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, 2021

Date of reporting period: December 31, 2021

____________________

ITEM 1. REPORT TO STOCKHOLDERS

DAVIS SERIES, INC.

Table of Contents

Shareholder Letter	2
Management’s Discussion of Fund Performance:
Davis Opportunity Fund	3
Davis Government Bond Fund	5
Davis Financial Fund	7
Davis Appreciation & Income Fund	9
Davis Real Estate Fund	11
Fund Overview:
Davis Opportunity Fund	13
Davis Government Bond Fund	15
Davis Government Money Market Fund	16
Davis Financial Fund	17
Davis Appreciation & Income Fund	18
Davis Real Estate Fund	20
Expense Example	22
Schedule of Investments:
Davis Opportunity Fund	24
Davis Government Bond Fund	27
Davis Government Money Market Fund	29
Davis Financial Fund	30
Davis Appreciation & Income Fund	32
Davis Real Estate Fund	35
Statements of Assets and Liabilities	37
Statements of Operations	39
Statements of Changes in Net Assets	40
Notes to Financial Statements	42
Financial Highlights	53
Report of Independent Registered Public Accounting Firm	59
Federal Income Tax Information (unaudited)	60
Privacy Notice and Householding	61
Directors and Officers	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^th, no later than August 31^st 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^th 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,

Christopher C. Davis

President

February 1, 2022

DAVIS SERIES, INC.	Management’s Discussion of Fund Performance
DAVIS OPPORTUNITY FUND

Performance Overview

Davis Opportunity Fund underperformed the Standard & Poor’s 1500^® Index (“S&P 1500^®”or the “Index”) for the twelve-month period ended December 31, 2021 (the “period”). The Fund’s Class A shares delivered a total return on net asset value of 24.96%, versus a 28.45% return for the S&P 1500^®. The sectors¹ within the Index that reported the strongest performance were Energy (up 55%), Real Estate (up 43%), and Information Technology (up 35%). The sectors within the Index that reported the weakest performance were Utilities (up 18%), Consumer Staples (up 18%), and Communication Services (up 21%).

Detractors from Performance

The Fund’s Consumer Discretionary holdings were the most important detractor² from performance both on an absolute basis and relative to the Index. The Fund’s holdings underperformed the S&P 1500^® sector (down 33%, versus up 25%). New Oriental Education & Technology³ (down 78%), Vroom (down 68%), and Alibaba (down 42%), all new holdings initiated during the period, were significant detractors from performance. The Fund completely liquidated its position in New Oriental Education & Technology after the Chinese government placed new regulations on the company related to after-school tutoring and private educational services, one of which is mandating that it must now be registered as a non-profit organization. Quotient Technology (down 21%) was another detractor from this sector.

The Fund’s Consumer Staples holdings were also an important detractor from performance on both an absolute and relative basis. The Fund’s holdings underperformed the Index sector (down 49%, versus up 18%) but a very small average weighting (1%, versus 6% for the Index) in this lesser performing sector somewhat offset the impact from the weaker stock selection. Missfresh, a Chinese online grocery retailer, was a company the Fund held private equity shares of during the period. Missfresh completed its initial public offering (“IPO”) in June 2021. Previously classified in Consumer Discretionary, Missfresh moved to Consumer Staples at the time of IPO and subsequent performance (down 65%) was the primary reason Consumer Staples was a detractor from performance. Missfresh, including its pre-IPO performance, decreased 68% during the period.

Compared to the Index, the Fund’s performance was hindered by both having a smaller weighting in (10%, versus 25% for the Index sector) and underperforming (up 28%, versus up 35%) the stronger performing Information Technology sector. The Fund also had no exposure in Energy and Real Estate, the two highest performing sectors of the S&P 1500^®, and relative performance suffered as a result.

The Fund held private equity shares of China ride hailing company Didi Chuxing. In June 2021, the company was renamed DiDi Global and shortly thereafter completed its IPO. DiDi Global was a top detractor from performance primarily due to its performance subsequent to the IPO. Including its pre-IPO performance, DiDi Global decreased 47% during the period. Additional individual detractors from performance were AIA Group (down 17%), Vimeo (down 60%), and Viatris (down 26%). Vimeo was spun off from IAC/InterActiveCorp.

The Fund had an average weighting of 19% of net assets in foreign securities. The Fund’s foreign holdings underperformed the U.S. holdings (up 14%, compared to up 32%). An 8% average repurchase agreement (cash) position during the period also hindered relative performance in a strong market environment.

Contributors to Performance

The Fund’s largest average sector position during the period was in Industrials. These holdings were the most significant contributorto performance both on an absolute and relative basis. The Fund’s Industrials holdings outperformed the S&P 1500^® sector (up 42%, versus up 22%). Of the top ten contributors during the period, four were from the Industrials sector. Grab Holdings (up 122%), a ride hailing company in Southeast Asia, went public in 2021 via a merger with a special purpose acquisition company (SPAC). As a result, its value increased making it the top contributor to performance by a significant margin due to its 6% average weighting. Shortly after the merger occurred, the Fund liquidated its position in Grab Holdings. Other strong performers included Carrier Global (up 45%), Johnson Controls (up 77%), and Schneider Electric (up 38%).

The Fund continued to hold a large position in Financials. These holdings were also beneficial to both absolute and relative performance. The Fund’s holdings outperformed the Index sector (up 36%, versus up 31%) and the Fund benefited from a higher average weighting (21%, compared to 13%) in this sector. Wells Fargo (up 61%) and Capital One Financial (up 49%) were among the top contributors and both were top ten holdings at the end of the period, representing 6.45% and 4.84% of net assets, respectively.

The Fund’s holdings in the Communication Services sector also helped performance. The Fund’s Communication Services holdings outperformed the Index sector (up 35%, versus up 21%) and the Fund benefited from a lower average weighting (6%, versus 10%) in this weaker performing sector. Alphabet (up 65%), the parent company of Google, was a strong performer.

The Health Care sector of the Fund contributed significantly to absolute performance (up 26%). UnitedHealth Group (up 45%) and Quest Diagnostics (up 48%) were among the top contributors and both were top five holdings at the end of the period, representing 5.56% and 5.07% of net assets, respectively.

Applied Materials (up 84%) was another contributor to performance.

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, 2021, 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, 2021, unless otherwise noted.

The companies included in the Standard & Poor’s 1500^®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.

²	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%.

This Management 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^® Index over 10 years for an investment made on December 31, 2011

Average Annual Total Return for periods ended December 31, 2021

Fund & Benchmark Index	1-Year	5-Year	10-Year	Since Inception	Inception Date	Gross Expense Ratio	Net Expense Ratio
Class A - without sales charge	24.96%	13.49%	14.55%	11.18%	12/01/94	0.93%	0.93%
Class A - with sales charge	19.02%	12.40%	14.00%	10.99%	12/01/94	0.93%	0.93%
Class C**	22.92%	12.58%	13.82%	8.45%	08/15/97	1.75%	1.75%
Class Y	25.23%	13.75%	14.81%	8.80%	09/18/97	0.70%	0.70%
S&P 1500^® Index***	28.45%	17.94%	16.34%	11.26%

The Standard & Poor’s 1500^® Index is comprised of the S&P 500^®, S&P MidCap 400^®, and S&P SmallCap 600^® 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 reflects 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 performed roughly in line with the Bloomberg Barclays U.S. Government 1-3 Year Bond Index (the “Bloomberg Index”) before taking expenses into account. The net expense ratio for Class A shares was 1.00% during the twelve-month period ended December 31, 2021 (the “period”). The Fund’s Class A shares delivered a total return on net asset value of (1.48%), versus a (0.60%) 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 2.30 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 52%). During the period, the Fund had a significant weighting (14%) 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.

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 Barclays U.S. Government 1-3 Year Bond Index

over 10 years for an investment made on December 31, 2011

Average Annual Total Return for periods ended December 31, 2021

Fund & Benchmark Index	1-Year	5-Year	10-Year	Since Inception	Inception Date	Gross Expense Ratio	Net Expense Ratio
Class A - without sales charge	(1.48)%	0.80%	0.44%	2.80%	12/01/94	1.17%	1.00%
Class A - with sales charge	(6.16)%	(0.17)%	(0.05)%	2.61%	12/01/94	1.17%	1.00%
Class C**	(3.20)%	(0.02)%	(0.19)%	2.05%	08/19/97	2.35%	1.75%
Class Y	(1.22)%	1.01%	0.74%	2.33%	09/01/98	0.97%	0.75%
Bloomberg Barclays U.S. Government 1-3 Year Bond Index***	(0.60)%	1.62%	1.10%	3.63%

The Bloomberg Barclays 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.

*Reflects 4.75% front-end sales charge.

***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^® Index (“S&P 500^®” or the “Index”) for the twelve-month period ended December 31, 2021 (the “period”). The Fund’s Class A shares delivered a total return on net asset value of 31.46%, versus a 28.71% return for the S&P 500^®. The sectors¹ within the Index that reported the strongest performance were Energy (up 55%), Real Estate (up 46%), and Information Technology (up 36%). All five industries within the Financials sector of the Index saw positive performance (Banks, Capital Markets, Consumer Finance, Diversified Financial Services, and Insurance). The sectors within the Index that reported the weakest performance were Utilities (up 18%), Consumer Staples (up 19%), and Industrials (up 21%).

Contributors to Performance

The Fund’s largest industry weighting during the period was in Banks, which was the top contributor² to absolute performance. The Fund ended the period with 44% of net assets in this industry. Five of the top ten holdings at the end of the period are from the Banks industry. Wells Fargo³ (up 61%), Bank of America (up 50%), JPMorgan Chase (up 28%), PNC Financial (up 38%), and U.S. Bancorp (up 24%) were all among the top contributors.

The Fund’s Consumer Finance position was also a strong contributor to performance. The Fund benefited from its higher weighting (16% average weight) and its stronger stock selection (up 45%, compared to up 39% for the Index industry). The biggest single contributor to performance was also the largest holding at the end of the period, Capital One Financial. Capital One Financial was up 49% and represented 9.35% of net assets at the end of the period. Another top contributor from this industry was American Express, which was up 37%.

Other top performers during the period were Bank of New York Mellon (up 41%), Charles Schwab (up 60%), and Berkshire Hathaway (up 30%).

Detractors from Performance

Ping An Insurance (down 16%), a new Insurance holding during the period, was the single largest detractor from performance. Greenlight Capital (up 7%) was a weaker contributor from the Insurance industry. The Fund’s holdings underperformed the Index industry (up 20%, compared to up 32%).

A couple of Bank holdings also hindered Fund performance. M&T Bank (down 7%) and Metro Bank (down 32%) were top detractors from performance. Danske Bank (up 6%) was also a weaker performer. The Fund no longer owns M&T Bank.

Alphabet (down 2%), the only non-financial holding, was another top detractor. The Fund liquidated its position in Alphabet in the earlier stages of the period.

The Fund had an average weighting of 17% of net assets in foreign securities. The Fund’s foreign holdings underperformed the U.S. holdings (up 19%, compared to up 36%).

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.

The companies included in the Standard & Poor’s 500^® 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.

²	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%.

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^® Index over 10 years for an investment made on December 31, 2011

Average Annual Total Return for periods ended December 31, 2021

Fund & Benchmark Index	1-Year	5-Year	10-Year	Since Inception	Inception Date	Gross Expense Ratio	Net Expense Ratio
Class A - without sales charge	31.46%	10.45%	12.93%	11.54%	05/01/91	0.94%	0.94%
Class A - with sales charge	25.22%	9.39%	12.40%	11.37%	05/01/91	0.94%	0.94%
Class C**	29.44%	9.60%	12.17%	7.40%	08/12/97	1.71%	1.71%
Class Y	31.76%	10.71%	13.16%	8.45%	03/10/97	0.70%	0.70%
S&P 500^® Index***	28.71%	18.46%	16.54%	10.81%

The Standard & Poor’s 500^® 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.

*Reflects 4.75% front-end sales charge.

***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 underperformed the Standard & Poor’s 500^® Index (“S&P 500^®” or the “Index”) for the twelve-month period ended December 31, 2021 (the “period”). The Fund’s Class A shares delivered a total return on net asset value of 25.73%, versus a return of 28.71% for the Index. The sectors¹ within the Index that reported the strongest performance were Energy (up 55%), Real Estate (up 46%), and Information Technology (up 36%). The sectors within the Index that reported the weakest performance were Utilities (up 18%), Consumer Staples (up 19%), and Industrials (up 21%).

The Fund ended the period with 78% of net assets invested in equities, 15% in fixed-income securities, and 7% in repurchase agreements and cash. The Fund’s fixed-income securities play an important role in building a balanced portfolio for shareholders.

Detractors from Performance

The Fund’s lone Consumer Discretionary equity holding, Amazon² (up 2%) was a small contributor³. The Consumer Discretionary holdings of the Index returned 24%, thus making this sector a detractor from the Fund’s relative performance.

Having no equity holdings in Energy and Real Estate, the two highest performing sectors of the S&P 500^®, hindered the Fund’s performance relative to the Index.

Compared to the Index, Fund relative performance suffered by having an underweight equity position in the stronger performing Information Technology sector (17%, compared to 27%). Intel (up 6%) was a weaker performer from this sector.

The largest equity detractor during the period was AIA Group (down 17%), a Financials holding. Other weak performers from this sector included Danske Bank (up 6%) and Markel (up less than 1%). Viatris (down 26%), a Health Care holding, was also a detractor.

Given the strong equity market, the Fund’s fixed-income and repurchase agreement (cash) positions hindered relative performance during the period with average weights of 16% and 7%, respectively.

Contributors to Performance

The Fund continued to be significantly overweight in the stronger performing Financials sector (average weighting of 41%, compared to 12%) and thus a primary reason why this sector was a significant contributor to performance both on an absolute basis and relative to the Index. The Fund’s equity holdings in Financials outperformed the Index sector (up 33%, versus up 31%). Of the top ten contributors during the period, six were from the Financials sector including Capital One Financial (up 49%), Wells Fargo (up 61%), Berkshire Hathaway (up 29%), Bank of New York Mellon (up 41%), American Express (up 37%), and U.S. Bancorp (up 24%). Berkshire Hathaway, Capital One Financial, and Wells Fargo were all top five holdings at the end of the period, representing 6.39%, 6.14%, and 5.15% of net assets, respectively.

The Fund’s equity holdings in the Communication Services sector were also beneficial to both absolute and relative performance. The Fund’s Communication Services equity holdings outperformed the Index sector (up 53%, compared to up 22%). Alphabet (up 65%), the parent company of Google, was the largest holding at the end of the period, representing 6.49% of net assets.

The Fund’s Information Technology equity position was a key absolute performer. The Fund’s equity holdings outperformed the Index sector (up 43%, versus up 36%). Applied Materials (up 84%) was the top contributor to performance and a top five holding at the end of the period, representing 6.27% of net assets. Microsoft (up 52%) was also a key contributor.

The Fund’s equity holdings in the Industrials sector also helped performance. The Fund’s Industrials equity holdings outperformed the Index sector (up 62%, versus up 21%) and the Fund benefited from a lower average weighting (3%, versus 8%) in this weaker performing sector.

Quest Diagnostics (up 48%), a Health Care equity holding, was another contributor to performance.

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.

The companies included in the Standard & Poor’s 500^® 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.

³	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%.

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^® Index over 10 years for an investment made on December 31, 2011

Average Annual Total Return for periods ended December 31, 2021

Fund & Benchmark Index	1-Year	5-Year	10-Year	Since Inception	Inception Date	Gross Expense Ratio	Net Expense Ratio
Class A - without sales charge	25.73%	11.14%	9.32%	8.44%	05/01/92	0.98%	0.98%
Class A - with sales charge	19.76%	10.07%	8.79%	8.27%	05/01/92	0.98%	0.98%
Class C**	23.77%	10.28%	8.61%	6.13%	08/12/97	1.89%	1.75%
Class Y	26.13%	11.50%	9.60%	7.54%	11/13/96	0.66%	0.66%
S&P 500^® Index***	28.71%	18.46%	16.54%	10.78%

The Standard & Poor’s 500^® 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.

*Reflects 4.75% front-end sales charge.

***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 underperformed the Wilshire U.S. Real Estate Securities Index (“Wilshire Index” or the “Index”) for the twelve-month period ended December 31, 2021 (the “period”). The Fund’s Class A shares delivered a total return on net asset value of 43.24%, versus a 46.11% return for the Wilshire Index. The sub-industries¹ within the Wilshire Index that reported the strongest performance were Retail REITs (up 77%), Industrial REITs (up 68%), and Residential REITs (up 58%). The sub-industries that reported the weakest performance were Hotel & Resort REITs (up 16%), Health Care REITs (up 17%), and Office REITs (up 21%).

Detractors from Performance

Only one Fund holding experienced a negative return for the period. CatchMark Timber Trust² (down 6%), a Specialized REIT purchased during the period, was the top detractor³ from performance. VICI Properties (up 26%), purchased at the beginning of the period, was a small contributor from the Specialized REITs sub-industry.

When compared to the Wilshire Index, the Fund’s holdings in Industrial REITs hindered performance. The Fund was underweight (14% average weighting, versus 16% for the Index sub-industry) and its holdings underperformed (up 64%, versus up 68%) in a top performing sub-industry of the Index. EastGroup Properties (up 5%) and new holding Americold Realty Trust (up 8%) were among the weaker performers. The Fund no longer owns EastGroup Properties.

Another sub-industry that detracted relative to the Wilshire Index was Hotel & Resort REITs. The Fund had a higher average weighting than the Index sub-industry (6%, compared to 4%) and the holdings underperformed (up 13%, compared to up 16%). Sunstone Hotel Investors (up 4%) and Ryman Hospitality Properties (up 26%) were among the smallest contributors. The Fund no longer owns Ryman Hospitality Properties.

Residential REITs were also an important detractor when compared to the Index. The Fund was underweight (19% average weighting, versus 22% for the Index sub-industry) and its holdings slightly underperformed (up 56%, versus up 58%) in a strong performing sub-industry. An overweight position in the weaker performing Office REITs sub-industry (15%, compared to 11%) also hindered relative performance. Vornado Realty (up 18%) was a weaker performer from the Office REITs sub-industry.

Ventas (up 8%), a Health Care REIT, was another weak performer during the period. The Fund’s 3% average repurchase agreement (cash) position during the period hindered relative performance in a strong market environment.

Contributors to Performance

As discussed above, the Residential REITs position in the Fund was a detractor to performance relative to the Wilshire Index. However, Residential REITs provided the largest contribution to absolute performance due to its aforementioned large weighting and strong performance. AvalonBay Communities (up 62%), Essex Property Trust (up 52%), and Equity Residential (up 57%) were all among the top contributors to performance.

Another relative detractor that contributed significantly to performance on an absolute basis during the period was the Fund’s Industrial REITs position. Prologis (up 72%) was the single most important contributor to performance and largest holding at the end of the period, representing 6.62% of net assets. Rexford Industrial Realty (up 68%) and Terreno Realty (up 49%) were other significant performers from the Industrial REITs sub-industry.

The Fund’s Specialized REITs position was the Fund’s largest sub-industry position with an average weighting of 21%. Public Storage (up 67%) and Extra Space Storage (up 101%) were top contributors to performance.

When compared to the Wilshire Index, the Fund benefited from its holding in the weaker performing Health Care REITs sub-industry. The Fund had a lower average weighting than the Index sub-industry (8%, compared to 11%) and the holdings outperformed (up 29%, compared to up 17%).

Simon Property Group (up 96%) and Brixmor Property Group (up 60%), both Retail REITs, were both significant contributors during the period.

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.

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

³	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%.

DAVIS SERIES, INC.	Management’s Discussion of Fund Performance
DAVIS REAL ESTATE FUND

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

Standard & Poor’s 500^® Index and the Wilshire U.S. Real Estate Securities Index

over 10 years for an investment made on December 31, 2011

Average Annual Total Return for periods ended December 31, 2021

Fund & Benchmark Indices	1-Year	5-Year	10-Year	Since Inception	Inception Date	Gross Expense Ratio	Net Expense Ratio
Class A - without sales charge	43.24%	11.25%	10.80%	10.04%	01/03/94	0.95%	0.95%
Class A - with sales charge	36.44%	10.18%	10.27%	9.86%	01/03/94	0.95%	0.95%
Class C**	41.10%	10.33%	10.04%	8.31%	08/13/97	1.87%	1.75%
Class Y	43.56%	11.49%	11.04%	9.66%	11/08/96	0.72%	0.72%
S&P 500^® Index***	28.71%	18.46%	16.54%	10.78%
Wilshire U.S. Real Estate Securities Index***	46.11%	11.04%	11.63%	10.71%

The Standard & Poor’s 500^® 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.

*Reflects 4.75% front-end sales charge.

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

DAVIS SERIES, INC.	Fund Overview
DAVIS OPPORTUNITY FUND	December 31, 2021

Portfolio Composition		Industry Weightings
(% of Fund’s 12/31/21 Net Assets)		(% of 12/31/21 Stock Holdings)

			Fund	S&P 1500^®
Common Stock (U.S.)	79.01%	Health Care	25.76%	13.07%
Common Stock (Foreign)	14.61%	Capital Goods	20.25%	5.77%
Short-Term Investments	6.91%	Banks	11.89%	4.34%
Other Assets & Liabilities	(0.53)%	Information Technology	11.03%	27.96%
	100.00%	Diversified Financials	7.49%	4.75%
		Media & Entertainment	6.62%	8.38%
		Retailing	5.49%	6.62%
		Insurance	4.81%	1.96%
		Food, Beverage & Tobacco	2.29%	2.80%
		Materials	1.96%	2.85%
		Transportation	1.65%	1.81%
		Food & Staples Retailing	0.74%	1.37%
		Commercial & Professional Services	0.02%	1.06%
		Other	–	17.26%
			100.00%	100.00%

Top 10 Long-Term Holdings

(% of Fund’s 12/31/21 Net Assets)


Wells Fargo & Co.	Banks	6.45%
Cigna Corp.	Health Care Equipment & Services	5.69%
UnitedHealth Group Inc.	Health Care Equipment & Services	5.56%
Viatris Inc.	Pharmaceuticals, Biotechnology & Life Sciences	5.13%
Quest Diagnostics Inc.	Health Care Equipment & Services	5.07%
Capital One Financial Corp.	Consumer Finance	4.84%
U.S. Bancorp	Banks	4.68%
Owens Corning	Capital Goods	3.98%
Schneider Electric SE	Capital Goods	3.47%
Alphabet Inc., Class C	Media & Entertainment	3.39%

DAVIS SERIES, INC.	Fund Overview
DAVIS OPPORTUNITY FUND - (CONTINUED)	December 31, 2021

New Positions Added (01/01/21-12/31/21)

(Highlighted positions are those greater than 1.75% of the Fund’s 12/31/21 net assets)

Security	Industry	Date of 1^st Purchase	% of Fund’s 12/31/21 Net Assets
Alibaba Group Holding Ltd., ADR	Retailing	05/13/21	0.69%
Clear Secure, Inc., Class A	Software & Services	06/30/21	0.60%
Darling Ingredients Inc.	Food, Beverage & Tobacco	06/25/21	2.15%
JD.com, Inc., Class A, ADR	Retailing	07/27/21	1.74%
New Oriental Education & Technology
Group, Inc., ADR	Consumer Services	05/28/21	–
Teck Resources Ltd., Class B	Materials	09/24/21	1.83%
U.S. Bancorp	Banks	02/08/21	4.68%
Vroom, Inc.	Retailing	03/10/21	0.32%

Positions Closed (01/01/21-12/31/21)

(Gains and losses greater than $13,000,000 are highlighted)

		Date of	Realized
Security	Industry	Final Sale	Gain (Loss)
Aptiv PLC	Automobiles & Components	02/10/21	$	6,678,986
Grab Holdings Ltd., Class A	Transportation	12/06/21		28,771,139
New Oriental Education & Technology
Group, Inc., ADR	Consumer Services	07/29/21		(8,781,545)
Qorvo Inc.	Semiconductors & Semiconductor
	Equipment	02/11/21		13,975,899

DAVIS SERIES, INC.	Fund Overview
DAVIS GOVERNMENT BOND FUND	December 31, 2021

Portfolio Composition		Fixed Income Portfolio Composition
(% of Fund’s 12/31/21 Net Assets)		(% of 12/31/21 Bond Holdings)

Fixed Income	78.13%	Collateralized Mortgage Obligations	65.67%
Short-Term Investments	21.93%	Fannie Mae Mortgage Pools	16.66%
Other Assets & Liabilities	(0.06)%	Ginnie Mae Mortgage Pools	13.09%
	100.00%	Freddie Mac Mortgage Pools	4.58%
			100.00%

Top 10 Fixed Income Holdings

(% of Fund’s 12/31/21 Net Assets)


Fannie Mae, 3.57%, 11/01/25, Pool No. BL0533	Fannie Mae Mortgage Pools	6.60%
Ginnie Mae, 4.559%, 08/20/71, Pool No. 785652	Ginnie Mae Mortgage Pools	6.32%
Freddie Mac, 1.00%, 03/25/51	Collateralized Mortgage Obligations	5.98%
Ginnie Mae, 1.00%, 06/20/51	Collateralized Mortgage Obligations	5.40%
Ginnie Mae, 4.567%, 04/20/70, Pool No. BT6816	Ginnie Mae Mortgage Pools	3.89%
Ginnie Mae, 2.70%, 06/16/58	Collateralized Mortgage Obligations	3.66%
Fannie Mae, 0.9119% (1 month LIBOR + 0.81%), 12/25/39	Collateralized Mortgage Obligations	3.42%
Freddie Mac Multifamily Structured Pass-Through, 2.522%, 01/25/23	Collateralized Mortgage Obligations	3.27%
Ginnie Mae, 3.50%, 03/16/47	Collateralized Mortgage Obligations	3.10%
Ginnie Mae, 0.7011% (1 month LIBOR + 0.63%), 09/20/64	Collateralized Mortgage Obligations	2.94%

DAVIS SERIES, INC.	Fund Overview
DAVIS GOVERNMENT MONEY MARKET FUND	December 31, 2021

Portfolio Composition		Maturity Diversification
(% of Fund’s 12/31/21 Net Assets)		(% of 12/31/21 Portfolio Holdings)

Repurchase Agreements	63.83%	0-30 Days	81.88%
Federal Farm Credit Bank	19.28%	31-90 Days	–
Fannie Mae	3.74%	91-180 Days	3.54%
Federal Home Loan Bank	3.47%	181-397 Days	14.58%
Other Assets & Liabilities	9.68%		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, 2021

Portfolio Composition		Industry Weightings
(% of Fund’s 12/31/21 Net Assets)		(% of 12/31/21 Stock Holdings)

			Fund	S&P 500^®
Common Stock (U.S.)	79.31%	Banks	46.83%	3.96%
Common Stock (Foreign)	18.75%	Diversified Financials	32.94%	4.89%
Short-Term Investments	1.86%	Insurance	20.23%	1.83%
Other Assets & Liabilities	0.08%	Information Technology	–	29.17%
	100.00%	Health Care	–	13.29%
		Media & Entertainment	–	8.99%
		Retailing	–	6.82%
		Capital Goods	–	5.16%
		Food, Beverage & Tobacco	–	2.87%
		Real Estate	–	2.77%
		Other	–	20.25%
			100.00%	100.00%

Top 10 Long-Term Holdings

(% of Fund’s 12/31/21 Net Assets)


Capital One Financial Corp.	Consumer Finance	9.35%
JPMorgan Chase & Co.	Banks	6.83%
Wells Fargo & Co.	Banks	6.42%
Berkshire Hathaway Inc., Class A	Diversified Financial Services	6.06%
Bank of America Corp.	Banks	5.91%
U.S. Bancorp	Banks	5.87%
Bank of New York Mellon Corp.	Capital Markets	5.69%
Chubb Ltd.	Property & Casualty Insurance	5.60%
PNC Financial Services Group, Inc.	Banks	5.32%
Markel Corp.	Property & Casualty Insurance	5.00%

New Positions Added (01/01/21-12/31/21)

(Highlighted positions are those greater than 1.00% of the Fund’s 12/31/21 net assets)

Security	Industry	Date of 1^st Purchase	% of Fund’s 12/31/21 Net Assets
M&T Bank Corp.	Banks	05/13/21	–
Ping An Insurance (Group) Co. of China, Ltd. - H	Life & Health Insurance	07/29/21	1.22%

Positions Closed (01/01/21-12/31/21)

(Gains and losses greater than $11,000,000 are highlighted)

Security	Industry	Date of Final Sale	Realized Gain (Loss)
Alphabet Inc., Class A	Media & Entertainment	01/06/21	$	11,641,232
Alphabet Inc., Class C	Media & Entertainment	01/06/21		918,360
M&T Bank Corp.	Banks	12/14/21		(1,009,149)

DAVIS SERIES, INC.	Fund Overview
DAVIS APPRECIATION & INCOME FUND	December 31, 2021

Asset Allocation		Equity Industry Weightings
(% of Fund’s 12/31/21 Net Assets)		(% of 12/31/21 Stock Holdings)

			Fund	S&P 500^®
Equities	77.59%	Banks	22.12%	3.96%
Fixed Income	15.17%	Information Technology	21.41%	29.17%
Short-Term Investments	7.16%	Diversified Financials	21.08%	4.89%
Other Assets & Liabilities	0.08%	Health Care	11.27%	13.29%
	100.00%	Media & Entertainment	10.77%	8.99%
		Insurance	6.67%	1.83%
		Retailing	5.31%	6.82%
		Capital Goods	1.37%	5.16%
		Food, Beverage & Tobacco	–	2.87%
		Real Estate	–	2.77%
		Automobiles & Components	–	2.68%
		Energy	–	2.67%
		Other	–	14.90%
			100.00%	100.00%


Equity Portfolio Composition		Top 10 Equity Holdings
(% of Fund’s 12/31/21 Stock Holdings)		(% of Fund’s 12/31/21 Net Assets)
Common Stock (U.S.)	88.94%	Alphabet Inc., Class C		6.49%
Common Stock (Foreign)	11.06%	Berkshire Hathaway Inc., Class B		6.39%
	100.00%	Applied Materials, Inc.		6.27%
		Capital One Financial Corp.		6.14%
		Wells Fargo & Co.		5.15%
		Amazon.com, Inc.		4.12%
		Texas Instruments Inc.		3.79%
		Viatris Inc.		3.38%
		Microsoft Corp.		3.30%
		Quest Diagnostics Inc.		3.29%


Fixed Income Portfolio Composition		Top 5 Fixed Income Holdings
(% of Fund’s 12/31/21 Bond Holdings)		(% of Fund’s 12/31/21 Net Assets)
Corporate Bonds	63.35%	Goldman Sachs Group, Inc., Sr. Notes, 0.86% (SOFR + 0.81%), 03/09/27		1.54%
Mortgages	30.55%	Verizon Communications Inc., Sr. Notes, 1.2109% (3 month LIBOR + 1.00%), 03/16/22		1.47%
Municipal Bonds	6.10%			1.47%
	100.00%	Capital One N.A., Sr. Notes, 1.2786% (3 month LIBOR + 1.15%), 01/30/23		1.22%
		Dell International LLC EMC Corp., First Lien Notes, 8.10%, 07/15/36		1.16%
		Thornburg Mortgage, Inc., Sr. Notes, 8.00%, 05/15/13		1.13%

DAVIS SERIES, INC.	Fund Overview
DAVIS APPRECIATION & INCOME FUND - (CONTINUED)	December 31, 2021

New Positions Added (Equities & Corporate Bonds only) (01/01/21-12/31/21)

(Highlighted positions are those greater than 1.50% of the Fund’s 12/31/21 net assets)

Security	Industry	Date of 1^st Purchase	% of Fund’s 12/31/21 Net Assets
Cigna Corp.	Health Care Equipment & Services	11/02/21	2.08%
Dell International LLC EMC Corp., First Lien Notes, 8.10%, 07/15/36	Technology Hardware & Equipment	08/12/21	1.16%
Goldman Sachs Group, Inc., Sr. Notes, 0.86% (SOFR + 0.81%), 03/09/27	Capital Markets	05/19/21	1.54%
Markel Corp.	Property & Casualty Insurance	05/14/21	1.42%
Viatris Inc., Sr. Notes, 2.70%, 06/22/30	Pharmaceuticals, Biotechnology
	& Life Sciences	03/04/21	0.84%

Positions Closed (Equities & Corporate Bonds only) (01/01/21-12/31/21)

(Gains greater than $1,000,000 are highlighted)

Security	Industry	Date of Final Sale	Realized Gain
Carrier Global Corp.	Capital Goods	12/02/21	$	1,750,306
Oracle Corp., Sr. Notes, 1.90%, 09/15/21	Software & Services	05/19/21		13,241
Raytheon Technologies Corp.	Capital Goods	05/19/21		116,028

DAVIS SERIES, INC.	Fund Overview
DAVIS REAL ESTATE FUND	December 31, 2021

Portfolio Composition		Sub-Industry Weightings
(% of Fund’s 12/31/21 Net Assets)		(% of 12/31/21 Stock Holdings)

				Wilshire U.S.
				Real Estate
			Fund	Securities Index
Common Stock	96.45%	Specialized REITs	24.44%	23.42%
Short-Term Investments	3.10%	Residential REITs	20.68%	23.00%
Other Assets & Liabilities	0.45%	Industrial REITs	15.58%	17.91%
	100.00%	Office REITs	13.22%	9.81%
		Retail REITs	12.20%	10.61%
		Health Care REITs	9.36%	9.32%
		Hotel & Resort REITs	3.53%	3.17%
		Diversified REITs	0.99%	2.25%
		Real Estate Operating Companies	–	0.27%
		Hotels, Resorts & Cruise Lines	–	0.24%
			100.00%	100.00%

Top 10 Long-Term Holdings

(% of Fund’s 12/31/21 Net Assets)


Prologis, Inc.	Industrial REITs	6.62%
Rexford Industrial Realty, Inc.	Industrial REITs	4.19%
Equinix, Inc.	Specialized REITs	3.90%
Simon Property Group, Inc.	Retail REITs	3.81%
Public Storage	Specialized REITs	3.77%
American Tower Corp.	Specialized REITs	3.76%
American Campus Communities, Inc.	Residential REITs	3.74%
Terreno Realty Corp.	Industrial REITs	3.74%
Welltower Inc.	Health Care REITs	3.65%
AvalonBay Communities, Inc.	Residential REITs	3.43%

DAVIS SERIES, INC.	Fund Overview
DAVIS REAL ESTATE FUND - (CONTINUED)	December 31, 2021

New Positions Added (01/01/21-12/31/21)

(Highlighted positions are those greater than 1.00% of the Fund’s 12/31/21 net assets)

Security	Sub-Industry	Date of 1^st Purchase	% of Fund’s 12/31/21 Net Assets
American Tower Corp.	Specialized REITs	06/24/21	3.76%
Americold Realty Trust	Industrial REITs	09/24/21	0.48%
CatchMark Timber Trust Inc., Class A	Specialized REITs	10/15/21	0.88%
Healthcare Trust of America, Inc.	Health Care REITs	04/26/21	1.51%
Ryman Hospitality Properties, Inc.	Hotel & Resort REITs	01/04/21	–
Six Flags Entertainment Corp.	Leisure Facilities	01/08/21	–
STORE Capital Corp.	Diversified REITs	12/06/21	0.95%
Sun Communities, Inc.	Residential REITs	04/27/21	1.09%
UDR, Inc.	Residential REITs	01/06/21	1.53%
VICI Properties Inc.	Specialized REITs	01/06/21	0.76%

Positions Closed (01/01/21-12/31/21)

(Gains greater than $800,000 are highlighted)

		Date of	Realized
Security	Sub-Industry	Final Sale	Gain
CoreSite Realty Corp.	Specialized REITs	12/28/21	$	1,965,485
EastGroup Properties, Inc.	Industrial REITs	02/04/21		861,340
Ryman Hospitality Properties, Inc.	Hotel & Resort REITs	11/26/21		260,682
Six Flags Entertainment Corp.	Leisure Facilities	09/22/21		405,079

DAVIS SERIES, INC.

Expense Example

As a shareholder of each Fund, you incur two types of costs: (1) transaction costs, including 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, 2021.

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	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	(07/01/21)	(12/31/21)	(07/01/21-12/31/21)
Davis Opportunity Fund
Class A (annualized expense ratio 0.95%**)
Actual	$1,000.00	$1,007.09	$4.81
Hypothetical	$1,000.00	$1,020.42	$4.84
Class C (annualized expense ratio 1.76%**)
Actual	$1,000.00	$1,003.21	$8.89
Hypothetical	$1,000.00	$1,016.33	$8.94
Class Y (annualized expense ratio 0.72%**)
Actual	$1,000.00	$1,008.33	$3.64
Hypothetical	$1,000.00	$1,021.58	$3.67
Davis Government Bond Fund
Class A (annualized expense ratio 1.00%**)
Actual	$1,000.00	$990.04	$5.02
Hypothetical	$1,000.00	$1,020.16	$5.09
Class C (annualized expense ratio 1.75%**)
Actual	$1,000.00	$985.05	$8.76
Hypothetical	$1,000.00	$1,016.38	$8.89
Class Y (annualized expense ratio 0.75%**)
Actual	$1,000.00	$989.56	$3.76
Hypothetical	$1,000.00	$1,021.42	$3.82
Davis Government Money Market Fund
Class A, C, and Y (annualized expense ratio 0.03%**)
Actual	$1,000.00	$1,000.15	$0.15
Hypothetical	$1,000.00	$1,025.05	$0.15
Davis Financial Fund
Class A (annualized expense ratio 0.94%**)
Actual	$1,000.00	$1,040.57	$4.83
Hypothetical	$1,000.00	$1,020.47	$4.79
Class C (annualized expense ratio 1.71%**)
Actual	$1,000.00	$1,036.46	$8.78
Hypothetical	$1,000.00	$1,016.59	$8.69
Class Y (annualized expense ratio 0.71%**)
Actual	$1,000.00	$1,041.77	$3.65
Hypothetical	$1,000.00	$1,021.63	$3.62
Davis Appreciation & Income Fund
Class A (annualized expense ratio 0.97%**)
Actual	$1,000.00	$1,042.11	$4.99
Hypothetical	$1,000.00	$1,020.32	$4.94
Class C (annualized expense ratio 1.75%**)
Actual	$1,000.00	$1,037.99	$8.99
Hypothetical	$1,000.00	$1,016.38	$8.89
Class Y (annualized expense ratio 0.66%**)
Actual	$1,000.00	$1,043.59	$3.40
Hypothetical	$1,000.00	$1,021.88	$3.36
Davis Real Estate Fund
Class A (annualized expense ratio 0.93%**)
Actual	$1,000.00	$1,168.71	$5.08
Hypothetical	$1,000.00	$1,020.52	$4.74
Class C (annualized expense ratio 1.75%**)
Actual	$1,000.00	$1,163.83	$9.54
Hypothetical	$1,000.00	$1,016.38	$8.89
Class Y (annualized expense ratio 0.71%**)
Actual	$1,000.00	$1,170.01	$3.88
Hypothetical	$1,000.00	$1,021.63	$3.62

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, 2021

						Shares/Units		Value (Note 1)
COMMON STOCK – (93.62%)
	COMMUNICATION SERVICES – (6.20%)
		Media & Entertainment – (6.20%)
				Alphabet Inc., Class C *			7,070	$	20,457,681
				ASAC II L.P. *(a)(b)			116,129		117,999
				IAC/InterActiveCorp *			46,000		6,012,660
				Meta Platforms, Inc., Class A *			10,503		3,532,684
				Vimeo, Inc. *			405,781		7,287,827
					Total Communication Services				37,408,851
	CONSUMER DISCRETIONARY – (5.14%)
		Retailing – (5.14%)
				Alibaba Group Holding Ltd., ADR (China)*			34,800		4,133,892
				Amazon.com, Inc. *			2,878		9,596,231
				JD.com, Inc., Class A, ADR (China)*			149,800		10,496,486
				Quotient Technology Inc. *			653,953		4,852,331
				Vroom, Inc. *			180,760		1,950,400
					Total Consumer Discretionary				31,029,340
	CONSUMER STAPLES – (2.84%)
		Food & Staples Retailing – (0.69%)
				Missfresh Ltd., Class B, ADS (China)*			829,023		4,153,405
		Food, Beverage & Tobacco – (2.15%)
				Darling Ingredients Inc. *			187,090		12,963,466
					Total Consumer Staples				17,116,871
	FINANCIALS – (22.64%)
		Banks – (11.13%)
				U.S. Bancorp			502,540		28,227,672
				Wells Fargo & Co.			810,781		38,901,272
									67,128,944
		Diversified Financials – (7.01%)
			Consumer Finance – (4.84%)
				Capital One Financial Corp.			201,260		29,200,814
			Diversified Financial Services – (2.17%)
				Berkshire Hathaway Inc., Class B *			43,793		13,094,107
									42,294,921
		Insurance – (4.50%)
			Life & Health Insurance – (1.80%)
				AIA Group Ltd. (Hong Kong)			1,077,000		10,856,256
			Property & Casualty Insurance – (2.70%)
				Markel Corp. *			13,196		16,283,864
									27,140,120
					Total Financials				136,563,985
	HEALTH CARE – (24.12%)
		Health Care Equipment & Services – (18.99%)
				Cigna Corp.			149,532		34,337,033
				CVS Health Corp.			81,829		8,441,479
				Humana Inc.			16,395		7,604,985
				Quest Diagnostics Inc.			176,811		30,590,071
				UnitedHealth Group Inc.			66,805		33,545,463
									114,519,031

DAVIS SERIES, INC.	Schedule of Investments
DAVIS OPPORTUNITY FUND - (CONTINUED)	December 31, 2021

						Shares/Principal			Value (Note 1)
COMMON STOCK – (CONTINUED)
	HEALTH CARE – (CONTINUED)
		Pharmaceuticals, Biotechnology & Life Sciences – (5.13%)
			Viatris Inc.					2,288,590	$	30,964,623
					Total Health Care					145,483,654
	INDUSTRIALS – (20.52%)
		Capital Goods – (18.95%)
			Carrier Global Corp.					245,566		13,319,500
			Eaton Corp. PLC					75,677		13,078,499
			Ferguson PLC (United Kingdom)					64,985		11,527,216
			Johnson Controls International plc					185,152		15,054,709
			Owens Corning					265,610		24,037,705
			Raytheon Technologies Corp.					190,824		16,422,314
			Schneider Electric SE (France)					106,520		20,914,738
										114,354,681
		Commercial & Professional Services – (0.02%)
			China Index Holdings Ltd., Class A, ADR (China)*					112,058		108,696
		Transportation – (1.55%)
			DiDi Global Inc., Class A, ADS (China)*					1,875,208		9,338,536
					Total Industrials					123,801,913
	INFORMATION TECHNOLOGY – (10.33%)
		Semiconductors & Semiconductor Equipment – (6.02%)
			Applied Materials, Inc.					82,390		12,964,891
			Intel Corp.					259,980		13,388,970
			Texas Instruments Inc.					52,892		9,968,555
										36,322,416
		Software & Services – (4.31%)
			Clear Secure, Inc., Class A *					115,330		3,617,902
			DXC Technology Co. *					47,950		1,543,511
			Microsoft Corp.					18,279		6,147,593
			Oracle Corp.					74,210		6,471,854
			SAP SE, ADR (Germany)					39,545		5,540,650
			VMware, Inc., Class A					23,130		2,680,304
										26,001,814
					Total Information Technology					62,324,230
	MATERIALS – (1.83%)
			Teck Resources Ltd., Class B (Canada)					383,200		11,043,824
					Total Materials					11,043,824
				TOTAL COMMON STOCK – (Identified cost $353,388,355)						564,772,668
SHORT-TERM INVESTMENTS – (6.91%)
			StoneX Financial Inc. Joint Repurchase Agreement, 0.04%, 01/03/22, dated 12/31/21, repurchase value of $21,839,073 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.50%-9.50%, 04/01/22-01/15/59, total market value $22,275,780)				$	21,839,000		21,839,000

DAVIS SERIES, INC.	Schedule of Investments
DAVIS OPPORTUNITY FUND - (CONTINUED)	December 31, 2021

						Principal			Value (Note 1)
SHORT-TERM INVESTMENTS – (CONTINUED)
			Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 01/03/22, dated 12/31/21, repurchase value of $19,880,083 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 1.50%-3.00%, 08/15/28-01/01/52, total market value $20,277,600)				$	19,880,000	$	19,880,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $41,719,000)					41,719,000
				Total Investments – (100.53%) – (Identified cost $395,107,355)						606,491,668
				Liabilities Less Other Assets – (0.53%)						(3,214,927)
					Net Assets – (100.00%)				$	603,276,741

	ADR: American Depositary Receipt

	ADS: American Depositary Share

	*	Non-income producing security.

	(a)	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.

See Notes to Financial Statements

DAVIS SERIES, INC.	Schedule of Investments
DAVIS GOVERNMENT BOND FUND	December 31, 2021

				Principal			Value (Note 1)
MORTGAGES – (78.13%)
	COLLATERALIZED MORTGAGE OBLIGATIONS – (51.31%)
		Fannie Mae, 0.4519% (1 month LIBOR + 0.35%), 07/25/37 (a)			$	14,597	$	14,623
		Fannie Mae, 3.50%, 01/25/39				239,847		243,256
		Fannie Mae, 0.9119% (1 month LIBOR + 0.81%), 12/25/39 (a)				821,723		835,912
		Fannie Mae, 0.5019% (1 month LIBOR + 0.40%), 09/25/40 (a)				380,367		381,900
		Fannie Mae, 3.00%, 04/25/41				343,429		352,564
		Fannie Mae, 2.00%, 12/25/42				301,734		303,722
		Fannie Mae, 2.50%, 07/25/47				216,683		218,882
		Freddie Mac, 4.00%, 06/15/26				184,425		188,825
		Freddie Mac, 2.00%, 06/15/28				374,913		380,065
		Freddie Mac, 2.50%, 01/15/29				184,486		188,758
		Freddie Mac, 0.6098% (1 month LIBOR + 0.50%), 08/15/40 (a)				105,340		105,679
		Freddie Mac, 0.4598% (1 month LIBOR + 0.35%), 09/15/43 (a)				213,080		213,400
		Freddie Mac, 1.00%, 03/25/51				1,495,440		1,460,583
		Freddie Mac Multifamily Structured Pass-Through, 2.522%, 01/25/23				792,237		799,303
		Freddie Mac Multifamily Structured Pass-Through, 0.544% (1 month LIBOR + 0.45%), 06/25/23 (a)				45,473		45,521
		Freddie Mac Multifamily Structured Pass-Through, 3.527%, 10/25/23				365,000		379,717
		Freddie Mac Multifamily Structured Pass-Through, 0.524% (1 month LIBOR + 0.43%), 01/25/24 (a)				626,166		624,012
		Freddie Mac Multifamily Structured Pass-Through, 2.689%, 12/25/24				485,317		497,226
		Ginnie Mae, 6.1803%, 06/20/31				236,317		252,264
		Ginnie Mae, 4.00%, 09/20/39				34,127		35,447
		Ginnie Mae, 3.00%, 10/20/39				29,280		29,326
		Ginnie Mae, 5.278%, 04/16/41				19,895		20,136
		Ginnie Mae, 1.00%, 12/20/42				72,289		71,156
		Ginnie Mae, 3.50%, 03/16/47				729,832		755,705
		Ginnie Mae, 2.40%, 10/16/50				441,139		452,026
		Ginnie Mae, 1.00%, 06/20/51				1,341,417		1,317,926
		Ginnie Mae, 2.60%, 03/16/52				182,101		183,826
		Ginnie Mae, 2.70%, 06/16/58				886,834		893,645
		Ginnie Mae, 0.7011% (1 month LIBOR + 0.63%), 09/20/64 (a)				718,694		717,097
		Ginnie Mae, 2.25%, 08/20/69				551,023		561,395
			Total Collateralized Mortgage Obligations					12,523,897
	FANNIE MAE POOLS – (13.02%)
		2.887%, 04/01/23, Pool No. AL6578				143,124		144,962
		3.60%, 09/01/23, Pool No. AM4265				315,154		325,653
		3.57%, 11/01/25, Pool No. BL0533				1,500,000		1,609,881
		4.00%, 05/01/29, Pool No. AL7358				421,740		445,868
		2.00%, 08/01/30, Pool No. AX9709				255,550		261,864
		3.50%, 03/01/32, Pool No. MA1010				331,489		353,675
		6.50%, 07/01/32, Pool No. 635069				7,094		7,125
		6.00%, 09/01/37, Pool No. 888796				24,830		28,372
			Total Fannie Mae Pools					3,177,400
	FREDDIE MAC POOLS – (3.58%)
		3.00%, 09/01/27, Pool No. U70063				227,099		237,761

DAVIS SERIES, INC.	Schedule of Investments
DAVIS GOVERNMENT BOND FUND - (CONTINUED)	December 31, 2021

							Principal			Value (Note 1)
MORTGAGES – (CONTINUED)
	FREDDIE MAC POOLS – (CONTINUED)
			2.50%, 09/01/31, Pool No. G18611					$	612,414	$	635,187
						Total Freddie Mac Pools					872,948
	GINNIE MAE POOLS – (10.22%)
			4.941%, 12/20/61, Pool No. 756740						1,565		1,707
			4.567%, 04/20/70, Pool No. BT6816						900,667		950,641
			4.559%, 08/20/71, Pool No. 785652						1,446,416		1,543,176
						Total Ginnie Mae Pools					2,495,524
					TOTAL MORTGAGES – (Identified cost $19,087,623)						19,069,769
SHORT-TERM INVESTMENTS – (21.93%)
			StoneX Financial Inc. Joint Repurchase Agreement, 0.04%, 01/03/22, dated 12/31/21, repurchase value of $2,802,009 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.50%-9.50%, 04/01/22-01/15/59, total market value $2,858,040)						2,802,000		2,802,000
			Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 01/03/22, dated 12/31/21, repurchase value of $2,551,011 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 1.50%-3.00%, 12/01/31-01/01/52, total market value $2,602,020)						2,551,000		2,551,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,353,000)						5,353,000
				Total Investments – (100.06%) – (Identified cost $24,440,623)							24,422,769
				Liabilities Less Other Assets – (0.06%)							(14,244)
					Net Assets – (100.00%)					$	24,408,525

	LIBOR: London Inter-Bank Offered Rate

	(a)	The interest rates on floating rate securities, shown as of December 31, 2021, may change daily or less frequently and are based on a published reference rate and basis point spread.

See Notes to Financial Statements

DAVIS SERIES, INC.	Schedule of Investments
DAVIS GOVERNMENT MONEY MARKET FUND	December 31, 2021

						Principal			Value (Note 1)
FANNIE MAE – (3.74%)
			0.40% (SOFR + 0.35%), 04/07/22 (a)				$	2,713,000	$	2,715,459
			2.25%, 04/12/22					1,150,000		1,156,931
			0.23% (SOFR + 0.18%), 05/13/22 (a)					1,000,000		1,000,625
			0.24% (SOFR + 0.19%), 05/27/22 (a)					600,000		600,439
					TOTAL FANNIE MAE – (Identified cost $5,473,454)					5,473,454
FEDERAL FARM CREDIT BANK – (19.28%)
			Discount Note, 0.051%, 01/07/22 (b)					5,000,000		4,999,958
			0.25%, 06/02/22					3,527,000		3,528,740
			0.13%, 08/10/22					5,000,000		5,000,254
			0.15%, 09/09/22					5,685,000		5,685,711
			0.16%, 10/13/22					3,500,000		3,500,500
			0.505% (USBMMY3M + 0.42%), 11/07/22 (a)					5,500,000		5,519,183
					TOTAL FEDERAL FARM CREDIT BANK – (Identified cost $28,234,346)					28,234,346
FEDERAL HOME LOAN BANK – (3.47%)
			0.125%, 08/12/22					5,090,000		5,087,889
					TOTAL FEDERAL HOME LOAN BANK – (Identified cost $5,087,889)					5,087,889
REPURCHASE AGREEMENTS – (63.83%)
			StoneX Financial Inc. Joint Repurchase Agreement, 0.04%, 01/03/22, dated 12/31/21, repurchase value of $48,922,163 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.50%-9.50%, 04/01/22-01/15/59, total market value $49,900,440)					48,922,000		48,922,000
			Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 01/03/22, dated 12/31/21, repurchase value of $44,532,186 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.50%-2.875%, 10/31/27-01/01/52, total market value $45,422,640)					44,532,000		44,532,000
					TOTAL REPURCHASE AGREEMENTS – (Identified cost $93,454,000)					93,454,000
				Total Investments – (90.32%) – (Identified cost $132,249,689)						132,249,689
				Other Assets Less Liabilities – (9.68%)						14,165,847
					Net Assets – (100.00%)				$	146,415,536

	SOFR: Secured Overnight Financing Rate

	USBMMY3M: U.S. Treasury 3 Month Bill Money Market Yield

	(a)	The interest rates on floating rate securities, shown as of December 31, 2021, 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.

See Notes to Financial Statements

DAVIS SERIES, INC.	Schedule of Investments
DAVIS FINANCIAL FUND	December 31, 2021

							Shares		Value (Note 1)
COMMON STOCK – (98.06%)
	FINANCIALS – (98.06%)
		Banks – (45.92%)
			Banks – (44.12%)
				Bank of America Corp.				1,362,680	$	60,625,633
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)				783,132		29,845,161
				Danske Bank A/S (Denmark)				1,721,380		29,765,521
				DBS Group Holdings Ltd. (Singapore)				1,826,334		44,262,443
				DNB Bank ASA (Norway)				1,530,780		35,112,224
				JPMorgan Chase & Co.				442,664		70,095,844
				Metro Bank PLC (United Kingdom)*				1,688,800		2,196,726
				PNC Financial Services Group, Inc.				272,456		54,632,877
				U.S. Bancorp				1,072,888		60,264,119
				Wells Fargo & Co.				1,373,669		65,908,639
										452,709,187
			Thrifts & Mortgage Finance – (1.80%)
				Rocket Companies, Inc., Class A				1,318,121		18,453,694
										471,162,881
		Diversified Financials – (32.30%)
			Capital Markets – (13.11%)
				Bank of New York Mellon Corp.				1,004,651		58,350,130
				Charles Schwab Corp.				444,928		37,418,445
				Julius Baer Group Ltd. (Switzerland)				576,854		38,731,264
										134,499,839
			Consumer Finance – (13.13%)
				American Express Co.				237,092		38,788,251
				Capital One Financial Corp.				661,241		95,939,457
										134,727,708
			Diversified Financial Services – (6.06%)
				Berkshire Hathaway Inc., Class A *				138		62,191,356
										331,418,903
		Insurance – (19.84%)
			Life & Health Insurance – (1.22%)
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)				1,734,500		12,490,100
			Property & Casualty Insurance – (14.30%)
				Chubb Ltd.				297,418		57,493,873
				Loews Corp.				654,776		37,819,862
				Markel Corp. *				41,611		51,347,974
										146,661,709
			Reinsurance – (4.32%)
				Alleghany Corp. *				45,390		30,301,910
				Everest Re Group, Ltd.				32,741		8,968,415
				Greenlight Capital Re, Ltd., Class A *				645,850		5,063,464
										44,333,789
										203,485,598
						Total Financials				1,006,067,382
					TOTAL COMMON STOCK – (Identified cost $590,517,533)					1,006,067,382

DAVIS SERIES, INC.	Schedule of Investments
DAVIS FINANCIAL FUND - (CONTINUED)	December 31, 2021

						Principal			Value (Note 1)
SHORT-TERM INVESTMENTS – (1.86%)
			StoneX Financial Inc. Joint Repurchase Agreement, 0.04%, 01/03/22, dated 12/31/21, repurchase value of $10,004,033 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.50%-9.50%, 04/01/22-01/15/59, total market value $10,204,080)				$	10,004,000	$	10,004,000
			Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 01/03/22, dated 12/31/21, repurchase value of $9,107,038 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-3.00%, 06/01/35-01/01/52, total market value $9,289,140)					9,107,000		9,107,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $19,111,000)					19,111,000
				Total Investments – (99.92%) – (Identified cost $609,628,533)						1,025,178,382
				Other Assets Less Liabilities – (0.08%)						841,420
					Net Assets – (100.00%)				$	1,026,019,802

	*	Non-income producing security.

See Notes to Financial Statements

DAVIS SERIES, INC.	Schedule of Investments
DAVIS APPRECIATION & INCOME FUND	December 31, 2021

						Shares		Value (Note 1)
COMMON STOCK – (77.59%)
	COMMUNICATION SERVICES – (8.36%)
		Media & Entertainment – (8.36%)
				Alphabet Inc., Class C *			5,136	$	14,861,478
				Meta Platforms, Inc., Class A *			12,722		4,279,045
					Total Communication Services				19,140,523
	CONSUMER DISCRETIONARY – (4.12%)
		Retailing – (4.12%)
				Amazon.com, Inc. *			2,826		9,422,845
					Total Consumer Discretionary				9,422,845
	FINANCIALS – (38.69%)
		Banks – (17.16%)
				Bank of America Corp.			101,200		4,502,388
				Danske Bank A/S (Denmark)			234,720		4,058,699
				DBS Group Holdings Ltd. (Singapore)			208,925		5,063,439
				DNB Bank ASA (Norway)			296,530		6,801,649
				JPMorgan Chase & Co.			33,233		5,262,445
				U.S. Bancorp			32,635		1,833,108
				Wells Fargo & Co.			245,548		11,781,393
									39,303,121
		Diversified Financials – (16.36%)
			Capital Markets – (3.01%)
				Bank of New York Mellon Corp.			118,600		6,888,288
			Consumer Finance – (6.96%)
				American Express Co.			11,565		1,892,034
				Capital One Financial Corp.			96,831		14,049,210
									15,941,244
			Diversified Financial Services – (6.39%)
				Berkshire Hathaway Inc., Class B *			48,926		14,628,874
									37,458,406
		Insurance – (5.17%)
			Life & Health Insurance – (1.62%)
				AIA Group Ltd. (Hong Kong)			368,960		3,719,150
			Property & Casualty Insurance – (3.55%)
				Chubb Ltd.			25,165		4,864,646
				Markel Corp. *			2,640		3,257,760
									8,122,406
									11,841,556
					Total Financials				88,603,083
	HEALTH CARE – (8.75%)
		Health Care Equipment & Services – (5.37%)
				Cigna Corp.			20,720		4,757,933
				Quest Diagnostics Inc.			43,500		7,525,935
									12,283,868
		Pharmaceuticals, Biotechnology & Life Sciences – (3.38%)
				Viatris Inc.			572,030		7,739,566
					Total Health Care				20,023,434
	INDUSTRIALS – (1.06%)
		Capital Goods – (1.06%)
				Johnson Controls International plc			29,977		2,437,430
					Total Industrials				2,437,430

DAVIS SERIES, INC.	Schedule of Investments
DAVIS APPRECIATION & INCOME FUND - (CONTINUED)	December 31, 2021

							Shares/Principal			Value (Note 1)
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (16.61%)
		Semiconductors & Semiconductor Equipment – (13.31%)
				Applied Materials, Inc.					91,198	$	14,350,917
				Intel Corp.					144,340		7,433,510
				Texas Instruments Inc.					46,083		8,685,263
											30,469,690
		Software & Services – (3.30%)
				Microsoft Corp.					22,511		7,570,900
						Total Information Technology					38,040,590
					TOTAL COMMON STOCK – (Identified cost $114,095,151)						177,667,905
CORPORATE BONDS – (9.61%)
	COMMUNICATION SERVICES – (1.47%)
		Telecommunication Services – (1.47%)
				Verizon Communications Inc., Sr. Notes, 1.2109% (3 month LIBOR + 1.00%), 03/16/22 (a)				$	3,350,000		3,355,858
						Total Communication Services					3,355,858
	FINANCIALS – (3.89%)
		Diversified Financials – (3.89%)
			Capital Markets – (1.54%)
				Goldman Sachs Group, Inc., Sr. Notes, 0.86% (SOFR + 0.81%), 03/09/27 (a)					3,500,000		3,521,361
			Consumer Finance – (1.22%)
				Capital One N.A., Sr. Notes, 1.2786% (3 month LIBOR + 1.15%), 01/30/23 (a)					2,800,000		2,801,750
			Mortgage Real Estate Investment Trusts (REITs) – (1.13%)
				Thornburg Mortgage, Inc., Sr. Notes, 8.00%, 05/15/13 (b)					10,210,000		2,590,788
						Total Financials					8,913,899
	HEALTH CARE – (2.14%)
		Health Care Equipment & Services – (1.30%)
				CVS Health Corp., Sr. Notes, 5.00%, 12/01/24					2,000,000		2,189,532
				CVS Health Corp., Sr. Notes, 3.875%, 07/20/25					725,000		779,787
											2,969,319
		Pharmaceuticals, Biotechnology & Life Sciences – (0.84%)
				Viatris Inc., Sr. Notes, 2.70%, 06/22/30					1,925,000		1,933,650
						Total Health Care					4,902,969
	INDUSTRIALS – (0.95%)
		Capital Goods – (0.95%)
				General Electric Co., Sr. Notes, 1.1238% (3 month LIBOR + 1.00%), 04/15/23 (a)					2,165,000		2,175,279
						Total Industrials					2,175,279
	INFORMATION TECHNOLOGY – (1.16%)
		Technology Hardware & Equipment – (1.16%)
				Dell International LLC EMC Corp., First Lien Notes, 8.10%, 07/15/36					1,750,000		2,666,911
						Total Information Technology					2,666,911
					TOTAL CORPORATE BONDS – (Identified cost $26,887,858)						22,014,916

DAVIS SERIES, INC.	Schedule of Investments
DAVIS APPRECIATION & INCOME FUND - (CONTINUED)	December 31, 2021

						Principal			Value (Note 1)
MORTGAGES – (4.64%)
			Brean Asset Backed Securities Trust, Series 2021-RM1, Class A, 144A, 1.40%, 10/25/63 (c)				$	2,204,350	$	2,093,825
			Brean Asset Backed Securities Trust, Series 2021-RM2, Class A, 144A, 1.75%, 10/25/61 (c)					646,327		624,316
			Fannie Mae, 4.50%, 10/01/33, Pool No. AL8809					976,441		1,064,452
			Fannie Mae, 1.628%, 09/01/51, Pool No. BT4507					1,981,518		1,969,138
			Freddie Mac, 2.00%, 10/25/40					557,026		562,953
			Freddie Mac, 5.00%, 06/01/44, Pool No. G60660					1,132,283		1,299,692
			Ginnie Mae, Series 2020-H16, 1.3539% (1 month LIBOR + 1.25%), 09/20/70 (a)					1,649,638		1,709,663
			IMS Ecuadorian Mortgage Trust, Series 2021-1, 144A, 3.40%, 08/18/43 (c)					1,250,000		1,293,750
					TOTAL MORTGAGES – (Identified cost $10,533,850)					10,617,789
MUNICIPAL BONDS – (0.92%)
			American Eagle Northwest, LLC, Washington Military Housing Revenue Taxable Bonds, Series 2005-A, 5.48%, 12/15/28					1,875,000		2,118,351
					TOTAL MUNICIPAL BONDS – (Identified cost $2,085,435)					2,118,351
SHORT-TERM INVESTMENTS – (7.16%)
			StoneX Financial Inc. Joint Repurchase Agreement, 0.04%, 01/03/22, dated 12/31/21, repurchase value of $8,578,029 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.50%-9.50%, 04/01/22-01/15/59, total market value $8,749,560)					8,578,000		8,578,000
			Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 01/03/22, dated 12/31/21, repurchase value of $7,808,033 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%-3.00%, 11/01/31-01/01/52, total market value $7,964,160)					7,808,000		7,808,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $16,386,000)					16,386,000
				Total Investments – (99.92%) – (Identified cost $169,988,294)						228,804,961
				Other Assets Less Liabilities – (0.08%)						179,965
					Net Assets – (100.00%)				$	228,984,926

	LIBOR: London Inter-Bank Offered Rate

	SOFR: Secured Overnight Financing Rate

	*	Non-income producing security.

	(a)	The interest rates on floating rate securities, shown as of December 31, 2021, may change daily or less frequently and are based on a published reference rate and basis point spread.

	(b)	This security is in default and is not accruing income. The interest rate shown is the original, contractual interest rate. The Fund may hold securities in default, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently default. As of December 31, 2021, the value of defaulted securities amounted to $2,590,788 (cost: $7,650,174) or 1.13% of the Fund's net assets.

	(c)	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 $4,011,891 or 1.75% of the Fund’s net assets as of December 31, 2021.

See Notes to Financial Statements

DAVIS SERIES, INC.	Schedule of Investments
DAVIS REAL ESTATE FUND	December 31, 2021

				Shares		Value (Note 1)
COMMON STOCK – (96.45%)
	REAL ESTATE – (96.45%)
		Equity Real Estate Investment Trusts (REITs) – (96.45%)
			Diversified REITs – (0.95%)
			STORE Capital Corp.		71,780	$	2,469,232
			Health Care REITs – (9.03%)
			Healthcare Trust of America, Inc.		117,630		3,927,666
			Healthpeak Properties, Inc.		136,170		4,914,375
			Ventas, Inc.		101,140		5,170,277
			Welltower Inc.		110,560		9,482,731
							23,495,049
			Hotel & Resort REITs – (3.41%)
			Host Hotels & Resorts Inc. *		217,011		3,773,821
			Sunstone Hotel Investors, Inc. *		434,060		5,091,524
							8,865,345
			Industrial REITs – (15.03%)
			Americold Realty Trust		38,500		1,262,415
			Prologis, Inc.		102,240		17,213,126
			Rexford Industrial Realty, Inc.		134,368		10,898,589
			Terreno Realty Corp.		113,999		9,722,975
							39,097,105
			Office REITs – (12.75%)
			Alexandria Real Estate Equities, Inc.		35,313		7,873,386
			Boston Properties, Inc.		33,566		3,866,132
			Cousins Properties, Inc.		169,099		6,811,308
			Douglas Emmett, Inc.		128,390		4,301,065
			Highwoods Properties, Inc.		76,040		3,390,624
			Hudson Pacific Properties, Inc.		141,330		3,492,264
			SL Green Realty Corp.		20,985		1,504,624
			Vornado Realty Trust		46,437		1,943,853
							33,183,256
			Residential REITs – (19.94%)
			American Campus Communities, Inc.		169,801		9,727,899
			American Homes 4 Rent, Class A		113,270		4,939,705
			AvalonBay Communities, Inc.		35,308		8,918,448
			Camden Property Trust		31,255		5,584,644
			Equity Residential		86,710		7,847,255
			Essex Property Trust, Inc.		22,844		8,046,342
			Sun Communities, Inc.		13,520		2,838,794
			UDR, Inc.		66,280		3,976,137
							51,879,224
			Retail REITs – (11.76%)
			Acadia Realty Trust		88,501		1,931,977
			Brixmor Property Group, Inc.		346,100		8,794,401
			Federal Realty Investment Trust		41,149		5,609,432
			Retail Opportunity Investments Corp.		222,284		4,356,766
			Simon Property Group, Inc.		62,056		9,914,687
							30,607,263

DAVIS SERIES, INC.	Schedule of Investments
DAVIS REAL ESTATE FUND - (CONTINUED)	December 31, 2021

								Shares/Principal			Value (Note 1)
COMMON STOCK – (CONTINUED)
	REAL ESTATE – (CONTINUED)
			Equity Real Estate Investment Trusts (REITs) – (Continued)
				Specialized REITs – (23.58%)
				American Tower Corp.						33,410	$	9,772,425
				CatchMark Timber Trust Inc., Class A						261,630		2,278,797
				Crown Castle International Corp.						33,040		6,896,770
				CyrusOne Inc.						30,230		2,712,236
				Digital Realty Trust, Inc.						48,525		8,582,617
				Equinix, Inc.						11,980		10,133,163
				Extra Space Storage Inc.						22,047		4,998,716
				Life Storage, Inc.						27,290		4,180,282
				Public Storage						26,201		9,813,847
				VICI Properties Inc.						65,340		1,967,387
												61,336,240
							Total Real Estate					250,932,714
						TOTAL COMMON STOCK – (Identified cost $161,698,270)						250,932,714
SHORT-TERM INVESTMENTS – (3.10%)
				StoneX Financial Inc. Joint Repurchase Agreement, 0.04%, 01/03/22, dated 12/31/21, repurchase value of $4,217,014 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.50%-9.50%, 04/01/22-01/15/59, total market value $4,301,340)					$	4,217,000		4,217,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 01/03/22, dated 12/31/21, repurchase value of $3,838,016 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-3.00%, 06/01/35-01/01/52, total market value $3,914,760)						3,838,000		3,838,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,055,000)						8,055,000
					Total Investments – (99.55%) – (Identified cost $169,753,270)							258,987,714
					Other Assets Less Liabilities – (0.45%)							1,166,372
						Net Assets – (100.00%)					$	260,154,086

	*	Non-income producing security.

See Notes to Financial Statements

DAVIS SERIES, INC.	Statements of Assets and Liabilities
	At December 31, 2021

			Davis Opportunity Fund		Davis Government Bond Fund		Davis Government Money Market Fund		Davis Financial Fund		Davis Appreciation & Income Fund		Davis Real Estate Fund
ASSETS:
Investments in securities, at value* (see accompanying Schedule of Investments):
	Unaffiliated investments		$	564,772,668	$	19,069,769	$	38,795,689	$	1,006,067,382	$	212,418,961	$	250,932,714
	Repurchase agreements			41,719,000		5,353,000		93,454,000		19,111,000		16,386,000		8,055,000
Cash				13,223		955		201		1,152		570		576
Receivables:
	Capital stock sold			1,531,774		9,419		25,728,135		1,949,011		419,938		1,359,004
	Dividends and interest			422,017		38,449		22,410		1,814,888		212,863		747,550
	Investment securities sold			1,278,978		–		–		–		–		–
Prepaid expenses				18,891		1,114		4,507		29,873		6,708		7,586
Due from Adviser				–		4,025		40,434		–		310		200
		Total assets		609,756,551		24,476,731		158,045,376		1,028,973,306		229,445,350		261,102,630
LIABILITIES:
Payables:
	Capital stock redeemed			5,753,384		4,159		11,517,454		1,938,646		236,322		695,276
	Distributions payable			–		11,535		–		–		–		–
Accrued audit fees				10,419		6,092		5,979		6,903		9,816		10,614
Accrued custodian fees				232,500		15,200		32,500		127,500		32,780		29,500
Accrued distribution and service plan fees				112,880		7,429		–		221,348		39,636		44,701
Accrued investment advisory fees				290,660		6,504		42,228		492,181		107,045		120,228
Accrued transfer agent fees				67,681		8,601		22,711		146,797		23,196		36,791
Other accrued expenses				12,286		8,686		8,968		20,129		11,629		11,434
		Total liabilities		6,479,810		68,206		11,629,840		2,953,504		460,424		948,544
NET ASSETS			$	603,276,741	$	24,408,525	$	146,415,536	$	1,026,019,802	$	228,984,926	$	260,154,086
NET ASSETS CONSIST OF:
Par value of shares of capital stock			$	141,878	$	46,066	$	1,464,155	$	189,973	$	41,140	$	46,595

Additional paid-in capital				355,805,558		29,102,500		144,917,633		611,425,639		167,269,880		167,933,192

Distributable earnings (losses)				247,329,305		(4,740,041)		33,748		414,404,190		61,673,906		92,174,299
		Net Assets	$	603,276,741	$	24,408,525	$	146,415,536	$	1,026,019,802	$	228,984,926	$	260,154,086

*Including:
	Cost of unaffiliated investments		$	353,388,355	$	19,087,623	$	38,795,689	$	590,517,533	$	153,602,294	$	161,698,270
	Cost of repurchase agreements			41,719,000		5,353,000		93,454,000		19,111,000		16,386,000		8,055,000

DAVIS SERIES, INC.	Statements of Assets and Liabilities – (Continued)
	At December 31, 2021

	Davis Opportunity Fund		Davis Government Bond Fund		Davis Government Money Market Fund		Davis Financial Fund		Davis Appreciation & Income Fund		Davis Real Estate Fund
CLASS A SHARES:
Net assets	$	338,626,228	$	21,718,727	$	140,006,690	$	450,121,439	$	128,558,004	$	152,743,075
Shares outstanding		8,080,461		4,101,475		140,006,690		8,309,680		2,313,915		2,750,865
Net asset value and redemption price per share (Net assets ÷ Shares outstanding)	$	41.91	$	5.30	$	1.00	$	54.17	$	55.56	$	55.53
Maximum offering price per share (100/95.25 of net asset value)†	$	44.00	$	5.56	$	NA	$	56.87	$	58.33	$	58.30
CLASS C SHARES:
Net assets	$	19,048,479	$	593,598	$	1,701,986	$	79,368,254	$	3,537,543	$	3,999,934
Shares outstanding		616,119		112,559		1,701,986		1,858,846		63,787		72,060
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)	$	30.92	$	5.27	$	1.00	$	42.70	$	55.46	$	55.51
CLASS Y SHARES:
Net assets	$	245,602,034	$	2,096,200	$	4,706,860	$	496,530,109	$	96,889,379	$	103,411,077
Shares outstanding		5,491,217		392,591		4,706,860		8,828,818		1,736,300		1,836,531
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)	$	44.73	$	5.34	$	1.00	$	56.24	$	55.80	$	56.31

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

See Notes to Financial Statements

DAVIS SERIES, INC.	Statements of Operations
	For the year ended December 31, 2021

			Davis Opportunity Fund		Davis Government Bond Fund		Davis Government Money Market Fund		Davis Financial Fund		Davis Appreciation & Income Fund		Davis Real Estate Fund
INVESTMENT INCOME:
Income:
Dividends*			$	7,513,830	$	–	$	–	$	18,833,707	$	2,510,750	$	4,125,480
Interest				21,895		299,493		90,208		11,156		464,792		3,817
Net securities lending fees				5,428		–		–		114,913		–		–
		Total income		7,541,153		299,493		90,208		18,959,776		2,975,542		4,129,297
Expenses:
Investment advisory fees (Note 3)				3,454,183		82,903		416,154		5,377,818		1,174,253		1,243,319
Custodian fees				252,237		20,179		49,213		161,023		42,873		38,051
Transfer agent fees:
	Class A			276,748		56,205		132,205		410,221		129,237		159,244
	Class C			23,009		6,162		1,776		82,932		9,570		8,735
	Class Y			180,108		5,393		5,648		464,506		24,115		72,086
Audit fees				25,088		18,256		23,968		34,272		25,088		33,152
Legal fees				10,420		466		2,283		16,197		3,544		3,748
Accounting fees (Note 3)				23,000		2,000		5,002		34,496		8,000		8,996
Reports to shareholders				21,343		4,602		3,951		45,031		8,301		11,776
Directors’ fees and expenses				66,973		6,444		17,393		102,767		25,549		26,839
Registration and filing fees				65,981		45,057		52,639		86,400		47,603		50,761
Excise tax expense (Note 1)				–		–		1,525		–		–		–
Miscellaneous				39,551		18,002		14,801		50,243		24,998		24,061
Distribution and service plan fees (Note 3):
	Class A			731,266		54,953		–		1,052,861		286,484		261,242
	Class C			196,633		9,772		–		785,055		38,417		37,369
Total expenses				5,366,540		330,394		726,558		8,703,822		1,848,032		1,979,379
Reimbursement/waiver of expenses by Adviser (Note 3):
	Class A			–		(41,215)		(649,469)		–		–		–
	Class C			–		(5,835)		(8,726)		–		(5,235)		(4,525)
	Class Y			–		(4,680)		(27,747)		–		–		–
		Net expenses		5,366,540		278,664		40,616		8,703,822		1,842,797		1,974,854
Net investment income				2,174,613		20,829		49,592		10,255,954		1,132,745		2,154,443
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
	Investment transactions			90,744,893		101,933		–		49,264,432		12,648,076		15,432,685
	Foreign currency transactions			(1,513)		–		–		(31,673)		(7,704)		186
Net realized gain				90,743,380		101,933		–		49,232,759		12,640,372		15,432,871
Net change in unrealized appreciation (depreciation)				29,105,551		(523,423)		–		180,585,451		32,837,469		63,037,078
		Net realized and unrealized gain (loss) on investments and foreign currency transactions		119,848,931		(421,490)		–		229,818,210		45,477,841		78,469,949
Net increase (decrease) in net assets resulting from operations			$	122,023,544	$	(400,661)	$	49,592	$	240,074,164	$	46,610,586	$	80,624,392

*Net of foreign taxes withheld of			$	57,192	$	–	$	–	$	936,976	$	160,018	$	–

See Notes to Financial Statements

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

			Davis Opportunity Fund		Davis Government Bond Fund		Davis Government Money Market Fund		Davis Financial Fund		Davis Appreciation & Income Fund		Davis Real Estate Fund
OPERATIONS:
Net investment income			$	2,174,613	$	20,829	$	49,592	$	10,255,954	$	1,132,745	$	2,154,443
Net realized gain from investments and foreign currency transactions				90,743,380		101,933		–		49,232,759		12,640,372		15,432,871
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions				29,105,551		(523,423)		–		180,585,451		32,837,469		63,037,078
		Net increase (decrease) in net assets resulting from operations		122,023,544		(400,661)		49,592		240,074,164		46,610,586		80,624,392
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
	Class A			(28,631,055)		(135,023)		(46,968)		(28,406,735)		(361,758)		(1,656,067)
	Class C			(2,064,586)		–		(628)		(5,480,730)		–		(15,863)
	Class Y			(20,619,295)		(17,074)		(1,996)		(31,175,714)		(544,343)		(1,265,086)
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from capital share transactions (Note 4):
	Class A			8,998,332		(4,836,716)		3,451,931		16,245,089		(2,692,671)		(12,641,046)
	Class C			(2,028,882)		(1,190,763)		(369,662)		(831,249)		(2,087,618)		(876,069)
	Class Y			20,832,016		174,846		(2,569,323)		69,250,077		5,221,495		4,738,359
		Total increase (decrease) in net assets		98,510,074		(6,405,391)		512,946		259,674,902		46,145,691		68,908,620
NET ASSETS:
Beginning of year				504,766,667		30,813,916		145,902,590		766,344,900		182,839,235		191,245,466
End of year			$	603,276,741	$	24,408,525	$	146,415,536	$	1,026,019,802	$	228,984,926	$	260,154,086

See Notes to Financial Statements

DAVIS SERIES, INC.	Statements of Changes in Net Assets
	For the year ended December 31, 2020

			Davis Opportunity Fund		Davis Government Bond Fund		Davis Government Money Market Fund		Davis Financial Fund		Davis Appreciation & Income Fund		Davis Real Estate Fund
OPERATIONS:
Net investment income			$	1,423,196	$	201,124	$	319,773	$	10,560,682	$	1,562,002	$	2,825,187
Net realized gain (loss) from investments and foreign currency transactions				30,433,407		–		–		38,407,041		(8,783,014)		(14,381,045)
Net increase (decrease) in unrealized appreciation on investments and foreign currency transactions				28,851,884		239,887		–		(156,092,580)		13,402,792		(14,559,541)
		Net increase (decrease) in net assets resulting from operations		60,708,487		441,011		319,773		(107,124,857)		6,181,780		(26,115,399)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
	Class A			(8,181,766)		(247,680)		(303,007)		(19,055,050)		(859,630)		(2,200,348)
	Class C			(603,307)		(2,112)		(5,106)		(3,877,730)		(5,874)		(41,320)
	Class Y			(5,707,317)		(24,896)		(11,660)		(19,135,185)		(780,369)		(1,470,388)
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from capital share transactions (Note 4):
	Class A			(44,325,327)		2,680,800		(5,105,711)		(50,585,207)		(14,093,155)		(22,659,809)
	Class C			(8,270,250)		991,915		(159,285)		(29,567,679)		(3,498,085)		(2,027,450)
	Class Y			(10,897,748)		(226,769)		2,362,587		(80,596,340)		(1,835,095)		(22,179,931)
		Total increase (decrease) in net assets		(17,277,228)		3,612,269		(2,902,409)		(309,942,048)		(14,890,428)		(76,694,645)
NET ASSETS:
Beginning of year				522,043,895		27,201,647		148,804,999		1,076,286,948		197,729,663		267,940,111
End of year			$	504,766,667	$	30,813,916	$	145,902,590	$	766,344,900	$	182,839,235	$	191,245,466

See Notes to Financial Statements

DAVIS SERIES, INC.	Notes to Financial Statements
	December 31, 2021

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, 2021

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

Security Valuation - 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 Davis Selected Advisers, L.P. (“Davis Advisors” or “Adviser”), the Funds’ investment 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 Funds’ Pricing Committee and Board of Directors. 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 Adviser 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. Fair value determinations are subject to review, approval, and ratification by the Funds’ Board of Directors at its next regularly scheduled meeting covering the period in which the fair valuation was determined. Fair valuation methods used by the Funds may include, but are not limited to, valuing securities initially at cost (excluding commissions) and subsequently adjusting the value due to: additional transactions by the issuer, changes in company specific fundamentals, and changes in the value of similar securities. Values may be further adjusted for any discounts related to security-specific resale restrictions.

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.

The Funds’ valuation procedures are reviewed and subject to approval by the Board of Directors. There have been no significant changes to the fair valuation procedures during the period.

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

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 –	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security. 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, 2021

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

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of December 31, 2021 in valuing each Fund’s investments carried at value:

Investments in Securities at Value

Davis

Government

Davis

Appreciation

Davis

Opportunity

Government

Money Market

Financial

& Income

Real Estate

Fund

Bond Fund

Fund

Valuation Inputs

Level 1 – Quoted Prices:

Common Stock:

Communication Services

37,290,852

–

19,140,523

–

Consumer Discretionary

31,029,340

–

9,422,845

–

Consumer Staples

17,116,871

–

Financials

136,563,985

–

1,006,067,382

88,603,083

–

Health Care

145,483,654

–

20,023,434

–

Industrials

123,801,913

–

2,437,430

–

Information Technology

62,324,230

–

38,040,590

–

Materials

11,043,824

–

Real Estate

–

250,932,714

Total Level 1

564,654,669

–

1,006,067,382

177,667,905

250,932,714

Level 2 – Other Significant

Observable Inputs:

Debt securities issued by U.S. Treasuries and U.S. Government corporations and agencies:

Short-term

–

38,795,689

–

Corporate Bonds

–

22,014,916

–

Mortgages

–

19,069,769

–

10,617,789

–

Municipal Bonds

–

2,118,351

–

Short-Term Investments

41,719,000

5,353,000

93,454,000

19,111,000

16,386,000

8,055,000

Total Level 2

41,719,000

24,422,769

132,249,689

19,111,000

51,137,056

8,055,000

Level 3 – Significant Unobservable

Inputs:

Common Stock:

Communication Services

117,999

–

Total Level 3

117,999

–

Total Investments

606,491,668

24,422,769

132,249,689

1,025,178,382

228,804,961

258,987,714

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, 2021. The net decrease in unrealized appreciation during the period on Level 3 securities still held at December 31, 2021 was $(859)* 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 Balance at January 1, 2021			Cost of Purchases	Proceeds from Sales		Net Change in Unrealized Appreciation (Depreciation)*		Net Realized Gain (Loss)		Transfers into Level 3		Transfers out of Level 3**			Ending Balance at December 31, 2021
Davis Opportunity Fund
Investments in Securities:
Common Stock	$	118,858	$	–	$	–	$	(859)	$	–	$	–	$	–	$	117,999
Preferred Stock		54,652,969		–		–		34,729,593		–		–		(89,382,562)		–
Total Level 3	$	54,771,827	$	–	$	–	$	34,728,734	$	–	$	–	$	(89,382,562)	$	117,999

* Any difference between net change in unrealized appreciation (depreciation) and net decrease in unrealized appreciation on securities still held at December 31, 2021, may be due to investments no longer held or categorized as Level 3 at year end.

** During the year ended December 31, 2021, certain securities fair valued at $89,382,562 for Davis Opportunity Fund transferred out of Level 3 because observable market data became available for the securities.

DAVIS SERIES, INC.	Notes to Financial Statements – (Continued)
	December 31, 2021

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		Valuation	Unobservable		Impact to Valuation from
	December 31, 2021		Technique	Input	Amount	an Increase in Input
Davis Opportunity Fund
Investments in Securities:
Common Stock	$	117,999	Discounted Cash Flow	Annualized Yield	1.726%	Decrease
Total Level 3	$	117,999

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 investment. 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.

Master Repurchase Agreements - The Funds, along with other affiliated funds, may transfer uninvested cash balances into one or more master repurchase agreement accounts. These balances are invested in one or more repurchase agreements, secured by U.S. Government securities. A custodian bank holds securities pledged as collateral for repurchase agreements until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings.

Currency Translation - The market values of all assets and liabilities denominated in foreign currencies are recorded in the financial statements after translation to the U.S. dollar 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 the U.S. dollar. 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 U.S. dollar 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, 2021

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 2020 excise tax liability of $1,525 during the year ended December 31, 2021. 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, 2021, 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 2018.

Capital losses will be carried forward to future years if not offset by gains. At December 31, 2021, the Funds had available for federal income tax purposes unused capital loss carryforwards with no expiration as follows:

	Capital Loss Carryforwards
				Davis
		Davis		Appreciation		Davis
		Government		& Income		Real Estate
		Bond Fund		Fund		Fund
Character
Short-term		$	2,811,643	$	–	$	–
Long-term			1,907,544		–		–
Total		$	4,719,187	$	–	$	–
Utilized in 2021		$	–	$	9,690,955	$	12,072,970

At December 31, 2021, the unrealized appreciation (depreciation) and aggregate cost of investments for federal income tax purposes were as follows:

					Davis				Davis
	Davis		Davis		Government		Davis		Appreciation		Davis
	Opportunity		Government		Money Market		Financial		& Income		Real Estate
	Fund		Bond Fund		Fund		Fund		Fund		Fund
Unrealized appreciation	$	233,917,166	$	125,967	$	–	$	440,800,746	$	65,317,899	$	90,389,496
Unrealized depreciation		(23,704,899)		(143,821)		–		(26,298,293)		(6,640,869)		(3,346,982)
Net unrealized appreciation (depreciation)	$	210,212,267	$	(17,854)	$	–	$	414,502,453	$	58,677,030	$	87,042,514
Aggregate cost	$	396,279,401	$	24,440,623	$	132,249,689	$	610,675,929	$	170,127,931	$	171,945,200

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, 2021

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

Dividends and Distributions to Shareholders - (Continued)

The Funds’ net assets have not been affected by these reclassifications. During the year ended December 31, 2021, amounts have been reclassified to reflect increases (decreases) as follows:

	Davis Opportunity Fund		Davis Government Money Market Fund		Davis Financial Fund
Additional paid-in Capital	$	11,850,901	$	(1,525)	$	6,052,019
Distributable earnings (losses)		(11,850,901)		1,525		(6,052,019)

The tax character of distributions paid during the years ended December 31, 2021 and 2020 was as follows:

	Ordinary Income		Long-Term Capital Gain		Total
Davis Opportunity Fund
2021	$	1,300,255	$	50,014,681	$	51,314,936
2020		2,499,055		11,993,335		14,492,390
Davis Government Bond Fund
2021		152,097		–		152,097
2020		274,688		–		274,688
Davis Government Money Market Fund
2021		49,592		–		49,592
2020		319,773		–		319,773
Davis Financial Fund
2021		20,143,279		44,919,900		65,063,179
2020		10,006,919		32,061,046		42,067,965
Davis Appreciation & Income Fund
2021		906,101		–		906,101
2020		1,645,873		–		1,645,873
Davis Real Estate Fund
2021		2,937,016		–		2,937,016
2020		3,712,056		–		3,712,056

As of December 31, 2021, the components of distributable earnings (losses) on a tax basis were as follows:

	Davis Opportunity Fund		Davis Government Bond Fund		Davis Government Money Market Fund		Davis Financial Fund		Davis Appreciation & Income Fund		Davis Real Estate Fund
Undistributed ordinary income	$	2,136,584	$	908	$	41,308	$	–	$	277,133	$	2,027,857
Accumulated net realized losses from investments		–		(4,719,187)		–		–		–		–
Undistributed long- term capital gain		35,091,344		–		–		–		2,775,242		3,151,980
Net unrealized appreciation (depreciation) on investments and foreign currency transactions		210,209,798		(17,854)		–		414,568,715		58,676,953		87,042,561
Other temporary differences		(108,421)		(3,908)		(7,560)		(164,525)		(55,422)		(48,099)
Total	$	247,329,305	$	(4,740,041)	$	33,748	$	414,404,190	$	61,673,906	$	92,174,299

DAVIS SERIES, INC.	Notes to Financial Statements – (Continued)
	December 31, 2021

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, 2021 were as follows:

							Davis
	Davis		Davis		Davis		Appreciation		Davis
	Opportunity		Government		Financial		& Income		Real Estate
	Fund		Bond Fund		Fund		Fund		Fund
Cost of purchases	$	138,873,234	$	11,109,992	$	101,940,673	$	36,737,081	$	54,193,692
Proceeds from sales		178,176,046		5,978,538		87,399,035		39,251,030		69,988,947

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, 2021, related shareholders with greater than 20% of outstanding shares were as follows:

Davis Government		Davis Appreciation
Money Market Fund		& Income Fund
36%		28%

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, 2021

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, 2021
					Davis				Davis
	Davis		Davis		Government		Davis		Appreciation		Davis
	Opportunity		Government		Money		Financial		& Income		Real Estate
	Fund		Bond Fund		Market Fund		Fund		Fund		Fund
Transfer agent fees paid to Adviser	$	54,058	$	8,394	$	17,814	$	118,411	$	20,273	$	30,936
Accounting fees paid to Adviser		23,000		2,000		5,002		34,496		8,000		8,996

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, 2022. 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, 2022. Reimbursement and waivers of expenses during the year ended December 31, 2021, were as follows:

Davis

Government

Davis

Appreciation

Davis

Opportunity

Government

Money

Financial

& Income

Real Estate

Fund

Bond Fund

Market Fund

Fund

Class A

–

41,215

649,469

–

Class C

–

5,835

8,726

–

5,235

4,525

Class Y

–

4,680

27,747

–

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, 2021, reimbursed amounts eligible for recapture were as follows:

	Expiring
	12/31/2024
Amount eligible for recapture	$	269,788

DAVIS SERIES, INC.	Notes to Financial Statements – (Continued)
	December 31, 2021

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

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, 2021
	Davis		Davis Government		Davis		Davis Appreciation		Davis Real
	Opportunity Fund		Bond Fund		Financial Fund		& Income Fund		Estate Fund
Distribution fees:
Class C	$	147,475	$	7,329	$	588,791	$	28,813	$	28,027
Service fees:
Class A		731,266		54,953		1,052,861		286,484		261,242
Class C		49,158		2,443		196,264		9,604		9,342

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, 2021
							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	$	11,642	$	829	$	47,441	$	4,234	$	7,770
Class A commissions re-allowed to investment dealers		61,754		4,543		307,120		21,841		40,415
Total commissions earned on sales of Class A	$	73,396	$	5,372	$	354,561	$	26,075	$	48,185
Class C commission advances by the Distributor	$	12,802	$	7	$	109,686	$	775	$	1,750
Class C CDSCs received by the Distributor		911		2,838		4,952		66		118

DAVIS SERIES, INC.	Notes to Financial Statements – (Continued)
	December 31, 2021

NOTE 4 - CAPITAL STOCK

At December 31, 2021, 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, 2021
		Sold			Reinvestment of Distributions		Redeemed			Net Increase (Decrease)
Davis Opportunity Fund
Shares: Class A		708,908	*		639,633		(1,126,998)			221,543
Class C		71,814			67,337		(195,210)	*		(56,059)
Class Y		3,603,508			444,043		(3,634,199)			413,352
Value: Class A	$	30,960,249	*	$	26,506,407	$	(48,468,324)		$	8,998,332
Class C		2,344,371			2,059,855		(6,433,108)	*		(2,028,882)
Class Y		173,604,963			19,635,584		(172,408,531)			20,832,016

Davis Government Bond Fund
Shares: Class A		500,001	*		23,423		(1,424,407)			(900,983)
Class C		89,250			–		(311,219)	*		(221,969)
Class Y		162,609			3,144		(133,705)			32,048
Value: Class A	$	2,689,798	*	$	125,304	$	(7,651,818)		$	(4,836,716)
Class C		472,720			–		(1,663,483)	*		(1,190,763)
Class Y		880,215			16,959		(722,328)			174,846

Davis Government Money Market Fund
Shares: Class A		232,212,468	*		45,903		(228,806,440)			3,451,931
Class C		496,816			628		(867,106)	*		(369,662)
Class Y		3,209,937			1,996		(5,781,256)			(2,569,323)
Value: Class A	$	232,212,468	*	$	45,903	$	(228,806,440)		$	3,451,931
Class C		496,816			628		(867,106)	*		(369,662)
Class Y		3,209,937			1,996		(5,781,256)			(2,569,323)

Davis Financial Fund
Shares: Class A		1,276,665	*		501,670		(1,494,808)			283,527
Class C		303,746			125,144		(452,255)	*		(23,365)
Class Y		3,371,017			504,291		(2,685,359)			1,189,949
Value: Class A	$	69,689,479	*	$	27,135,308	$	(80,579,698)		$	16,245,089
Class C		13,092,672			5,337,377		(19,261,298)	*		(831,249)
Class Y		191,697,007			28,315,927		(150,762,857)			69,250,077

Davis Appreciation & Income Fund
Shares: Class A		175,879	*		6,304		(242,002)			(59,819)
Class C		12,280			–		(52,437)	*		(40,157)
Class Y		136,742			9,817		(50,704)			95,855
Value: Class A	$	9,464,299	*	$	333,943	$	(12,490,913)		$	(2,692,671)
Class C		670,191			–		(2,757,809)	*		(2,087,618)
Class Y		7,300,003			525,355		(2,603,863)			5,221,495

Davis Real Estate Fund
Shares: Class A		163,981	*		25,505		(459,496)			(270,010)
Class C		5,923			329		(25,392)	*		(19,140)
Class Y		368,387			24,094		(294,866)			97,615
Value: Class A	$	7,698,528	*	$	1,245,741	$	(21,585,315)		$	(12,641,046)
Class C		285,405			15,863		(1,177,337)	*		(876,069)
Class Y		17,931,191			1,199,620		(14,392,452)			4,738,359

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

DAVIS SERIES, INC.	Notes to Financial Statements – (Continued)
	December 31, 2021

NOTE 4 - CAPITAL STOCK – (CONTINUED)

	Year ended December 31, 2020
		Sold		Reinvestment of Distributions		Redeemed		Net Increase (Decrease)
Davis Opportunity Fund
Shares: Class A		407,749		211,428		(2,051,667)		(1,432,490)
Class C		48,156		21,663		(413,550)		(343,731)
Class Y		2,602,567		145,747		(2,880,665)		(132,351)
Value: Class A	$	12,512,167	$	7,582,133	$	(64,419,627)	$	(44,325,327)
Class C		1,116,306		594,653		(9,981,209)		(8,270,250)
Class Y		73,124,979		5,548,593		(89,571,320)		(10,897,748)

Davis Government Bond Fund
Shares: Class A		2,749,794		42,833		(2,299,546)		493,081
Class C		363,400		370		(180,552)		183,218
Class Y		111,954		4,526		(157,724)		(41,244)
Value: Class A	$	14,904,474	$	232,314	$	(12,455,988)	$	2,680,800
Class C		1,968,178		2,002		(978,265)		991,915
Class Y		612,164		24,734		(863,667)		(226,769)

Davis Government Money Market Fund
Shares: Class A		243,436,467		295,713		(248,837,891)		(5,105,711)
Class C		1,255,059		5,106		(1,419,450)		(159,285)
Class Y		7,891,000		11,660		(5,540,073)		2,362,587
Value: Class A	$	243,436,467	$	295,713	$	(248,837,891)	$	(5,105,711)
Class C		1,255,059		5,106		(1,419,450)		(159,285)
Class Y		7,891,000		11,660		(5,540,073)		2,362,587

Davis Financial Fund
Shares: Class A		956,666		389,198		(2,719,322)		(1,373,458)
Class C		178,980		109,423		(1,274,539)		(986,136)
Class Y		2,812,472		396,582		(5,324,601)		(2,115,547)
Value: Class A	$	36,586,977	$	16,692,707	$	(103,864,891)	$	(50,585,207)
Class C		5,555,853		3,753,201		(38,876,733)		(29,567,679)
Class Y		110,788,779		17,624,076		(209,009,195)		(80,596,340)

Davis Appreciation & Income Fund
Shares: Class A		167,177		21,330		(552,431)		(363,924)
Class C		9,957		144		(101,139)		(91,038)
Class Y		56,124		20,059		(125,270)		(49,087)
Value: Class A	$	6,348,264	$	798,266	$	(21,239,685)	$	(14,093,155)
Class C		373,804		5,481		(3,877,370)		(3,498,085)
Class Y		2,210,951		756,130		(4,802,176)		(1,835,095)

Davis Real Estate Fund
Shares: Class A		256,728		46,679		(900,901)		(597,494)
Class C		12,423		1,140		(69,776)		(56,213)
Class Y		557,056		35,813		(1,201,758)		(608,889)
Value: Class A	$	9,274,084	$	1,651,186	$	(33,585,079)	$	(22,659,809)
Class C		478,986		41,028		(2,547,464)		(2,027,450)
Class Y		20,860,726		1,273,708		(44,314,365)		(22,179,931)

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, 2021, 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 $117,999 or 0.02% of the Fund’s net assets as of December 31, 2021. Information regarding restricted securities is as follows:

Fund		Security	Initial Acquisition Date		Units		Cost per Unit			Valuation per Unit as of December 31, 2021
Davis Opportunity Fund		ASAC II L.P.	10/10/13		116,129		$	1.00		$	1.0161

DAVIS SERIES, INC.

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

		Income (Loss) from Investment Operations
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)^a	Net Realized and Unrealized Gains (Losses)	Total from Investment Operations
Davis Opportunity Fund Class A:
Year ended December 31, 2021	$36.67	$0.11	$9.00	$9.11
Year ended December 31, 2020	$33.47	$0.08	$4.18	$4.26
Year ended December 31, 2019	$28.10	$0.12	$7.01	$7.13
Year ended December 31, 2018	$37.01	$0.11	$(4.91)	$(4.80)
Year ended December 31, 2017	$30.90	$0.01	$7.10	$7.11
Davis Opportunity Fund Class C:
Year ended December 31, 2021	$28.06	$(0.18)	$6.85	$6.67
Year ended December 31, 2020	$25.90	$(0.14)	$3.20	$3.06
Year ended December 31, 2019	$22.14	$(0.10)	$5.49	$5.39
Year ended December 31, 2018	$30.36	$(0.14)	$(3.97)	$(4.11)
Year ended December 31, 2017	$25.66	$(0.21)	$5.87	$5.66
Davis Opportunity Fund Class Y:
Year ended December 31, 2021	$38.93	$0.24	$9.54	$9.78
Year ended December 31, 2020	$35.47	$0.17	$4.44	$4.61
Year ended December 31, 2019	$29.70	$0.21	$7.40	$7.61
Year ended December 31, 2018	$38.77	$0.21	$(5.17)	$(4.96)
Year ended December 31, 2017	$32.32	$0.10	$7.44	$7.54
Davis Government Bond Fund Class A:
Year ended December 31, 2021	$5.41	$–^e	$(0.08)	$(0.08)
Year ended December 31, 2020	$5.37	$0.04	$0.05	$0.09
Year ended December 31, 2019	$5.29	$0.08	$0.09	$0.17
Year ended December 31, 2018	$5.33	$0.05	$(0.03)	$0.02
Year ended December 31, 2017	$5.35	$0.01	$–	$0.01
Davis Government Bond Fund Class C:
Year ended December 31, 2021	$5.39	$(0.03)	$(0.09)	$(0.12)
Year ended December 31, 2020	$5.36	$(0.01)	$0.05	$0.04
Year ended December 31, 2019	$5.28	$0.04	$0.09	$0.13
Year ended December 31, 2018	$5.31	$–^e	$(0.02)	$(0.02)
Year ended December 31, 2017	$5.35	$(0.03)	$(0.01)	$(0.04)
Davis Government Bond Fund Class Y:
Year ended December 31, 2021	$5.45	$0.02	$(0.09)	$(0.07)
Year ended December 31, 2020	$5.41	$0.05	$0.05	$0.10
Year ended December 31, 2019	$5.34	$0.10	$0.07	$0.17
Year ended December 31, 2018	$5.37	$0.06	$(0.02)	$0.04
Year ended December 31, 2017	$5.40	$0.03	$(0.02)	$0.01

Financial Highlights

Dividends and Distributions							Ratios to Average Net Assets
Dividends from Net Investment Income	Distributions from Realized Gains	Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return^b	Net Assets, End of Period (in thousands)	Gross Expense Ratio	Net Expense Ratio^c	Net Investment Income (Loss) Ratio	Portfolio Turnover^d

$(0.06)	$(3.81)	$–	$(3.87)	$41.91	24.96%	$338,626	0.93%	0.93%	0.27%	24%
$(0.16)	$(0.90)	$–	$(1.06)	$36.67	12.79%	$288,208	0.94%	0.94%	0.24%	17%
$(0.13)	$(1.63)	$–	$(1.76)	$33.47	25.49%	$310,954	0.93%	0.93%	0.38%	15%
$–	$(4.11)	$–	$(4.11)	$28.10	(13.50)%	$290,970	0.94%	0.94%	0.28%	44%
$(0.04)	$(0.96)	$–	$(1.00)	$37.01	23.09%	$325,410	0.95%	0.95%	0.03%	18%

$–	$(3.81)	$–	$(3.81)	$30.92	23.92%	$19,048	1.75%	1.75%	(0.55)%	24%
$–	$(0.90)	$–	$(0.90)	$28.06	11.88%	$18,861	1.76%	1.76%	(0.58)%	17%
$–	$(1.63)	$–	$(1.63)	$25.90	24.49%	$26,309	1.74%	1.74%	(0.43)%	15%
$–	$(4.11)	$–	$(4.11)	$22.14	(14.19)%	$33,186	1.71%	1.71%	(0.49)%	44%
$–	$(0.96)	$–	$(0.96)	$30.36	22.16%	$99,190	1.73%	1.73%	(0.75)%	18%

$(0.17)	$(3.81)	$–	$(3.98)	$44.73	25.23%	$245,602	0.70%	0.70%	0.50%	24%
$(0.25)	$(0.90)	$–	$(1.15)	$38.93	13.06%	$197,698	0.69%	0.69%	0.49%	17%
$(0.21)	$(1.63)	$–	$(1.84)	$35.47	25.76%	$184,781	0.70%	0.70%	0.61%	15%
$–	$(4.11)	$–	$(4.11)	$29.70	(13.30)%	$197,887	0.69%	0.69%	0.53%	44%
$(0.13)	$(0.96)	$–	$(1.09)	$38.77	23.42%	$250,973	0.70%	0.70%	0.28%	18%

$(0.03)	$–	$–	$(0.03)	$5.30	(1.48)%	$21,719	1.17%	1.00%	0.08%	26%
$(0.05)	$–	$–	$(0.05)	$5.41	1.69%	$27,045	1.10%	1.04%	0.67%	–%^f
$(0.09)	$–	$–	$(0.09)	$5.37	3.23%	$24,216	1.09%	1.05%	1.59%	13%
$(0.06)	$–	$–	$(0.06)	$5.29	0.42%	$25,297	1.13%	1.12%	0.91%	28%
$(0.03)	$–	$–	$(0.03)	$5.33	0.21%	$24,178	1.14%	1.14%	0.24%	7%

$–	$–	$–	$–	$5.27	(2.23)%	$594	2.35%	1.75%	(0.67)%	26%
$(0.01)	$–	$–	$(0.01)	$5.39	0.81%	$1,804	2.25%	1.78%	(0.07)%	–%^f
$(0.05)	$–	$–	$(0.05)	$5.36	2.47%	$811	2.31%	1.80%	0.84%	13%
$(0.01)	$–	$–	$(0.01)	$5.28	(0.32)%	$2,026	1.98%	1.97%	0.06%	28%
$–	$–	$–	$–	$5.31	(0.75)%	$5,126	1.91%	1.91%	(0.53)%	7%

$(0.04)	$–	$–	$(0.04)	$5.34	(1.22)%	$2,096	0.97%	0.75%	0.33%	26%
$(0.06)	$–	$–	$(0.06)	$5.45	1.94%	$1,965	0.95%	0.79%	0.92%	–%^f
$(0.10)	$–	$–	$(0.10)	$5.41	3.29%	$2,175	0.93%	0.80%	1.84%	13%
$(0.07)	$–	$–	$(0.07)	$5.34	0.83%	$1,980	0.94%	0.91%	1.12%	28%
$(0.04)	$–	$–	$(0.04)	$5.37	0.27%	$2,493	0.91%	0.91%	0.47%	7%

DAVIS SERIES, INC.

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

		Income (Loss) from Investment Operations
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)^a	Net Realized and Unrealized Gains (Losses)	Total from Investment Operations
Davis Government Money Market Fund Class A, C, and Y:
Year ended December 31, 2021	$1.000	$–^g	$–	$–^g
Year ended December 31, 2020	$1.000	$0.002	$–	$0.002
Year ended December 31, 2019	$1.000	$0.017	$–	$0.017
Year ended December 31, 2018	$1.000	$0.013	$–	$0.013
Year ended December 31, 2017	$1.000	$0.004	$–	$0.004
Davis Financial Fund Class A:
Year ended December 31, 2021	$43.93	$0.55	$13.27	$13.82
Year ended December 31, 2020	$49.35	$0.54	$(3.50)	$(2.96)
Year ended December 31, 2019	$42.20	$0.64	$10.44	$11.08
Year ended December 31, 2018	$51.94	$0.54	$(6.51)	$(5.97)
Year ended December 31, 2017	$44.57	$0.21	$8.37	$8.58
Davis Financial Fund Class C:
Year ended December 31, 2021	$35.12	$0.10	$10.59	$10.69
Year ended December 31, 2020	$39.91	$0.19	$(2.88)	$(2.69)
Year ended December 31, 2019	$34.67	$0.23	$8.51	$8.74
Year ended December 31, 2018	$43.27	$0.12	$(5.37)	$(5.25)
Year ended December 31, 2017	$37.44	$(0.13)	$7.00	$6.87
Davis Financial Fund Class Y:
Year ended December 31, 2021	$45.52	$0.70	$13.75	$14.45
Year ended December 31, 2020	$51.04	$0.65	$(3.60)	$(2.95)
Year ended December 31, 2019	$43.56	$0.78	$10.76	$11.54
Year ended December 31, 2018	$53.50	$0.68	$(6.71)	$(6.03)
Year ended December 31, 2017	$45.88	$0.34	$8.62	$8.96
Davis Appreciation & Income Fund Class A:
Year ended December 31, 2021	$44.32	$0.22	$11.18	$11.40
Year ended December 31, 2020	$42.70	$0.32	$1.64	$1.96
Year ended December 31, 2019	$36.23	$0.56	$6.78	$7.34
Year ended December 31, 2018	$39.80	$0.42	$(3.59)	$(3.17)
Year ended December 31, 2017	$34.51	$0.35	$5.27	$5.62
Davis Appreciation & Income Fund Class C:
Year ended December 31, 2021	$44.45	$(0.17)	$11.18	$11.01
Year ended December 31, 2020	$42.82	$0.03	$1.64	$1.67
Year ended December 31, 2019	$36.34	$0.25	$6.78	$7.03
Year ended December 31, 2018	$39.94	$0.15	$(3.63)	$(3.48)
Year ended December 31, 2017	$34.64	$0.10	$5.26	$5.36
Davis Appreciation & Income Fund Class Y:
Year ended December 31, 2021	$44.51	$0.38	$11.23	$11.61
Year ended December 31, 2020	$42.89	$0.45	$1.64	$2.09
Year ended December 31, 2019	$36.39	$0.69	$6.81	$7.50
Year ended December 31, 2018	$39.98	$0.56	$(3.62)	$(3.06)
Year ended December 31, 2017	$34.66	$0.48	$5.30	$5.78

Financial Highlights – (Continued)

Dividends and Distributions							Ratios to Average Net Assets
Dividends from Net Investment Income	Distributions from Realized Gains	Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return^b	Net Assets, End of Period (in thousands)	Gross Expense Ratio	Net Expense Ratio^c	Net Investment Income (Loss) Ratio	Portfolio Turnover^d

$–^g	$–	$–	$–^g	$1.000	0.04%	$146,416	0.52%	0.03%	0.04%	NA
$(0.002)	$–	$–	$(0.002)	$1.000	0.23%	$145,903	0.54%	0.35%	0.23%	NA
$(0.017)	$–	$–	$(0.017)	$1.000	1.74%	$148,805	0.53%	0.53%	1.74%	NA
$(0.013)	$–	$–	$(0.013)	$1.000	1.30%	$183,689	0.58%^h	0.58%h	1.27%	NA
$(0.004)	$–	$–	$(0.004)	$1.000	0.35%	$212,755	0.62%^h	0.60%h	0.34%	NA

$(0.64)	$(2.94)	$–	$(3.58)	$54.17	31.46%	$450,121	0.94%	0.94%	1.00%	9%
$(0.58)	$(1.88)	$–	$(2.46)	$43.93	(5.88)%	$352,567	0.96%	0.96%	1.37%	9%
$(0.68)	$(3.25)	$–	$(3.93)	$49.35	26.31%	$463,892	0.94%	0.94%	1.37%	6%
$(0.51)	$(3.26)	$–	$(3.77)	$42.20	(11.78)%	$463,024	0.94%	0.94%	1.04%	18%
$(0.17)	$(1.04)	$–	$(1.21)	$51.94	19.27%	$626,153	0.98%	0.98%	0.43%	7%

$(0.17)	$(2.94)	$–	$(3.11)	$42.70	30.44%	$79,368	1.71%	1.71%	0.23%	9%
$(0.22)	$(1.88)	$–	$(2.10)	$35.12	(6.61)%	$66,095	1.75%	1.75%	0.58%	9%
$(0.25)	$(3.25)	$–	$(3.50)	$39.91	25.27%	$114,489	1.72%	1.72%	0.59%	6%
$(0.09)	$(3.26)	$–	$(3.35)	$34.67	(12.43)%	$122,240	1.70%	1.70%	0.28%	18%
$–	$(1.04)	$–	$(1.04)	$43.27	18.38%	$177,326	1.73%	1.73%	(0.32)%	7%

$(0.79)	$(2.94)	$–	$(3.73)	$56.24	31.76%	$496,530	0.70%	0.70%	1.24%	9%
$(0.69)	$(1.88)	$–	$(2.57)	$45.52	(5.67)%	$347,683	0.74%	0.74%	1.59%	9%
$(0.81)	$(3.25)	$–	$(4.06)	$51.04	26.54%	$497,906	0.72%	0.72%	1.59%	6%
$(0.65)	$(3.26)	$–	$(3.91)	$43.56	(11.55)%	$496,436	0.70%	0.70%	1.28%	18%
$(0.30)	$(1.04)	$–	$(1.34)	$53.50	19.56%	$570,816	0.72%	0.72%	0.69%	7%

$(0.16)	$–	$–	$(0.16)	$55.56	25.73%	$128,558	0.98%	0.98%	0.41%	19%
$(0.34)	$–	$–	$(0.34)	$44.32	4.75%	$105,201	1.02%	1.02%	0.82%	5%
$(0.78)	$(0.09)	$–	$(0.87)	$42.70	20.33%	$116,911	1.01%	1.01%	1.41%	17%
$(0.40)	$–	$–	$(0.40)	$36.23	(8.02)%	$108,613	1.01%	1.01%	1.07%	54%
$(0.33)	$–	$–	$(0.33)	$39.80	16.35%	$97,806	1.02%	1.02%	0.97%	19%

$–	$–	$–	$–	$55.46	24.77%	$3,538	1.89%	1.75%	(0.36)%	19%
$(0.04)	$–	$–	$(0.04)	$44.45	3.93%	$4,620	1.87%	1.79%	0.05%	5%
$(0.46)	$(0.09)	$–	$(0.55)	$42.82	19.38%	$8,349	1.81%	1.80%	0.62%	17%
$(0.12)	$–	$–	$(0.12)	$36.34	(8.72)%	$11,172	1.76%	1.76%	0.32%	54%
$(0.06)	$–	$–	$(0.06)	$39.94	15.48%	$34,668	1.76%	1.76%	0.23%	19%

$(0.32)	$–	$–	$(0.32)	$55.80	26.13%	$96,889	0.66%	0.66%	0.73%	19%
$(0.47)	$–	$–	$(0.47)	$44.51	5.08%	$73,018	0.69%	0.69%	1.15%	5%
$(0.91)	$(0.09)	$–	$(1.00)	$42.89	20.72%	$72,470	0.69%	0.69%	1.73%	17%
$(0.53)	$–	$–	$(0.53)	$36.39	(7.72)%	$60,702	0.68%	0.68%	1.40%	54%
$(0.46)	$–	$–	$(0.46)	$39.98	16.75%	$68,974	0.69%	0.69%	1.30%	19%

DAVIS SERIES, INC.

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

		Income (Loss) from Investment Operations
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)^a	Net Realized and Unrealized Gains (Losses)	Total from Investment Operations
Davis Real Estate Fund Class A:
Year ended December 31, 2021	$39.23	$0.42	$16.46	$16.88
Year ended December 31, 2020	$43.59	$0.49	$(4.15)	$(3.66)
Year ended December 31, 2019	$35.75	$0.78	$8.27	$9.05
Year ended December 31, 2018	$39.70	$0.81	$(2.60)	$(1.79)
Year ended December 31, 2017	$38.82	$0.58	$2.62	$3.20
Davis Real Estate Fund Class C:
Year ended December 31, 2021	$39.23	$0.05	$16.43	$16.48
Year ended December 31, 2020	$43.57	$0.24	$(4.18)	$(3.94)
Year ended December 31, 2019	$35.75	$0.45	$8.24	$8.69
Year ended December 31, 2018	$39.69	$0.48	$(2.59)	$(2.11)
Year ended December 31, 2017	$38.81	$0.28	$2.58	$2.86
Davis Real Estate Fund Class Y:
Year ended December 31, 2021	$39.78	$0.52	$16.71	$17.23
Year ended December 31, 2020	$44.21	$0.59	$(4.24)	$(3.65)
Year ended December 31, 2019	$36.27	$0.88	$8.39	$9.27
Year ended December 31, 2018	$40.25	$0.91	$(2.63)	$(1.72)
Year ended December 31, 2017	$39.33	$0.66	$2.68	$3.34

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

^b	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.

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

^d	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.

^e	Less than $0.005 per share.

Financial Highlights – (Continued)

Dividends and Distributions							Ratios to Average Net Assets
Dividends from Net Investment Income	Distributions from Realized Gains	Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return^b	Net Assets, End of Period (in thousands)	Gross Expense Ratio	Net Expense Ratio^c	Net Investment Income (Loss) Ratio	Portfolio Turnover^d

$(0.58)	$–	$–	$(0.58)	$55.53	43.24%	$152,743	0.95%	0.95%	0.88%	25%
$(0.57)	$(0.13)	$–	$(0.70)	$39.23	(8.23)%	$118,502	0.97%	0.97%	1.34%	18%
$(0.52)	$(0.69)	$–	$(1.21)	$43.59	25.39%	$157,718	0.98%	0.98%	1.84%	18%
$(0.86)	$(1.30)	$–	$(2.16)	$35.75	(4.52)%	$124,763	0.97%	0.97%	2.09%	44%
$(0.37)	$(1.95)	$–	$(2.32)	$39.70	8.30%	$138,113	0.97%	0.97%	1.46%	23%

$(0.20)	$–	$–	$(0.20)	$55.51	42.10%	$4,000	1.87%	1.75%	0.08%	25%
$(0.27)	$(0.13)	$–	$(0.40)	$39.23	(8.99)%	$3,578	1.89%	1.79%	0.52%	18%
$(0.18)	$(0.69)	$–	$(0.87)	$43.57	24.33%	$6,422	1.82%	1.80%	1.02%	18%
$(0.53)	$(1.30)	$–	$(1.83)	$35.75	(5.30)%	$6,268	1.83%	1.83%	1.23%	44%
$(0.03)	$(1.95)	$–	$(1.98)	$39.69	7.40%	$16,209	1.81%	1.81%	0.62%	23%

$(0.70)	$–	$–	$(0.70)	$56.31	43.56%	$103,411	0.72%	0.72%	1.11%	25%
$(0.65)	$(0.13)	$–	$(0.78)	$39.78	(8.11)%	$69,166	0.79%	0.79%	1.52%	18%
$(0.64)	$(0.69)	$–	$(1.33)	$44.21	25.69%	$103,800	0.77%	0.77%	2.05%	18%
$(0.96)	$(1.30)	$–	$(2.26)	$36.27	(4.27)%	$62,874	0.74%	0.74%	2.32%	44%
$(0.47)	$(1.95)	$–	$(2.42)	$40.25	8.57%	$48,532	0.73%	0.73%	1.70%	23%

^f	Less than 0.50%.

^g	Less than $0.0005 per share.

^h	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, 2018 would have both been 0.49%, and for the year ended December 31, 2017 would have been 0.55% and 0.52%, respectively.

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, 2021, 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, 2021, 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, 2021 by correspondence with the custodian and brokers or by other appropriate auditing procedures. 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.

Denver, Colorado

February 22, 2022

DAVIS SERIES, INC.

Federal Income Tax Information (Unaudited)

In early 2022, shareholders will receive information regarding all dividends and distributions paid to them by the Funds during the calendar year 2021. 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 2021 with their 2021 Form 1099-DIV.

The information is presented to assist shareholders in reporting 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, 2021, as dividends eligible for the corporate dividends-received deduction, qualified dividend income, qualified business income deduction, and long-term capital gain distributions.

	Davis Opportunity Fund		Davis Government Bond Fund		Davis Government Money Market Fund		Davis Financial Fund		Davis Appreciation & Income Fund		Davis Real Estate Fund
Income dividends	$	1,300,255	$	152,097	$	49,592	$	20,143,279	$	906,101	$	2,937,016
Income qualifying for corporate dividends-received deduction	$	1,300,255	$	–	$	–	$	13,406,093	$	906,101	$	–
		100%						67%		100%
Qualified dividend income	$	1,300,255	$	–	$	–	$	20,143,279	$	906,101	$	66,697
Qualified dividend income		100%						100%		100%		2%
Section 199A - Qualified business income deduction	$	–	$	–	$	–	$	–	$	–	$	2,870,346
Section 199A - Qualified business income deduction												98%
Long-term capital gain distributions*	$	50,014,681	$	–	$	–	$	44,919,900	$	–	$	–

*Davis Opportunity Fund and Financial Fund designated long-term capital gain distributions in the amount of $61,865,582 and $50,971,919, respectively. 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,

Position(s) Held with

Funds, Length of Service

Principal Occupation(s) During Past Five Years

Number of

Portfolios

Overseen

Other Directorships

Independent Directors


John S. Gates Jr. (08/02/53) Director since 2007	Executive Chairman, TradeLane Properties LLC (industrial real estate company).	13	Chairman and Chief Executive Officer of PortaeCo LLC (private investment company); Director, Miami Corp. (diversified investment company).

Thomas S. Gayner (12/16/61) Director since 2004 Chairman since 2009	Co-Chief Executive Officer and Director, Markel Corp. (diversified financial holding company).	13	Director, Graham Holdings Company (educational and media company); Director, Colfax Corp. (engineering and manufacturer of pumps and fluid handling equipment); Director, Cable ONE Inc. (cable service provider).

Samuel H. Iapalucci (07/19/52) Director since 2006	Retired; Executive Vice President and Chief Financial Officer, CH2M HILL Companies, Ltd. (engineering) until 2008.	13	None

Robert P. Morgenthau (03/22/57) Director since 2002	Principal, Spears Abacus Advisors, LLC (investment management firm) since 2011; Chairman, NorthRoad Capital Management, LLC (investment management firm) 2002-2011.	13	None

Lara N. Vaughan (04/20/69) Director since 2021	Chief Executive Officer and Chief Financial Officer of Parchman, Vaughan & Company, LLC (investment bank).	13	None

Marsha C. Williams (03/28/51) Director since 1999	Retired; Senior Vice President and Chief Financial Officer, Orbitz Worldwide, Inc. (travel-service provider) 2007-2010.	13	Chairperson, Modine Manufacturing Company (heat transfer technology); Lead Independent Director, Fifth Third Bancorp (diversified financial services).

Interested Directors*


Andrew A. Davis (06/25/63) Director since 1997	President or Vice President of each Davis Fund, Selected Fund, and Clipper Fund; President, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.	16	Director, Selected Funds (consisting of two portfolios) since 1998; Trustee, Clipper Funds Trust (consisting of one portfolio) since 2014.

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

Randi J. Roessler (born 06/26/81, Davis Funds officer since 2018). 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.

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^th 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^th Street, Suite 3300

Denver, Colorado 80202

Independent Registered Public Accounting Firm

KPMG LLP

1225 17^th Street, Suite 800

Denver, Colorado 80202

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)	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, 2021 and December 31, 2020 were $159,824 and $156,800, respectively.

(b)	Audit-Related Fees. The aggregate Audit-Related Fees billed by KPMG for services rendered for assurance and related services that are not reasonably related to the performance of the audit or review of the fund financial statements, but not reported as Audit Fees for fiscal year ends December 31, 2021 and December 31, 2020 were $0 and $0, respectively.

(c)	Tax Fees. The aggregate Tax Fees billed by KPMG for professional services rendered for tax compliance, tax advice and tax planning for the fiscal year ends December 31, 2021 and December 31, 2020 were $51,684 and $49,275, respectively. 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)	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, 2021 and December 31, 2020 were $0 and $0, respectively.

(e)(1)	Audit Committee Pre-Approval Policies and Procedures. 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. 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)	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)	Not applicable
(g)	The Funds’ independent accountant did not provide any services to the investment advisor or any affiliate for the fiscal years ended December 31, 2021 and December 31, 2020. The fund has not paid any fees for non-audit not previously disclosed in items 4 (b) – (d).

(h)	The registrant’s audit committee of the Board of 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)	Not Applicable. The complete Schedule of Investments is included in Item 1 of this Form N-CSR

(b)	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 13. EXHIBITS

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed as an exhibit to this form N-CSR.

(a)(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached.

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

Not Applicable.

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, 2022

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, 2022

By	/s/ Douglas A. Haines
	Douglas A. Haines
	Principal Financial Officer and Principal Accounting Officer

Date: February 22, 2022