Davis Variable Account Fund NPORTP Davis Financial Portfolio (Sep 2022 report)

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO	September 30, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (97.60%)
	COMMUNICATION SERVICES – (11.87%)
		Media & Entertainment – (11.87%)
				Alphabet Inc., Class A *			33,800	$	3,232,970
				Alphabet Inc., Class C *			22,060		2,121,069
				IAC Inc. *			11,240		622,471
				Liberty TripAdvisor Holdings, Inc., Series A *			3,168		3,453
				Meta Platforms, Inc., Class A *			25,040		3,397,428
				Vimeo, Inc. *			11,550		46,200
					Total Communication Services				9,423,591
	CONSUMER DISCRETIONARY – (9.16%)
		Retailing – (9.16%)
				Amazon.com, Inc. *			33,520		3,787,760
				Coupang, Inc., Class A (South Korea)*			46,102		768,520
				JD.com, Inc., Class A, ADR (China)			29,290		1,473,287
				Naspers Ltd. - N (South Africa)			2,590		321,221
				Prosus N.V., Class N (Netherlands)			17,694		920,559
					Total Consumer Discretionary				7,271,347
	CONSUMER STAPLES – (1.30%)
		Food, Beverage & Tobacco – (1.30%)
				Darling Ingredients Inc. *			15,640		1,034,586
					Total Consumer Staples				1,034,586
	FINANCIALS – (48.24%)
		Banks – (21.98%)
				Danske Bank A/S (Denmark)			93,850		1,168,119
				DBS Group Holdings Ltd. (Singapore)			142,077		3,286,718
				JPMorgan Chase & Co.			27,098		2,831,741
				U.S. Bancorp			77,910		3,141,331
				Wells Fargo & Co.			174,424		7,015,334
									17,443,243
		Diversified Financials – (20.00%)
			Capital Markets – (3.86%)
				Bank of New York Mellon Corp.			79,420		3,059,258
			Consumer Finance – (7.43%)
				American Express Co.			4,439		598,866
				Capital One Financial Corp.			57,520		5,301,618
									5,900,484
			Diversified Financial Services – (8.71%)
				Berkshire Hathaway Inc., Class A *			17		6,909,990
									15,869,732
		Insurance – (6.26%)
			Life & Health Insurance – (3.52%)
				AIA Group Ltd. (Hong Kong)			215,600		1,795,065
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)			201,000		1,002,748
									2,797,813
			Property & Casualty Insurance – (2.74%)
				Chubb Ltd.			8,290		1,507,785
				Loews Corp.			5,290		263,654

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO - (CONTINUED)	September 30, 2022 (Unaudited)

							Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Property & Casualty Insurance – (Continued)
				Markel Corp. *					370	$	401,161
											2,172,600
											4,970,413
						Total Financials					38,283,388
	HEALTH CARE – (9.74%)
		Health Care Equipment & Services – (6.99%)
				Cigna Corp.					15,687		4,352,672
				Quest Diagnostics Inc.					9,730		1,193,773
											5,546,445
		Pharmaceuticals, Biotechnology & Life Sciences – (2.75%)
				Viatris Inc.					256,290		2,183,591
						Total Health Care					7,730,036
	INDUSTRIALS – (1.48%)
		Capital Goods – (1.48%)
				Orascom Construction PLC (United Arab Emirates)					13,155		44,612
				Owens Corning					14,350		1,128,054
						Total Industrials					1,172,666
	INFORMATION TECHNOLOGY – (13.69%)
		Semiconductors & Semiconductor Equipment – (11.57%)
				Applied Materials, Inc.					52,780		4,324,265
				Intel Corp.					63,040		1,624,541
				Texas Instruments Inc.					20,890		3,233,354
											9,182,160
		Software & Services – (1.19%)
				Microsoft Corp.					4,060		945,574
		Technology Hardware & Equipment – (0.93%)
				Samsung Electronics Co., Ltd. (South Korea)					19,960		732,916
						Total Information Technology					10,860,650
	MATERIALS – (2.12%)
				Teck Resources Ltd., Class B (Canada)					55,380		1,684,106
						Total Materials					1,684,106
					TOTAL COMMON STOCK – (Identified cost $49,033,791)						77,460,370
SHORT-TERM INVESTMENTS – (2.34%)
				StoneX Financial Inc. Joint Repurchase Agreement, 3.03%, 10/03/22, dated 09/30/22, repurchase value of $1,065,269 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 11/01/22-09/20/70, total market value $1,086,300)				$	1,065,000		1,065,000
				Truist Securities, Inc. Joint Repurchase Agreement, 3.02%, 10/03/22, dated 09/30/22, repurchase value of $791,199 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 0.00%-5.00%, 05/15/30-06/01/52, total market value $806,820)					791,000		791,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,856,000)						1,856,000

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO - (CONTINUED)	September 30, 2022 (Unaudited)

			Total Investments – (99.94%) – (Identified cost $50,889,791)		$	79,316,370
			Other Assets Less Liabilities – (0.06%)			50,226
				Net Assets – (100.00%)	$	79,366,596

	ADR: American Depositary Receipt

	*	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 FINANCIAL PORTFOLIO	September 30, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (98.17%)
	CONSUMER DISCRETIONARY – (2.21%)
		Retailing – (2.21%)
				Prosus N.V., Class N (Netherlands)			19,930	$	1,036,890
					Total Consumer Discretionary				1,036,890
	FINANCIALS – (95.96%)
		Banks – (45.85%)
			Banks – (44.11%)
				Bank of America Corp.			78,690		2,376,438
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			45,990		1,492,835
				Danske Bank A/S (Denmark)			99,410		1,237,323
				DBS Group Holdings Ltd. (Singapore)			105,437		2,439,112
				DNB Bank ASA (Norway)			62,990		999,529
				Fifth Third Bancorp			37,520		1,199,139
				JPMorgan Chase & Co.			26,000		2,717,000
				Metro Bank PLC (United Kingdom)*			97,530		86,300
				PNC Financial Services Group, Inc.			15,730		2,350,377
				U.S. Bancorp			63,010		2,540,563
				Wells Fargo & Co.			80,670		3,244,547
									20,683,163
			Thrifts & Mortgage Finance – (1.74%)
				Rocket Companies, Inc., Class A			128,770		813,827
									21,496,990
		Diversified Financials – (32.04%)
			Capital Markets – (13.53%)
				Bank of New York Mellon Corp.			59,000		2,272,680
				Charles Schwab Corp.			25,690		1,846,340
				Julius Baer Group Ltd. (Switzerland)			50,949		2,223,366
									6,342,386
			Consumer Finance – (11.57%)
				American Express Co.			13,690		1,846,918
				Capital One Financial Corp.			38,830		3,578,961
									5,425,879
			Diversified Financial Services – (6.94%)
				Berkshire Hathaway Inc., Class A *			8		3,251,760
									15,020,025
		Insurance – (18.07%)
			Life & Health Insurance – (1.07%)
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)			100,500		501,374
			Property & Casualty Insurance – (15.35%)
				Chubb Ltd.			17,176		3,123,971
				Loews Corp.			29,440		1,467,289
				Markel Corp. *			2,405		2,607,549
									7,198,809
			Reinsurance – (1.65%)
				Everest Re Group, Ltd.			1,890		496,012

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS FINANCIAL PORTFOLIO - (CONTINUED)	September 30, 2022 (Unaudited)

										Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
				Reinsurance – (Continued)
					Greenlight Capital Re, Ltd., Class A *							37,300	$	277,512
														773,524
														8,473,707
									Total Financials					44,990,722
							TOTAL COMMON STOCK – (Identified cost $32,397,714)							46,027,612
SHORT-TERM INVESTMENTS – (1.51%)
					StoneX Financial Inc. Joint Repurchase Agreement, 3.03%, 10/03/22, dated 09/30/22, repurchase value of $407,103 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 11/01/22-09/20/70, total market value $415,140)						$	407,000		407,000
					Truist Securities, Inc. Joint Repurchase Agreement, 3.02%, 10/03/22, dated 09/30/22, repurchase value of $303,076 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 0.00%-3.50%, 05/15/30-04/01/45, total market value $309,060)							303,000		303,000
							TOTAL SHORT-TERM INVESTMENTS – (Identified cost $710,000)							710,000
						Total Investments – (99.68%) – (Identified cost $33,107,714)								46,737,612
						Other Assets Less Liabilities – (0.32%)								147,928
								Net Assets – (100.00%)					$	46,885,540

	*		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, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (95.38%)
	COMMUNICATION SERVICES – (1.05%)
		Telecommunication Services – (1.05%)
				Integrated Telecommunication Services – (1.05%)
				Radius Global Infrastructure, Inc., Class A *			11,630	$	109,555
					Total Communication Services				109,555
	REAL ESTATE – (94.33%)
			Equity Real Estate Investment Trusts (REITs) – (94.33%)
				Diversified REITs – (1.36%)
				STORE Capital Corp.			4,520		141,612
				Health Care REITs – (9.28%)
				Healthcare Realty Trust Inc.			8,230		171,596
				Healthpeak Properties, Inc.			8,580		196,654
				Ventas, Inc.			5,920		237,806
				Welltower Inc.			5,570		358,262
									964,318
				Hotel & Resort REITs – (3.59%)
				Host Hotels & Resorts Inc.			10,460		166,105
				Sunstone Hotel Investors, Inc.			21,930		206,580
									372,685
				Industrial REITs – (13.89%)
				Americold Realty Trust, Inc.			2,330		57,318
				Duke Realty Corp.			1,230		59,286
				Innovative Industrial Properties, Inc.			1,000		88,500
				Prologis, Inc.			5,843		593,649
				Rexford Industrial Realty, Inc.			6,690		347,880
				Terreno Realty Corp.			5,610		297,274
									1,443,907
				Office REITs – (11.45%)
				Alexandria Real Estate Equities, Inc.			2,620		367,298
				Boston Properties, Inc.			2,830		212,165
				Cousins Properties, Inc.			5,425		126,674
				Douglas Emmett, Inc.			12,230		219,284
				Highwoods Properties, Inc.			4,790		129,138
				Hudson Pacific Properties, Inc.			12,350		135,232
									1,189,791
				Residential REITs – (18.08%)
				American Homes 4 Rent, Class A			7,140		234,263
				AvalonBay Communities, Inc.			2,200		405,218
				Camden Property Trust			1,970		235,316
				Equity Residential			5,460		367,021
				Essex Property Trust, Inc.			1,440		348,811
				Sun Communities, Inc.			850		115,031
				UDR, Inc.			4,180		174,348
									1,880,008
				Retail REITs – (12.37%)
				Acadia Realty Trust			5,577		70,382
				Brixmor Property Group, Inc.			21,560		398,213
				Federal Realty Investment Trust			1,970		177,536
				NetSTREIT Corp.			7,040		125,382
				Retail Opportunity Investments Corp.			14,005		192,709

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS REAL ESTATE PORTFOLIO - (CONTINUED)	September 30, 2022 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	REAL ESTATE – (CONTINUED)
			Equity Real Estate Investment Trusts (REITs) – (Continued)
				Retail REITs – (Continued)
				Simon Property Group, Inc.							3,590	$	322,203
													1,286,425
				Specialized REITs – (24.31%)
				American Tower Corp.							2,110		453,017
				Crown Castle Inc.							2,270		328,129
				CubeSmart							2,970		118,978
				Digital Realty Trust, Inc.							2,860		283,655
				Equinix, Inc.							708		402,739
				Extra Space Storage Inc.							1,390		240,067
				Life Storage, Inc.							1,120		124,051
				Public Storage							1,550		453,855
				VICI Properties Inc.							4,120		122,982
													2,527,473
								Total Real Estate					9,806,219
						TOTAL COMMON STOCK – (Identified cost $9,144,115)							9,915,774
SHORT-TERM INVESTMENTS – (4.49%)
				StoneX Financial Inc. Joint Repurchase Agreement, 3.03%, 10/03/22, dated 09/30/22, repurchase value of $268,068 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 11/01/22-09/20/70, total market value $273,360)						$	268,000		268,000
				Truist Securities, Inc. Joint Repurchase Agreement, 3.02%, 10/03/22, dated 09/30/22, repurchase value of $199,050 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-4.00%, 03/28/25-04/01/52, total market value $202,980)							199,000		199,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $467,000)							467,000
					Total Investments – (99.87%) – (Identified cost $9,611,115)								10,382,774
					Other Assets Less Liabilities – (0.13%)								13,332
							Net Assets – (100.00%)					$	10,396,106

	*	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, 2022 (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 Pricing Committee. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser's portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Adviser may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer's industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. Fair value determinations are subject to review by the Funds' Board of Directors at its next regularly scheduled meeting covering the period in which the fair valuation was determined.

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

The Advisor's 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, 2022 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of September 30, 2022 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	$	9,423,591	$	–	$	109,555
Consumer Discretionary		6,029,567		–		–
Consumer Staples		1,034,586		–		–
Financials		31,030,738		37,503,718		–
Health Care		7,730,036		–		–
Industrials		1,128,054		–		–
Information Technology		10,127,734		–		–
Materials		1,684,106		–		–
Real Estate		–		–		9,806,219
Total Level 1		68,188,412		37,503,718		9,915,774
Level 2 – Other Significant Observable Inputs:
Common Stock*:
Consumer Discretionary		1,241,780		1,036,890		–
Financials		7,252,650		7,487,004		–
Industrials		44,612		–		–
Information Technology		732,916		–		–
Short-Term Investments		1,856,000		710,000		467,000
Total Level 2		11,127,958		9,233,894		467,000
Level 3 – Significant Unobservable Inputs:
Total Level 3		–		–		–
Total Investments	$	79,316,370	$	46,737,612	$	10,382,774

*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.

Federal Income Taxes

At September 30, 2022, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Davis Value Portfolio		Davis Financial Portfolio		Davis Real Estate Portfolio
Cost	$	51,953,694	$	33,139,991	$	9,734,302
Unrealized appreciation		33,910,909		17,065,859		1,878,403
Unrealized depreciation		(6,548,233)		(3,468,238)		(1,229,931)
Net unrealized appreciation	$	27,362,676	$	13,597,621	$	648,472

Davis Variable Account Fund NPORT-PDavis Financial Portfolio (Sep 2022 report)