UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-02679
(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, 2026
Date of reporting period:
ITEM 1. REPORTS TO STOCKHOLDERS
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Opportunity Fund (Class A) |
$ |
| * | Annualized. |
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the S&P 1500 Index (“S&P 1500” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 11.53%, versus a 10.89% return for the S&P 1500. The Fund invests principally in common stocks (including American Depositary Receipts). The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets.
Market Overview
-
S&P 1500
-
Strongest performing sectors - Information Technology (+21%), Industrials (+21%), and Energy (+20%)
-
Weakest performing sectors - Financials (flat), Consumer Discretionary (flat), and Communication Services (+1%)
-
Contributors to Performance
-
Health Care - significantly outperformed the Index sector (+20% vs +4%)
-
Viatris (+30%), Quest Diagnostics (+23%), and CVS Health (+33%)
-
-
Information Technology - outperformed the Index sector (+31% vs +21%)
-
Samsung Electronics (+160%), Applied Materials (+182%), and Texas Instruments (+74%)
-
-
Underweight in Communication Services (average weighting 5% vs 10%), a weaker performing sector of the Index
-
Materials - outperformed the Index sector (+21% vs +12%)
-
Teck Resources (+25%)
-
-
Individual holdings
-
WESCO International (+42%), MGM Resorts (+31%), and Owens Corning (+44%)
-
WESCO International - largest individual contributor
-
Detractors from Performance
-
Significantly underweight in stronger performing Information Technology sector - (average weighting 13% vs 33%)
-
AppLovin (-24%), SAP (-36%), and Microsoft (-23%)
-
-
Energy - underperformed the Index sector (+5% vs +20%)
-
Industrials - underperformed the Index sector (+14% vs +21%)
-
DiDi Global (-37%) - largest individual detractor
-
Full Truck Alliance (-18%) - new purchase during the period
-
-
Overweight in Health Care - (average weighting 24% vs 9%)
-
Individual holdings
-
Capital One Financial (-17%), Prosus (-30%), Markel Group (-9%), JBS (-11%), and AUMOVIO (-18%)
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
|
* |
Reflects 4.75% front-end sales charge. |
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in millions) | $ |
Top Sectors as of 06/30/26 Net Assets
| Health Care | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Financials |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Opportunity Fund (Class C) |
$ |
| * | Annualized. |
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the S&P 1500 Index (“S&P 1500” or the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 11.09%, versus a 10.89% return for the S&P 1500. The Fund invests principally in common stocks (including American Depositary Receipts). The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets.
Market Overview
-
S&P 1500
-
Strongest performing sectors - Information Technology (+21%), Industrials (+21%), and Energy (+20%)
-
Weakest performing sectors - Financials (flat), Consumer Discretionary (flat), and Communication Services (+1%)
-
Contributors to Performance
-
Health Care - significantly outperformed the Index sector (+20% vs +4%)
-
Viatris (+30%), Quest Diagnostics (+23%), and CVS Health (+33%)
-
-
Information Technology - outperformed the Index sector (+31% vs +21%)
-
Samsung Electronics (+160%), Applied Materials (+182%), and Texas Instruments (+74%)
-
-
Underweight in Communication Services (average weighting 5% vs 10%), a weaker performing sector of the Index
-
Materials - outperformed the Index sector (+21% vs +12%)
-
Teck Resources (+25%)
-
-
Individual holdings
-
WESCO International (+42%), MGM Resorts (+31%), and Owens Corning (+44%)
-
WESCO International - largest individual contributor
-
Detractors from Performance
-
Significantly underweight in stronger performing Information Technology sector - (average weighting 13% vs 33%)
-
AppLovin (-24%), SAP (-36%), and Microsoft (-23%)
-
-
Energy - underperformed the Index sector (+5% vs +20%)
-
Industrials - underperformed the Index sector (+14% vs +21%)
-
DiDi Global (-37%) - largest individual detractor
-
Full Truck Alliance (-18%) - new purchase during the period
-
-
Overweight in Health Care - (average weighting 24% vs 9%)
-
Individual holdings
-
Capital One Financial (-17%), Prosus (-30%), Markel Group (-9%), JBS (-11%), and AUMOVIO (-18%)
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
|
* |
Because Class C shares automatically convert to Class A shares after 8 years, the “10-Year” returns for Class C reflect Class A performance for the period after conversion. |
|
** |
Includes any applicable contingent deferred sales charge (“CDSC”). |
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in millions) | $ |
Top Sectors as of 06/30/26 Net Assets
| Health Care | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Financials |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Opportunity Fund (Class Y) |
$ |
| * |
Annualized.
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the S&P 1500 Index (“S&P 1500” or the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 11.65%, versus a 10.89% return for the S&P 1500. The Fund invests principally in common stocks (including American Depositary Receipts). The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets.
Market Overview
-
S&P 1500
-
Strongest performing sectors - Information Technology (+21%), Industrials (+21%), and Energy (+20%)
-
Weakest performing sectors - Financials (flat), Consumer Discretionary (flat), and Communication Services (+1%)
-
Contributors to Performance
-
Health Care - significantly outperformed the Index sector (+20% vs +4%)
-
Viatris (+30%), Quest Diagnostics (+23%), and CVS Health (+33%)
-
-
Information Technology - outperformed the Index sector (+31% vs +21%)
-
Samsung Electronics (+160%), Applied Materials (+182%), and Texas Instruments (+74%)
-
-
Underweight in Communication Services (average weighting 5% vs 10%), a weaker performing sector of the Index
-
Materials - outperformed the Index sector (+21% vs +12%)
-
Teck Resources (+25%)
-
-
Individual holdings
-
WESCO International (+42%), MGM Resorts (+31%), and Owens Corning (+44%)
-
WESCO International - largest individual contributor
-
Detractors from Performance
-
Significantly underweight in stronger performing Information Technology sector - (average weighting 13% vs 33%)
-
AppLovin (-24%), SAP (-36%), and Microsoft (-23%)
-
-
Energy - underperformed the Index sector (+5% vs +20%)
-
Industrials - underperformed the Index sector (+14% vs +21%)
-
DiDi Global (-37%) - largest individual detractor
-
Full Truck Alliance (-18%) - new purchase during the period
-
-
Overweight in Health Care - (average weighting 24% vs 9%)
-
Individual holdings
-
Capital One Financial (-17%), Prosus (-30%), Markel Group (-9%), JBS (-11%), and AUMOVIO (-18%)
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in millions) | $ |
Top Sectors as of 06/30/26 Net Assets
| Health Care | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Financials |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Government Bond Fund (Class A) |
$ |
| * |
Annualized.
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the Bloomberg U.S. Government 1-3 Year Bond Index (the “Bloomberg Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 1.33%, versus a 0.64% 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 (“life”) of three years or less. The Fund maintained a weighted average life of 2.98 years during the period. The Fund remains mostly invested in mortgage-backed securities (“MBS”).
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 (“life”) of three years or less. The Fund maintained a weighted average life of 2.98 years during the period. The Fund remains mostly invested in mortgage-backed securities (“MBS”).
Market Overview
-
Bloomberg Index consisted of approximately 250 holdings at the end of the period, all of which were Treasuries and Agencies
-
MBS outperformed both Treasuries and Agencies during the period
Contributors to Performance
-
Performance benefited primarily due to large position (average weighting of 51%) in Collateralized Mortgage Obligations (“CMOs”)
-
What is a CMO? - a type of mortgage-backed security that contains a pool of mortgages bundled together and sold as an investment
-
-
SBA (Small Business Administration) loan position (average weighting of 19%)
-
What is an SBA loan? - a type of financing backed by the Small Business Administration that helps small businesses purchase, build, or improve real estate
-
-
MBS pass-through position (average weighting of 23%)
-
What is MBS pass-through? - issuer collects monthly payments from a pool of mortgages and then passes on a proportionate share of the collected principal and interest to bondholders
-
Detractors from Performance
-
Relative performance hindered slightly by 7% average position in repurchase agreements (cash)
-
Impact from Fund expenses - Bloomberg Index does not charge expenses
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
| ( |
|||
|
*
|
Reflects 4.75% front-end sales charge.
|
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (Net advisory fee after waiver) | $ |
Portfolio Composition as of
06/30/26 Net Assets
06/30/26 Net Assets
| Collateralized Mortgage Obligations | |
| Small Business Administration | |
| Fannie Mae Pools | |
| Ginnie Mae Pools | |
| Freddie Mac Pools |
How has the Fund changed?
As of March 1, 2026, Erik Jones replaced Creston King as the Portfolio Manager for Davis Government Bond Fund.
This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available at davisfunds.com/resources/regulatory-documents or upon request by contacting Investor Services at (1-800-279-0279 and dvsinvestor.services@dsaco.com ).
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Government Bond Fund (Class C) |
$ |
| * |
Annualized.
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the Bloomberg U.S. Government 1-3 Year Bond Index (the “Bloomberg Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 0.96%, versus a 0.64% 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 (“life”) of three years or less. The Fund maintained a weighted average life of 2.98 years during the period. The Fund remains mostly invested in mortgage-backed securities (“MBS”).
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 (“life”) of three years or less. The Fund maintained a weighted average life of 2.98 years during the period. The Fund remains mostly invested in mortgage-backed securities (“MBS”).
Market Overview
-
Bloomberg Index consisted of approximately 250 holdings at the end of the period, all of which were Treasuries and Agencies
-
MBS outperformed both Treasuries and Agencies during the period
Contributors to Performance
-
Performance benefited primarily due to large position (average weighting of 51%) in Collateralized Mortgage Obligations (“CMOs”)
-
What is a CMO? - a type of mortgage-backed security that contains a pool of mortgages bundled together and sold as an investment
-
-
SBA (Small Business Administration) loan position (average weighting of 19%)
-
What is an SBA loan? - a type of financing backed by the Small Business Administration that helps small businesses purchase, build, or improve real estate
-
-
MBS pass-through position (average weighting of 23%)
-
What is MBS pass-through? - issuer collects monthly payments from a pool of mortgages and then passes on a proportionate share of the collected principal and interest to bondholders
-
Detractors from Performance
-
Relative performance hindered slightly by 7% average position in repurchase agreements (cash)
-
Impact from Fund expenses - Bloomberg Index does not charge expenses
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
|
*
|
Because Class C shares automatically convert to Class A shares after 8 years, the “10-Year” returns for Class C reflect Class A performance for the period after conversion.
|
|
**
|
Includes any applicable contingent deferred sales charge (“CDSC”).
|
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (Net advisory fee after waiver) | $ |
Portfolio Composition as of
06/30/26 Net Assets
06/30/26 Net Assets
| Collateralized Mortgage Obligations | |
| Small Business Administration | |
| Fannie Mae Pools | |
| Ginnie Mae Pools | |
| Freddie Mac Pools |
How has the Fund changed?
As of March 1, 2026, Erik Jones replaced Creston King as the Portfolio Manager for Davis Government Bond Fund.
This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available at davisfunds.com/resources/regulatory-documents or upon request by contacting Investor Services at (1-800-279-0279 and dvsinvestor.services@dsaco.com ).
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Government Bond Fund (Class Y) |
$ |
| * |
Annualized.
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the Bloomberg U.S. Government 1-3 Year Bond Index (the “Bloomberg Index”) for the period. The Fund’s Class Y shares delivered a total return of 1.46%, versus a 0.64% 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 (“life”) of three years or less. The Fund maintained a weighted average life of 2.98 years during the period. The Fund remains mostly invested in mortgage-backed securities (“MBS”).
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 (“life”) of three years or less. The Fund maintained a weighted average life of 2.98 years during the period. The Fund remains mostly invested in mortgage-backed securities (“MBS”).
Market Overview
-
Bloomberg Index consisted of approximately 250 holdings at the end of the period, all of which were Treasuries and Agencies
-
MBS outperformed both Treasuries and Agencies during the period
Contributors to Performance
-
Performance benefited primarily due to large position (average weighting of 51%) in Collateralized Mortgage Obligations (“CMOs”)
-
What is a CMO? - a type of mortgage-backed security that contains a pool of mortgages bundled together and sold as an investment
-
-
SBA (Small Business Administration) loan position (average weighting of 19%)
-
What is an SBA loan? - a type of financing backed by the Small Business Administration that helps small businesses purchase, build, or improve real estate
-
-
MBS pass-through position (average weighting of 23%)
-
What is MBS pass-through? - issuer collects monthly payments from a pool of mortgages and then passes on a proportionate share of the collected principal and interest to bondholders
-
Detractors from Performance
-
Relative performance hindered slightly by 7% average position in repurchase agreements (cash)
-
Impact from Fund expenses - Bloomberg Index does not charge expenses
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (Net advisory fee after waiver) | $ |
Portfolio Composition as of
06/30/26 Net Assets
06/30/26 Net Assets
| Collateralized Mortgage Obligations | |
| Small Business Administration | |
| Fannie Mae Pools | |
| Ginnie Mae Pools | |
| Freddie Mac Pools |
How has the Fund changed?
As of March 1, 2026, Erik Jones replaced Creston King as the Portfolio Manager for Davis Government Bond Fund.
This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available at davisfunds.com/resources/regulatory-documents or upon request by contacting Investor Services at (1-800-279-0279 and dvsinvestor.services@dsaco.com ).
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Government Money Market Fund (Class A) |
$ |
| * |
|
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Total advisory fees paid for the period (in thousands) | $ |
| 7 day yield | 3.18% |
Portfolio Composition as of
06/30/26 Net Assets
06/30/26 Net Assets
| Repurchase Agreements | |
| Federal Home Loan Bank | |
| Federal Farm Credit Bank | |
| Fannie Mae |
How has the Fund changed?
As of March 1, 2026, Erik Jones replaced Creston King as the Portfolio Manager for Davis Government Money Market Fund.
This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available at davisfunds.com/resources/regulatory-documents or upon request by contacting Investor Services at (1-800-279-0279 and dvsinvestor.services@dsaco.com ).
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Government Money Market Fund (Class C) |
$ |
| * |
|
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Total advisory fees paid for the period (in thousands) | $ |
| 7 day yield | 3.18% |
Portfolio Composition as of
06/30/26 Net Assets
06/30/26 Net Assets
| Repurchase Agreements | |
| Federal Home Loan Bank | |
| Federal Farm Credit Bank | |
| Fannie Mae |
How has the Fund changed?
As of March 1, 2026, Erik Jones replaced Creston King as the Portfolio Manager for Davis Government Money Market Fund.
This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available at davisfunds.com/resources/regulatory-documents or upon request by contacting Investor Services at (1-800-279-0279 and dvsinvestor.services@dsaco.com ).
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Government Money Market Fund (Class Y) |
$ |
| * | Annualized. |
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Total advisory fees paid for the period (in thousands) | $ |
| 7 day yield | 3.18% |
Portfolio Composition as of
06/30/26 Net Assets
06/30/26 Net Assets
| Repurchase Agreements | |
| Federal Home Loan Bank | |
| Federal Farm Credit Bank | |
| Fannie Mae |
How has the Fund changed?
As of March 1, 2026, Erik Jones replaced Creston King as the Portfolio Manager for Davis Government Money Market Fund.
This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available at davisfunds.com/resources/regulatory-documents or upon request by contacting Investor Services at (1-800-279-0279 and dvsinvestor.services@dsaco.com ).
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Financial Fund (Class A) |
$ |
| * |
Annualized.
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the S&P 500 Financials Index (the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 0.03%, versus a -1.18% return for the Index. The Fund underperformed the 10.21% return of the S&P 500 Index. The Fund invests, under normal conditions, at least 80% of its net assets in common stocks (including American Depositary Receipts) issued by companies principally engaged in the financial services sector. The Fund continues to invest a significant portion of its assets in foreign companies.
Market Overview
-
S&P 500 Financials
-
Strongest performing industries - Banks (+5%) and Insurance (+2%)
-
Weakest performing industries - Consumer Finance (-11%), Financial Services (-5%), and Capital Markets (-3%)
-
Contributors to Performance
-
Banks - outperformed the Index industry (+9% vs +5%) and overweight (average weighting 43% vs 28%)
-
Fifth Third Bancorp (+22%), PNC Financial Services Group (+20%), and U.S. Bancorp (+15%) - three largest individual contributors
-
DBS Group Holdings (+19%), Danske Bank (+17%), and Bank of N.T. Butterfield (+22%)
-
-
Capital Markets - outperformed the Index industry (+14% vs -3%) and underweight (average weighting 7% vs 26%)
-
Julius Baer Group (+15%) and Bank of New York Mellon (+26%)
-
-
Underweight in Financial Services (average weighting 14% vs 28%)
-
Insurance - outperformed the Index industry (+3% vs +2%) and overweight (average weighting 19% vs 13%)
-
Chubb (+10%) and RenaissanceRe Holdings (+13%)
-
Detractors from Performance
-
Consumer Finance - underperformed the Index industry (-15% vs -11%) and overweight (average weighting 13% vs 4%)
-
Capital One Financial (-17%) - largest individual detractor
-
American Express (-8%)
-
-
Financial Services - underperformed the Index industry (-11% vs -5%)
-
Chime Financial (-19%), Fiserv (-27%), Rocket Companies (-19%), and Exor (-9%)
-
-
Non-financial holding
-
Prosus (-30%)
-
-
Individual holdings
-
Wells Fargo (-10%), Markel Group (-9%), and Ping An Insurance (-20%)
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
|
*
|
Reflects 4.75% front-end sales charge.
|
Key Fund Statistics
| Fund net assets as of 06/30/26 (in billions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in millions) | $ |
Top Industries as of 06/30/26 Net Assets
| Banks | |
| Insurance | |
| Financial Services | |
| Consumer Finance | |
| Capital Markets |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Financial Fund (Class C) |
$ |
| * | Annualized. |
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the S&P 500 Financials Index (the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of -0.37%, versus a -1.18% return for the Index. The Fund underperformed the 10.21% return of the S&P 500 Index. The Fund invests, under normal conditions, at least 80% of its net assets in common stocks (including American Depositary Receipts) issued by companies principally engaged in the financial services sector. The Fund continues to invest a significant portion of its assets in foreign companies.
Market Overview
-
S&P 500 Financials
-
Strongest performing industries - Banks (+5%) and Insurance (+2%)
-
Weakest performing industries - Consumer Finance (-11%), Financial Services (-5%), and Capital Markets (-3%)
-
Contributors to Performance
-
Banks - outperformed the Index industry (+9% vs +5%) and overweight (average weighting 43% vs 28%)
-
Fifth Third Bancorp (+22%), PNC Financial Services Group (+20%), and U.S. Bancorp (+15%) - three largest individual contributors
-
DBS Group Holdings (+19%), Danske Bank (+17%), and Bank of N.T. Butterfield (+22%)
-
-
Capital Markets - outperformed the Index industry (+14% vs -3%) and underweight (average weighting 7% vs 26%)
-
Julius Baer Group (+15%) and Bank of New York Mellon (+26%)
-
-
Underweight in Financial Services (average weighting 14% vs 28%)
-
Insurance - outperformed the Index industry (+3% vs +2%) and overweight (average weighting 19% vs 13%)
-
Chubb (+10%) and RenaissanceRe Holdings (+13%)
-
Detractors from Performance
-
Consumer Finance - underperformed the Index industry (-15% vs -11%) and overweight (average weighting 13% vs 4%)
-
Capital One Financial (-17%) - largest individual detractor
-
American Express (-8%)
-
-
Financial Services - underperformed the Index industry (-11% vs -5%)
-
Chime Financial (-19%), Fiserv (-27%), Rocket Companies (-19%), and Exor (-9%)
-
-
Non-financial holding
-
Prosus (-30%)
-
-
Individual holdings
-
Wells Fargo (-10%), Markel Group (-9%), and Ping An Insurance (-20%)
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
|
* |
Because Class C shares automatically convert to Class A shares after 8 years, the “10-Year” returns for Class C reflect Class A performance for the period after conversion. |
|
** |
Includes any applicable contingent deferred sales charge (“CDSC”). |
Key Fund Statistics
| Fund net assets as of 06/30/26 (in billions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in millions) | $ |
Top Industries as of 06/30/26 Net Assets
| Banks | |
| Insurance | |
| Financial Services | |
| Consumer Finance | |
| Capital Markets |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Financial Fund (Class Y) |
$ |
| * | Annualized. |
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the S&P 500 Financials Index (the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 0.16%, versus a -1.18% return for the Index. The Fund underperformed the 10.21% return of the S&P 500 Index. The Fund invests, under normal conditions, at least 80% of its net assets in common stocks (including American Depositary Receipts) issued by companies principally engaged in the financial services sector. The Fund continues to invest a significant portion of its assets in foreign companies.
Market Overview
-
S&P 500 Financials
-
Strongest performing industries - Banks (+5%) and Insurance (+2%)
-
Weakest performing industries - Consumer Finance (-11%), Financial Services (-5%), and Capital Markets (-3%)
-
Contributors to Performance
-
Banks - outperformed the Index industry (+9% vs +5%) and overweight (average weighting 43% vs 28%)
-
Fifth Third Bancorp (+22%), PNC Financial Services Group (+20%), and U.S. Bancorp (+15%) - three largest individual contributors
-
DBS Group Holdings (+19%), Danske Bank (+17%), and Bank of N.T. Butterfield (+22%)
-
-
Capital Markets - outperformed the Index industry (+14% vs -3%) and underweight (average weighting 7% vs 26%)
-
Julius Baer Group (+15%) and Bank of New York Mellon (+26%)
-
-
Underweight in Financial Services (average weighting 14% vs 28%)
-
Insurance - outperformed the Index industry (+3% vs +2%) and overweight (average weighting 19% vs 13%)
-
Chubb (+10%) and RenaissanceRe Holdings (+13%)
-
Detractors from Performance
-
Consumer Finance - underperformed the Index industry (-15% vs -11%) and overweight (average weighting 13% vs 4%)
-
Capital One Financial (-17%) - largest individual detractor
-
American Express (-8%)
-
-
Financial Services - underperformed the Index industry (-11% vs -5%)
-
Chime Financial (-19%), Fiserv (-27%), Rocket Companies (-19%), and Exor (-9%)
-
-
Non-financial holding
-
Prosus (-30%)
-
-
Individual holdings
-
Wells Fargo (-10%), Markel Group (-9%), and Ping An Insurance (-20%)
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
Key Fund Statistics
| Fund net assets as of 06/30/26 (in billions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in millions) | $ |
Top Industries as of 06/30/26 Net Assets
| Banks | |
| Insurance | |
| Financial Services | |
| Consumer Finance | |
| Capital Markets |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Balanced Fund (Class A) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 11.27%, versus a 10.21% return for the S&P 500. The Fund invests its assets in a balanced portfolio of stocks and bonds. The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries. The Fund ended the period with 73% of net assets invested in stocks, 11% in bonds, and 16% in repurchase agreements and cash.
Market Overview
-
S&P 500
-
Strongest performing sectors - Industrials, Information Technology, and Energy (all +20%)
-
Weakest performing sectors - Financials (-1%), Consumer Discretionary (-1%), and Communication Services (+1%)
-
Contributors to Performance
-
Information Technology (Equities only) - significantly outperformed the Index sector (+104% vs +20%)
-
Applied Materials (+182%) - largest individual contributor
-
Texas Instruments (+74%)
-
-
Health Care (Equities only) - outperformed the Index sector (+21% vs +3%)
-
CVS Health (+33%), Viatris (+30%), and Quest Diagnostics (+23%)
-
-
Financials (Equities only) - outperformed the Index sector (+1% vs -1%)
-
Bank of New York Mellon (+26%)
-
-
Communication Services (Equities only) - outperformed the Index sector (+6% vs +1%) and underweight
(average weighting 5% vs 10%)-
Alphabet (+13%)
-
-
Individual equity holdings
-
Owens Corning (+44%), Devon Energy (+11%), and Chubb (+10%)
-
Devon Energy - completed merger with Coterra in May 2026 and includes Coterra performance prior to merger
-
Detractors from Performance
-
Significantly overweight in weaker performing Financials sector (Equities only) - (average weighting 34% vs 12%)
-
Capital One Financial (-17%) - largest individual detractor
-
Markel Group (-9%), Wells Fargo (-10%), and AIA Group (-10%)
-
-
Significantly underweight in stronger performing Information Technology sector (Equities only) - (average weighting 10% vs 35%)
-
Microsoft (-23%)
-
-
Overweight in Health Care (Equities only) - (average weighting 28% vs 9%)
-
Solventum (-3%)
-
-
In a stronger market, the Fund’s relative performance was hindered by its 25% combined average position in bonds and repurchase agreements (cash)
-
Individual equity holdings
-
JBS (-11%), AUMOVIO (-18%), Meta Platforms (-15%), and Tourmaline (-5%)
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
|
*
|
|
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in thousands) | $ |
Asset Allocation as of 06/30/26 Net Assets
| Common Stock | |
| Short-Term Investments | |
| Mortgages | |
| Corporate Bonds | |
| Small Business Administration |
How has the Fund changed?
As of March 1, 2026, Erik Jones replaced Creston King as the Co-Portfolio Manager for Davis Balanced Fund.
This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available at davisfunds.com/resources/regulatory-documents or upon request by contacting Investor Services at (1-800-279-0279 and dvsinvestor.services@dsaco.com ).
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Balanced Fund (Class C) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 10.85%, versus a 10.21% return for the S&P 500. The Fund invests its assets in a balanced portfolio of stocks and bonds. The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries. The Fund ended the period with 73% of net assets invested in stocks, 11% in bonds, and 16% in repurchase agreements and cash.
Market Overview
-
S&P 500
-
Strongest performing sectors - Industrials, Information Technology, and Energy (all +20%)
-
Weakest performing sectors - Financials (-1%), Consumer Discretionary (-1%), and Communication Services (+1%)
-
Contributors to Performance
-
Information Technology (Equities only) - significantly outperformed the Index sector (+104% vs +20%)
-
Applied Materials (+182%) - largest individual contributor
-
Texas Instruments (+74%)
-
-
Health Care (Equities only) - outperformed the Index sector (+21% vs +3%)
-
CVS Health (+33%), Viatris (+30%), and Quest Diagnostics (+23%)
-
-
Financials (Equities only) - outperformed the Index sector (+1% vs -1%)
-
Bank of New York Mellon (+26%)
-
-
Communication Services (Equities only) - outperformed the Index sector (+6% vs +1%) and underweight
(average weighting 5% vs 10%)-
Alphabet (+13%)
-
-
Individual equity holdings
-
Owens Corning (+44%), Devon Energy (+11%), and Chubb (+10%)
-
Devon Energy - completed merger with Coterra in May 2026 and includes Coterra performance prior to merger
-
Detractors from Performance
-
Significantly overweight in weaker performing Financials sector (Equities only) - (average weighting 34% vs 12%)
-
Capital One Financial (-17%) - largest individual detractor
-
Markel Group (-9%), Wells Fargo (-10%), and AIA Group (-10%)
-
-
Significantly underweight in stronger performing Information Technology sector (Equities only) - (average weighting 10% vs 35%)
-
Microsoft (-23%)
-
-
Overweight in Health Care (Equities only) - (average weighting 28% vs 9%)
-
Solventum (-3%)
-
-
In a stronger market, the Fund’s relative performance was hindered by its 25% combined average position in bonds and repurchase agreements (cash)
-
Individual equity holdings
-
JBS (-11%), AUMOVIO (-18%), Meta Platforms (-15%), and Tourmaline (-5%)
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
|
*
|
|
|
**
|
|
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in thousands) | $ |
Asset Allocation as of 06/30/26 Net Assets
| Common Stock | |
| Short-Term Investments | |
| Mortgages | |
| Corporate Bonds | |
| Small Business Administration |
How has the Fund changed?
As of March 1, 2026, Erik Jones replaced Creston King as the Co-Portfolio Manager for Davis Balanced Fund.
This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available at davisfunds.com/resources/regulatory-documents or upon request by contacting Investor Services at (1-800-279-0279 and dvsinvestor.services@dsaco.com ).
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Balanced Fund (Class Y) |
$ |
| * |
Annualized.
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 11.44%, versus a 10.21% return for the S&P 500. The Fund invests its assets in a balanced portfolio of stocks and bonds. The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries. The Fund ended the period with 73% of net assets invested in stocks, 11% in bonds, and 16% in repurchase agreements and cash.
Market Overview
-
S&P 500
-
Strongest performing sectors - Industrials, Information Technology, and Energy (all +20%)
-
Weakest performing sectors - Financials (-1%), Consumer Discretionary (-1%), and Communication Services (+1%)
-
Contributors to Performance
-
Information Technology (Equities only) - significantly outperformed the Index sector (+104% vs +20%)
-
Applied Materials (+182%) - largest individual contributor
-
Texas Instruments (+74%)
-
-
Health Care (Equities only) - outperformed the Index sector (+21% vs +3%)
-
CVS Health (+33%), Viatris (+30%), and Quest Diagnostics (+23%)
-
-
Financials (Equities only) - outperformed the Index sector (+1% vs -1%)
-
Bank of New York Mellon (+26%)
-
-
Communication Services (Equities only) - outperformed the Index sector (+6% vs +1%) and underweight
(average weighting 5% vs 10%)-
Alphabet (+13%)
-
-
Individual equity holdings
-
Owens Corning (+44%), Devon Energy (+11%), and Chubb (+10%)
-
Devon Energy - completed merger with Coterra in May 2026 and includes Coterra performance prior to merger
-
Detractors from Performance
-
Significantly overweight in weaker performing Financials sector (Equities only) - (average weighting 34% vs 12%)
-
Capital One Financial (-17%) - largest individual detractor
-
Markel Group (-9%), Wells Fargo (-10%), and AIA Group (-10%)
-
-
Significantly underweight in stronger performing Information Technology sector (Equities only) - (average weighting 10% vs 35%)
-
Microsoft (-23%)
-
-
Overweight in Health Care (Equities only) - (average weighting 28% vs 9%)
-
Solventum (-3%)
-
-
In a stronger market, the Fund’s relative performance was hindered by its 25% combined average position in bonds and repurchase agreements (cash)
-
Individual equity holdings
-
JBS (-11%), AUMOVIO (-18%), Meta Platforms (-15%), and Tourmaline (-5%)
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in thousands) | $ |
Asset Allocation as of 06/30/26 Net Assets
| Common Stock | |
| Short-Term Investments | |
| Mortgages | |
| Corporate Bonds | |
| Small Business Administration |
How has the Fund changed?
As of March 1, 2026, Erik Jones replaced Creston King as the Co-Portfolio Manager for Davis Balanced Fund.
This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available at davisfunds.com/resources/regulatory-documents or upon request by contacting Investor Services at (1-800-279-0279 and dvsinvestor.services@dsaco.com ).
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Real Estate Fund (Class A) |
$ |
| * |
Annualized.
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund slightly outperformed the Wilshire U.S. Real Estate Securities Index (“Wilshire Index” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 12.39%, versus a 12.36% return for the Wilshire Index. The Fund invests, under normal conditions, at least 80% of its net assets in securities issued by companies principally engaged in the real estate industry.
Market Overview
-
Wilshire Index
-
Strongest performing industries - Hotel & Resort REITs (+42%), Health Care REITs (+20%), and Retail REITs (+20%)
-
Weakest performing industries - Real Estate Management & Development (-18%), Residential REITs (+7%), and Industrial REITs (+8%)
-
Contributors to Performance
-
Specialized REITs - outperformed the Index industry (+18% vs +14%)
-
Equinix (+37%) and Fermi (+71%) - two largest individual contributors
-
Public Storage (+25%) and Digital Realty Trust (+18%)
-
Fermi - new purchase during the period
-
-
Underweight in Real Estate Management & Development (average weighting 4% vs 6%), the weakest performing industry of the Index
-
Office REITs - outperformed the Index industry (+15% vs +13%) and overweight (average weighting 18% vs 3%)
-
Cousins Properties (+19%) and COPT Defense Properties (+33%)
-
-
Individual holdings
-
Healthpeak Properties (+38%), Brixmor Property Group (+23%), Simon Property Group (+24%), and Sunstone Hotel Investors (+30%)
-
Detractors from Performance
-
Underweight in Health Care REITs - (average weighting 10% vs 16%)
-
Alexandria Real Estate Equities (+11%) - negatively impacted by sales in second half of period when performance rebounded
-
-
Industrial REITs - underperformed the Index industry (+6% vs +8%)
-
Rexford Industrial Realty (-11%) - largest individual detractor
-
-
Overweight in Residential REITs - (average weighting 17% vs 11%)
-
Sun Communities (-1%)
-
-
Underweight in Retail REITs - (average weighting 11% vs 14%)
-
NETSTREIT (-3%) - no longer a Fund holding
-
-
Individual holdings
-
SBA Communications (-19%), CBRE Group (-19%), American Tower (-5%), Jones Lang LaSalle (-12%), and VICI Properties (-2%)
-
SBA Communications, CBRE Group, and Jones Lang LaSalle - new purchases during the period
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
|
*
|
Reflects 4.75% front-end sales charge.
|
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (Net advisory fee after waiver) (in thousands) | $ |
Top Industries as of 06/30/26 Net Assets
| Specialized REITs | |
| Office REITs | |
| Residential REITs | |
| Industrial REITs | |
| Health Care REITs |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Real Estate Fund (Class C) |
$ |
| * |
Annualized.
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund underperformed the Wilshire U.S. Real Estate Securities Index (“Wilshire Index” or the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 11.98%, versus a 12.36% return for the Wilshire Index. The Fund invests, under normal conditions, at least 80% of its net assets in securities issued by companies principally engaged in the real estate industry.
Market Overview
-
Wilshire Index
-
Strongest performing industries - Hotel & Resort REITs (+42%), Health Care REITs (+20%), and Retail REITs (+20%)
-
Weakest performing industries - Real Estate Management & Development (-18%), Residential REITs (+7%), and Industrial REITs (+8%)
-
Detractors from Performance
-
Specialized REITs - outperformed the Index industry (+18% vs +14%)
-
Equinix (+37%) and Fermi (+71%) - two largest individual contributors
-
Public Storage (+25%) and Digital Realty Trust (+18%)
-
Fermi - new purchase during the period
-
-
Underweight in Real Estate Management & Development (average weighting 4% vs 6%), the weakest performing industry of the Index
-
Office REITs - outperformed the Index industry (+15% vs +13%) and overweight (average weighting 18% vs 3%)
-
Cousins Properties (+19%) and COPT Defense Properties (+33%)
-
-
Individual holdings
-
Healthpeak Properties (+38%), Brixmor Property Group (+23%), Simon Property Group (+24%), and Sunstone Hotel Investors (+30%)
-
Contributors to Performance
-
Underweight in Health Care REITs - (average weighting 10% vs 16%)
-
Alexandria Real Estate Equities (+11%) - negatively impacted by sales in second half of period when performance rebounded
-
-
Industrial REITs - underperformed the Index industry (+6% vs +8%)
-
Rexford Industrial Realty (-11%) - largest individual detractor
-
-
Overweight in Residential REITs - (average weighting 17% vs 11%)
-
Sun Communities (-1%)
-
-
Underweight in Retail REITs - (average weighting 11% vs 14%)
-
NETSTREIT (-3%) - no longer a Fund holding
-
-
Individual holdings
-
SBA Communications (-19%), CBRE Group (-19%), American Tower (-5%), Jones Lang LaSalle (-12%), and VICI Properties (-2%)
-
SBA Communications, CBRE Group, and Jones Lang LaSalle - new purchases during the period
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
|
*
|
Because Class C shares automatically convert to Class A shares after 8 years, the “10-Year” returns for Class C reflect Class A performance for the period after conversion.
|
|
**
|
Includes any applicable contingent deferred sales charge (“CDSC”).
|
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (Net advisory fee after waiver) (in thousands) | $ |
Top Industries as of 06/30/26 Net Assets
| Specialized REITs | |
| Office REITs | |
| Residential REITs | |
| Industrial REITs | |
| Health Care REITs |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2026
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Real Estate Fund (Class Y) |
$ |
| * |
Annualized.
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund slightly outperformed the Wilshire U.S. Real Estate Securities Index (“Wilshire Index” or the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 12.52%, versus a 12.36% return for the Wilshire Index. The Fund invests, under normal conditions, at least 80% of its net assets in securities issued by companies principally engaged in the real estate industry.
Market Overview
-
Wilshire Index
-
Strongest performing industries - Hotel & Resort REITs (+42%), Health Care REITs (+20%), and Retail REITs (+20%)
-
Weakest performing industries - Real Estate Management & Development (-18%), Residential REITs (+7%), and Industrial REITs (+8%)
-
Contributors to Performance
-
Specialized REITs - outperformed the Index industry (+18% vs +14%)
-
Equinix (+37%) and Fermi (+71%) - two largest individual contributors
-
Public Storage (+25%) and Digital Realty Trust (+18%)
-
Fermi - new purchase during the period
-
-
Underweight in Real Estate Management & Development (average weighting 4% vs 6%), the weakest performing industry of the Index
-
Office REITs - outperformed the Index industry (+15% vs +13%) and overweight (average weighting 18% vs 3%)
-
Cousins Properties (+19%) and COPT Defense Properties (+33%)
-
-
Individual holdings
-
Healthpeak Properties (+38%), Brixmor Property Group (+23%), Simon Property Group (+24%), and Sunstone Hotel Investors (+30%)
-
Detractors from Performance
-
Underweight in Health Care REITs - (average weighting 10% vs 16%)
-
Alexandria Real Estate Equities (+11%) - negatively impacted by sales in second half of period when performance rebounded
-
-
Industrial REITs - underperformed the Index industry (+6% vs +8%)
-
Rexford Industrial Realty (-11%) - largest individual detractor
-
-
Overweight in Residential REITs - (average weighting 17% vs 11%)
-
Sun Communities (-1%)
-
-
Underweight in Retail REITs - (average weighting 11% vs 14%)
-
NETSTREIT (-3%) - no longer a Fund holding
-
-
Individual holdings
-
SBA Communications (-19%), CBRE Group (-19%), American Tower (-5%), Jones Lang LaSalle (-12%), and VICI Properties (-2%)
-
SBA Communications, CBRE Group, and Jones Lang LaSalle - new purchases during the period
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26 | 1 Year | 5 Years | 10 Years |
Key Fund Statistics
| Fund net assets as of 06/30/26 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/26 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (Net advisory fee after waiver) (in thousands) | $ |
Top Industries as of 06/30/26 Net Assets
| Specialized REITs | |
| Office REITs | |
| Residential REITs | |
| Industrial REITs | |
| Health Care REITs |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
