DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS OPPORTUNITY FUND
|
September 30, 2022 (Unaudited)
|
Shares/Units
|
Value
|
|||||||||||
COMMON STOCK – (98.39%)
|
||||||||||||
COMMUNICATION SERVICES – (4.58%)
|
||||||||||||
Media & Entertainment – (4.58%)
|
||||||||||||
Alphabet Inc., Class C *
|
101,010
|
$
|
9,712,111
|
|||||||||
ASAC II L.P. *(a)(b)
|
116,129
|
113,807
|
||||||||||
IAC Inc. *
|
64,450
|
3,569,241
|
||||||||||
Meta Platforms, Inc., Class A *
|
35,593
|
4,829,258
|
||||||||||
Vimeo, Inc. *
|
405,781
|
1,623,124
|
||||||||||
Total Communication Services
|
19,847,541
|
|||||||||||
CONSUMER DISCRETIONARY – (5.96%)
|
||||||||||||
Retailing – (5.96%)
|
||||||||||||
Alibaba Group Holding Ltd., ADR (China)*
|
34,800
|
2,783,652
|
||||||||||
Amazon.com, Inc. *
|
57,560
|
6,504,280
|
||||||||||
Delivery Hero SE (Germany)*
|
163,160
|
5,959,771
|
||||||||||
JD.com, Inc., Class A, ADR (China)
|
116,040
|
5,836,812
|
||||||||||
Prosus N.V., Class N (Netherlands)
|
91,910
|
4,781,764
|
||||||||||
Total Consumer Discretionary
|
25,866,279
|
|||||||||||
CONSUMER STAPLES – (2.89%)
|
||||||||||||
Food, Beverage & Tobacco – (2.89%)
|
||||||||||||
Darling Ingredients Inc. *
|
189,556
|
12,539,129
|
||||||||||
Total Consumer Staples
|
12,539,129
|
|||||||||||
FINANCIALS – (24.17%)
|
||||||||||||
Banks – (12.01%)
|
||||||||||||
U.S. Bancorp
|
495,290
|
19,970,093
|
||||||||||
Wells Fargo & Co.
|
799,101
|
32,139,842
|
||||||||||
52,109,935
|
||||||||||||
Diversified Financials – (6.87%)
|
||||||||||||
Consumer Finance – (4.21%)
|
||||||||||||
Capital One Financial Corp.
|
198,360
|
18,282,841
|
||||||||||
Diversified Financial Services – (2.66%)
|
||||||||||||
Berkshire Hathaway Inc., Class B *
|
43,163
|
11,525,384
|
||||||||||
29,808,225
|
||||||||||||
Insurance – (5.29%)
|
||||||||||||
Life & Health Insurance – (2.04%)
|
||||||||||||
AIA Group Ltd. (Hong Kong)
|
1,061,400
|
8,837,114
|
||||||||||
Property & Casualty Insurance – (3.25%)
|
||||||||||||
Markel Corp. *
|
13,006
|
14,101,365
|
||||||||||
22,938,479
|
||||||||||||
Total Financials
|
104,856,639
|
|||||||||||
HEALTH CARE – (28.58%)
|
||||||||||||
Health Care Equipment & Services – (23.68%)
|
||||||||||||
Cigna Corp.
|
149,532
|
41,490,644
|
||||||||||
CVS Health Corp.
|
81,829
|
7,804,032
|
||||||||||
Humana Inc.
|
16,395
|
7,954,690
|
||||||||||
Quest Diagnostics Inc.
|
176,811
|
21,692,941
|
||||||||||
UnitedHealth Group Inc.
|
47,045
|
23,759,607
|
||||||||||
102,701,914
|
||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (4.90%)
|
||||||||||||
Viatris Inc.
|
2,496,950
|
21,274,014
|
||||||||||
Total Health Care
|
123,975,928
|
DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS OPPORTUNITY FUND - (CONTINUED)
|
September 30, 2022 (Unaudited)
|
Shares/Principal
|
Value
|
|||||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||
INDUSRIALS – (19.19%)
|
||||||||||||
Capital Goods – (18.38%)
|
||||||||||||
Carrier Global Corp.
|
245,566
|
$
|
8,732,327
|
|||||||||
Eaton Corp. plc
|
75,677
|
10,092,285
|
||||||||||
Ferguson plc (United Kingdom)
|
85,385
|
8,856,919
|
||||||||||
Johnson Controls International plc
|
185,152
|
9,113,181
|
||||||||||
Owens Corning
|
288,370
|
22,668,766
|
||||||||||
Raytheon Technologies Corp.
|
63,134
|
5,168,149
|
||||||||||
Schneider Electric SE (France)
|
106,520
|
12,031,515
|
||||||||||
WESCO International, Inc. *
|
25,510
|
3,045,384
|
||||||||||
79,708,526
|
||||||||||||
Commercial & Professional Services – (0.02%)
|
||||||||||||
China Index Holdings Ltd., Class A, ADR (China)*
|
110,438
|
99,394
|
||||||||||
Transportation – (0.79%)
|
||||||||||||
DiDi Global Inc., Class A, ADS (China)*
|
1,868,758
|
3,432,909
|
||||||||||
Total Industrials
|
83,240,829
|
|||||||||||
INFORMATION TECHNOLOGY – (9.01%)
|
||||||||||||
Semiconductors & Semiconductor Equipment – (4.88%)
|
||||||||||||
Applied Materials, Inc.
|
80,670
|
6,609,293
|
||||||||||
Intel Corp.
|
254,550
|
6,559,754
|
||||||||||
Texas Instruments Inc.
|
51,792
|
8,016,366
|
||||||||||
21,185,413
|
||||||||||||
Software & Services – (4.13%)
|
||||||||||||
Clear Secure, Inc., Class A *
|
113,670
|
2,598,496
|
||||||||||
DXC Technology Co. *
|
46,950
|
1,149,336
|
||||||||||
Microsoft Corp.
|
17,899
|
4,168,677
|
||||||||||
Oracle Corp.
|
72,660
|
4,437,346
|
||||||||||
SAP SE, ADR (Germany)
|
38,715
|
3,145,594
|
||||||||||
VMware, Inc., Class A
|
22,650
|
2,411,319
|
||||||||||
17,910,768
|
||||||||||||
Total Information Technology
|
39,096,181
|
|||||||||||
MATERIALS – (4.01%)
|
||||||||||||
Teck Resources Ltd., Class B (Canada)
|
571,140
|
17,368,367
|
||||||||||
Total Materials
|
17,368,367
|
|||||||||||
TOTAL COMMON STOCK – (Identified cost $358,009,296)
|
426,790,893
|
|||||||||||
SHORT-TERM INVESTMENTS – (1.89%)
|
||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 3.03%, 10/03/22,
dated 09/30/22, repurchase value of $4,705,188 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.00%, 11/01/22-09/20/70, total market value
$4,798,080)
|
$
|
4,704,000
|
4,704,000
|
|||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 3.02%, 10/03/22,
dated 09/30/22, repurchase value of $3,497,880 (collateralized by: U.S.
Government agency mortgages in a pooled cash account, 3.50%-4.00%,
05/01/37-04/01/52, total market value $3,566,940)
|
3,497,000
|
3,497,000
|
||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,201,000)
|
8,201,000
|
DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS OPPORTUNITY FUND - (CONTINUED)
|
September 30, 2022 (Unaudited)
|
Total Investments – (100.28%) – (Identified cost $366,210,296)
|
$
|
434,991,893
|
|||||
Liabilities Less Other Assets – (0.28%)
|
(1,211,002)
|
||||||
Net Assets – (100.00%)
|
$
|
433,780,891
|
|||||
ADR: American Depositary Receipt
|
|||||||
ADS: American Depositary Share
|
|||||||
*
|
Non-income producing security.
|
||||||
(a)
|
Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Board of Directors. The
aggregate value of restricted securities amounted to $113,807 or 0.03% of the Fund's net assets as of September 30, 2022.
|
||||||
(b)
|
The value of this security was determined using significant unobservable inputs.
|
||||||
Please refer to "Notes to Schedule of Investments" on page 14 for the Fund's policy regarding valuation of investments.
|
|||||||
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.
|
DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS GOVERNMENT BOND FUND
|
September 30, 2022 (Unaudited)
|
Principal
|
Value
|
||||||||
MORTGAGES – (86.10%)
|
|||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – (67.32%)
|
|||||||||
Fannie Mae, 3.434% (1 mo. LIBOR US + 0.35%), 07/25/37 (a)
|
$
|
11,930
|
$
|
11,828
|
|||||
Fannie Mae, 3.50%, 01/25/39
|
154,190
|
151,378
|
|||||||
Fannie Mae, 3.894% (1 mo. LIBOR US + 0.81%), 12/25/39 (a)
|
692,465
|
700,438
|
|||||||
Fannie Mae, 3.484% (1 mo. LIBOR US + 0.40%), 09/25/40 (a)
|
301,390
|
301,187
|
|||||||
Fannie Mae, 3.00%, 04/25/41
|
239,633
|
232,705
|
|||||||
Fannie Mae, 2.00%, 12/25/42
|
255,985
|
222,219
|
|||||||
Fannie Mae, 2.50%, 04/25/43
|
479,706
|
450,138
|
|||||||
Fannie Mae, 2.50%, 07/25/47
|
165,347
|
142,057
|
|||||||
Freddie Mac, 4.00%, 06/15/26
|
104,172
|
103,443
|
|||||||
Freddie Mac, 2.00%, 06/15/28
|
251,492
|
242,609
|
|||||||
Freddie Mac, 2.50%, 01/15/29
|
135,232
|
129,695
|
|||||||
Freddie Mac, 3.3177% (1 mo. LIBOR US + 0.50%), 08/15/40 (a)
|
86,715
|
86,451
|
|||||||
Freddie Mac, 3.1677% (1 mo. LIBOR US + 0.35%), 09/15/43 (a)
|
172,513
|
171,520
|
|||||||
Freddie Mac, 1.00%, 03/25/51
|
1,264,039
|
968,898
|
|||||||
Freddie Mac Multifamily Structured Pass-Through, 2.522%, 01/25/23
|
196,671
|
195,967
|
|||||||
Freddie Mac Multifamily Structured Pass-Through, 3.0034% (1 mo.
LIBOR US + 0.45%), 06/25/23 (a)
|
26,834
|
26,864
|
|||||||
Freddie Mac Multifamily Structured Pass-Through, 3.527%, 10/25/23
|
365,000
|
361,512
|
|||||||
Freddie Mac Multifamily Structured Pass-Through, 2.689%, 12/25/24
|
361,389
|
354,013
|
|||||||
Ginnie Mae, 5.9101%, 06/20/31
|
153,019
|
153,854
|
|||||||
Ginnie Mae, 4.00%, 09/20/39
|
25,479
|
24,834
|
|||||||
Ginnie Mae, 5.278%, 04/16/41
|
11,864
|
11,796
|
|||||||
Ginnie Mae, 1.00%, 12/20/42
|
63,209
|
52,262
|
|||||||
Ginnie Mae, 3.50%, 03/16/47
|
379,043
|
359,975
|
|||||||
Ginnie Mae, 2.40%, 10/16/50
|
371,871
|
346,005
|
|||||||
Ginnie Mae, 1.00%, 06/20/51
|
1,075,088
|
848,402
|
|||||||
Ginnie Mae, 2.60%, 03/16/52
|
146,434
|
133,977
|
|||||||
Ginnie Mae, 2.70%, 06/16/58
|
848,666
|
793,234
|
|||||||
Ginnie Mae, 2.9773% (1 mo. LIBOR US + 0.62%), 09/20/64 (a)
|
574,793
|
569,397
|
|||||||
Ginnie Mae, 2.25%, 07/20/65
|
752,383
|
719,956
|
|||||||
Ginnie Mae, 2.25%, 03/20/66
|
2,184,934
|
2,079,841
|
|||||||
Ginnie Mae, 0.8831% (30 day SOFR + 0.55%), 02/20/67 (a)
|
1,636,225
|
1,601,471
|
|||||||
Ginnie Mae, 2.25%, 08/20/69
|
438,786
|
417,543
|
|||||||
Ginnie Mae, 2.8682% (30 day SOFR + 1.15%), 02/20/71 (a)
|
2,150,236
|
2,150,216
|
|||||||
Ginnie Mae, 4.5772%, 12/20/71
|
2,513,737
|
2,490,637
|
|||||||
Total Collateralized Mortgage Obligations
|
17,606,322
|
||||||||
FANNIE MAE POOLS – (8.67%)
|
|||||||||
3.08%, 04/01/23, Pool No. AL6578
|
46,942
|
46,840
|
|||||||
3.57%, 11/01/25, Pool No. BL0533
|
1,500,000
|
1,450,733
|
|||||||
4.00%, 05/01/29, Pool No. AL7358
|
294,372
|
289,585
|
|||||||
2.00%, 08/01/30, Pool No. AX9709
|
220,521
|
206,202
|
|||||||
3.50%, 03/01/32, Pool No. MA1010
|
273,352
|
248,399
|
|||||||
6.50%, 07/01/32, Pool No. 635069
|
5,562
|
5,579
|
|||||||
6.00%, 09/01/37, Pool No. 888796
|
19,042
|
18,980
|
|||||||
Total Fannie Mae Pools
|
2,266,318
|
DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS GOVERNMENT BOND FUND - (CONTINUED)
|
September 30, 2022 (Unaudited)
|
Principal
|
Value
|
||||||||||||
MORTGAGES – (CONTINUED)
|
|||||||||||||
FREDDIE MAC POOLS – (2.42%)
|
|||||||||||||
3.00%, 09/01/27, Pool No. U70063
|
$
|
180,861
|
$
|
170,048
|
|||||||||
2.50%, 09/01/31, Pool No. G18611
|
499,601
|
462,705
|
|||||||||||
Total Freddie Mac Pools
|
632,753
|
||||||||||||
GINNIE MAE POOLS – (7.69%)
|
|||||||||||||
4.991%, 12/20/61, Pool No. 756740
|
1,164
|
1,167
|
|||||||||||
4.559%, 04/20/70, Pool No. BT6816
|
725,290
|
712,587
|
|||||||||||
4.557%, 08/20/71, Pool No. 785652
|
1,312,421
|
1,297,126
|
|||||||||||
Total Ginnie Mae Pools
|
2,010,880
|
||||||||||||
TOTAL MORTGAGES – (Identified cost $24,036,896)
|
22,516,273
|
||||||||||||
SHORT-TERM INVESTMENTS – (13.85%)
|
|||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 3.03%, 10/03/22,
dated 09/30/22, repurchase value of $2,077,524 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.00%, 11/01/22-09/20/70, total market value
$2,118,540)
|
2,077,000
|
2,077,000
|
|||||||||||
Truist Securties, Inc. Joint Repurchase Agreement, 3.02%, 10/03/22,
dated 09/30/22, repurchase value of $1,544,389 (collateralized by: U.S.
Government agency mortgages and obligation in a pooled cash account,
1.375%-4.00%, 08/26/26-04/01/52, total market value $1,574,880)
|
1,544,000
|
1,544,000
|
|||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $3,621,000)
|
3,621,000
|
||||||||||||
Total Investments – (99.95%) – (Identified cost $27,657,896)
|
26,137,273
|
||||||||||||
Other Assets Less Liabilities – (0.05%)
|
13,630
|
||||||||||||
Net Assets – (100.00%)
|
$
|
26,150,903
|
|||||||||||
LIBOR: London Inter-Bank Offered Rate
|
|||||||||||||
SOFR: Secured Overnight Financing Rate
|
|||||||||||||
(a)
|
The interest rates on floating rate securities, shown as of September 30, 2022, may change daily or less frequently and are based on a published reference rate and basis point spread.
|
||||||||||||
Please refer to "Notes to Schedule of Investments" on page 14 for the Fund's policy regarding valuation of investments.
|
|||||||||||||
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.
|
DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS FINANCIAL FUND
|
September 30, 2022 (Unaudited)
|
Shares
|
Value
|
|||||||||||
COMMON STOCK – (99.67%)
|
||||||||||||
CONSUMER DISCRETIONARY – (2.25%)
|
||||||||||||
Retailing – (2.25%)
|
||||||||||||
Prosus N.V., Class N (Netherlands)
|
339,290
|
$
|
17,652,103
|
|||||||||
Total Consumer Discretionary
|
17,652,103
|
|||||||||||
FINANCIALS – (97.42%)
|
||||||||||||
Banks – (46.56%)
|
||||||||||||
Banks – (44.80%)
|
||||||||||||
Bank of America Corp.
|
1,339,950
|
40,466,490
|
||||||||||
Bank of N.T. Butterfield & Son Ltd. (Bermuda)
|
783,132
|
25,420,465
|
||||||||||
Danske Bank A/S (Denmark)
|
1,692,660
|
21,067,965
|
||||||||||
DBS Group Holdings Ltd. (Singapore)
|
1,795,834
|
41,543,673
|
||||||||||
DNB Bank ASA (Norway)
|
1,072,576
|
17,019,694
|
||||||||||
Fifth Third Bancorp
|
638,900
|
20,419,244
|
||||||||||
JPMorgan Chase & Co.
|
442,664
|
46,258,388
|
||||||||||
Metro Bank PLC (United Kingdom)*
|
1,660,630
|
1,469,424
|
||||||||||
PNC Financial Services Group, Inc.
|
267,906
|
40,030,514
|
||||||||||
U.S. Bancorp
|
1,072,888
|
43,258,844
|
||||||||||
Wells Fargo & Co.
|
1,373,669
|
55,248,967
|
||||||||||
352,203,668
|
||||||||||||
Thrifts & Mortgage Finance – (1.76%)
|
||||||||||||
Rocket Companies, Inc., Class A
|
2,192,539
|
13,856,846
|
||||||||||
366,060,514
|
||||||||||||
Diversified Financials – (32.52%)
|
||||||||||||
Capital Markets – (13.74%)
|
||||||||||||
Bank of New York Mellon Corp.
|
1,004,651
|
38,699,157
|
||||||||||
Charles Schwab Corp.
|
437,508
|
31,443,700
|
||||||||||
Julius Baer Group Ltd. (Switzerland)
|
867,484
|
37,856,176
|
||||||||||
107,999,033
|
||||||||||||
Consumer Finance – (11.75%)
|
||||||||||||
American Express Co.
|
233,132
|
31,451,838
|
||||||||||
Capital One Financial Corp.
|
661,241
|
60,946,583
|
||||||||||
92,398,421
|
||||||||||||
Diversified Financial Services – (7.03%)
|
||||||||||||
Berkshire Hathaway Inc., Class A *
|
136
|
55,279,920
|
||||||||||
255,677,374
|
||||||||||||
Insurance – (18.34%)
|
||||||||||||
Life & Health Insurance – (1.08%)
|
||||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H (China)
|
1,705,500
|
8,508,389
|
||||||||||
Property & Casualty Insurance – (15.59%)
|
||||||||||||
Chubb Ltd.
|
292,458
|
53,192,261
|
||||||||||
Loews Corp.
|
501,276
|
24,983,596
|
||||||||||
Markel Corp. *
|
40,921
|
44,367,366
|
||||||||||
122,543,223
|
||||||||||||
Reinsurance – (1.67%)
|
||||||||||||
Everest Re Group, Ltd.
|
32,191
|
8,448,206
|
DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS FINANCIAL FUND - (CONTINUED)
|
September 30, 2022 (Unaudited)
|
Shares/Principal
|
Value
|
|||||||||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||||||
FINANCIALS – (CONTINUED)
|
||||||||||||||||
Insurance – (Continued)
|
||||||||||||||||
Reinsurance – (Continued)
|
||||||||||||||||
Greenlight Capital Re, Ltd., Class A *
|
635,080
|
$
|
4,724,995
|
|||||||||||||
13,173,201
|
||||||||||||||||
144,224,813
|
||||||||||||||||
Total Financials
|
765,962,701
|
|||||||||||||||
TOTAL COMMON STOCK – (Identified cost $611,562,380)
|
783,614,804
|
|||||||||||||||
SHORT-TERM INVESTMENTS – (0.22%)
|
||||||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 3.03%, 10/03/22,
dated 09/30/22, repurchase value of $1,000,253 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.00%, 11/01/22-09/20/70, total market value
$1,020,000)
|
$
|
1,000,000
|
1,000,000
|
|||||||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 3.02%, 10/03/22,
dated 09/30/22, repurchase value of $744,187 (collateralized by: U.S.
Government agency mortgage and obligation in a pooled cash account,
0.00%-2.50%, 05/15/30-01/01/33, total market value $758,880)
|
744,000
|
744,000
|
||||||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,744,000)
|
1,744,000
|
|||||||||||||||
Total Investments – (99.89%) – (Identified cost $613,306,380)
|
785,358,804
|
|||||||||||||||
Other Assets Less Liabilities – (0.11%)
|
899,895
|
|||||||||||||||
Net Assets – (100.00%)
|
$
|
786,258,699
|
||||||||||||||
*
|
Non-income producing security.
|
|||||||||||||||
Please refer to "Notes to Schedule of Investments" on page 14 for the Fund's policy regarding valuation of investments.
|
||||||||||||||||
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.
|
DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS APPRECIATION & INCOME FUND
|
September 30, 2022 (Unaudited)
|
Shares
|
Value
|
|||||||||||
COMMON STOCK – (77.44%)
|
||||||||||||
COMMUNICATION SERVICES – (6.83%)
|
||||||||||||
Media & Entertainment – (6.83%)
|
||||||||||||
Alphabet Inc., Class C *
|
102,720
|
$
|
9,876,528
|
|||||||||
Meta Platforms, Inc., Class A *
|
12,722
|
1,726,121
|
||||||||||
Total Communication Services
|
11,602,649
|
|||||||||||
CONSUMER DISCRETIONARY – (3.76%)
|
||||||||||||
Retailing – (3.76%)
|
||||||||||||
Amazon.com, Inc. *
|
56,520
|
6,386,760
|
||||||||||
Total Consumer Discretionary
|
6,386,760
|
|||||||||||
FINANCIALS – (40.63%)
|
||||||||||||
Banks – (15.00%)
|
||||||||||||
Bank of America Corp.
|
101,200
|
3,056,240
|
||||||||||
Danske Bank A/S (Denmark)
|
234,720
|
2,921,480
|
||||||||||
DBS Group Holdings Ltd. (Singapore)
|
208,925
|
4,833,137
|
||||||||||
JPMorgan Chase & Co.
|
33,233
|
3,472,849
|
||||||||||
U.S. Bancorp
|
32,635
|
1,315,843
|
||||||||||
Wells Fargo & Co.
|
245,548
|
9,875,941
|
||||||||||
25,475,490
|
||||||||||||
Diversified Financials – (19.44%)
|
||||||||||||
Capital Markets – (5.58%)
|
||||||||||||
Bank of New York Mellon Corp.
|
118,600
|
4,568,472
|
||||||||||
Julius Baer Group Ltd. (Switzerland)
|
112,410
|
4,905,465
|
||||||||||
9,473,937
|
||||||||||||
Consumer Finance – (6.17%)
|
||||||||||||
American Express Co.
|
11,565
|
1,560,234
|
||||||||||
Capital One Financial Corp.
|
96,831
|
8,924,913
|
||||||||||
10,485,147
|
||||||||||||
Diversified Financial Services – (7.69%)
|
||||||||||||
Berkshire Hathaway Inc., Class B *
|
48,926
|
13,064,221
|
||||||||||
33,023,305
|
||||||||||||
Insurance – (6.19%)
|
||||||||||||
Life & Health Insurance – (1.81%)
|
||||||||||||
AIA Group Ltd. (Hong Kong)
|
368,960
|
3,071,925
|
||||||||||
Property & Casualty Insurance – (4.38%)
|
||||||||||||
Chubb Ltd.
|
25,165
|
4,577,010
|
||||||||||
Markel Corp. *
|
2,640
|
2,862,341
|
||||||||||
7,439,351
|
||||||||||||
10,511,276
|
||||||||||||
Total Financials
|
69,010,071
|
|||||||||||
HEALTH CARE – (9.40%)
|
||||||||||||
Health Care Equipment & Services – (6.53%)
|
||||||||||||
Cigna Corp.
|
20,720
|
5,749,178
|
||||||||||
Quest Diagnostics Inc.
|
43,500
|
5,337,015
|
||||||||||
11,086,193
|
||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (2.87%)
|
||||||||||||
Viatris Inc.
|
572,030
|
4,873,696
|
||||||||||
Total Health Care
|
15,959,889
|
DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS APPRECIATION & INCOME FUND - (CONTINUED)
|
September 30, 2022 (Unaudited)
|
Shares/Principal
|
Value
|
||||||||||||
COMMON STOCK – (CONTINUED)
|
|||||||||||||
INDUSTRIALS – (2.95%)
|
|||||||||||||
Capital Goods – (2.95%)
|
|||||||||||||
Johnson Controls International plc
|
29,977
|
$
|
1,475,468
|
||||||||||
Owens Corning
|
45,020
|
3,539,022
|
|||||||||||
Total Industrials
|
5,014,490
|
||||||||||||
INFORMATION TECHNOLOGY – (13.87%)
|
|||||||||||||
Semiconductors & Semiconductor Equipment – (10.79%)
|
|||||||||||||
Applied Materials, Inc.
|
91,198
|
7,471,852
|
|||||||||||
Intel Corp.
|
144,340
|
3,719,642
|
|||||||||||
Texas Instruments Inc.
|
46,083
|
7,132,727
|
|||||||||||
18,324,221
|
|||||||||||||
Software & Services – (3.08%)
|
|||||||||||||
Microsoft Corp.
|
22,511
|
5,242,812
|
|||||||||||
Total Information Technology
|
23,567,033
|
||||||||||||
TOTAL COMMON STOCK – (Identified cost $117,693,743)
|
131,540,892
|
||||||||||||
CORPORATE BONDS – (9.52%)
|
|||||||||||||
ENERGY – (1.33%)
|
|||||||||||||
Occidental Petroleum Corp., Sr. Notes, 5.50%, 12/01/25
|
$
|
2,250,000
|
2,264,006
|
||||||||||
Total Energy
|
2,264,006
|
||||||||||||
FINANCIALS – (3.54%)
|
|||||||||||||
Diversified Financials – (3.54%)
|
|||||||||||||
Capital Markets – (1.98%)
|
|||||||||||||
Goldman Sachs Group, Inc., Sr. Notes, 3.3122% (SOFR + 0.81%),
03/09/27 (a)
|
3,500,000
|
3,363,486
|
|||||||||||
Mortgage Real Estate Investment Trusts (REITs) – (1.56%)
|
|||||||||||||
Thornburg Mortgage, Inc., Sr. Notes, 8.00%, 05/15/13 (b)
|
10,210,000
|
2,654,600
|
|||||||||||
Total Financials
|
6,018,086
|
||||||||||||
HEALTH CARE – (2.28%)
|
|||||||||||||
Health Care Equipment & Services – (1.43%)
|
|||||||||||||
CVS Health Corp., Sr. Notes, 4.30%, 03/25/28
|
2,575,000
|
2,433,166
|
|||||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (0.85%)
|
|||||||||||||
Viatris Inc., Sr. Notes, 2.70%, 06/22/30
|
1,925,000
|
1,432,722
|
|||||||||||
Total Health Care
|
3,865,888
|
||||||||||||
INDUSTRIALS – (1.28%)
|
|||||||||||||
Capital Goods – (1.28%)
|
|||||||||||||
General Electric Co., Sr. Notes, 3.512% (3 mo. LIBOR US + 1.00%),
04/15/23 (a)
|
2,165,000
|
2,164,732
|
|||||||||||
Total Industrials
|
2,164,732
|
||||||||||||
INFORMATION TECHNOLOGY – (1.09%)
|
|||||||||||||
Technology Hardware & Equipment – (1.09%)
|
|||||||||||||
Dell International LLC EMC Corp., Sr. Notes, 8.10%, 07/15/36
|
1,750,000
|
1,855,338
|
|||||||||||
Total Information Technology
|
1,855,338
|
||||||||||||
TOTAL CORPORATE BONDS – (Identified cost $22,877,092)
|
16,168,050
|
DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS APPRECIATION & INCOME FUND - (CONTINUED)
|
September 30, 2022 (Unaudited)
|
Principal
|
Value
|
|||||||||||
MORTGAGES – (8.89%)
|
||||||||||||
Brean Asset Backed Securities Trust, Series 2021-RM1, Class A, 144A,
1.40%, 10/25/63 (c)
|
$
|
1,852,764
|
$
|
1,580,701
|
||||||||
Brean Asset Backed Securities Trust, Series 2021-RM2, Class A, 144A,
1.75%, 10/25/61 (c)
|
571,907
|
497,038
|
||||||||||
Brean Asset Backed Securities Trust, Series 2022-RM3, Class A, 144A,
1.75%, 02/25/62 (c)
|
1,159,037
|
1,001,016
|
||||||||||
Fannie Mae, 4.50%, 10/01/33, Pool No. AL8809
|
750,881
|
748,415
|
||||||||||
Fannie Mae, 1.623%, 09/01/51, Pool No. BT4507
|
1,780,381
|
1,538,479
|
||||||||||
Freddie Mac, 2.00%, 10/25/40
|
442,177
|
399,875
|
||||||||||
Freddie Mac, 5.00%, 06/01/44, Pool No. G60660
|
981,958
|
989,927
|
||||||||||
Ginnie Mae, Series 2020-H16, 3.6073% (1 mo. LIBOR US + 1.25%),
09/20/70 (a)
|
1,296,358
|
1,319,854
|
||||||||||
GS Mortgage Securities Trust, Series 2013-GC12, Class B, 3.777%,
06/10/46
|
1,600,619
|
1,575,292
|
||||||||||
IMS Ecuadorian Mortgage Trust, Series 2021-1, 144A, 3.40%, 08/18/43
(c)
|
1,250,000
|
1,157,812
|
||||||||||
Morgan Stanley BAML Trust, Series 2013-C7, Class AS, 3.214%,
02/15/46
|
2,335,000
|
2,314,664
|
||||||||||
Morgan Stanley BAML Trust, Series 2014-C19, Class A3, 3.246%,
12/15/47
|
2,042,408
|
1,983,228
|
||||||||||
TOTAL MORTGAGES – (Identified cost $16,117,847)
|
15,106,301
|
|||||||||||
MUNICIPAL BONDS – (1.00%)
|
||||||||||||
American Eagle Northwest, LLC, Washington Military Housing
Revenue Taxable Bonds, Series 2005-A, 5.48%, 12/15/28
|
1,750,000
|
1,702,281
|
||||||||||
TOTAL MUNICIPAL BONDS – (Identified cost $1,927,534)
|
1,702,281
|
|||||||||||
SHORT-TERM INVESTMENTS – (3.10%)
|
||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 3.03%, 10/03/22,
dated 09/30/22, repurchase value of $3,017,762 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.00%, 11/01/22-09/20/70, total market value
$3,077,340)
|
3,017,000
|
3,017,000
|
||||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 3.02%, 10/03/22,
dated 09/30/22, repurchase value of $2,242,564 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-5.00%, 08/26/26-06/01/52, total market value
$2,286,840)
|
2,242,000
|
2,242,000
|
||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,259,000)
|
5,259,000
|
|||||||||||
Total Investments – (99.95%) – (Identified cost $163,875,216)
|
169,776,524
|
|||||||||||
Other Assets Less Liabilities – (0.05%)
|
89,249
|
|||||||||||
Net Assets – (100.00%)
|
$
|
169,865,773
|
||||||||||
LIBOR: London Inter-Bank Offered Rate
|
||||||||||||
SOFR: Secured Overnight Financing Rate
|
||||||||||||
*
|
Non-income producing security.
|
DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS APPRECIATION & INCOME FUND - (CONTINUED)
|
September 30, 2022 (Unaudited)
|
(a)
|
The interest rates on floating rate securities, shown as of September 30, 2022, 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 September 30, 2022, the value of defaulted securities amounted to $2,654,600 (cost: $7,650,174) or 1.56% 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 $4,236,567 or 2.49% of the Fund's net assets as of September 30, 2022.
|
|
Please refer to "Notes to Schedule of Investments" on page 14 for the Fund's policy regarding valuation of investments.
|
||
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.
|
DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS REAL ESTATE FUND
|
September 30, 2022 (Unaudited)
|
Shares
|
Value
|
||||||||||
COMMON STOCK – (96.58%)
|
|||||||||||
COMMUNICATION SERVICES – (1.06%)
|
|||||||||||
Telecommunication Services – (1.06%)
|
|||||||||||
Integrated Telecommunication Services – (1.06%)
|
|||||||||||
Radius Global Infrastructure, Inc., Class A *
|
201,130
|
$
|
1,894,645
|
||||||||
Total Communication Services
|
1,894,645
|
||||||||||
REAL ESTATE – (95.52%)
|
|||||||||||
Equity Real Estate Investment Trusts (REITs) – (95.52%)
|
|||||||||||
Diversified REITs – (1.37%)
|
|||||||||||
STORE Capital Corp.
|
78,670
|
2,464,731
|
|||||||||
Health Care REITs – (9.35%)
|
|||||||||||
Healthcare Realty Trust Inc.
|
143,260
|
2,986,971
|
|||||||||
Healthpeak Properties, Inc.
|
149,260
|
3,421,039
|
|||||||||
Ventas, Inc.
|
104,930
|
4,215,038
|
|||||||||
Welltower Inc.
|
95,590
|
6,148,349
|
|||||||||
16,771,397
|
|||||||||||
Hotel & Resort REITs – (3.59%)
|
|||||||||||
Host Hotels & Resorts Inc.
|
180,621
|
2,868,261
|
|||||||||
Sunstone Hotel Investors, Inc.
|
379,030
|
3,570,463
|
|||||||||
6,438,724
|
|||||||||||
Industrial REITs – (14.25%)
|
|||||||||||
Americold Realty Trust, Inc.
|
39,940
|
982,524
|
|||||||||
Duke Realty Corp.
|
21,550
|
1,038,710
|
|||||||||
Innovative Industrial Properties, Inc.
|
17,380
|
1,538,130
|
|||||||||
Prologis, Inc.
|
104,540
|
10,621,264
|
|||||||||
Rexford Industrial Realty, Inc.
|
118,048
|
6,138,496
|
|||||||||
Terreno Realty Corp.
|
98,729
|
5,231,650
|
|||||||||
25,550,774
|
|||||||||||
Office REITs – (11.49%)
|
|||||||||||
Alexandria Real Estate Equities, Inc.
|
45,523
|
6,381,869
|
|||||||||
Boston Properties, Inc.
|
48,916
|
3,667,233
|
|||||||||
Cousins Properties, Inc.
|
92,989
|
2,171,293
|
|||||||||
Douglas Emmett, Inc.
|
211,480
|
3,791,836
|
|||||||||
Highwoods Properties, Inc.
|
83,340
|
2,246,846
|
|||||||||
Hudson Pacific Properties, Inc.
|
213,590
|
2,338,811
|
|||||||||
20,597,888
|
|||||||||||
Residential REITs – (18.28%)
|
|||||||||||
American Homes 4 Rent, Class A
|
124,160
|
4,073,689
|
|||||||||
AvalonBay Communities, Inc.
|
38,698
|
7,127,785
|
|||||||||
Camden Property Trust
|
34,255
|
4,091,760
|
|||||||||
Equity Residential
|
95,040
|
6,388,589
|
|||||||||
Essex Property Trust, Inc.
|
25,044
|
6,066,408
|
|||||||||
Sun Communities, Inc.
|
14,820
|
2,005,591
|
|||||||||
UDR, Inc.
|
72,650
|
3,030,231
|
|||||||||
32,784,053
|
|||||||||||
Retail REITs – (12.53%)
|
|||||||||||
Acadia Realty Trust
|
97,001
|
1,224,153
|
|||||||||
Brixmor Property Group, Inc.
|
379,340
|
7,006,410
|
|||||||||
Federal Realty Investment Trust
|
34,399
|
3,100,038
|
|||||||||
NetSTREIT Corp.
|
122,390
|
2,179,766
|
DAVIS SERIES, INC.
|
Schedule of Investments
|
DAVIS REAL ESTATE FUND - (CONTINUED)
|
September 30, 2022 (Unaudited)
|
Shares/Principal
|
Value
|
|||||||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||||
REAL ESTATE – (CONTINUED)
|
||||||||||||||
Equity Real Estate Investment Trusts (REITs) – (Continued)
|
||||||||||||||
Retail REITs – (Continued)
|
||||||||||||||
Retail Opportunity Investments Corp.
|
243,644
|
$
|
3,352,541
|
|||||||||||
Simon Property Group, Inc.
|
62,476
|
5,607,221
|
||||||||||||
22,470,129
|
||||||||||||||
Specialized REITs – (24.66%)
|
||||||||||||||
American Tower Corp.
|
36,610
|
7,860,167
|
||||||||||||
Crown Castle Inc.
|
39,950
|
5,774,772
|
||||||||||||
CubeSmart
|
51,590
|
2,066,695
|
||||||||||||
Digital Realty Trust, Inc.
|
50,345
|
4,993,217
|
||||||||||||
Equinix, Inc.
|
12,420
|
7,064,993
|
||||||||||||
Extra Space Storage Inc.
|
24,177
|
4,175,610
|
||||||||||||
Life Storage, Inc.
|
19,460
|
2,155,390
|
||||||||||||
Public Storage
|
27,311
|
7,996,934
|
||||||||||||
VICI Properties Inc.
|
71,610
|
2,137,558
|
||||||||||||
44,225,336
|
||||||||||||||
Total Real Estate
|
171,303,032
|
|||||||||||||
TOTAL COMMON STOCK – (Identified cost $167,590,751)
|
173,197,677
|
|||||||||||||
SHORT-TERM INVESTMENTS – (3.09%)
|
||||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 3.03%, 10/03/22,
dated 09/30/22, repurchase value of $3,172,801 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.00%, 11/01/22-09/20/70, total market value
$3,235,440)
|
$
|
3,172,000
|
3,172,000
|
|||||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 3.02%, 10/03/22,
dated 09/30/22, repurchase value of $2,358,593 (collateralized by: U.S.
Government agency mortgages and obligation in a pooled cash account,
0.00%-6.00%, 05/15/30-09/01/52, total market value $2,405,160)
|
2,358,000
|
2,358,000
|
||||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,530,000)
|
5,530,000
|
|||||||||||||
Total Investments – (99.67%) – (Identified cost $173,120,751)
|
178,727,677
|
|||||||||||||
Other Assets Less Liabilities – (0.33%)
|
599,330
|
|||||||||||||
Net Assets – (100.00%)
|
$
|
179,327,007
|
||||||||||||
*
|
Non-income producing security.
|
|||||||||||||
Please refer to "Notes to Schedule of Investments" on page 14 for the Fund's policy regarding valuation of investments.
|
||||||||||||||
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.
|
DAVIS SERIES, INC.
|
Notes to Schedule of Investments
|
September 30, 2022 (Unaudited)
|
Level 1 –
|
quoted prices in active markets for identical securities
|
Level 2 –
|
other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)
|
Level 3 –
|
significant unobservable inputs (including the Fund's own assumptions in determining the fair value of
investments)
|
DAVIS SERIES, INC.
|
Notes to Schedule of Investments – (Continued)
|
September 30, 2022 (Unaudited)
|
Investments in Securities at Value
|
||||||||||||||
Davis
|
||||||||||||||
Davis
|
Davis
|
Davis
|
Appreciation
|
Davis
|
||||||||||
Opportunity
|
Government
|
Financial
|
& Income
|
Real Estate
|
||||||||||
Fund
|
Bond Fund
|
Fund
|
Fund
|
Fund
|
||||||||||
Valuation Inputs
|
||||||||||||||
Level 1 – Quoted Prices:
|
||||||||||||||
Common Stock:
|
||||||||||||||
Communication Services
|
$
|
19,733,734
|
$
|
–
|
$
|
–
|
$
|
11,602,649
|
$
|
1,894,645
|
||||
Consumer Discretionary
|
15,124,744
|
–
|
–
|
6,386,760
|
–
|
|||||||||
Consumer Staples
|
12,539,129
|
–
|
–
|
–
|
–
|
|||||||||
Financials
|
96,019,525
|
–
|
638,497,380
|
53,278,064
|
–
|
|||||||||
Health Care
|
123,975,928
|
–
|
–
|
15,959,889
|
–
|
|||||||||
Industrials
|
62,352,395
|
–
|
–
|
5,014,490
|
–
|
|||||||||
Information Technology
|
39,096,181
|
–
|
–
|
23,567,033
|
–
|
|||||||||
Materials
|
17,368,367
|
–
|
–
|
–
|
–
|
|||||||||
Real Estate
|
–
|
–
|
–
|
–
|
171,303,032
|
|||||||||
Total Level 1
|
386,210,003
|
–
|
638,497,380
|
115,808,885
|
173,197,677
|
|||||||||
Level 2 – Other Significant
|
||||||||||||||
Observable Inputs:
|
||||||||||||||
Common Stock*:
|
||||||||||||||
Consumer Discretionary
|
10,741,535
|
–
|
17,652,103
|
–
|
–
|
|||||||||
Financials
|
8,837,114
|
–
|
127,465,321
|
15,732,007
|
–
|
|||||||||
Industrials
|
20,888,434
|
–
|
–
|
–
|
–
|
|||||||||
Corporate Bonds
|
–
|
–
|
–
|
16,168,050
|
–
|
|||||||||
Mortgages
|
–
|
22,516,273
|
–
|
15,106,301
|
–
|
|||||||||
Municipal Bonds
|
–
|
–
|
–
|
1,702,281
|
–
|
|||||||||
Short-Term Investments
|
8,201,000
|
3,621,000
|
1,744,000
|
5,259,000
|
5,530,000
|
|||||||||
Total Level 2
|
48,668,083
|
26,137,273
|
146,861,424
|
53,967,639
|
5,530,000
|
|||||||||
Level 3 – Significant Unobservable
|
||||||||||||||
Inputs:
|
||||||||||||||
Common Stock:
|
||||||||||||||
Communication Services
|
113,807
|
–
|
–
|
–
|
–
|
|||||||||
Total Level 3
|
113,807
|
–
|
–
|
–
|
–
|
|||||||||
Total Investments
|
$
|
434,991,893
|
$
|
26,137,273
|
$
|
785,358,804
|
$
|
169,776,524
|
$
|
178,727,677
|
Beginning
Balance at
January 1,
2022
|
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
September
30, 2022
|
|||||||||||||||||
Davis Opportunity Fund
|
||||||||||||||||||||||||
Investments in Securities:
|
||||||||||||||||||||||||
Common Stock
|
$
|
117,999
|
$
|
–
|
$
|
–
|
$
|
(4,192)
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
113,807
|
||||||||
Total Level 3
|
$
|
117,999
|
$
|
–
|
$
|
–
|
$
|
(4,192)
|
$
|
–
|
$
|
–
|
$
|
– |
$
|
113,807
|
DAVIS SERIES, INC.
|
Notes to Schedule of Investments – (Continued)
|
September 30, 2022 (Unaudited)
|
Fair Value at
|
Valuation
|
Unobservable
|
Impact to
Valuation from
|
||||||||
September 30, 2022
|
Technique
|
Input
|
Amount
|
an Increase in Input
|
|||||||
Davis Opportunity Fund
|
|||||||||||
Investments in Securities:
|
|||||||||||
Common Stock
|
$
|
113,807
|
Discounted Cash Flow
|
Annualized Yield
|
4.185%
|
Decrease
|
|||||
Total Level 3
|
$
|
113,807
|
Davis
|
||||||||||||||
Davis
|
Davis
|
Davis
|
Appreciation
|
Davis
|
||||||||||
Opportunity
|
Government
|
Financial
|
& Income
|
Real Estate
|
||||||||||
Fund
|
Bond Fund
|
Fund
|
Fund
|
Fund
|
||||||||||
Cost
|
$
|
366,858,289
|
$
|
27,657,896
|
$
|
614,340,761
|
$
|
164,014,853
|
$
|
175,071,623
|
||||
Unrealized appreciation
|
131,994,645
|
1,081
|
241,694,359
|
26,705,228
|
27,185,849
|
|||||||||
Unrealized depreciation
|
(63,861,041)
|
(1,521,704)
|
(70,676,316)
|
(20,943,557)
|
(23,529,795)
|
|||||||||
Net unrealized appreciation
(depreciation)
|
$
|
68,133,604
|
$
|
(1,520,623)
|
$
|
171,018,043
|
$
|
5,761,671
|
$
|
3,656,054
|