br>**OPERATIONS:** |  |  |  |  |  |  |
| Net investment income | $2174613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49592 | $10255954 | $1132745 | $2154443 |
| Net realized gain from investments<br> and foreign currency transactions | 90743380 | &nbsp;&nbsp;&nbsp;&nbsp; 101933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | 49232759 | 12640372 | 15432871 |
| Net change in unrealized<br> appreciation (depreciation) on<br> investments and foreign currency<br> transactions | 29105551 | (523423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | 180585451 | 32837469 | 63037078 |
| **Net increase (decrease) in net**<br> **assets resulting from**<br> **operations** | **122023544** | **(400661)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **49592** | **240074164** | **46610586** | **80624392** |
| **** <br>**DIVIDENDS AND**<br> **DISTRIBUTIONS TO**<br> **SHAREHOLDERS:** |  |  |  |  |  |  |
| Class A | (28631055) | (135023) | &nbsp;&nbsp;&nbsp;&nbsp; (46968) | (28406735) | (361758) | (1656067) |
| Class C | (2064586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628) | (5480730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; (15863) |
| Class Y | (20619295) | &nbsp;&nbsp;&nbsp;&nbsp; (17074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1996) | (31175714) | (544343) | (1265086) |
| **** <br>**CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Net increase (decrease) in net<br> assets resulting from capital share<br> transactions (Note 4): |  |  |  |  |  |  |
| Class A | 8998332 | (4836716) | 3451931 | 16245089 | (2692671) | (12641046) |
| Class C | (2028882) | (1190763) | (369662) | (831249) | (2087618) | (876069) |
| Class Y | 20832016 | &nbsp;&nbsp;&nbsp;&nbsp; 174846 | (2569323) | 69250077 | 5221495 | 4738359 |
| **** <br>**Total increase (decrease) in** <br> **net assets** | **98510074** | **(6405391)** | &nbsp;&nbsp;&nbsp;&nbsp; **512946** | **259674902** | **46145691** | **68908620** |
| **** <br>**NET ASSETS:** |  |  |  |  |  |  |
| Beginning of year | 504766667 | 30813916 | 145902590 | 766344900 | 182839235 | 191245466 |
| **End of year** | $**603276741** | $**24408525** | $**146415536** | $**1026019802** | $**228984926** | $**260154086** |

---

***See Notes to Financial Statements***<br>

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Notes to Financial Statements** |
|  | **December 31, 2022** |

---

#### NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Davis Series, Inc. (a Maryland corporation) ("Company") is registered under the Investment Company Act of 1940 ("1940 Act") as amended, as an open-end management investment company. The Company follows the reporting guidance of the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification Topic 946, Financial Services – Investment Companies*. Davis Opportunity Fund, Davis Government Bond Fund, Davis Government Money Market Fund, Davis Appreciation & Income Fund, and Davis Real Estate Fund are diversified under the 1940 Act. Davis Financial Fund is non-diversified under the 1940 Act. The Company operates as a series issuing shares of common stock in the following six funds (collectively "Funds"):

**Davis Opportunity Fund** seeks to achieve long-term growth of capital. It invests primarily in common stocks and other equity securities, and may invest in both domestic and foreign issuers.

**Davis Government Bond Fund** seeks to achieve current income. It invests in debt securities which are obligations of, or which are guaranteed by, the U.S. Government, its agencies or instrumentalities.

**Davis Government Money Market Fund** seeks to achieve as high a level of current income as is consistent with the principle of preservation of capital and maintenance of liquidity.

The Fund is a money market fund that seeks to preserve the value of your investment at $1.00 per share. There can be no guarantee that the Fund will be successful in maintaining a $1.00 share price.

It invests exclusively in U.S. Treasury securities, U.S. Government agency securities, U.S. Government agency mortgage securities (collectively "U.S. Government Securities"), and repurchase agreements collateralized by U.S. Government Securities. The Fund seeks to maintain liquidity and preserve capital by carefully monitoring the maturity of its investments. The Fund's portfolio maintains a dollar-weighted average maturity of sixty days or less.

**Davis Financial Fund** seeks to achieve long-term growth of capital. It invests primarily in common stocks and other equity securities and will concentrate investments in companies principally engaged in the banking, insurance, and financial service industries.

**Davis Appreciation & Income Fund** seeks to achieve total return through a combination of growth and income. Under normal circumstances, the Fund invests in a diversified portfolio of common stock, preferred stock, and fixed income securities, which could consist of both investment grade and high-yield, high-risk debt securities ("junk bonds"). The Fund may hold securities in default, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently default.

**Davis Real Estate Fund** seeks to achieve total return through a combination of growth and income. It invests primarily in securities of companies principally engaged in or related to the real estate industry or which own significant real estate assets or which primarily invest in real estate financial instruments.

Because of the risk inherent in any investment program, the Company cannot ensure that the investment objective of its Funds will be achieved. The COVID-19 pandemic has caused market disruptions on a global scale and the long-term impact is uncertain. The aforementioned disruptions may adversely affect the value and liquidity of the Funds' investments and thus performance of the Funds.

The Company accounts separately for the assets, liabilities, and operations of each Fund. Each Fund offers Class A, Class C, and Class Y shares. Class A shares are sold with a front-end sales charge, except for shares of Davis Government Money Market Fund, which are sold at net asset value. Class C shares are sold at net asset value and may be subject to a contingent deferred sales charge upon redemption. Effective May 1 2021, Class C shares automatically convert to Class A shares after 8 years. Any existing Class C shares held longer than 8 years as of May 1, 2021 converted in May 2021. Class Y shares are sold at net asset value and are not subject to any contingent deferred sales charge upon redemption. Class Y shares are only available to certain qualified investors. Income, expenses (other than those attributable to a specific class), and gains and losses are allocated daily to each class based upon the relative proportion of net assets represented by each class. Operating expenses directly attributable to a specific class, such as distribution and transfer agent fees, are charged against the operations of that class. All expenses for Davis Government Money Market Fund are allocated evenly across all classes of shares based upon the relative portion of net assets represented by each class. All classes have identical rights with respect to voting (exclusive of each class' distribution arrangement), liquidation, and distributions. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Notes to Financial Statements - (Continued)** |
|  | **December 31, 2022** |

---

#### NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)

***Security Valuation*** - The Funds' Board of Directors has designated Davis Selected Advisers, L.P. ("Davis Advisors" or "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 are valued at amortized cost, which approximates market value. For Davis Government Money Market Fund, in compliance with Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates market 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 – <br>| quoted prices in active markets for identical securities |
| Level 2 – <br>| other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 – <br>| significant unobservable inputs (including the Fund's own assumptions in determining the fair value of<br> 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. Money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Notes to Financial Statements - (Continued)** |
|  | **December 31, 2022** |

---

#### Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of December 31, 2022 in valuing each Fund's investments carried at value:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Investments in Securities at Value** |
|  |<br>**Davis**<br>**Opportunity**<br>**Fund** |<br>**Davis**<br>**Government**<br>**Bond Fund** | **Davis**<br>**Government**<br>**Money Market**<br>**Fund** |<br>**Davis**<br>**Financial**<br>**Fund** | **Davis**<br>**Appreciation**<br>**& Income**<br>**Fund** |<br>**Davis**<br>**Real Estate**<br>**Fund** |
| <u>Valuation Inputs</u> |  |  |  |  |  |  |
| **Level 1 – Quoted Prices:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Common Stock</u>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $18478462 | $– | $– | $– | $10645311 | $2377357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 24879020 | – | – | 23407776 | 4747680 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 11864310 | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 110111577 | – | – | 814562169 | 80202677 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 131200570 | – | – | – | 18599183 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 104468135 | – | – | – | 5758734 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 42868136 | – | – | – | 25708189 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 21600515 | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | – | – | – | – | – | 171636702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Level 1** | **465470725** | **–** | **–** | **837969945** | **145661774** | **174014059** |
| <br> **Level 2 – Other Significant** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Observable Inputs:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Debt securities issued by U.S. Treasury and U.S. Government corporations and agencies</u>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term | – | 380150 | 38053843 | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | – | – | – | – | 13743925 | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgages | – | 20625849 | – | – | 15095171 | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | – | – | – | – | 1607092 | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 8161000 | 479000 | 83364000 | 4547000 | 8315000 | 5726000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Level 2** | **8161000** | **21484999** | **121417843** | **4547000** | **38761188** | **5726000** |
| <br> **Level 3 – Significant Unobservable** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Inputs:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Common Stock</u>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 113005 | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Level 3** | **113005** | **–** | **–** | **–** | **–** | **–** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $**473744730** | $**21484999** | $**121417843** | $**842516945** | $**184422962** | $**179740059** |

---

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the year ended December 31, 2022. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at December 31, 2022 was $(4,994) for Davis Opportunity Fund. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) are included in the related amounts on investments in the Statements of Operations.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Balance at**<br> **January 1,**<br> **2022** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) | **Net Realized**<br> **Gain (Loss)** | **Transfers**<br> **into**<br> **Level 3** | **Transfers**<br> **out of**<br> **Level 3** | **Ending**<br> **Balance at**<br> **December 31,**<br> **2022** |
| **Davis Opportunity Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ***Investments in Securities:*** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $117999 | $– | $– | $(4994) | $– | $– | $– | $113005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Level 3** | $**117999** | $**–** | $**–** | $**(4994)** | $**–** | $**–** | $**–** | $**113005** |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Notes to Financial Statements - (Continued)** |
|  | **December 31, 2022** |

---

#### NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br>**December 31, 2022** | **Valuation**<br>**Technique** | **Unobservable**<br>**Input** | <br>**Amount** | **Impact to**<br> **Valuation from**<br>**an Increase in Input** |
| **Davis Opportunity Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ***Investments in Securities:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $113005 | Discounted Cash Flow | Annualized Yield | 5.406% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Level 3** | $**113005** |  |  |  |  |

---

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.

***Repurchase Agreements*** - Repurchase agreements are transactions under which a Fund purchases a security from a dealer counterparty and agrees to resell the security to that counterparty on a specified future date at the same price, plus a specified interest rate. The Fund's repurchase agreements are secured by U.S. government or agency securities. It is the Fund's policy that its regular custodian or third party custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

***Currency Translation*** - The market values of all assets and liabilities denominated in foreign currencies are recorded in the financial statements after translation to United States Dollar ("USD") on the date of valuation using exchange rates determined as of the close of trading on the Exchange. The cost basis of such assets and liabilities is determined based upon historical exchange rates. Income and expenses are translated at average exchange rates in effect as accrued or incurred.

***Foreign Currency*** - The Funds may enter into forward purchases or sales of foreign currencies to hedge certain foreign currency denominated assets and liabilities against declines in market value relative to USD. Forward currency contracts are marked-to-market daily and the change in market value is recorded by the Funds as an unrealized gain or loss. When the forward currency contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the forward currency contract at the time it was opened and value at the time it was closed. Investments in forward currency contracts may expose the Funds to risks resulting from unanticipated movements in foreign currency exchange rates or failure of the counter-party to the agreement to perform in accordance with the terms of the contract. There were no forward contracts entered into by the Funds.

Reported net realized foreign exchange gains or losses arise from the sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books, and the USD equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in the exchange rate. The Funds include foreign currency gains and losses realized on the sales of investments together with market gains and losses on such investments in the Statements of Operations.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Notes to Financial Statements - (Continued)** |
|  | **December 31, 2022** |

---

#### NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)

***Federal Income Taxes*** - It is each Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies, and to distribute substantially all of its taxable income, including any net realized gains on investments not offset by loss carryovers, to shareholders. Therefore, no provision for federal income tax is required. Davis Government Money Market Fund incurred a 2021 excise tax liability of $1,616 during the year ended December 31, 2022. The Adviser analyzed the Funds' tax positions taken on federal and state income tax returns for all open tax years and concluded that as of December 31, 2022, no provision for income tax is required in the Funds' financial statements related to these tax positions. The Funds' federal and state (Arizona) income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state Department of Revenue. The earliest tax year that remains subject to examination by these jurisdictions is 2019.

Capital losses will be carried forward to future years if not offset by gains. At December 31, 2022, the Funds had available for federal income tax purposes unused capital loss carryforwards with no expiration as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** |
|  | | | **Davis** |
|  | **Davis** | **Davis** | **Appreciation** |
|  | **Opportunity** | **Government** | **& Income** |
|  | **Fund** | **Bond Fund** | **Fund** |
| **<u>Character</u>** |  |  |  |
| Short-term | $1459058 | $2855355 | $8196 |
| Long-term | – | 1955530 | 4602543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1459058 | $4810885 | $4610739 |

---

Under current tax regulations, losses realized after October 31 ("post-October" losses; for the period from November 1, 2022 through December 31, 2022) may be deferred and treated as occurring on the first business day of the following fiscal year. At December 31, 2022, the Davis Real Estate Fund had short-term post-October losses in the amount of $92,679 and long-term post-October losses in the amount of $1,522,491.

At December 31, 2022, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Davis**<br>**Opportunity**<br>**Fund** |<br>**Davis**<br>**Government**<br>**Bond Fund** | **Davis**<br>**Government**<br>**Money Market**<br>**Fund** |<br>**Davis**<br>**Financial**<br>**Fund** | **Davis**<br>**Appreciation**<br>**& Income**<br>**Fund** |<br>**Davis**<br>**Real Estate**<br>**Fund** |
| Cost | $350415725 | $22939107 | $121417843 | $578217373 | $158210969 | $167031551 |
| <br>Unrealized appreciation | 166930496 | 904 | – | 307031917 | 36403242 | 31478497 |
| Unrealized depreciation | (43601491) | (1455012) | – | (42732345) | (10191249) | (18769989) |
| Net unrealized appreciation<br> (depreciation) | $123329005 | $(1454108) | $– | $264299572 | $26211993 | $12708508 |

---

***Securities Transactions and Related Investment Income*** - Securities transactions are accounted for on the trade date (date the order to buy or sell is executed) with realized gain or loss on the sale of securities being determined based upon identified cost. Dividend income is recorded on the ex-dividend date. Dividend income from REIT securities may include return of capital. Upon notification from the issuer, the amount of the return of capital is reclassified to adjust dividend income, reduce the cost basis, and/or adjust realized gain/loss. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned.

***Dividends and Distributions to Shareholders*** - Dividends and distributions to shareholders are recorded on the ex-dividend date. Net investment income (loss), net realized gains (losses), and net unrealized appreciation (depreciation) on investments [collectively "Distributable earnings (losses)"] may differ for financial statement and tax purposes primarily due to permanent and temporary differences which may include wash sales, corporate actions, paydowns on fixed income securities, foreign currency transactions, Directors' deferred compensation, passive foreign investment company shares, partnership income, and equalization. The character of dividends and distributions made during the fiscal year from net investment income and net realized securities gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which income or realized gain was recorded by the Funds. The Funds adjust certain components of capital to reflect permanent differences between financial statement amounts and net income and realized gains/losses determined in accordance with income tax rules.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Notes to Financial Statements - (Continued)** |
|  | **December 31, 2022** |

---

#### Dividends and Distributions to Shareholders - (Continued)

The Funds' net assets have not been affected by these reclassifications. During the year ended December 31, 2022, amounts have been reclassified to reflect increases (decreases) as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **Davis**<br> **Opportunity**<br> **Fund** | <br> **Davis**<br> **Government**<br> **Bond Fund** | **Davis**<br> **Government**<br> **Money Market**<br> **Fund** | <br> **Davis**<br> **Financial**<br> **Fund** | **Davis**<br> **Appreciation**<br> **& Income**<br> **Fund** | **Davis**<br> **Real Estate**<br> **Fund** |
| <br>Additional paid-in capital | $– | $(155) | $(1616) | $4859209 | $– | $377109 |
| <br> Distributable earnings (losses) | – | 155 | 1616 | (4859209) | – | (377109) |

---

The tax character of distributions paid during the years ended December 31, 2022 and 2021 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary Income** | **Long-Term**<br> **Capital Gain** | **Total** |
| <br> **Davis Opportunity Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $2463278 | $35091344 | $37554622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1300255 | 50014681 | 51314936 |
| <br> **Davis Government Bond Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 208897 | – | 208897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 152097 | – | 152097 |
| <br> **Davis Government Money Market Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1212448 | – | 1212448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 49592 | – | 49592 |
| <br> **Davis Financial Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 15222053 | 13613224 | 28835277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 20143279 | 44919900 | 65063179 |
| <br> **Davis Appreciation & Income Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2253264 | 2775242 | 5028506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 906101 | – | 906101 |
| <br> **Davis Real Estate Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3596271 | 5937422 | 9533693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2937016 | – | 2937016 |

---

As of December 31, 2022, the components of distributable earnings (losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **Davis**<br> **Opportunity**<br> **Fund** | <br> **Davis**<br> **Government**<br> **Bond Fund** | **Davis**<br> **Government**<br> **Money Market**<br> **Fund** | <br> **Davis**<br> **Financial**<br> **Fund** | **Davis**<br> **Appreciation**<br> **& Income**<br> **Fund** | **Davis**<br> **Real Estate**<br> **Fund** |
| <br>Undistributed ordinary income | $4081600 | $– | $42924 | $511134 | $25328 | $1825570 |
| <br> Accumulated net realized losses from investments | (1459058) | (4810885) | – | – | (4610739) | – |
| <br> Undistributed long-term capital gain | – | – | – | 18967662 | – | – |
| <br> Net unrealized appreciation (depreciation) on investments and foreign currency transactions | 123324370 | (1454108) | – | 264341852 | 26210187 | 12708469 |
| <br> Deferred post-October losses | – | – | – | – | – | (1615170) |
| <br> Other temporary differences | (123665) | (3908) | (7560) | (192765) | (61323) | (54565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $125823247 | $(6268901) | $35364 | $283627883 | $21563453 | $12864304 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Notes to Financial Statements - (Continued)** |
|  | **December 31, 2022** |

---

#### NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)

***Indemnification*** - Under the Funds' organizational documents, their officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, some of the Funds' contracts with their service providers contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

***Use of Estimates in Financial Statements*** - In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.

***Directors Fees and Expenses*** - The Funds set up a Rabbi Trust to provide for the deferred compensation plan for Independent Directors that enables them to elect to defer receipt of all or a portion of annual fees they are entitled to receive. The value of an eligible Director's account is based upon years of service and fees paid to each Director during the years of service. The amount paid to the Director by the Trust under the plan will be determined based upon the performance of the Davis Funds in which the amounts are invested.

#### NOTE 2 - PURCHASES AND SALES OF SECURITIES

The cost of purchases and proceeds from sales of investment securities (excluding short-term investments) during the year ended December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**Davis**<br>**Opportunity**<br>**Fund** |<br>**Davis**<br>**Government**<br>**Bond Fund** |<br>**Davis**<br>**Financial**<br>**Fund** | **Davis**<br>**Appreciation**<br>**& Income**<br>**Fund** |<br>**Davis**<br>**Real Estate**<br>**Fund** |
|  Cost of purchases | $57452726 | $10889935 | $87928962 | $23329760 | $47510961 |
|  Proceeds from sales | 68310834 | 707753 | 143813588 | 16611800 | 48932964 |

---

#### NOTE 3 - FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES)

Davis Selected Advisers-NY, Inc. ("DSA-NY"), a wholly-owned subsidiary of the Adviser, acts as sub-adviser to the Funds. DSA-NY performs research and portfolio management services for the Funds under a Sub-Advisory Agreement with the Adviser. The Funds pay no fees directly to DSA-NY.

All officers of the Funds (including Interested Directors) hold positions as executive officers with the Adviser or its affiliates.

As of December 31, 2022, related shareholders held greater than 20% of outstanding shares of the following Funds:

---

| | |
|:---|:---|
| **Davis Government**<br>**Money Market Fund** | **Davis Appreciation**<br>**& Income Fund** |
| 20% | 29% |

---

Investment activities of these shareholders could have a material impact on the Funds.

***Investment Advisory Fees*** - Advisory fees are paid monthly to the Adviser. The annual rate for Davis Opportunity Fund, Davis Financial Fund, Davis Appreciation & Income Fund, and Davis Real Estate Fund is 0.55% of the average net assets for each Fund. The annual rate for Davis Government Bond Fund and Davis Government Money Market Fund is 0.30% of the average net assets for each Fund.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Notes to Financial Statements - (Continued)** |
|  | **December 31, 2022** |

---

#### NOTE 3 - FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES) – (CONTINUED)

***Transfer Agent and Accounting Fees*** - DST Asset Manager Solutions, Inc. is the Funds' primary transfer agent. State Street Bank and Trust Company ("State Street Bank") is the Funds' primary accounting provider. Fees for accounting services are included in the custodian fees as State Street Bank also serves as the Funds' custodian. The Adviser is also paid for certain transfer agent and accounting services.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
|  |<br>**Davis**<br>**Opportunity**<br>**Fund** |<br>**Davis**<br>**Government**<br>**Bond Fund** | **Davis**<br>**Government**<br>**Money**<br>**Market Fund** |<br>**Davis**<br>**Financial**<br>**Fund** | **Davis**<br>**Appreciation**<br>**& Income**<br>**Fund** |<br>**Davis**<br>**Real Estate**<br>**Fund** |
| Transfer agent fees paid to Adviser | $41130 | $7487 | $16491 | $119805 | $18576 | $29405 |
| Accounting fees paid to Adviser | 24500 | 2000 | 4496 | 42004 | 9004 | 10002 |

---

***Reimbursement and Waivers of Expenses*** - The Adviser is contractually committed to reimburse Davis Opportunity Fund, Davis Government Bond Fund, Davis Financial Fund, Davis Appreciation & Income Fund, and Davis Real Estate Fund expenses to the extent necessary to cap total annual operating expenses (Class A shares, 1.00%; Class C shares, 1.75%; Class Y shares, 0.75%) until May 1, 2023. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to these Funds. The expense cap cannot be terminated prior to that date without the consent of the Board of Directors. The Adviser is contractually committed to waive fees and/or reimburse Davis Government Money Market Fund expenses such that net investment income will not be less than zero until May 1, 2023. Reimbursement and waivers of expenses during the year ended December 31, 2022, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Davis**<br>**Opportunity**<br>**Fund** |<br>**Davis**<br>**Government**<br>**Bond Fund** | **Davis**<br>**Government**<br>**Money**<br>**Market Fund** |<br>**Davis**<br>**Financial**<br>**Fund** | **Davis**<br>**Appreciation**<br>**& Income**<br>**Fund** |<br>**Davis**<br>**Real Estate**<br>**Fund** |
| Class A | $– | $50355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169731 | $– | $– | $– |
| Class C | 1665 | 5595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2387 | – | 5975 | 5135 |
| Class Y | – | 9720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6465 | – | – | – |

---

The Adviser may recapture from the assets of Davis Government Money Market Fund any of the operating expenses it has reimbursed (but not any of the advisory fees which it has waived) until the end of the third calendar year after the end of the calendar year in which such reimbursement occurs. Any potential recovery is limited to an amount such that (i) the Fund's net investment income will not be less than zero for any class of shares; and (ii) may not exceed 0.10% of net assets (ten basis points) in any calendar year. This recapture could negatively affect the Fund's future yield. As of December 31, 2022, reimbursed amounts eligible for recapture were as follows:

---

| | | |
|:---|:---|:---|
|  | **Davis Government Money Market Fund** | **Davis Government Money Market Fund** |
|  | **Amounts Eligible for Recapture** | **Amounts Eligible for Recapture** |
|  | **Expiring** | **Expiring** |
|  | **12/31/2024** | **12/31/2025** |
| Class A | $197048 | $20980 |
| Class C | 2647 | 291 |
| Class Y | 8418 | 830 |

---

During the year ended December 31, 2022, the Adviser recaptured previously reimbursed expenses as follows:

---

| | |
|:---|:---|
|  | **Davis**<br>**Government**<br>**Money**<br>**Market Fund** |
| Class A | $58395 |
| Class C | 785 |
| Class Y | 2495 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Notes to Financial Statements - (Continued)** |
|  | **December 31, 2022** |

---

***Distribution and Service Plan Fees*** - The Funds have adopted separate Distribution Plans ("12b-1 Plans") for Class A and Class C shares. Under the 12b-1 Plans, the Funds (other than Davis Government Money Market Fund) reimburse Davis Distributors, LLC ("Distributor"), the Funds' Underwriter, for amounts paid to dealers as a service fee or commissions with respect to Class A shares sold by dealers, which remain outstanding during the period. The service fee is paid at an annual rate up to 0.25% of the average net assets maintained by the responsible dealers. Each of the Funds (other than Davis Government Money Market Fund) pays the Distributor a 12b-1 fee on Class C shares at an annual rate equal to the lesser of 1.25% of the average daily net asset value of Class C shares or the maximum amount provided by applicable rule or regulation of the Financial Industry Regulatory Authority, Inc., which currently is 1.00%. The Funds pay the 12b-1 fee on Class C shares in order: (i) to pay the Distributor distribution fees or commissions on Class C shares which have been sold and (ii) to enable the Distributor to pay service fees on Class C shares which have been sold.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
|  | **Davis**<br>**Opportunity Fund** | **Davis Government**<br>**Bond Fund** | **Davis**<br>**Financial Fund** | **Davis Appreciation**<br>**& Income Fund** | **Davis Real**<br>**Estate Fund** |
| <u>Distribution fees</u>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | $109775 | $3836 | $515840 | $20744 | $21484 |
| <br> <u>Service fees</u>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 620612 | 44695 | 981353 | 261731 | 231736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 36591 | 1278 | 171946 | 6914 | 7161 |

---

The shareholders of Davis Government Money Market Fund have adopted a Distribution Plan in accordance with Rule 12b-1, which does not provide for any amounts to be paid directly to the Distributor as either compensation or reimbursement for distributing shares of the Fund, but does authorize the use of the advisory fee to the extent such fee may be considered to be indirectly financing any activity or expense which is primarily intended to result in the sale of Fund shares.

***Sales Charges*** - Front-end sales charges and contingent deferred sales charges ("CDSC") do not represent expenses of the Funds. They are deducted from the proceeds from sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable.

Class A shares of the Funds (other than Davis Government Money Market Fund) are sold at net asset value plus a sales charge and are redeemed at net asset value. On purchases of $1 million or more, the sales charge will not be applied; however a CDSC of 0.50% may be imposed upon redemption if those shares are redeemed within the first year of purchase.

Class C shares of the Funds are sold and redeemed at net asset value. A CDSC of 1.00% is imposed upon redemption of certain Class C shares (other than Davis Government Money Market Fund) within the first year of the original purchase.

The Distributor received commissions earned on sales of Class A shares of the Funds (other than Davis Government Money Market Fund) of which a portion was retained by the Distributor and the remaining was re-allowed to investment dealers. Commission advances by the Distributor on the sales of Class C shares of the Funds (other than Davis Government Money Market Fund) are re-allowed to qualified selling dealers.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
|  | | | | **Davis** | |
|  | **Davis** | **Davis** | **Davis** | **Appreciation** | **Davis** |
|  | **Opportunity** | **Government** | **Financial** | **& Income** | **Real Estate** |
|  | **Fund** | **Bond Fund** | **Fund** | **Fund** | **Fund** |
| Class A commissions retained by the Distributor | $5884 | $293 | $42655 | $3069 | $2228 |
| Class A commissions re-allowed to investment dealers | 32139 | 1576 | 244637 | 16845 | 11986 |
| &nbsp;&nbsp;&nbsp; Total commissions earned on sales of Class A | $38023 | $1869 | $287292 | $19914 | $14214 |
| <br> Class C commission advances by the Distributor | $2464 | $999 | $53467 | $93 | $1393 |
| <br> Class C CDSCs received by the Distributor | 726 | 1147 | 7064 | 93 | 129 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Notes to Financial Statements - (Continued)** |
|  | **December 31, 2022** |

---

#### NOTE 4 - CAPITAL STOCK

At December 31, 2022, there were 10 billion shares of capital stock ($0.01 par value per share) authorized, of which 450 million shares each are designated to Davis Opportunity Fund, Davis Financial Fund, and Davis Appreciation & Income Fund, 350 million shares each are designated to Davis Government Bond Fund and Davis Real Estate Fund, and 4.6 billion shares are designated to Davis Government Money Market Fund. Transactions in capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
|  | **Sold** | **Reinvestment of**<br> **Distributions** | **Redeemed** | **Net Increase**<br> (Decrease) |
| **Davis Opportunity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 446197 | 580384 | (1109939) | (83358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 33394 | 53329 | (179215) | (92492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 398135 | 399202 | (858731) | (61394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $15864766 | $19535722 | $(40043428) | $(4642940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 835687 | 1281480 | (4771760) | (2654593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 15780284 | 14411192 | (32924225) | (2732749) |
| **Davis Government Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 184286 | 27704 | (736762) | (524772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 70738 | – | (74071) | (3333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 1272378 | 11315 | (1059138) | 224555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $952649 | $139345 | $(3740797) | $(2648803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 362128 | – | (379245) | (17117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 6538627 | 57133 | (5349121) | 1246639 |
| **Davis Government Money Market Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 186510561 | 1114536 | (209697537) | (22072440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 499702 | 15005 | (924121) | (409414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 2513028 | 47624 | (3058320) | (497668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $186510561 | $1114536 | $(209697537) | $(22072440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 499702 | 15005 | (924121) | (409414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 2513028 | 47624 | (3058320) | (497668) |
| **Davis Financial Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 835313 | 254396 | (1460708) | (370999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 176742 | 48578 | (471560) | (246240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 2219650 | 268947 | (3158871) | (670274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $43517403 | $12078702 | $(72397082) | $(16800977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 7141309 | 1810508 | (18290449) | (9338632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 119409967 | 13264452 | (163102607) | (30428188) |
| **Davis Appreciation & Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 146076 | 53923 | (232741) | (32742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 5950 | 1029 | (22899) | (15920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 78086 | 48802 | (154354) | (27466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $6923915 | $2441286 | $(11225124) | $(1859923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 278730 | 46148 | (1092862) | (767984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 3975886 | 2228095 | (7784297) | (1580316) |
| **Davis Real Estate Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 99875 | 99292 | (379301) | (180134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 4169 | 2532 | (19839) | (13138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 367708 | 101270 | (289201) | 179777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $4841666 | $3908534 | $(17774678) | $(9024478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 190225 | 97414 | (969244) | (681605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 18957033 | 4059819 | (13875304) | 9141548 |

---

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Notes to Financial Statements - (Continued)** |
|  | **December 31, 2022** |

---

#### NOTE 4 - CAPITAL STOCK – (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
|  | **Sold** | **Reinvestment of**<br> **Distributions** | **Redeemed** | **Net Increase**<br> (Decrease) |
| **Davis Opportunity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 708908<br> \* | 639633 | (1126998) | 221543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 71814 | 67337 | (195210)<br> \* | (56059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 3603508 | 444043 | (3634199) | 413352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $30960249<br> \* | $26506407 | $(48468324) | $8998332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 2344371 | 2059855 | (6433108)<br> \* | (2028882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 173604963 | 19635584 | (172408531) | 20832016 |
| **Davis Government Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 500001<br> \* | 23423 | (1424407) | (900983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 89250 | – | (311219)<br> \* | (221969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 162609 | 3144 | (133705) | 32048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $2689798<br> \* | $125304 | $(7651818) | $(4836716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 472720 | – | (1663483)<br> \* | (1190763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 880215 | 16959 | (722328) | 174846 |
| **Davis Government Money Market Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 232212468<br> \* | 45903 | (228806440) | 3451931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 496816 | 628 | (867106)<br> \* | (369662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 3209937 | 1996 | (5781256) | (2569323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $232212468<br> \* | $45903 | $(228806440) | $3451931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 496816 | 628 | (867106)<br> \* | (369662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 3209937 | 1996 | (5781256) | (2569323) |
| **Davis Financial Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1276665<br> \* | 501670 | (1494808) | 283527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 303746 | 125144 | (452255)<br> \* | (23365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 3371017 | 504291 | (2685359) | 1189949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $69689479<br> \* | $27135308 | $(80579698) | $16245089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 13092672 | 5337377 | (19261298)<br> \* | (831249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 191697007 | 28315927 | (150762857) | 69250077 |
| **Davis Appreciation & Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 175879<br> \* | 6304 | (242002) | (59819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 12280 | – | (52437)<br> \* | (40157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 136742 | 9817 | (50704) | 95855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $9464299<br> \* | $333943 | $(12490913) | $(2692671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 670191 | – | (2757809)<br> \* | (2087618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 7300003 | 525355 | (2603863) | 5221495 |
| **Davis Real Estate Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares:&nbsp;&nbsp;&nbsp;&nbsp; Class A | 163981<br> \* | 25505 | (459496) | (270010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 5923 | 329 | (25392)<br> \* | (19140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 368387 | 24094 | (294866) | 97615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value:&nbsp;&nbsp;&nbsp;&nbsp; Class A | $7698528<br> \* | $1245741 | $(21585315) | $(12641046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 285405 | 15863 | (1177337)<br> \* | (876069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 17931191 | 1199620 | (14392452) | 4738359 |

---

\* Includes Class C to Class A conversions as disclosed in Note 1 of the Notes to Financial Statements.

#### NOTE 5 - SECURITIES LOANED

Davis Opportunity Fund and Davis Financial Fund have entered into a securities lending arrangement with State Street Bank. Under the terms of the agreement, the Funds receive fee income from lending transactions; in exchange for such fees, State Street Bank is authorized to loan securities on behalf of the Funds, against receipt of collateral at least equal to the value of the securities loaned. As of December 31, 2022, the Funds did not have any securities on loan. The Funds bear the risk of any deficiency in the amount of the collateral available for return to a borrower due to a loss in an approved investment.

#### NOTE 6 - RESTRICTED SECURITIES

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 Board of Directors. The aggregate value of restricted securities in Davis Opportunity Fund amounted to $113,005 or 0.02% of the Fund's net assets as of December 31, 2022. Information regarding restricted securities is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Security** | **Initial**<br> **Acquisition**<br> **Date** | <br> **Units** | **Cost per**<br> **Unit** | **Valuation per**<br> **Unit as of**<br> **December 31, 2022** |
| Davis Opportunity Fund | ASAC II L.P. | 10/10/13 | 116129 | $1.00 | $0.9731 |

---

------

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

The following financial information represents selected data for each share of capital stock outstanding throughout each period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Income (Loss) from Investment Operations | Income (Loss) from Investment Operations | Income (Loss) from Investment Operations |
|  | <br> Net Asset Value,<br> Beginning of<br> Period | Net Investment<br> Income (Loss)<sup>a</sup> | Net Realized and<br> Unrealized Gains<br> (Losses) | Total from<br> Investment<br> Operations |
| **Davis Opportunity Fund Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $41.91 | $0.28 | $(6.14) | $(5.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $36.67 | $0.11 | $9.00 | $9.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $33.47 | $0.08 | $4.18 | $4.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $28.10 | $0.12 | $7.01 | $7.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $37.01 | $0.11 | $(4.91) | $(4.80) |
| **Davis Opportunity Fund Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $30.92 | $(0.01) | $(4.52) | $(4.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $28.06 | $(0.18) | $6.85 | $6.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $25.90 | $(0.14) | $3.20 | $3.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $22.14 | $(0.10) | $5.49 | $5.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $30.36 | $(0.14) | $(3.97) | $(4.11) |
| **Davis Opportunity Fund Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $44.73 | $0.40 | $(6.56) | $(6.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $38.93 | $0.24 | $9.54 | $9.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $35.47 | $0.17 | $4.44 | $4.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $29.70 | $0.21 | $7.40 | $7.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $38.77 | $0.21 | $(5.17) | $(4.96) |
| **Davis Government Bond Fund Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $5.30 | $0.02 | $(0.30) | $(0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $5.41 | $–<sup>e</sup> | $(0.08) | $(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $5.37 | $0.04 | $0.05 | $0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $5.29 | $0.08 | $0.09 | $0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $5.33 | $0.05 | $(0.03) | $0.02 |
| **Davis Government Bond Fund Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $5.27 | $(0.02) | $(0.29) | $(0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $5.39 | $(0.03) | $(0.09) | $(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $5.36 | $(0.01) | $0.05 | $0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $5.28 | $0.04 | $0.09 | $0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $5.31 | $–<sup>e</sup> | $(0.02) | $(0.02) |
| **Davis Government Bond Fund Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $5.34 | $0.04 | $(0.31) | $(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $5.45 | $0.02 | $(0.09) | $(0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $5.41 | $0.05 | $0.05 | $0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $5.34 | $0.10 | $0.07 | $0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $5.37 | $0.06 | $(0.02) | $0.04 |

---

------

**Financial Highlights**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Dividends and Distributions | Dividends and Distributions | Dividends and Distributions | Dividends and Distributions |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Ratios to Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;Ratios to Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;Ratios to Average Net Assets |  |
| Dividends<br> from Net<br> Investment<br> Income | Distributions<br> from<br> Realized<br> Gains | Return of<br> Capital | Total<br> Distributions | Net Asset<br> Value, End<br> of Period | Total Return<sup>b</sup> | Net Assets,<br> End of Period<br> (in<br> thousands) | Gross<br> Expense<br> Ratio | Net Expense<br> Ratio<sup>c</sup> | Net<br> Investment<br> Income<br> (Loss) Ratio | Portfolio<br> Turnover<sup>d</sup> |
| $(0.15) | $(2.67) | $– | $(2.82) | $33.23 | (14.08)% | $265763 | 0.94% | 0.94% | 0.78% | 12% |
| $(0.06) | $(3.81) | $– | $(3.87) | $41.91 | 24.96% | $338626 | 0.93% | 0.93% | 0.27% | 24% |
| $(0.16) | $(0.90) | $– | $(1.06) | $36.67 | 12.79% | $288208 | 0.94% | 0.94% | 0.24% | 17% |
| $(0.13) | $(1.63) | $– | $(1.76) | $33.47 | 25.49% | $310954 | 0.93% | 0.93% | 0.38% | 15% |
| $– | $(4.11) | $– | $(4.11) | $28.10 | (13.50)% | $290970 | 0.94% | 0.94% | 0.28% | 44% |
| $– | $(2.67) | $– | $(2.67) | $23.72 | (14.76)% | $12419 | 1.76% | 1.75% | (0.03)% | 12% |
| $– | $(3.81) | $– | $(3.81) | $30.92 | 23.92% | $19048 | 1.75% | 1.75% | (0.55)% | 24% |
| $– | $(0.90) | $– | $(0.90) | $28.06 | 11.88% | $18861 | 1.76% | 1.76% | (0.58)% | 17% |
| $– | $(1.63) | $– | $(1.63) | $25.90 | 24.49% | $26309 | 1.74% | 1.74% | (0.43)% | 15% |
| $– | $(4.11) | $– | $(4.11) | $22.14 | (14.19)% | $33186 | 1.71% | 1.71% | (0.49)% | 44% |
| $(0.25) | $(2.67) | $– | $(2.92) | $35.65 | (13.85)% | $193559 | 0.69% | 0.69% | 1.03% | 12% |
| $(0.17) | $(3.81) | $– | $(3.98) | $44.73 | 25.23% | $245602 | 0.70% | 0.70% | 0.50% | 24% |
| $(0.25) | $(0.90) | $– | $(1.15) | $38.93 | 13.06% | $197698 | 0.69% | 0.69% | 0.49% | 17% |
| $(0.21) | $(1.63) | $– | $(1.84) | $35.47 | 25.76% | $184781 | 0.70% | 0.70% | 0.61% | 15% |
| $– | $(4.11) | $– | $(4.11) | $29.70 | (13.30)% | $197887 | 0.69% | 0.69% | 0.53% | 44% |
| $(0.04) | $– | $– | $(0.04) | $4.98 | (5.29)% | $17818 | 1.26% | 1.00% | 0.43% | 3% |
| $(0.03) | $– | $– | $(0.03) | $5.30 | (1.48)% | $21719 | 1.17% | 1.00% | 0.08% | 26% |
| $(0.05) | $– | $– | $(0.05) | $5.41 | 1.69% | $27045 | 1.10% | 1.04% | 0.67% | –%<sup>f</sup> |
| $(0.09) | $– | $– | $(0.09) | $5.37 | 3.23% | $24216 | 1.09% | 1.05% | 1.59% | 13% |
| $(0.06) | $– | $– | $(0.06) | $5.29 | 0.42% | $25297 | 1.13% | 1.12% | 0.91% | 28% |
| $– | $– | $– | $– | $4.96 | (5.88)% | $542 | 2.84% | 1.75% | (0.32)% | 3% |
| $– | $– | $– | $– | $5.27 | (2.23)% | $594 | 2.35% | 1.75% | (0.67)% | 26% |
| $(0.01) | $– | $– | $(0.01) | $5.39 | 0.81% | $1804 | 2.25% | 1.78% | (0.07)% | –%<sup>f</sup> |
| $(0.05) | $– | $– | $(0.05) | $5.36 | 2.47% | $811 | 2.31% | 1.80% | 0.84% | 13% |
| $(0.01) | $– | $– | $(0.01) | $5.28 | (0.32)% | $2026 | 1.98% | 1.97% | 0.06% | 28% |
| $(0.05) | $– | $– | $(0.05) | $5.02 | (5.01)% | $3100 | 0.95% | 0.75% | 0.68% | 3% |
| $(0.04) | $– | $– | $(0.04) | $5.34 | (1.22)% | $2096 | 0.97% | 0.75% | 0.33% | 26% |
| $(0.06) | $– | $– | $(0.06) | $5.45 | 1.94% | $1965 | 0.95% | 0.79% | 0.92% | –%<sup>f</sup> |
| $(0.10) | $– | $– | $(0.10) | $5.41 | 3.29% | $2175 | 0.93% | 0.80% | 1.84% | 13% |
| $(0.07) | $– | $– | $(0.07) | $5.34 | 0.83% | $1980 | 0.94% | 0.91% | 1.12% | 28% |

---

------

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

The following financial information represents selected data for each share of capital stock outstanding throughout each period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Income (Loss) from Investment Operations | Income (Loss) from Investment Operations | Income (Loss) from Investment Operations |
|  | <br> Net Asset Value,<br> Beginning of<br> Period | Net Investment<br> Income (Loss)<sup>a</sup> | Net Realized and<br> Unrealized Gains<br> (Losses) | Total from<br> Investment<br> Operations |
| **Davis Government Money Market Fund Class A, C, and Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $1.000 | $0.011 | $– | $0.011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $1.000 | $–<sup>h</sup> | $– | $–<sup>h</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $1.000 | $0.002 | $– | $0.002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $1.000 | $0.017 | $– | $0.017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $1.000 | $0.013 | $– | $0.013 |
| **Davis Financial Fund Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $54.17 | $0.78 | $(5.61) | $(4.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $43.93 | $0.55 | $13.27 | $13.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $49.35 | $0.54 | $(3.50) | $(2.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $42.20 | $0.64 | $10.44 | $11.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $51.94 | $0.54 | $(6.51) | $(5.97) |
| **Davis Financial Fund Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $42.70 | $0.31 | $(4.42) | $(4.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $35.12 | $0.10 | $10.59 | $10.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $39.91 | $0.19 | $(2.88) | $(2.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $34.67 | $0.23 | $8.51 | $8.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $43.27 | $0.12 | $(5.37) | $(5.25) |
| **Davis Financial Fund Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $56.24 | $0.94 | $(5.84) | $(4.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $45.52 | $0.70 | $13.75 | $14.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $51.04 | $0.65 | $(3.60) | $(2.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $43.56 | $0.78 | $10.76 | $11.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $53.50 | $0.68 | $(6.71) | $(6.03) |
| **Davis Appreciation & Income Fund Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $55.56 | $0.43 | $(9.14) | $(8.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $44.32 | $0.22 | $11.18 | $11.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $42.70 | $0.32 | $1.64 | $1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $36.23 | $0.56 | $6.78 | $7.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $39.80 | $0.42 | $(3.59) | $(3.17) |
| **Davis Appreciation & Income Fund Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $55.46 | $0.06 | $(9.10) | $(9.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $44.45 | $(0.17) | $11.18 | $11.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $42.82 | $0.03 | $1.64 | $1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $36.34 | $0.25 | $6.78 | $7.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $39.94 | $0.15 | $(3.63) | $(3.48) |
| **Davis Appreciation & Income Fund Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $55.80 | $0.59 | $(9.18) | $(8.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $44.51 | $0.38 | $11.23 | $11.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $42.89 | $0.45 | $1.64 | $2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $36.39 | $0.69 | $6.81 | $7.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $39.98 | $0.56 | $(3.62) | $(3.06) |

---

------

**Financial Highlights - (Continued)**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Dividends and Distributions | Dividends and Distributions | Dividends and Distributions | Dividends and Distributions |  |  |  | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets |  |
| Dividends<br> from Net<br> Investment<br> Income | Distributions<br> from<br> Realized<br> Gains | Return of<br> Capital | Total<br> Distributions | Net Asset<br> Value, End<br> of Period | Total Return<sup>b</sup> | Net Assets,<br> End of Period<br> (in<br> thousands) | Gross<br> Expense<br> Ratio | Net Expense<br> Ratio<sup>c</sup> | Net<br> Investment<br> Income<br> (Loss) Ratio | Portfolio<br> Turnover<sup>d</sup> |
| $(0.011) | $– | $– | $(0.011) | $1.000 | 1.12% | $123436 | 0.60%<sup>g</sup> | 0.45%<sup>g</sup> | 1.04% | NA |
| $–<sup>h</sup> | $– | $– | $–<sup>h</sup> | $1.000 | 0.04% | $146416 | 0.52% | 0.03% | 0.04% | NA |
| $(0.002) | $– | $– | $(0.002) | $1.000 | 0.23% | $145903 | 0.54% | 0.35% | 0.23% | NA |
| $(0.017) | $– | $– | $(0.017) | $1.000 | 1.74% | $148805 | 0.53% | 0.53% | 1.74% | NA |
| $(0.013) | $– | $– | $(0.013) | $1.000 | 1.30% | $183689 | 0.58%<sup>g</sup> | 0.58%<sup>g</sup> | 1.27% | NA |
| $(0.81) | $(0.82) | $– | $(1.63) | $47.71 | (8.91)% | $378784 | 0.95% | 0.95% | 1.57% | 10% |
| $(0.64) | $(2.94) | $– | $(3.58) | $54.17 | 31.46% | $450121 | 0.94% | 0.94% | 1.00% | 9% |
| $(0.58) | $(1.88) | $– | $(2.46) | $43.93 | (5.88)% | $352567 | 0.96% | 0.96% | 1.37% | 9% |
| $(0.68) | $(3.25) | $– | $(3.93) | $49.35 | 26.31% | $463892 | 0.94% | 0.94% | 1.37% | 6% |
| $(0.51) | $(3.26) | $– | $(3.77) | $42.20 | (11.78)% | $463024 | 0.94% | 0.94% | 1.04% | 18% |
| $(0.33) | $(0.82) | $– | $(1.15) | $37.44 | (9.61)% | $60375 | 1.73% | 1.73% | 0.79% | 10% |
| $(0.17) | $(2.94) | $– | $(3.11) | $42.70 | 30.44% | $79368 | 1.71% | 1.71% | 0.23% | 9% |
| $(0.22) | $(1.88) | $– | $(2.10) | $35.12 | (6.61)% | $66095 | 1.75% | 1.75% | 0.58% | 9% |
| $(0.25) | $(3.25) | $– | $(3.50) | $39.91 | 25.27% | $114489 | 1.72% | 1.72% | 0.59% | 6% |
| $(0.09) | $(3.26) | $– | $(3.35) | $34.67 | (12.43)% | $122240 | 1.70% | 1.70% | 0.28% | 18% |
| $(0.96) | $(0.82) | $– | $(1.78) | $49.56 | (8.70)% | $404375 | 0.72% | 0.72% | 1.80% | 10% |
| $(0.79) | $(2.94) | $– | $(3.73) | $56.24 | 31.76% | $496530 | 0.70% | 0.70% | 1.24% | 9% |
| $(0.69) | $(1.88) | $– | $(2.57) | $45.52 | (5.67)% | $347683 | 0.74% | 0.74% | 1.59% | 9% |
| $(0.81) | $(3.25) | $– | $(4.06) | $51.04 | 26.54% | $497906 | 0.72% | 0.72% | 1.59% | 6% |
| $(0.65) | $(3.26) | $– | $(3.91) | $43.56 | (11.55)% | $496436 | 0.70% | 0.70% | 1.28% | 18% |
| $(0.50) | $(0.70) | $– | $(1.20) | $45.65 | (15.64)% | $104140 | 1.00% | 1.00% | 0.88% | 9% |
| $(0.16) | $– | $– | $(0.16) | $55.56 | 25.73% | $128558 | 0.98% | 0.98% | 0.41% | 19% |
| $(0.34) | $– | $– | $(0.34) | $44.32 | 4.75% | $105201 | 1.02% | 1.02% | 0.82% | 5% |
| $(0.78) | $(0.09) | $– | $(0.87) | $42.70 | 20.33% | $116911 | 1.01% | 1.01% | 1.41% | 17% |
| $(0.40) | $– | $– | $(0.40) | $36.23 | (8.02)% | $108613 | 1.01% | 1.01% | 1.07% | 54% |
| $(0.21) | $(0.70) | $– | $(0.91) | $45.51 | (16.28)% | $2179 | 1.97% | 1.75% | 0.13% | 9% |
| $– | $– | $– | $– | $55.46 | 24.77% | $3538 | 1.89% | 1.75% | (0.36)% | 19% |
| $(0.04) | $– | $– | $(0.04) | $44.45 | 3.93% | $4620 | 1.87% | 1.79% | 0.05% | 5% |
| $(0.46) | $(0.09) | $– | $(0.55) | $42.82 | 19.38% | $8349 | 1.81% | 1.80% | 0.62% | 17% |
| $(0.12) | $– | $– | $(0.12) | $36.34 | (8.72)% | $11172 | 1.76% | 1.76% | 0.32% | 54% |
| $(0.66) | $(0.70) | $– | $(1.36) | $45.85 | (15.37)% | $78348 | 0.68% | 0.68% | 1.20% | 9% |
| $(0.32) | $– | $– | $(0.32) | $55.80 | 26.13% | $96889 | 0.66% | 0.66% | 0.73% | 19% |
| $(0.47) | $– | $– | $(0.47) | $44.51 | 5.08% | $73018 | 0.69% | 0.69% | 1.15% | 5% |
| $(0.91) | $(0.09) | $– | $(1.00) | $42.89 | 20.72% | $72470 | 0.69% | 0.69% | 1.73% | 17% |
| $(0.53) | $– | $– | $(0.53) | $36.39 | (7.72)% | $60702 | 0.68% | 0.68% | 1.40% | 54% |

---

------

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

The following financial information represents selected data for each share of capital stock outstanding throughout each period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Income (Loss) from Investment Operations | Income (Loss) from Investment Operations | Income (Loss) from Investment Operations |
|  | <br> Net Asset Value,<br> Beginning of<br> Period | Net Investment<br> Income (Loss)<sup>a</sup> | Net Realized and<br> Unrealized Gains<br> (Losses) | Total from<br> Investment<br> Operations |
| **Davis Real Estate Fund Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $55.53 | $0.77 | $(15.60) | $(14.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $39.23 | $0.42 | $16.46 | $16.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $43.59 | $0.49 | $(4.15) | $(3.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $35.75 | $0.78 | $8.27 | $9.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $39.70 | $0.81 | $(2.60) | $(1.79) |
| **Davis Real Estate Fund Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $55.51 | $0.40 | $(15.58) | $(15.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $39.23 | $0.05 | $16.43 | $16.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $43.57 | $0.24 | $(4.18) | $(3.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $35.75 | $0.45 | $8.24 | $8.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $39.69 | $0.48 | $(2.59) | $(2.11) |
| **Davis Real Estate Fund Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2022 | $56.31 | $0.88 | $(15.81) | $(14.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2021 | $39.78 | $0.52 | $16.71 | $17.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2020 | $44.21 | $0.59 | $(4.24) | $(3.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2019 | $36.27 | $0.88 | $8.39 | $9.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended December 31, 2018 | $40.25 | $0.91 | $(2.63) | $(1.72) |

---

<sup>a</sup> Per share calculations were based on average shares outstanding for the period (other than Davis Government Money Market Fund).

<sup>b</sup> Assumes hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns.

<sup>c</sup> The ratios in this column reflect the impact, if any, of certain reimbursements and/or waivers.

<sup>d</sup> The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation.

<sup>e</sup> Less than $0.005 per share.

------

**Financial Highlights - (Continued)**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Dividends and Distributions | Dividends and Distributions | Dividends and Distributions | Dividends and Distributions |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Ratios to Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;Ratios to Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;Ratios to Average Net Assets |  |
| Dividends<br> from Net<br> Investment<br> Income | Distributions<br> from<br> Realized<br> Gains | Return of<br> Capital | Total<br> Distributions | Net Asset<br> Value, End<br> of Period | Total Return<sup>b</sup> | Net Assets,<br> End of Period<br> (in<br> thousands) | Gross<br> Expense<br> Ratio | Net Expense<br> Ratio<sup>c</sup> | Net<br> Investment<br> Income<br> (Loss) Ratio | Portfolio<br> Turnover<sup>d</sup> |
| $(0.74) | $(1.32) | $– | $(2.06) | $38.64 | (26.74)% | $99332 | 0.95% | 0.95% | 1.65% | 22% |
| $(0.58) | $– | $– | $(0.58) | $55.53 | 43.24% | $152743 | 0.95% | 0.95% | 0.88% | 25% |
| $(0.57) | $(0.13) | $– | $(0.70) | $39.23 | (8.23)% | $118502 | 0.97% | 0.97% | 1.34% | 18% |
| $(0.52) | $(0.69) | $– | $(1.21) | $43.59 | 25.39% | $157718 | 0.98% | 0.98% | 1.84% | 18% |
| $(0.86) | $(1.30) | $– | $(2.16) | $35.75 | (4.52)% | $124763 | 0.97% | 0.97% | 2.09% | 44% |
| $(0.37) | $(1.32) | $– | $(1.69) | $38.64 | (27.32)% | $2277 | 1.93% | 1.75% | 0.85% | 22% |
| $(0.20) | $– | $– | $(0.20) | $55.51 | 42.10% | $4000 | 1.87% | 1.75% | 0.08% | 25% |
| $(0.27) | $(0.13) | $– | $(0.40) | $39.23 | (8.99)% | $3578 | 1.89% | 1.79% | 0.52% | 18% |
| $(0.18) | $(0.69) | $– | $(0.87) | $43.57 | 24.33% | $6422 | 1.82% | 1.80% | 1.02% | 18% |
| $(0.53) | $(1.30) | $– | $(1.83) | $35.75 | (5.30)% | $6268 | 1.83% | 1.83% | 1.23% | 44% |
| $(0.86) | $(1.32) | $– | $(2.18) | $39.20 | (26.56)% | $79048 | 0.72% | 0.72% | 1.88% | 22% |
| $(0.70) | $– | $– | $(0.70) | $56.31 | 43.56% | $103411 | 0.72% | 0.72% | 1.11% | 25% |
| $(0.65) | $(0.13) | $– | $(0.78) | $39.78 | (8.11)% | $69166 | 0.79% | 0.79% | 1.52% | 18% |
| $(0.64) | $(0.69) | $– | $(1.33) | $44.21 | 25.69% | $103800 | 0.77% | 0.77% | 2.05% | 18% |
| $(0.96) | $(1.30) | $– | $(2.26) | $36.27 | (4.27)% | $62874 | 0.74% | 0.74% | 2.32% | 44% |

---

---

| | |
|:---|:---|
| f | Less than 0.50%. |
| g | Includes the recapture of expenses reimbursed from prior fiscal years. Excluding the recapture of prior reimbursed expenses, the gross and net expense ratios for the year ended December 31, 2022 would have been 0.55% and 0.40%, respectively, and for the year ended December 31, 2018 would have both been 0.49%. |
| h | Less than $0.0005 per share. |
| ***See Notes to Financial Statements*** | ***See Notes to Financial Statements*** |

---

------

---

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

---

#### The Shareholders and Board of Directors

#### Davis Series, Inc.:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of Davis Opportunity Fund, Davis Government Bond Fund, Davis Government Money Market Fund, Davis Financial Fund, Davis Appreciation & Income Fund, and Davis Real Estate Fund (each a series of Davis Series, Inc.) (the Funds), including the schedules of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

#### KPMG LLP

We have served as the auditor of one or more Davis Funds investment companies since 1998.

Minneapolis, Minnesota

February 22, 2023

------

---

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

---

In early 2023, shareholders will receive information regarding all dividends and distributions paid to them by the Funds during the calendar year 2022. Regulations of the U.S. Treasury Department require the Funds to report this information to the Internal Revenue Service.

The information and distributions reported herein may differ from the information reported as distributions taxable to certain shareholders for the calendar year 2022 with their 2022 Form 1099-DIV.

The information is presented to assist shareholders in reporting dividends and distributions received from the Funds to the Internal Revenue Service. Because of the complexity of the federal regulations that may affect your individual tax return and the many variations in state and local regulations, we recommend that you consult your tax adviser for specific guidance.

Each Fund designates the following amounts distributed during the calendar year ended December 31, 2022, as dividends eligible for the corporate dividends-received deduction, qualified dividend income, qualified business income deduction, and long-term capital gain distributions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Davis**<br> **Opportunity**<br> **Fund** | **Davis**<br> **Government**<br> **Bond Fund** | **Davis**<br> **Government**<br> **Money Market**<br> **Fund** | **Davis Financial**<br> **Fund** | **Davis**<br> **Appreciation &**<br> **Income Fund** | **Davis Real Estate**<br> **Fund** |
|  <br> Income dividends\* | $&nbsp;&nbsp;&nbsp; 2463278 | $208897 | $1212448 | $15222053 | $2253264 | $3973380 |
| Income qualifying for corporate<br> dividends-received deduction | $2463278 | $– | $– | $12550430 | $2253264 | $– |
| Income qualifying for corporate<br> dividends-received deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% |  |
|  Qualified dividend income | $2463278 | $– | $– | $15222053 | $2253264 | $41687 |
|  Qualified dividend income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1% |
| Section 199A - Qualified business<br> income deduction | $– | $– | $– | $– | $– | $3931693 |
| Section 199A - Qualified business<br> income deduction |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99% |
| Long-term capital gain <br> distributions\*\* | $35091344 | $– | $– | $13613224 | $2775242 | $5937422 |

---

\* Davis Real Estate Fund paid ordinary distributions in the amount of $3,596,271. The Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of ordinary income. As a result, the Fund designated ordinary distributions in the amount of $3,973,380.

\*\* Davis Financial Fund designated long-term capital gain distributions in the amount of $18,472,433. The Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of long-term capital gain.

------

---

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

---

#### Privacy Notice

While you generally will be dealing with a broker-dealer or other financial adviser, we may collect information about you from your account application and other forms that you may deliver to us. We use this information to process your requests and transactions; for example, to provide you with additional information about our Funds, to open an account for you, or to process a transaction. In order to service your account and execute your transactions, we may provide your personal information to firms that assist us in servicing your account, such as our transfer agent. We may also provide your name and address to one of our agents for the purpose of mailing to you your account statement and other information about our products and services. We may also gather information through the use of "cookies" when you visit our website. These files help us to recognize repeat visitors and allow easy access to and use of the website. We require these outside firms and agents to protect the confidentiality of your information and to use the information only for the purpose for which the disclosure is made. We do not provide customer names and addresses to outside firms, organizations, or individuals except in furtherance of our business relationship with you or as otherwise allowed by law.

We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

#### Householding

The Funds may, on occasion, mail notices, reports, prospectuses, or proxy material to shareholders. To avoid sending duplicate copies of materials to households, the Funds will mail only one copy of these items to shareholders having the same last name and address on the Funds' records. The consolidation of these mailings, called householding, benefits the Funds through reduced mailing expense. If you have a direct account with the Funds and you do not want the mailing of these documents to be combined with those to other members of your household, please contact the Davis Funds by phone at 1-800-279-0279. Your instructions will become effective within 30 days of your notice to the Davis Funds.

------

---

| | |
|:---|:---|
| **DAVIS SERIES, INC.** | **Directors and Officers** |

---

For the purpose of their service as Directors to the Davis Funds, the business address for each of the Directors is: 2949 E. Elvira Road, Suite 101, Tucson, AZ 85756. Subject to exceptions and exemptions which may be granted by the Independent Directors, Directors must retire from the Board of Directors and cease being a Director at the close of business on the last day of the calendar year in which the Director attains age seventy-eight (78).

---

| | | | |
|:---|:---|:---|:---|
| **Name, Date of Birth,**<br> **Position(s) Held with**<br> **Funds, Length of Service** | **Principal Occupation(s) During Past Five Years** | **Number of**<br> **Portfolios**<br> **Overseen** | **Other Directorships** |

---

#### Independent Directors

---

| | | | |
|:---|:---|:---|:---|
| **John S. Gates Jr.**<br> (08/02/53)<br> Director since 2007 | Executive Chairman, TradeLane Properties LLC<br> (industrial real estate company). | 13<br>| Chairman and Chief Executive Officer of PortaeCo<br> LLC (private investment company); Director, Miami<br> Corp. (diversified investment company). |
| **Thomas S. Gayner**<br> (12/16/61)<br> Director since 2004<br> Chairman since 2009 | Chief Executive Officer and Director, Markel Corp.<br> (diversified financial holding company). | 13 | Director, Graham Holdings Company (educational and<br> media company); Director, Cable ONE Inc. (cable<br> service provider). |
| **Samuel H. Iapalucci**<br> (07/19/52)<br> Director since 2006 | Retired; Executive Vice President and Chief Financial<br> Officer, CH2M HILL Companies, Ltd. (engineering)<br> until 2008. | 13 |  |
| **Robert P. Morgenthau**<br> (03/22/57)<br> Director since 2002 | Principal, Spears Abacus Advisors, LLC (investment<br> management firm) since 2011; Chairman, NorthRoad<br> Capital Management, LLC (investment management<br> firm) 2002-2011. | 13 |  |
| **Lara N. Vaughan**<br> (04/20/69)<br> Director since 2021 | Chief Executive Officer and Chief Financial Officer of<br> Parchman, Vaughan & Company, L.L.C. (investment<br> bank). | 13 |  |
| **Marsha C. Williams**<br> (03/28/51)<br> Director since 1999<br>| Retired; Senior Vice President and Chief Financial<br> Officer, Orbitz Worldwide, Inc. (travel-service<br> provider) 2007-2010. | 13 | Chairperson, Modine Manufacturing Company (heat<br> transfer technology); Director, Fifth Third Bancorp<br> (diversified financial services); Director, Crown<br> Holdings, Inc. (manufacturing company). |

---

***Interested Directors***\*

---

| | | | |
|:---|:---|:---|:---|
| **Andrew A. Davis**<br> (06/25/63)<br> Director since 1997<br>| President or Vice President of each Davis Fund, Selected<br> Fund, and Clipper Fund; President, Davis Selected<br> Advisers, L.P., and also serves as an executive officer of<br> certain companies affiliated with the Adviser. | 16 | Director, Selected Funds (consisting of two portfolios)<br> since 1998; Trustee, Clipper Funds Trust (consisting of<br> one portfolio) since 2014. |
| **Christopher C. Davis**<br> (07/13/65)<br> Director since 1997<br>| President or Vice President of each Davis Fund, Selected<br> Fund, Clipper Fund, and Davis ETF; Chairman, Davis<br> Selected Advisers, L.P., and also serves as an executive<br> officer of certain companies affiliated with the Adviser,<br> including sole member of the Adviser's general partner,<br> Davis Investments, LLC. | 16 | Director, Selected Funds (consisting of two portfolios)<br> since 1998; Trustee, Clipper Funds Trust (consisting of<br> one portfolio) since 2014; Lead Independent Director,<br> Graham Holdings Company (educational and media<br> company); Director, The Coca-Cola Company<br> (beverage company); Director, Berkshire Hathaway<br> Inc. (financial services). |

---

\* Andrew A. Davis and Christopher C. Davis own partnership units (directly, indirectly, or both) of the Adviser and are considered to be "interested persons" of the Funds as defined in the Investment Company Act of 1940. Andrew A. Davis and Christopher C. Davis are brothers.

#### Officers

**Lisa J. Cohen (born 04/25/89, Davis Funds officer since 2021).** Vice President and Secretary of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of four portfolios); Vice President, Senior Attorney, and Secretary, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

**Andrew A. Davis (born 06/25/63, Davis Funds officer since 1997).** See description in the section on Interested Directors.

**Christopher C. Davis (born 07/13/65, Davis Funds officer since 1997).** See description in the section on Interested Directors.

**Kenneth C. Eich (born 08/14/53, Davis Funds officer since 1997).** Executive Vice President and Principal Executive Officer of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), and Clipper Funds Trust (consisting of one portfolio); Trustee/Chairman, Executive Vice President, and Principal Executive Officer of Davis Fundamental ETF Trust (consisting of four portfolios); Chief Operating Officer, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

**Douglas A. Haines (born 03/04/71, Davis Funds officer since 2004).** Vice President, Treasurer, Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of four portfolios); Vice President and Director of Fund Accounting, Davis Selected Advisers, L.P.

**Michaela McLoughry (born 03/21/81, Davis Funds officer since 2023).** Vice President and Chief Compliance Officer of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of four portfolios); Vice President and Chief Compliance Officer, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

------

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

---

| |
|:---|
| **Investment Adviser** |
| Davis Selected Advisers, L.P. (Doing business as "Davis Advisors") |
| 2949 East Elvira Road, Suite 101 |
| Tucson, Arizona 85756 |
| (800) 279-0279 |
| **Distributor** |
| Davis Distributors, LLC |
| 2949 East Elvira Road, Suite 101 |
| Tucson, Arizona 85756 |
| **Transfer Agent** |
| DST Asset Manager Solutions, Inc. |
| c/o The Davis Funds |
| P.O. Box 219197 |
| Kansas City, Missouri 64121-9197 |
| Overnight Address: |
| 430 West 7<sup>th</sup> Street, Suite 219197 |
| Kansas City, Missouri 64105-1407 |
| **Custodian** |
| State Street Bank and Trust Co. |
| One Lincoln Street |
| Boston, Massachusetts 02111 |
| **Legal Counsel** |
| Greenberg Traurig, LLP |
| 1144 15<sup>th</sup> Street, Suite 3300 |
| Denver, Colorado 80202 |
| **Independent Registered Public Accounting Firm** |
| KPMG LLP |
| 4200 Wells Fargo Center |
| 90 South 7<sup>th</sup> Street |
| Minneapolis, MN 55402 |

---

------

***For more information about Davis Series, Inc., including management fee, charges, and expenses, see the current prospectus, which must precede or accompany this report. The Funds' Statement of Additional Information contains additional information about the Funds' Directors and is available without charge, upon request, by calling 1-800-279-0279 and on the Funds' website at www.davisfunds.com. Quarterly Fact Sheets are available on the Funds' website at www.davisfunds.com.***

------

------

#### ITEM 2. CODE OF ETHICS

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the code of ethics is filed as an exhibit to this form N-CSR.

No substantive amendments were approved or waivers granted to this code of ethics during the period covered by this report.

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The registrant's Board of Directors has determined that independent director Marsha Williams qualifies as the "audit committee financial expert", as defined in Item 3 of form N-CSR.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

---

| | |
|:---|:---|
| (a) <br>| Audit Fees. The aggregate Audit Fees billed by KPMP LLP ("KPMG") for professional services rendered for the audits of the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal year ends December 31, 2022 and December 31, 2021 were $171,614 and $159,824, respectively. |
| (b) <br>| Audit-Related Fees. The aggregate Audit-Related Fees billed by KPMG for services rendered for assurance and related services that are not reasonably related to the performance of the audit or review of the fund financial statements, but not reported as Audit Fees for fiscal year ends December 31, 2022 and December 31, 2021 were $0 and $0, respectively. |
| (c) <br>| Tax Fees. The aggregate Tax Fees billed by KPMG for professional services rendered for tax compliance, tax advice and tax planning for the fiscal year ends December 31, 2022 and December 31, 2021 were $54,228 and $50,250, respectively.<br>Fees included in the Tax Fee category comprise all services performed by professional staff in the independent accountant's tax division except those services related to the audit. These services include preparation of tax returns, tax advice related to mergers and a review of the fund income and capital gain distributions. |
| (d) <br>| All Other Fees. The aggregate Other Fees billed by KPMG for all other non-audit services rendered to the fund for the fiscal year ends December 31, 2022 and December 31, 2021 were $0 and $0, respectively. |
| (e)(1) <br>| Audit Committee Pre-Approval Policies and Procedures.<br>The fund Audit Committee must pre-approve all audit and non-audit services provided by the independent accountant relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.<br>The fund Audit Committee has adopted a policy whereby audit and non-audit services performed by the fund independent accountant require pre-approval in advance at regularly scheduled Audit Committee meetings. If such a service is required between regularly scheduled Audit Committee meetings, pre-approval may be authorized by the Audit Committee Chairperson with ratification at the next scheduled audit committee meeting. |
| (e)(2) <br>| No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-1 of Regulation S-X. |
| (f) <br>| Not applicable<br>|
| (g) <br>| The Funds' independent accountant did not provide any services to the investment advisor or any affiliate for the fiscal years ended December 31, 2022 and December 31, 2021. The fund has not paid any fees for non-audit not previously disclosed in items 4 (b) – (d). |
| (h) <br>| The registrant's audit committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. No such services were rendered. |

---

#### ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not Applicable

#### ITEM 6. SCHEDULE OF INVESTMENTS

(a) <br> Not Applicable. The complete Schedule of Investments is included in Item 1 of this Form N-CSR <br>(b) <br> Not Applicable.

#### ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not Applicable

#### ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not Applicable

#### ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS

Not Applicable

#### ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no changes to the procedure by which shareholders may recommend nominees to the registrant's Board of Directors.

------

#### ITEM 11. CONTROLS AND PROCUDURES

(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.

#### ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not Applicable.

#### ITEM 13. EXHIBITS

---

| | |
|:---|:---|
| (a)(1) <br>| The registrant's [code of ethics](code_ethics.htm) pursuant to Item 2 of Form N-CSR is filed as an exhibit to this form N-CSR. |
| (a)(2) <br>| Certifications pursuant to [Section 302](cert302.htm) of the Sarbanes-Oxley Act of 2002 are attached. |
| (b) <br>| Certifications pursuant to [Section 906](cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached. |

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DAVIS SERIES, INC.

---

| | |
|:---|:---|
| By | /s/ Kenneth C. Eich |
|  | Kenneth C. Eich |
|  | Principal Executive Officer |
| Date: February 22, 2023 | Date: February 22, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Kenneth C. Eich |
|  | Kenneth C. Eich |
|  | Principal Executive Officer |
| Date: February 22, 2023 | Date: February 22, 2023 |

---

---

| | |
|:---|:---|
| By | /s/ Douglas A. Haines |
|  | Douglas A. Haines |
|  | Principal Financial Officer and Principal Accounting Officer |
| Date: February 22, 2023 | Date: February 22, 2023 |

---

------

## Ex-99.Cert

------

DAVIS SERIES, INC.

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

(520) 434-3778

RULE 30A-2(A) CERTIFICATION

I, Kenneth C. Eich, certify that:

1. I have reviewed this report on Form N-CSR of Davis Series, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
 the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
 the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
 defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to
 ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
 supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
 effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this
 report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board
 of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
 likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control
 over financial reporting.

---

| |
|:---|
| /s/ Kenneth C. Eich |
| Kenneth C. Eich |
| Principal Executive Officer |
| Date: February 22, 2023 |

---

------

DAVIS SERIES, INC.

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

(520) 434-3778

RULE 30A-2(A) CERTIFICATION

I, Douglas A. Haines, certify that:

1. I have reviewed this report on Form N-CSR of Davis Series, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
 the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
 the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

---

| | | |
|:---|:---|:---|
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
|  | (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|  | (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | (c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
|  | (d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

---

| |
|:---|
| /s/ Douglas A. Haines |
| Douglas A. Haines |
| Principal Financial Officer and Principal Accounting Officer |
| Date: February 22, 2023 |

---

------

## Exhibit 99.906

------

DAVIS SERIES, INC.

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

(520) 434-3778

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

KENNETH C. EICH, Principal Executive Officer, and DOUGLAS A. HAINES, Principal Financial Officer and Principal Accounting Officer of Davis Series, Inc. (the "Registrant"), each certify to the best of his or her knowledge that:

(1) The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer and Principal Accounting Officer |
| DAVIS SERIES, INC. | DAVIS SERIES, INC. |
| /s/ Kenneth C. Eich | /s/ Douglas A. Haines |
| Kenneth C. Eich | Douglas A. Haines |
| Principal Executive Officer | Principal Financial Officer and Principal Accounting Officer |
| Date: February 22, 2023 | Date: February 22, 2023 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to DAVIS SERIES, INC. and will be retained by DAVIS SERIES, INC. and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

------

## Ex-99.Code

------

### Code of Ethics:

### Sarbanes-Oxley

### (Section 406)
Davis Funds

Selected Funds

Clipper Funds Trust

Davis Fundamental ETF Trust

("Funds")

### October 2016

------

**I. Covered Officers/Purpose of the Code**

This Sarbanes-Oxley Code of Ethics ("Code") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer, and Controller, or persons performing similar functions elected by the Funds (the "Covered Officers") for the purposes of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Overview</u>

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of the officer's family, receives improper personal benefits as a result of a position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds' and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, replace these programs and procedures, and such conflicts fall outside of the parameters of this Code (see Section VI below).

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from the contractual relationships between the Funds and the investment adviser (or advisory affiliates) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by each Fund's Board of Directors/Trustees (each a "Board" and collectively the "Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. not use material non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that should always be discussed by Covered Officers with the Funds' Chief Legal Officer, if material. Examples of these conflict of interest situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. service as a director/trustee on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the receipt of any gift, gratuity, favor award or other item or benefit having a market value in excess of $100 per person, per year, from or on behalf of any person or entity that does, or seeks to do, business with or on behalf of the Funds. Business-related entertainment such as meals, tickets to the theater or a sporting event which are infrequent and of a non-lavish nature are excepted from this prohibition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter or any of their affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Covered Officer should become familiar with the disclosure requirements generally applicable to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds' directors/trustees and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Notwithstanding (1) through (4) above, (a) each Covered Officer is entitled to rely upon procedures adopted by the Funds and their affiliates (including their investment adviser, sub-advisers, principal underwriter, transfer agent and custodian) that are intended to ensure accurate and timely filing of documents with the SEC or communications with the public, and (b) Covered Officers do not have a duty to ensure the Funds' compliance in areas outside of their span of control (for example, the Principal Financial Officer shall not have any duties with respect to compliance issues delegated to the adviser's Legal Department, Compliance Department, Marketing Department, etc.).

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. annually thereafter affirm to the Boards that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. report at least annually all affiliations or other relationships related to conflicts of interest that are included and described in the Funds' Directors/Trustees and Officers Questionnaires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. notify the Funds' Chief Legal Officer promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of the Code.

**V. Enforcement of Code**

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Chief Legal Officer is authorized to consult, as appropriate, with the Chairperson of the Audit Committee, counsel to the Funds and independent legal counsel to the independent directors/trustees (as defined in Rule 0-1(a)(6) of the Investment Company Act). However, any approvals or waivers sought by any Covered Officer will be considered by the Audit Committee of the affected Fund (the "Committee").

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Chief Legal Officer will take all appropriate action to investigate any reported potential violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. if, after such investigation, the Chief Legal Officer believes that no material violation has occurred, the Chief Legal Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any matter that the Chief Legal Officer believes is a material violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. if the Committee concurs that a material violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; monetary sanctions based on making a Fund whole for damage suffered or to deter further actions; or a recommendation to suspend or dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the Committee will be responsible for granting waivers, as appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. all waivers shall be accompanied by a written memorandum, including to whom the waiver was granted, the details of the waiver, the nature and scope of the waiver, reasoning for the waiver and the date of the waiver; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**VI. Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's Code of Ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VII. Amendments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Code was initially adopted by a majority of both Boards (including a majority of the Independent Directors/Trustees voting separately).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of both Boards, including a majority of Independent Directors/Trustees voting separately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each version of the Code and all waivers under the Code shall be maintained for at least six (6) years following the end of the fiscal year in which the amendment or waiver occurred.

**VIII. Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its independent counsel.

**IX. Filing**

Each Fund shall file a copy of this Code as an exhibit to its annual report on Form N-CSR, and shall similarly file and report all material, substantive amendments to this Code.

------

### Exhibit A

#### Persons Covered by this Code of Ethics as of October 4, 2016:

---

| | |
|:---|:---|
| Principal Executive Officer: | Kenneth Eich |
| Principal Financial Officer: | Douglas Haines |
| Principal Accounting Officer: | Douglas Haines |

---

------