Davis Variable Account Fund NPORTP Davis Value Portfolio (Mar 2023 report)

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO	March 31, 2023 (Unaudited)

						Shares		Value
COMMON STOCK – (97.91%)
	COMMUNICATION SERVICES – (16.25%)
		Media & Entertainment – (16.25%)
				Alphabet Inc., Class A *			33,800	$	3,506,074
				Alphabet Inc., Class C *			22,060		2,294,240
				IAC Inc. *			11,240		579,984
				Liberty TripAdvisor Holdings, Inc., Series A *			3,168		2,721
				Meta Platforms, Inc., Class A *			36,660		7,769,721
					Total Communication Services				14,152,740
	CONSUMER DISCRETIONARY – (8.95%)
		Consumer Discretionary Distribution & Retail – (8.95%)
				Amazon.com, Inc. *			40,670		4,200,804
				Coupang, Inc., Class A (South Korea)*			46,102		737,632
				JD.com, Inc., Class A, ADR (China)			22,620		992,792
				Naspers Ltd. - N (South Africa)			2,590		479,912
				Prosus N.V., Class N (Netherlands)			17,694		1,385,511
					Total Consumer Discretionary				7,796,651
	CONSUMER STAPLES – (1.05%)
		Food, Beverage & Tobacco – (1.05%)
				Darling Ingredients Inc. *			15,640		913,376
					Total Consumer Staples				913,376
	FINANCIALS – (45.42%)
		Banks – (19.68%)
				Danske Bank A/S (Denmark)*			107,320		2,159,148
				DBS Group Holdings Ltd. (Singapore)			119,877		2,980,350
				JPMorgan Chase & Co.			25,278		3,293,976
				U.S. Bancorp			72,680		2,620,114
				Wells Fargo & Co.			162,704		6,081,876
									17,135,464
		Financial Services – (19.34%)
			Capital Markets – (3.87%)
				Bank of New York Mellon Corp.			74,090		3,366,650
			Consumer Finance – (6.91%)
				American Express Co.			4,439		732,213
				Capital One Financial Corp.			55,000		5,288,800
									6,021,013
			Financial Services – (8.56%)
				Berkshire Hathaway Inc., Class A *			16		7,449,600
									16,837,263
		Insurance – (6.40%)
			Life & Health Insurance – (3.83%)
				AIA Group Ltd. (Hong Kong)			193,800		2,032,449
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)			201,000		1,300,312
									3,332,761
			Property & Casualty Insurance – (2.57%)
				Chubb Ltd.			7,770		1,508,779
				Loews Corp.			5,290		306,926
				Markel Corp. *			330		421,545
									2,237,250
									5,570,011
					Total Financials				39,542,738

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO - (CONTINUED)	March 31, 2023 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	HEALTH CARE – (6.67%)
		Health Care Equipment & Services – (3.84%)
				Cigna Group							9,437	$	2,411,436
				Quest Diagnostics Inc.							6,600		933,768
													3,345,204
		Pharmaceuticals, Biotechnology & Life Sciences – (2.83%)
				Viatris Inc.							256,290		2,465,510
								Total Health Care					5,810,714
	INDUSTRIALS – (1.63%)
		Capital Goods – (1.63%)
				Orascom Construction PLC (United Arab Emirates)							13,155		40,806
				Owens Corning							14,350		1,374,730
								Total Industrials					1,415,536
	INFORMATION TECHNOLOGY – (15.62%)
		Semiconductors & Semiconductor Equipment – (13.25%)
				Applied Materials, Inc.							49,400		6,067,802
				Intel Corp.							56,900		1,858,923
				Texas Instruments Inc.							19,390		3,606,734
													11,533,459
		Software & Services – (1.24%)
				Microsoft Corp.							3,730		1,075,359
		Technology Hardware & Equipment – (1.13%)
				Samsung Electronics Co., Ltd. (South Korea)							19,960		987,041
								Total Information Technology					13,595,859
	MATERIALS – (2.32%)
				Teck Resources Ltd., Class B (Canada)							55,380		2,021,370
								Total Materials					2,021,370
						TOTAL COMMON STOCK – (Identified cost $46,633,839)							85,248,984
SHORT-TERM INVESTMENTS – (0.59%)
				StoneX Financial Inc. Joint Repurchase Agreement, 4.81%, 04/03/23, dated 03/31/23, repurchase value of $291,117 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.274%, 04/18/23-04/15/58, total market value $296,820)						$	291,000		291,000
				Truist Securities, Inc. Joint Repurchase Agreement, 4.81%, 04/03/23, dated 03/31/23, repurchase value of $227,091 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%-5.50%, 06/01/28-05/01/47, total market value $231,540)							227,000		227,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $518,000)							518,000
					Total Investments – (98.50%) – (Identified cost $47,151,839)								85,766,984
					Other Assets Less Liabilities – (1.50%)								1,303,737
							Net Assets – (100.00%)					$	87,070,721

	ADR: American Depositary Receipt

	*		Non-income producing security.

Please refer to "Notes to Schedule of Investments" on page 7 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	March 31, 2023 (Unaudited)

						Shares		Value
COMMON STOCK – (98.18%)
	CONSUMER DISCRETIONARY – (3.14%)
		Consumer Discretionary Distribution & Retail – (3.14%)
				Prosus N.V., Class N (Netherlands)			19,930	$	1,560,599
					Total Consumer Discretionary				1,560,599
	FINANCIALS – (95.04%)
		Banks – (43.92%)
				Bank of America Corp.			76,030		2,174,458
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			43,490		1,174,230
				Danske Bank A/S (Denmark)*			93,760		1,886,338
				DBS Group Holdings Ltd. (Singapore)			105,437		2,621,347
				DNB Bank ASA (Norway)			62,990		1,127,252
				Fifth Third Bancorp			86,250		2,297,700
				JPMorgan Chase & Co.			24,960		3,252,538
				Metro Bank PLC (United Kingdom)*			97,530		127,862
				PNC Financial Services Group, Inc.			14,500		1,842,950
				U.S. Bancorp			63,010		2,271,510
				Wells Fargo & Co.			80,670		3,015,445
									21,791,630
		Financial Services – (33.83%)
			Capital Markets – (13.33%)
				Bank of New York Mellon Corp.			59,000		2,680,960
				Charles Schwab Corp.			11,320		592,942
				Julius Baer Group Ltd. (Switzerland)			48,909		3,340,897
									6,614,799
			Consumer Finance – (11.72%)
				American Express Co.			12,630		2,083,318
				Capital One Financial Corp.			38,830		3,733,893
									5,817,211
			Financial Services – (8.78%)
				Berkshire Hathaway Inc., Class A *			7		3,259,200
				Rocket Companies, Inc., Class A *			121,170		1,097,800
									4,357,000
									16,789,010
		Insurance – (17.29%)
			Life & Health Insurance – (1.31%)
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)			100,500		650,156
			Property & Casualty Insurance – (14.20%)
				Chubb Ltd.			13,606		2,642,013
				Loews Corp.			27,150		1,575,243
				Markel Corp. *			2,215		2,829,463
									7,046,719
			Reinsurance – (1.78%)
				Everest Re Group, Ltd.			1,740		622,955

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS FINANCIAL PORTFOLIO - (CONTINUED)	March 31, 2023 (Unaudited)

										Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
				Reinsurance – (Continued)
					Greenlight Capital Re, Ltd., Class A *							27,590	$	259,070
														882,025
														8,578,900
									Total Financials					47,159,540
							TOTAL COMMON STOCK – (Identified cost $31,858,607)							48,720,139
SHORT-TERM INVESTMENTS – (1.59%)
					StoneX Financial Inc. Joint Repurchase Agreement, 4.81%, 04/03/23, dated 03/31/23, repurchase value of $442,177 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.274%, 04/18/23-04/15/58, total market value $450,840)						$	442,000		442,000
					Truist Securities, Inc. Joint Repurchase Agreement, 4.81%, 04/03/23, dated 03/31/23, repurchase value of $346,139 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-5.00%, 05/01/23-01/01/53, total market value $352,920)							346,000		346,000
							TOTAL SHORT-TERM INVESTMENTS – (Identified cost $788,000)							788,000
						Total Investments – (99.77%) – (Identified cost $32,646,607)								49,508,139
						Other Assets Less Liabilities – (0.23%)								112,163
								Net Assets – (100.00%)					$	49,620,302

	*		Non-income producing security.

Please refer to "Notes to Schedule of Investments" on page 7 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	March 31, 2023 (Unaudited)

					Shares		Value
COMMON STOCK – (96.47%)
	REAL ESTATE – (96.47%)
		Equity Real Estate Investment Trusts (REITs) – (96.47%)
			Health Care REITs – (7.89%)
				Community Healthcare Trust, Inc.		1,340	$	49,044
				Healthpeak Properties, Inc.		5,340		117,320
				Ventas, Inc.		6,940		300,849
				Welltower Inc.		4,470		320,454
								787,667
			Hotel & Resort REITs – (2.17%)
				Sunstone Hotel Investors, Inc.		21,930		216,668
			Industrial REITs – (16.13%)
				Prologis, Inc.		6,427		801,897
				Rexford Industrial Realty, Inc.		7,100		423,515
				Terreno Realty Corp.		5,940		383,724
								1,609,136
			Office REITs – (15.14%)
				Alexandria Real Estate Equities, Inc.		3,050		383,049
				Boston Properties, Inc.		3,430		185,632
				Cousins Properties, Inc.		18,255		390,292
				Derwent London plc (United Kingdom)		3,330		96,920
				Douglas Emmett, Inc.		12,230		150,796
				Great Portland Estates plc (United Kingdom)		14,560		91,124
				Highwoods Properties, Inc.		3,750		86,963
				Hudson Pacific Properties, Inc.		18,980		126,217
								1,510,993
			Residential REITs – (18.41%)
				American Homes 4 Rent, Class A		7,140		224,553
				AvalonBay Communities, Inc.		2,600		436,956
				Camden Property Trust		1,820		190,809
				Equity Residential		3,920		235,200
				Essex Property Trust, Inc.		1,840		384,817
				Sun Communities, Inc.		850		119,748
				UDR, Inc.		5,950		244,307
								1,836,390
			Retail REITs – (12.34%)
				Brixmor Property Group, Inc.		18,560		399,411
				Federal Realty Investment Trust		1,410		139,351
				NetSTREIT Corp.		4,150		75,862
				Retail Opportunity Investments Corp.		14,005		195,510
				Simon Property Group, Inc.		3,760		421,007
								1,231,141
			Specialized REITs – (24.39%)
				American Tower Corp.		1,690		345,335
				Crown Castle Inc.		2,020		270,357
				CubeSmart		3,800		175,636
				Digital Realty Trust, Inc.		2,760		271,336
				Equinix, Inc.		668		481,655
				Life Storage, Inc.		1,700		222,853

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS REAL ESTATE PORTFOLIO - (CONTINUED)	March 31, 2023 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	REAL ESTATE – (CONTINUED)
		Equity Real Estate Investment Trusts (REITs) – (Continued)
			Specialized REITs – (Continued)
				Public Storage							1,760	$	531,766
				VICI Properties Inc.							4,120		134,394
													2,433,332
								Total Real Estate					9,625,327
						TOTAL COMMON STOCK – (Identified cost $8,310,216)							9,625,327
SHORT-TERM INVESTMENTS – (3.57%)
				StoneX Financial Inc. Joint Repurchase Agreement, 4.81%, 04/03/23, dated 03/31/23, repurchase value of $200,080 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.274%, 04/18/23-04/15/58, total market value $204,000)						$	200,000		200,000
				Truist Securities, Inc. Joint Repurchase Agreement, 4.81%, 04/03/23, dated 03/31/23, repurchase value of $156,063 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-5.50%, 02/01/24-02/01/53, total market value $159,120)							156,000		156,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $356,000)							356,000
					Total Investments – (100.04%) – (Identified cost $8,666,216)								9,981,327
					Liabilities Less Other Assets – (0.04%)								(4,013)
							Net Assets – (100.00%)					$	9,977,314

Please refer to "Notes to Schedule of Investments" on page 7 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
	March 31, 2023 (Unaudited)

Security Valuation - The Funds' Board of Directors has designated Davis Selected Advisers, L.P. ("Adviser"), the Funds' investment adviser, as the valuation designee for the Fund. The Adviser has established a Pricing Committee to carry out the day-to-day valuation activities for the Funds. The Funds calculate the net asset value of its 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 the 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 Pricing Committee 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.

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

On a quarterly basis, the Board of Directors receives reports of valuation actions taken by the Pricing Committee. On at least an annual basis, the Board of Directors receives an assessment of the adequacy and effectiveness of the Adviser's process for determining the fair value of the Funds' investments.

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)
	March 31, 2023 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of March 31, 2023 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	$	14,152,740	$	–	$	–
Consumer Discretionary		5,931,228		–		–
Consumer Staples		913,376		–		–
Financials		31,070,479		37,405,688		–
Health Care		5,810,714		–		–
Industrials		1,415,536		–		–
Information Technology		12,608,818		–		–
Materials		2,021,370		–		–
Real Estate		–		–		9,437,283
Total Level 1		73,924,261		37,405,688		9,437,283
Level 2 – Other Significant Observable Inputs:
Common Stock*:
Consumer Discretionary		1,865,423		1,560,599		–
Financials		8,472,259		9,753,852		–
Information Technology		987,041		–		–
Real Estate		–		–		188,044
Short-Term Investments		518,000		788,000		356,000
Total Level 2		11,842,723		12,102,451		544,044
Level 3 – Significant Unobservable Inputs:
Total Level 3		–		–		–
Total Investments	$	85,766,984	$	49,508,139	$	9,981,327

*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 March 31, 2023, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Davis Value		Davis Financial		Davis Real Estate
	Portfolio		Portfolio		Portfolio
Cost	$	48,157,504	$	32,757,500	$	8,799,692
Unrealized appreciation		41,383,725		19,710,661		2,140,289
Unrealized depreciation		(3,774,245)		(2,960,022)		(958,654)
Net unrealized appreciation	$	37,609,480	$	16,750,639	$	1,181,635

Davis Variable Account Fund NPORT-PDavis Value Portfolio (Mar 2023 report)