Davis Variable Account Fund NPORTP Davis Value Portfolio (Sep 2021 report)

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO	September 30, 2021 (Unaudited)

						Shares		Value
COMMON STOCK – (98.44%)
	COMMUNICATION SERVICES – (13.97%)
		Media & Entertainment – (13.31%)
				Alphabet Inc., Class A *			3,250	$	8,688,940
				Alphabet Inc., Class C *			2,213		5,898,331
				Facebook, Inc., Class A *			31,720		10,765,451
				IAC/InterActiveCorp *			21,620		2,816,870
				Liberty TripAdvisor Holdings, Inc., Series A *			6,088		18,812
				Vimeo, Inc. *			35,100		1,030,887
									29,219,291
		Telecommunication Services – (0.66%)
				Liberty Global plc, Series C *			49,290		1,452,083
					Total Communication Services				30,671,374
	CONSUMER DISCRETIONARY – (10.37%)
		Retailing – (10.37%)
				Amazon.com, Inc. *			3,296		10,827,492
				Coupang, Inc., Class A (South Korea)*			56,282		1,567,454
				JD.com, Inc., Class A, ADR (China)*			74,600		5,389,104
				Naspers Ltd. - N (South Africa)			4,990		824,746
				Prosus N.V., Class N (Netherlands)			34,034		2,724,115
				Vroom, Inc. *			64,420		1,421,749
					Total Consumer Discretionary				22,754,660
	CONSUMER STAPLES – (1.01%)
		Food & Staples Retailing – (0.03%)
				Missfresh Ltd., Class B, ADS (China)*			15,000		65,400
		Food, Beverage & Tobacco – (0.98%)
				Darling Ingredients Inc. *			30,090		2,163,471
					Total Consumer Staples				2,228,871
	FINANCIALS – (47.58%)
		Banks – (19.73%)
				Danske Bank A/S (Denmark)			180,500		3,040,725
				DBS Group Holdings Ltd. (Singapore)			273,277		6,055,438
				JPMorgan Chase & Co.			53,828		8,811,105
				U.S. Bancorp			152,000		9,034,880
				Wells Fargo & Co.			352,524		16,360,639
									43,302,787
		Diversified Financials – (22.24%)
			Capital Markets – (3.74%)
				Bank of New York Mellon Corp.			158,310		8,206,790
			Consumer Finance – (12.32%)
				American Express Co.			47,569		7,969,234
				Capital One Financial Corp.			117,800		19,080,066
									27,049,300
			Diversified Financial Services – (6.18%)
				Berkshire Hathaway Inc., Class A *			33		13,575,507
									48,831,597
		Insurance – (5.61%)
			Life & Health Insurance – (3.38%)
				AIA Group Ltd. (Hong Kong)			414,800		4,772,025
				Ping An Insurance (Group) Co. of China Ltd. - H (China)			386,500		2,643,418
									7,415,443

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO - (CONTINUED)	September 30, 2021 (Unaudited)

							Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Property & Casualty Insurance – (2.23%)
				Chubb Ltd.					15,950	$	2,767,006
				Loews Corp.					23,460		1,265,198
				Markel Corp. *					720		860,493
											4,892,697
											12,308,140
						Total Financials					104,442,524
	HEALTH CARE – (8.43%)
		Health Care Equipment & Services – (5.89%)
				Cigna Corp.					30,177		6,040,228
				CVS Health Corp.					32,232		2,735,208
				Quest Diagnostics Inc.					28,530		4,145,694
											12,921,130
		Pharmaceuticals, Biotechnology & Life Sciences – (2.54%)
				Viatris Inc.					412,290		5,586,530
						Total Health Care					18,507,660
	INDUSTRIALS – (2.47%)
		Capital Goods – (0.50%)
				Orascom Construction PLC (United Arab Emirates)					13,155		55,909
				Raytheon Technologies Corp.					12,175		1,046,563
											1,102,472
		Transportation – (1.97%)
				DiDi Global Inc., Class A, ADS (China)*(a)					515,776		3,817,000
				DiDi Global Inc., Class A, ADS (China)*					63,530		494,899
											4,311,899
						Total Industrials					5,414,371
	INFORMATION TECHNOLOGY – (14.31%)
		Semiconductors & Semiconductor Equipment – (13.06%)
				Applied Materials, Inc.					111,020		14,291,605
				Intel Corp.					120,390		6,414,379
				Texas Instruments Inc.					41,440		7,965,182
											28,671,166
		Software & Services – (1.25%)
				Microsoft Corp.					9,730		2,743,082
						Total Information Technology					31,414,248
	MATERIALS – (0.30%)
				Teck Resources Ltd., Class B (Canada)					26,560		661,609
						Total Materials					661,609
					TOTAL COMMON STOCK – (Identified cost $108,853,432)						216,095,317
SHORT-TERM INVESTMENTS – (1.59%)
				Nomura Securities International, Inc. Joint Repurchase Agreement, 0.03%, 10/01/21, dated 09/30/21, repurchase value of $1,697,001 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-3.50%, 02/15/26-09/20/51, total market value $1,730,940)				$	1,697,000		1,697,000

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO - (CONTINUED)	September 30, 2021 (Unaudited)

Principal

Value

SHORT-TERM INVESTMENTS – (CONTINUED)

StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 10/01/21,

dated 09/30/21, repurchase value of $1,112,002 (collateralized by: U.S.

Government agency mortgages and obligations in a pooled cash

account, 0.00%-8.50%, 10/15/21-08/20/71, total market value

$1,134,240)

1,112,000

Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 10/01/21,

dated 09/30/21, repurchase value of $679,001 (collateralized by: U.S.

Government agency mortgages in a pooled cash account, 2.00%-3.00%,

08/01/36-07/01/51, total market value $692,580)

679,000

TOTAL SHORT-TERM INVESTMENTS – (Identified cost $3,488,000)

3,488,000

Total Investments – (100.03%) – (Identified cost $112,341,432)

219,583,317

Liabilities Less Other Assets – (0.03%)

(69,791)

Net Assets – (100.00%)

219,513,526

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 $3,817,000 or 1.74% of the Fund's net assets as of September 30, 2021.

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, 2021 (Unaudited)

							Shares		Value
COMMON STOCK – (98.64%)
	FINANCIALS – (98.64%)
		Banks – (48.68%)
			Banks – (46.58%)
				Bank of America Corp.				92,640	$	3,932,568
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)				52,620		1,868,536
				Danske Bank A/S (Denmark)				113,260		1,907,991
				DBS Group Holdings Ltd. (Singapore)				122,737		2,719,681
				DNB Bank ASA (Norway)				103,801		2,359,883
				JPMorgan Chase & Co.				28,600		4,681,534
				M&T Bank Corp.				8,400		1,254,456
				Metro Bank PLC (United Kingdom)*				139,120		197,167
				PNC Financial Services Group, Inc.				18,530		3,625,209
				Truist Financial Corp.				19,750		1,158,338
				U.S. Bancorp				69,170		4,111,465
				Wells Fargo & Co.				88,370		4,101,252
										31,918,080
			Thrifts & Mortgage Finance – (2.10%)
				Rocket Companies, Inc., Class A				89,760		1,439,750
										33,357,830
		Diversified Financials – (31.47%)
			Capital Markets – (12.30%)
				Bank of New York Mellon Corp.				68,310		3,541,190
				Charles Schwab Corp.				30,650		2,232,546
				Julius Baer Group Ltd. (Switzerland)				39,959		2,654,864
										8,428,600
			Consumer Finance – (13.77%)
				American Express Co.				15,650		2,621,845
				Capital One Financial Corp.				42,060		6,812,458
										9,434,303
			Diversified Financial Services – (5.40%)
				Berkshire Hathaway Inc., Class A *				9		3,702,411
										21,565,314
		Insurance – (18.49%)
			Life & Health Insurance – (1.20%)
				Ping An Insurance (Group) Co. of China Ltd. - H (China)				120,000		820,725
			Property & Casualty Insurance – (13.27%)
				Chubb Ltd.				19,716		3,420,332
				Loews Corp.				44,380		2,393,413
				Markel Corp. *				2,745		3,280,632
										9,094,377
			Reinsurance – (4.02%)
				Alleghany Corp. *				2,980		1,860,742
				Everest Re Group, Ltd.				2,230		559,239
				Greenlight Capital Re, Ltd., Class A *				45,000		332,550
										2,752,531
										12,667,633
						Total Financials				67,590,777
					TOTAL COMMON STOCK – (Identified cost $39,468,244)					67,590,777

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS FINANCIAL PORTFOLIO - (CONTINUED)	September 30, 2021 (Unaudited)

							Principal			Value
SHORT-TERM INVESTMENTS – (1.08%)
			Nomura Securities International, Inc. Joint Repurchase Agreement, 0.03%, 10/01/21, dated 09/30/21, repurchase value of $360,000 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 1.50%-3.50%, 01/31/26-10/01/51, total market value $367,200)					$	360,000	$	360,000
			StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 10/01/21, dated 09/30/21, repurchase value of $236,000 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 10/15/21-08/20/71, total market value $240,720)						236,000		236,000
			Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 10/01/21, dated 09/30/21, repurchase value of $144,000 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 2.00%, 05/31/24-10/01/36, total market value $146,880)						144,000		144,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $740,000)						740,000
				Total Investments – (99.72%) – (Identified cost $40,208,244)							68,330,777
				Other Assets Less Liabilities – (0.28%)							194,331
						Net Assets – (100.00%)				$	68,525,108

	*	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, 2021 (Unaudited)

				Shares		Value
COMMON STOCK – (95.42%)
	REAL ESTATE – (95.42%)
		Equity Real Estate Investment Trusts (REITs) – (95.42%)
			Health Care REITs – (8.66%)
			Healthcare Trust of America, Inc.		7,330	$	217,408
			Healthpeak Properties, Inc.		8,500		284,580
			Ventas, Inc.		4,580		252,862
			Welltower Inc.		5,950		490,280
							1,245,130
			Hotel & Resort REITs – (7.02%)
			Host Hotels & Resorts Inc. *		32,680		533,664
			Ryman Hospitality Properties, Inc. *		890		74,493
			Sunstone Hotel Investors, Inc. *		33,550		400,587
							1,008,744
			Industrial REITs – (13.85%)
			Americold Realty Trust		2,420		70,301
			Prologis, Inc.		7,413		929,812
			Rexford Industrial Realty, Inc.		9,200		522,100
			Terreno Realty Corp.		7,420		469,167
							1,991,380
			Office REITs – (13.11%)
			Alexandria Real Estate Equities, Inc.		1,970		376,408
			Boston Properties, Inc.		2,090		226,452
			Cousins Properties, Inc.		10,545		393,223
			Douglas Emmett, Inc.		8,010		253,196
			Highwoods Properties, Inc.		4,430		194,300
			Hudson Pacific Properties, Inc.		8,950		235,116
			SL Green Realty Corp.		1,307		92,588
			Vornado Realty Trust		2,690		113,007
							1,884,290
			Residential REITs – (19.24%)
			American Campus Communities, Inc.		10,630		515,023
			American Homes 4 Rent, Class A		7,070		269,508
			AvalonBay Communities, Inc.		2,210		489,824
			Camden Property Trust		1,880		277,244
			Equity Residential		5,430		439,396
			Essex Property Trust, Inc.		1,430		457,228
			Sun Communities, Inc.		850		157,335
			UDR, Inc.		3,010		159,470
							2,765,028
			Retail REITs – (12.13%)
			Acadia Realty Trust		7,397		150,973
			Brixmor Property Group, Inc.		21,740		480,672
			Federal Realty Investment Trust		2,570		303,234
			Retail Opportunity Investments Corp.		13,865		241,528
			Simon Property Group, Inc.		4,360		566,669
							1,743,076
			Specialized REITs – (21.41%)
			American Tower Corp.		1,820		483,046
			CoreSite Realty Corp.		1,160		160,706

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS REAL ESTATE PORTFOLIO - (CONTINUED)	September 30, 2021 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	REAL ESTATE – (CONTINUED)
			Equity Real Estate Investment Trusts (REITs) – (Continued)
				Specialized REITs – (Continued)
				Crown Castle International Corp.							800	$	138,656
				CyrusOne Inc.							3,990		308,866
				Digital Realty Trust, Inc.							2,560		369,792
				Equinix, Inc.							748		591,017
				Extra Space Storage Inc.							1,380		231,826
				Life Storage, Inc.							1,710		196,206
				Public Storage							1,640		487,244
				VICI Properties Inc.							3,880		110,231
													3,077,590
								Total Real Estate					13,715,238
						TOTAL COMMON STOCK – (Identified cost $9,776,645)							13,715,238
SHORT-TERM INVESTMENTS – (4.59%)
				Nomura Securities International, Inc. Joint Repurchase Agreement, 0.03%, 10/01/21, dated 09/30/21, repurchase value of $321,000 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-4.00%, 09/01/35-10/15/43, total market value $327,420)						$	321,000		321,000
				StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 10/01/21, dated 09/30/21, repurchase value of $211,000 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 10/15/21-08/20/71, total market value $215,220)							211,000		211,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 10/01/21, dated 09/30/21, repurchase value of $128,000 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.125%-3.00%, 06/30/22-07/01/51, total market value $130,560)							128,000		128,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $660,000)							660,000
					Total Investments – (100.01%) – (Identified cost $10,436,645)								14,375,238
					Liabilities Less Other Assets – (0.01%)								(1,395)
							Net Assets – (100.00%)					$	14,373,843

	*	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.	Notes to Schedule of Investments
	September 30, 2021 (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 investments 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, 2021 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of September 30, 2021 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	$	30,671,374	$	–	$	–
Consumer Discretionary		19,205,799		–		–
Consumer Staples		2,228,871		–		–
Financials		87,930,918		56,930,466		–
Health Care		18,507,660		–		–
Industrials		1,597,371		–		–
Information Technology		31,414,248		–		–
Materials		661,609		–		–
Real Estate		–		–		13,715,238
Total Level 1		192,217,850		56,930,466		13,715,238
Level 2 – Other Significant Observable Inputs:
Common Stock*:
Consumer Discretionary		3,548,861		–		–
Financials		16,511,606		10,660,311		–
Industrials		3,817,000		–		–
Short-Term Investments		3,488,000		740,000		660,000
Total Level 2		27,365,467		11,400,311		660,000
Level 3 – Significant Unobservable Inputs:
Total Level 3		–		–		–
Total Investments	$	219,583,317	$	68,330,777	$	14,375,238

* Includes certain securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of local trading.

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, 2021. The net increase in unrealized appreciation during the period on Level 3 securities for Davis Value Portfolio was $1,827,136. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges.

	Beginning Balance at January 1, 2021			Cost of Purchases	Proceeds from Sales		Net Increase in Unrealized Appreciation		Net Realized Gain (Loss)		Transfers into Level 3		Transfers out of Level 3**			Ending Balance at September 30, 2021
Davis Value Portfolio
Investments in Securities:
Preferred Stock	$	4,857,320	$	–	$	–	$	1,827,136	$	–	$	–	$	(6,684,456)	$	–
Total Level 3	$	4,857,320	$	–	$	–	$	1,827,136	$	–	$	–	$	(6,684,456)	$	–

** During the period ended September 30, 2021, certain securities fair valued at $6,684,456 transferred out of Level 3 because observable market data became available for the securities.

DAVIS VARIABLE ACCOUNT FUND, INC.	Notes to Schedule of Investments – (Continued)
	September 30, 2021 (Unaudited)

Federal Income Taxes

At September 30, 2021, the unrealized appreciation (depreciation) and aggregate cost of investments for federal income tax purposes were as follows:

	Davis Value Portfolio		Davis Financial Portfolio		Davis Real Estate Portfolio
Unrealized appreciation	$	111,722,682	$	30,217,781	$	4,012,457
Unrealized depreciation		(5,744,582)		(2,127,525)		(253,579)
Net unrealized appreciation	$	105,978,100	$	28,090,256	$	3,758,878
Aggregate cost	$	113,605,217	$	40,240,521	$	10,616,360

Davis Variable Account Fund NPORT-PDavis Value Portfolio (Sep 2021 report)