Davis Variable Account Fund NPORTP Davis Value Portfolio (Sep 2020 report)

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO	September 30, 2020 (Unaudited)

						Shares		Value
COMMON STOCK – (96.73%)
	COMMUNICATION SERVICES – (17.89%)
		Media & Entertainment – (17.30%)
				Alphabet Inc., Class A *			3,940	$	5,774,464
				Alphabet Inc., Class C *			8,823		12,966,281
				Facebook, Inc., Class A *			42,490		11,128,131
				IAC/InterActiveCorp *			22,930		2,746,555
				Liberty TripAdvisor Holdings, Inc., Series A *			6,088		10,532
									32,625,963
		Telecommunication Services – (0.59%)
				Liberty Global plc, Series C *			54,310		1,115,256
					Total Communication Services				33,741,219
	CONSUMER DISCRETIONARY – (15.49%)
		Automobiles & Components – (0.14%)
				Adient plc *			14,543		252,030
		Consumer Durables & Apparel – (0.10%)
				Hunter Douglas N.V. (Netherlands)*			3,260		189,963
		Consumer Services – (3.21%)
				New Oriental Education & Technology Group, Inc., ADR (China)*			40,508		6,055,946
		Retailing – (12.04%)
				Alibaba Group Holding Ltd., ADR (China)*			22,640		6,655,707
				Amazon.com, Inc. *			3,916		12,330,427
				Naspers Ltd. - N (South Africa)			13,860		2,449,289
				Prosus N.V., Class N (Netherlands)*			13,860		1,278,887
									22,714,310
					Total Consumer Discretionary				29,212,249
	FINANCIALS – (36.74%)
		Banks – (14.09%)
				Danske Bank A/S (Denmark)*			122,220		1,657,214
				DBS Group Holdings Ltd. (Singapore)			177,360		2,586,892
				JPMorgan Chase & Co.			77,448		7,455,919
				U.S. Bancorp			166,220		5,958,987
				Wells Fargo & Co.			379,474		8,921,434
									26,580,446
		Diversified Financials – (18.41%)
			Capital Markets – (3.36%)
				Bank of New York Mellon Corp.			184,710		6,342,942
			Consumer Finance – (8.60%)
				American Express Co.			62,609		6,276,552
				Capital One Financial Corp.			138,300		9,938,238
									16,214,790
			Diversified Financial Services – (6.45%)
				Berkshire Hathaway Inc., Class A *			38		12,160,038
									34,717,770
		Insurance – (4.24%)
			Life & Health Insurance – (2.15%)
				AIA Group Ltd. (Hong Kong)			414,800		4,062,337
			Property & Casualty Insurance – (2.09%)
				Chubb Ltd.			19,260		2,236,471
				Loews Corp.			26,430		918,443

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO - (CONTINUED)	September 30, 2020 (Unaudited)

							Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Property & Casualty Insurance – (Continued)
				Markel Corp. *					800	$	778,960
											3,933,874
											7,996,211
						Total Financials					69,294,427
	HEALTH CARE – (3.71%)
		Health Care Equipment & Services – (3.71%)
				CVS Health Corp.					37,872		2,211,725
				Quest Diagnostics Inc.					41,860		4,792,551
						Total Health Care					7,004,276
	INDUSTRIALS – (8.74%)
		Capital Goods – (8.74%)
				Carrier Global Corp.					234,930		7,174,762
				Ferguson PLC (United Kingdom)					30,190		3,043,215
				Orascom Construction PLC (United Arab Emirates)					13,155		61,894
				Raytheon Technologies Corp.					108,005		6,214,608
						Total Industrials					16,494,479
	INFORMATION TECHNOLOGY – (14.16%)
		Semiconductors & Semiconductor Equipment – (13.07%)
				Applied Materials, Inc.					192,250		11,429,263
				Intel Corp.					127,090		6,580,720
				Texas Instruments Inc.					46,520		6,642,591
											24,652,574
		Software & Services – (1.09%)
				Microsoft Corp.					9,730		2,046,511
						Total Information Technology					26,699,085
					TOTAL COMMON STOCK – (Identified cost $105,843,850)						182,445,735
PREFERRED STOCK – (2.40%)
	INDUSTRIALS – (2.40%)
		Transportation – (2.40%)
				Didi Chuxing Joint Co., Series A (China)*(a)(b)					128,944		4,522,066
					TOTAL PREFERRED STOCK – (Identified cost $3,959,579)						4,522,066
SHORT-TERM INVESTMENTS – (0.83%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 0.09%, 10/01/20, dated 09/30/20, repurchase value of $1,167,003 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 10/15/20-06/01/51, total market value $1,190,340)				$	1,167,000		1,167,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.09%, 10/01/20, dated 09/30/20, repurchase value of $389,001 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%, 07/01/40-09/01/50, total market value $396,780)					389,000		389,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,556,000)						1,556,000

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO - (CONTINUED)	September 30, 2020 (Unaudited)

			Total Investments – (99.96%) – (Identified cost $111,359,429)		$	188,523,801
			Other Assets Less Liabilities – (0.04%)			81,261
				Net Assets – (100.00%)	$	188,605,062

	ADR: American Depositary Receipt

	*	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 $4,522,066 or 2.40% of the Fund's net assets as of September 30, 2020.

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

Please refer to "Notes to Schedule of Investments" on page 8 for the Fund's policy regarding valuation of investments.

For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS FINANCIAL PORTFOLIO	September 30, 2020 (Unaudited)

						Shares		Value
COMMON STOCK – (97.39%)
	COMMUNICATION SERVICES – (2.20%)
		Media & Entertainment – (2.20%)
				Alphabet Inc., Class A *			640	$	937,984
				Alphabet Inc., Class C *			45		66,132
					Total Communication Services				1,004,116
	FINANCIALS – (95.19%)
		Banks – (41.61%)
			Banks – (40.35%)
				Bank of America Corp.			97,440		2,347,329
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			54,120		1,205,794
				Danske Bank A/S (Denmark)*			56,730		769,217
				DBS Group Holdings Ltd. (Singapore)			107,651		1,570,149
				DNB ASA (Norway)*			138,830		1,924,494
				JPMorgan Chase & Co.			32,000		3,080,640
				Metro Bank PLC (United Kingdom)*			139,120		110,042
				PNC Financial Services Group, Inc.			21,920		2,409,227
				U.S. Bancorp			78,670		2,820,319
				Wells Fargo & Co.			94,370		2,218,639
									18,455,850
			Thrifts & Mortgage Finance – (1.26%)
				Rocket Companies, Inc., Class A *			29,000		577,970
									19,033,820
		Diversified Financials – (37.36%)
			Capital Markets – (15.50%)
				Bank of New York Mellon Corp.			71,320		2,449,129
				Charles Schwab Corp.			35,790		1,296,672
				Goldman Sachs Group, Inc.			3,240		651,143
				Julius Baer Group Ltd. (Switzerland)			42,154		1,797,283
				State Street Corp.			15,070		894,103
									7,088,330
			Consumer Finance – (14.16%)
				American Express Co.			27,320		2,738,830
				Capital One Financial Corp.			52,040		3,739,594
									6,478,424
			Diversified Financial Services – (7.70%)
				Berkshire Hathaway Inc., Class A *			11		3,520,011
									17,086,765
		Insurance – (16.22%)
			Property & Casualty Insurance – (10.78%)
				Chubb Ltd.			10,566		1,226,924
				Loews Corp.			28,230		980,993
				Markel Corp. *			2,795		2,721,491
									4,929,408
			Reinsurance – (5.44%)
				Alleghany Corp.			1,780		926,401
				Everest Re Group, Ltd.			2,620		517,555
				Greenlight Capital Re, Ltd., Class A *			51,500		346,595

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS FINANCIAL PORTFOLIO - (CONTINUED)	September 30, 2020 (Unaudited)

										Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
				Reinsurance – (Continued)
					Swiss Re AG (Switzerland)							9,400	$	696,848
														2,487,399
														7,416,807
									Total Financials					43,537,392
							TOTAL COMMON STOCK – (Identified cost $37,510,052)							44,541,508
SHORT-TERM INVESTMENTS – (2.43%)
					INTL FCStone Financial Inc. Joint Repurchase Agreement, 0.09%, 10/01/20, dated 09/30/20, repurchase value of $835,002 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 10/15/20-06/01/51, total market value $851,700)						$	835,000		835,000
					SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.09%, 10/01/20, dated 09/30/20, repurchase value of $278,001 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%, 07/01/40-10/01/50, total market value $283,560)							278,000		278,000
							TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,113,000)							1,113,000
						Total Investments – (99.82%) – (Identified cost $38,623,052)								45,654,508
						Other Assets Less Liabilities – (0.18%)								82,681
								Net Assets – (100.00%)					$	45,737,189

	*		Non-income producing security.

Please refer to "Notes to Schedule of Investments" on page 8 for the Fund's policy regarding valuation of investments.

For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS REAL ESTATE PORTFOLIO	September 30, 2020 (Unaudited)

				Shares		Value
COMMON STOCK – (96.55%)
	REAL ESTATE – (96.55%)
		Equity Real Estate Investment Trusts (REITs) – (96.55%)
			Health Care REITs – (9.67%)
			Healthpeak Properties, Inc.		9,900	$	268,785
			Ventas, Inc.		6,970		292,461
			Welltower Inc.		8,670		477,631
							1,038,877
			Hotel & Resort REITs – (4.13%)
			Host Hotels & Resorts Inc.		25,900		279,461
			Sunstone Hotel Investors, Inc.		20,710		164,437
							443,898
			Industrial REITs – (17.09%)
			EastGroup Properties, Inc.		640		82,771
			Prologis, Inc.		7,903		795,200
			Rexford Industrial Realty, Inc.		10,900		498,784
			Terreno Realty Corp.		8,370		458,341
							1,835,096
			Office REITs – (15.70%)
			Alexandria Real Estate Equities, Inc.		2,540		406,400
			Boston Properties, Inc.		3,140		252,142
			Cousins Properties, Inc.		8,255		236,010
			Douglas Emmett, Inc.		7,260		182,226
			Highwoods Properties, Inc.		4,430		148,715
			Hudson Pacific Properties, Inc.		13,420		294,301
			SL Green Realty Corp.		1,620		75,119
			Vornado Realty Trust		2,690		90,680
							1,685,593
			Residential REITs – (15.93%)
			American Campus Communities, Inc.		7,070		246,885
			American Homes 4 Rent, Class A		6,590		187,683
			AvalonBay Communities, Inc.		2,180		325,561
			Camden Property Trust		3,610		321,218
			Equity Residential		5,110		262,296
			Essex Property Trust, Inc.		1,830		367,446
							1,711,089
			Retail REITs – (8.39%)
			Acadia Realty Trust		10,787		113,264
			Brixmor Property Group, Inc.		24,990		292,133
			Federal Realty Investment Trust		2,270		166,709
			Retail Opportunity Investments Corp.		11,075		115,346
			Simon Property Group, Inc.		3,300		213,444
							900,896
			Specialized REITs – (25.64%)
			CoreSite Realty Corp.		1,600		190,208
			Crown Castle International Corp.		2,130		354,645
			CyrusOne Inc.		4,820		337,545
			Digital Realty Trust, Inc.		1,950		286,182
			Equinix, Inc.		820		623,306
			Extra Space Storage Inc.		2,110		225,749

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS REAL ESTATE PORTFOLIO - (CONTINUED)	September 30, 2020 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	REAL ESTATE – (CONTINUED)
		Equity Real Estate Investment Trusts (REITs) – (Continued)
				Specialized REITs – (Continued)
				Life Storage, Inc.							1,800	$	189,486
				Public Storage							2,450		545,664
													2,752,785
								Total Real Estate					10,368,234
						TOTAL COMMON STOCK – (Identified cost $9,617,727)							10,368,234
PREFERRED STOCK – (0.33%)
	REAL ESTATE – (0.33%)
		Equity Real Estate Investment Trusts (REITs) – (0.33%)
				Specialized REITs – (0.33%)
				EPR Properties, Series G, 5.75%, Cum. Pfd. (a)							1,880		35,739
						TOTAL PREFERRED STOCK – (Identified cost $26,955)							35,739
SHORT-TERM INVESTMENTS – (3.05%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 0.09%, 10/01/20, dated 09/30/20, repurchase value of $245,001 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 10/15/20-06/01/51, total market value $249,900)						$	245,000		245,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.09%, 10/01/20, dated 09/30/20, repurchase value of $82,000 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%, 07/01/40-09/01/50, total market value $83,640)							82,000		82,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $327,000)							327,000
					Total Investments – (99.93%) – (Identified cost $9,971,682)								10,730,973
					Other Assets Less Liabilities – (0.07%)								7,260
							Net Assets – (100.00%)					$	10,738,233

	(a)		Security is perpetual in nature with no stated maturity date; the dividend rate is fixed until November 30, 2022.

Please refer to "Notes to Schedule of Investments" on page 8 for the Fund's policy regarding valuation of investments.

For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

DAVIS VARIABLE ACCOUNT FUND, INC.	Notes to Schedule of Investments
	September 30, 2020 (Unaudited)

Security Valuation - The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange ("Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds' assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what Davis Selected Advisers, L.P. ("Adviser"), the Funds' investment adviser, identifies as a significant event occurring before the Funds' assets are valued, but after the close of their respective exchanges will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Funds' Pricing Committee and Board of Directors. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser's portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Adviser may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer's industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation of the security was readily available. Fair value determinations are subject to review, approval, and ratification by the Funds' Board of Directors at its next regularly scheduled meeting covering the period in which the fair valuation was determined. Fair valuation methods used by the Funds may include, but are not limited to, valuing securities initially at cost (excluding commissions) and subsequently adjusting the value due to: additional transactions by the issuer, changes in company specific fundamentals, and changes in the value of similar securities. Values may be further adjusted for any discounts related to security-specific resale restrictions.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value.

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

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

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

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

DAVIS VARIABLE ACCOUNT FUND, INC.	Notes to Schedule of Investments – (Continued)
	September 30, 2020 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of September 30, 2020 in valuing each Fund's investments carried at value:

	Investments in Securities at Value

	Davis Value		Davis Financial		Davis Real Estate
	Portfolio		Portfolio		Portfolio
Valuation Inputs
Level 1 – Quoted Prices:
Common Stock:
Communication Services	$	33,741,219	$	1,004,116	$	–
Consumer Discretionary		29,212,249		–		–
Financials		69,294,427		43,537,392		–
Health Care		7,004,276		–		–
Industrials		16,494,479		–		–
Information Technology		26,699,085		–		–
Real Estate		–		–		10,368,234
Preferred Stock:
Real Estate		–		–		35,739
Total Level 1		182,445,735		44,541,508		10,403,973
Level 2 – Other Significant Observable Inputs:
Short-Term Investments		1,556,000		1,113,000		327,000
Total Level 2		1,556,000		1,113,000		327,000
Level 3 – Significant Unobservable Inputs:
Preferred Stock:
Industrials		4,522,066		–		–
Total Level 3		4,522,066		–		–
Total Investments	$	188,523,801	$	45,654,508	$	10,730,973

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the nine months ended September 30, 2020. The net decrease in unrealized appreciation during the period on Level 3 securities still held at September 30, 2020 for Davis Value Portfolio was $(1,388,727). There were no transfers of investments into or out of Level 3 of the fair value hierarchy during the period. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges.

	Beginning Balance January 1, 2020		Cost of Purchases		Net Decrease in Unrealized Appreciation		Net Realized Gain (Loss)		Proceeds from Sales		Ending Balance September 30, 2020
Davis Value Portfolio
Investments in Securities:
Preferred Stock	$	5,910,793	$	–	$	(1,388,727)	$	–	$	–	$	4,522,066
Total Level 3	$	5,910,793	$	–	$	(1,388,727)	$	–	$	–	$	4,522,066

DAVIS VARIABLE ACCOUNT FUND, INC.	Notes to Schedule of Investments – (Continued)
	September 30, 2020 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

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

	Fair Value at		Valuation	Unobservable		Impact to Valuation from
	September 30, 2020		Technique	Input	Amount	an Increase in Input
Davis Value Portfolio
Investments in Securities:
Preferred Stock	$	4,522,066	Market Approach	Adjusted Transaction Price	$35.07	Increase
Total Level 3	$	4,522,066

The significant unobservable input listed in the above table is attributable to a private security and includes assumptions made from a private transaction, and if changed, would affect the fair value of the Fund's investment. The "Impact to Valuation from an Increase in Input" represents the change in fair value measurement resulting from an increase in the corresponding input. A decrease in the input would have the opposite effect.

Federal Income Taxes

At September 30, 2020, the unrealized appreciation (depreciation) and aggregate cost of investments for federal income tax purposes were as follows:

	Davis Value		Davis Financial		Davis Real Estate
	Portfolio		Portfolio		Portfolio
Unrealized appreciation	$	82,374,609	$	11,661,955	$	2,013,537
Unrealized depreciation		(6,931,479)		(4,641,308)		(1,275,724)
Net unrealized appreciation	$	75,443,130	$	7,020,647	$	737,813
Aggregate cost	$	113,080,671	$	38,633,861	$	9,993,160

Coronavirus (COVID-19) Pandemic

The rapid and global spread of a highly contagious novel coronavirus respiratory disease, COVID-19, has resulted in extreme volatility in the financial markets and severe losses; reduced liquidity of many instruments; significant disruptions to business operations (including business closures); disruptions to supply chains, consumer demand and employee availability; and widespread uncertainty regarding the duration and long-term effects of this pandemic. Some sectors of the economy and individual issuers have experienced particularly large losses. In addition, the COVID-19 pandemic may result in a sustained economic downturn or a global recession. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a fund's investments, impair a fund's ability to satisfy redemption requests, and negatively impact fund performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a fund by its service providers.

Davis Variable Account Fund NPORT-PDavis Value Portfolio (Sep 2020 report)