Form NPORT-P DAVIS VARIABLE ACCOUNT For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0001084060
          XXXXXXXX
        
      
      
      
      
        S000003452
        C000009558
      
      
      
    
  
  
    
      DAVIS VARIABLE ACCOUNT FUND INC
      811-09293
      0001084060
      254900JDRQYIL8CB7K16
      2949 E. Elvira Road
      Suite 101
      Tucson
      
      85756
      520-806-7600
      Davis Financial Portfolio
      S000003452
      25490044IO5VWLXSFT66
      2022-12-31
      2022-03-31
      N
    
    
      67822390.840000000000
      65291.510000000000
      67757099.330000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      581.140000000000
      N
      
        
          
        
        
        
        
      
      
      
      
    
    
      
        TRUIST REPO
        N/A
        
        ARP0STOU8
        
          
        
        232000
        PA
        USD
        232000
        0.3423995453
        Long
        RA
        USGA
        US
        N
        
        2
        
          2022-04-01
          Fixed
          0.29
          N
          N
          N
        
        
          Repurchase
          
          Y
          0.29
          2022-04-01
          
            
              247939
              USD
              236640.1054275433
              USD
              AMBS
            
          
        
        
          N
          N
          N
        
      
      
        STONEX REPO
        N/A
        
        ARP0STOW4
        
          
        
        86000
        PA
        USD
        86000
        0.1269239694
        Long
        RA
        USGA
        US
        N
        
        2
        
          2022-04-01
          Fixed
          0.3
          N
          N
          N
        
        
          Repurchase
          
          Y
          0.3
          2022-04-01
          
            
              148.02475598115592
              USD
              146.94365772891828
              USD
              UST
            
            
              249378.15377036054
              USD
              87573.05756892501
              USD
              AMBS
            
          
        
        
          N
          N
          N
        
      
      
        ALLEGHANY CORP
        549300DCJE6AYX159479
        
        017175100
        
          
          
        
        3220
        NS
        USD
        2727340
        4.0251723096
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN EXPRESS CO
        R4PP93JZOLY261QX3811
        
        025816109
        
          
          
        
        15450
        NS
        USD
        2889150
        4.2639812338
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORP
        9DJT3UXIJIZJI4WXO774
        
        060505104
        
          
          
        
        87450
        NS
        USD
        3604689
        5.3200167003
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF NEW YORK MELLON CORP
        WFLLPEPC7FZXENRZV188
        
        064058100
        
          
          
        
        64470
        NS
        USD
        3199646.1
        4.7222300418
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BERKSHIRE HATHAWAY INC CL A
        5493000C01ZX7D35SD85
        
        084670108
        
          
          
        
        9
        NS
        USD
        4760289
        7.0255206422
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CAPITAL ONE FINANCIAL CORP
        ZUE8T73ROZOF6FLBAR73
        
        14040H105
        
          
          
        
        42060
        NS
        USD
        5522057.4
        8.1497842360
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DANSKE BANK A/S
        MAES062Z21O4RZ2U7M96
        
        458882909
        
          
          
          
        
        112270
        NS
        
        1867620.39
        2.7563464323
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE + CO
        8I5DZWZKVSZI1NUHU748
        
        46625H100
        
          
          
        
        28600
        NS
        USD
        3898752
        5.7540125515
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LOEWS CORP
        R8V1FN4M5ITGZOG7BS19
        
        540424108
        
          
          
        
        42700
        NS
        USD
        2767814
        4.0849062716
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MARKEL CORP
        549300SCNO12JLWIK605
        
        570535104
        
          
          
        
        2675
        NS
        USD
        3946267
        5.8241380446
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DBS GROUP HOLDINGS LTD
        5493007FKT78NKPM5V55
        
        617520903
        
          
          
          
        
        119137
        NS
        
        3121651.79
        4.6071213509
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        PNC FINANCIAL SERVICES GROUP
        CFGNEKW0P8842LEUIA51
        
        693475105
        
          
          
        
        17710
        NS
        USD
        3266609.5
        4.8210586526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ROCKET COS INC CLASS A
        N/A
        
        77311W101
        
          
          
        
        153080
        NS
        USD
        1702249.6
        2.5122822801
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SCHWAB (CHARLES) CORP
        549300VSGCJ7E698NM85
        
        808513105
        
          
          
        
        29020
        NS
        USD
        2446676.2
        3.6109518031
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US BANCORP
        N1GZ7BBF3NP8GI976H15
        
        902973304
        
          
          
        
        69170
        NS
        USD
        3676385.5
        5.4258307046
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WELLS FARGO + CO
        PBLD0EJDB5FWOLXP3B76
        
        949746101
        
          
          
        
        88370
        NS
        USD
        4282410.2
        6.3202383844
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        METRO BANK PLC
        213800X5WU57YL9GPK89
        
        ACI0L3FD1
        
          
          
          
        
        139120
        NS
        
        162938.63
        0.2404746242
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        DNB BANK ASA
        549300GKFG0RYRRQ1414
        
        ACI1YWP65
        
          
          
          
        
        72470
        NS
        
        1638469.52
        2.4181518043
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        PING AN INSURANCE GROUP CO H
        529900M9MC28JLN35U89
        
        B01FLR903
        
          
          
          
        
        120000
        NS
        
        838927.73
        1.2381399710
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        JULIUS BAER GROUP LTD
        5299007MF0604ZGJER92
        
        B4R2R5908
        
          
          
          
        
        51739
        NS
        
        2995402.72
        4.4207953847
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        PROSUS NV
        635400Z5LQ5F9OLVT688
        
        BJDS7L900
        
          
          
          
        
        22980
        NS
        
        1239261.11
        1.8289760368
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        BANK OF N.T. BUTTERFIELD+SON
        549300V8RVM0EMTDPF28
        
        G0772R208
        
          
          
        
        51080
        NS
        USD
        1832750.4
        2.7048832050
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        EVEREST RE GROUP LTD
        549300N24XF2VV0B3570
        
        G3223R108
        
          
          
        
        2100
        NS
        USD
        632898
        0.9340689112
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GREENLIGHT CAPITAL RE LTD A
        549300Q9HRIFA2BGHJ51
        
        G4095J109
        
          
          
        
        45000
        NS
        USD
        318150
        0.4695448937
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHUBB LTD
        E0JAN6VLUDI1HITHT809
        
        H1467J104
        
          
          
        
        19086
        NS
        USD
        4082495.4
        6.0251921059
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-04-14
      DAVIS VARIABLE ACCOUNT FUND INC
      Doug A. Haines
      Doug A. Haines
      Treasurer
    
  
  XXXX

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DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO	March 31, 2022 (Unaudited)

							Shares				Value
COMMON STOCK – (99.17%)
	COMMUNICATION SERVICES – (13.48%)
		Media & Entertainment – (12.84%)
				Alphabet Inc., Class A  *					3,250		$	9,039,388
				Alphabet Inc., Class C  *					2,123			5,929,518
				IAC/InterActiveCorp  *					21,620			2,168,054
				Liberty TripAdvisor Holdings, Inc., Series A  *					6,088			12,480
				Meta Platforms, Inc., Class A  *					35,740			7,947,146
				Vimeo, Inc.  *					35,100			416,988
												25,513,574
		Telecommunication Services – (0.64%)
				Liberty Global plc, Series C  *					49,290			1,277,104
						Total Communication Services						26,790,678
	CONSUMER DISCRETIONARY – (9.99%)
		Retailing – (9.99%)
				Alibaba Group Holding Ltd., ADR  (China)*					17,780			1,934,464
				Amazon.com, Inc.  *					3,226			10,516,599
				Coupang, Inc., Class A  (South Korea)*					88,672			1,567,721
				JD.com, Inc., Class A, ADR  (China)*					56,340			3,260,396
				Naspers Ltd. - N  (South Africa)					4,990			563,582
				Prosus N.V., Class N  (Netherlands)					34,034			1,835,379
				Vroom, Inc.  *					64,420			171,357
						Total Consumer Discretionary						19,849,498
	CONSUMER STAPLES – (1.22%)
		Food & Staples Retailing – (0.01%)
				Missfresh Ltd., Class B, ADS  (China)*					15,000			13,563
		Food, Beverage & Tobacco – (1.21%)
				Darling Ingredients Inc.  *					30,090			2,418,634
						Total Consumer Staples						2,432,197
	FINANCIALS – (48.19%)
		Banks – (20.88%)
				Danske Bank A/S  (Denmark)					180,500			3,002,632
				DBS Group Holdings Ltd.  (Singapore)					273,277			7,160,459
				JPMorgan Chase & Co.					52,118			7,104,726
				U.S. Bancorp					149,850			7,964,528
				Wells Fargo & Co.					335,474			16,257,070
												41,489,415
		Diversified Financials – (20.83%)
			Capital Markets – (3.82%)
				Bank of New York Mellon Corp.					152,760			7,581,479
			Consumer Finance – (8.49%)
				American Express Co.					12,579			2,352,273
				Capital One Financial Corp.					110,640			14,525,925
												16,878,198
			Diversified Financial Services – (8.52%)
				Berkshire Hathaway Inc., Class A  *					32			16,925,472
												41,385,149
		Insurance – (6.48%)
			Life & Health Insurance – (3.54%)
				AIA Group Ltd.  (Hong Kong)					414,800			4,331,291

1

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DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO - (CONTINUED)	March 31, 2022 (Unaudited)

								Shares/Principal				Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Life & Health Insurance – (Continued)
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)						386,500		$	2,702,046
													7,033,337
			Property & Casualty Insurance – (2.94%)
				Chubb Ltd.						15,950			3,411,705
				Loews Corp.						21,070			1,365,757
				Markel Corp.  *						720			1,062,173
													5,839,635
													12,872,972
							Total Financials						95,747,536
	HEALTH CARE – (7.63%)
		Health Care Equipment & Services – (4.93%)
				Cigna Corp.						30,177			7,230,711
				Quest Diagnostics Inc.						18,710			2,560,651
													9,791,362
		Pharmaceuticals, Biotechnology & Life Sciences – (2.70%)
				Viatris Inc.						492,930			5,363,078
							Total Health Care						15,154,440
	INDUSTRIALS – (0.76%)
		Capital Goods – (0.03%)
				Orascom Construction PLC  (United Arab Emirates)						13,155			55,257
		Transportation – (0.73%)
				DiDi Global Inc., Class A, ADS  (China)*						579,306			1,448,265
							Total Industrials						1,503,522
	INFORMATION TECHNOLOGY – (16.53%)
		Semiconductors & Semiconductor Equipment – (15.02%)
				Applied Materials, Inc.						109,500			14,432,100
				Intel Corp.						162,330			8,045,075
				Texas Instruments Inc.						40,180			7,372,226
													29,849,401
		Software & Services – (1.51%)
				Microsoft Corp.						9,730			2,999,856
							Total Information Technology						32,849,257
	MATERIALS – (1.37%)
				Teck Resources Ltd., Class B  (Canada)						67,220			2,715,016
							Total Materials						2,715,016
					TOTAL COMMON STOCK – (Identified cost $109,390,609)								197,042,144
SHORT-TERM INVESTMENTS – (0.35%)
				StoneX Financial Inc. Joint Repurchase Agreement, 0.30%, 04/01/22, dated 03/31/22, repurchase value of $191,002 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-6.50%, 10/06/22-03/15/57, total market value $194,820)					$	191,000			191,000

2

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DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO - (CONTINUED)	March 31, 2022 (Unaudited)

						Principal				Value
SHORT-TERM INVESTMENTS – (CONTINUED)
			Truist Securities, Inc. Joint Repurchase Agreement, 0.29%, 04/01/22, dated 03/31/22, repurchase value of $516,004 (collateralized by: U.S. Government agency mortgage in a pooled cash account, 3.50%, 03/01/52, total market value $526,320)				$	516,000		$	516,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $707,000)						707,000
				Total Investments – (99.52%) – (Identified cost $110,097,609)							197,749,144
				Other Assets Less Liabilities – (0.48%)							947,956
					Net Assets – (100.00%)					$	198,697,100
	ADR: American Depositary Receipt
	ADS: American Depositary Share
	*	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.

3

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DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS FINANCIAL PORTFOLIO	March 31, 2022 (Unaudited)

							Shares				Value
COMMON STOCK – (99.58%)
	CONSUMER DISCRETIONARY – (1.83%)
		Retailing – (1.83%)
				Prosus N.V., Class N  (Netherlands)					22,980		$	1,239,261
						Total Consumer Discretionary						1,239,261
	FINANCIALS – (97.75%)
		Banks – (42.91%)
			Banks – (40.40%)
				Bank of America Corp.					87,450			3,604,689
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)					51,080			1,832,750
				Danske Bank A/S  (Denmark)					112,270			1,867,620
				DBS Group Holdings Ltd.  (Singapore)					119,137			3,121,652
				DNB Bank ASA  (Norway)					72,470			1,638,470
				JPMorgan Chase & Co.					28,600			3,898,752
				Metro Bank PLC  (United Kingdom)*					139,120			162,939
				PNC Financial Services Group, Inc.					17,710			3,266,610
				U.S. Bancorp					69,170			3,676,385
				Wells Fargo & Co.					88,370			4,282,410
												27,352,277
			Thrifts & Mortgage Finance – (2.51%)
				Rocket Companies, Inc., Class A					153,080			1,702,250
												29,054,527
		Diversified Financials – (32.22%)
			Capital Markets – (12.77%)
				Bank of New York Mellon Corp.					64,470			3,199,646
				Charles Schwab Corp.					29,020			2,446,676
				Julius Baer Group Ltd.  (Switzerland)					51,739			2,995,403
												8,641,725
			Consumer Finance – (12.42%)
				American Express Co.					15,450			2,889,150
				Capital One Financial Corp.					42,060			5,522,057
												8,411,207
			Diversified Financial Services – (7.03%)
				Berkshire Hathaway Inc., Class A  *					9			4,760,289
												21,813,221
		Insurance – (22.62%)
			Life & Health Insurance – (1.24%)
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)					120,000			838,928
			Property & Casualty Insurance – (15.95%)
				Chubb Ltd.					19,086			4,082,495
				Loews Corp.					42,700			2,767,814
				Markel Corp.  *					2,675			3,946,267
												10,796,576
			Reinsurance – (5.43%)
				Alleghany Corp.  *					3,220			2,727,340
				Everest Re Group, Ltd.					2,100			632,898

4

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DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS FINANCIAL PORTFOLIO - (CONTINUED)	March 31, 2022 (Unaudited)

										Shares/Principal				Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
				Reinsurance – (Continued)
					Greenlight Capital Re, Ltd., Class A  *							45,000		$	318,150
															3,678,388
															15,313,892
									Total Financials						66,181,640
							TOTAL COMMON STOCK – (Identified cost $38,311,934)								67,420,901
SHORT-TERM INVESTMENTS – (0.47%)
					StoneX Financial Inc. Joint Repurchase Agreement, 0.30%, 04/01/22, dated 03/31/22, repurchase value of $86,001 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-6.50%, 10/06/22-03/15/57, total market value $87,720)						$	86,000			86,000
					Truist Securities, Inc. Joint Repurchase Agreement, 0.29%, 04/01/22, dated 03/31/22, repurchase value of $232,002 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-2.50%, 02/01/47-03/01/52, total market value $236,640)							232,000			232,000
							TOTAL SHORT-TERM INVESTMENTS – (Identified cost $318,000)								318,000
						Total Investments – (100.05%) – (Identified cost $38,629,934)									67,738,901
						Liabilities Less Other Assets – (0.05%)									(33,540)
							Net Assets – (100.00%)							$	67,705,361
	*		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.

5

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DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS REAL ESTATE PORTFOLIO	March 31, 2022 (Unaudited)

						Shares				Value
COMMON STOCK – (98.40%)
	COMMUNICATION SERVICES – (0.52%)
		Telecommunication Services – (0.52%)
				Integrated Telecommunication Services – (0.52%)
				Radius Global Infrastructure, Inc., Class A  *				5,720		$	81,682
					Total Communication Services						81,682
	REAL ESTATE – (97.88%)
			Equity Real Estate Investment Trusts (REITs) – (97.88%)
				Diversified REITs – (0.87%)
				STORE Capital Corp.				4,700			137,381
				Health Care REITs – (10.27%)
				Healthcare Trust of America, Inc.				7,700			241,318
				Healthpeak Properties, Inc.				8,700			298,671
				Ventas, Inc.				6,510			402,058
				Welltower Inc.				7,060			678,748
											1,620,795
				Hotel & Resort REITs – (3.79%)
				Host Hotels & Resorts Inc.				13,860			269,300
				Sunstone Hotel Investors, Inc.  *				27,980			329,604
											598,904
				Industrial REITs – (14.22%)
				Americold Realty Trust				2,520			70,258
				Innovative Industrial Properties, Inc.				790			162,266
				Prologis, Inc.				6,293			1,016,194
				Rexford Industrial Realty, Inc.				7,270			542,269
				Terreno Realty Corp.				6,130			453,926
											2,244,913
				Office REITs – (13.64%)
				Alexandria Real Estate Equities, Inc.				2,650			533,312
				Boston Properties, Inc.				2,140			275,632
				Cousins Properties, Inc.				10,895			438,960
				Douglas Emmett, Inc.				8,200			274,044
				Highwoods Properties, Inc.				4,860			222,296
				Hudson Pacific Properties, Inc.				5,720			158,730
				SL Green Realty Corp.				1,372			111,379
				Vornado Realty Trust				3,040			137,773
											2,152,126
				Residential REITs – (20.26%)
				American Campus Communities, Inc.				10,840			606,715
				American Homes 4 Rent, Class A				7,300			292,219
				AvalonBay Communities, Inc.				2,250			558,832
				Camden Property Trust				2,020			335,724
				Equity Residential				5,540			498,157
				Essex Property Trust, Inc.				1,470			507,856
				Sun Communities, Inc.				890			156,008
				UDR, Inc.				4,230			242,675
											3,198,186
				Retail REITs – (12.53%)
				Acadia Realty Trust				5,787			125,404
				Brixmor Property Group, Inc.				22,100			570,401
				Federal Realty Investment Trust				2,650			323,485

6

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DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS REAL ESTATE PORTFOLIO - (CONTINUED)	March 31, 2022 (Unaudited)

								Shares/Principal				Value
COMMON STOCK – (CONTINUED)
	REAL ESTATE – (CONTINUED)
			Equity Real Estate Investment Trusts (REITs) – (Continued)
				Retail REITs – (Continued)
				NetSTREIT Corp.						7,190		$	161,344
				Retail Opportunity Investments Corp.						14,195			275,241
				Simon Property Group, Inc.						3,960			520,978
													1,976,853
				Specialized REITs – (22.30%)
				American Tower Corp.						2,190			550,172
				CatchMark Timber Trust Inc., Class A						17,120			140,384
				Crown Castle International Corp.						2,350			433,810
				CubeSmart						3,080			160,252
				Digital Realty Trust, Inc.						3,130			443,834
				Equinix, Inc.						768			569,564
				Extra Space Storage Inc.						1,410			289,896
				Life Storage, Inc.						1,130			158,686
				Public Storage						1,670			651,768
				VICI Properties Inc.						4,280			121,809
													3,520,175
							Total Real Estate						15,449,333
						TOTAL COMMON STOCK – (Identified cost $10,559,474)							15,531,015
SHORT-TERM INVESTMENTS – (1.54%)
				StoneX Financial Inc. Joint Repurchase Agreement, 0.30%, 04/01/22, dated 03/31/22, repurchase value of $66,001 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-6.50%, 10/06/22-03/15/57, total market value $67,320)					$	66,000			66,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.29%, 04/01/22, dated 03/31/22, repurchase value of $177,001 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 2.00%-3.50%, 03/21/29-03/01/52, total market value $180,540)						177,000			177,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $243,000)							243,000
					Total Investments – (99.94%) – (Identified cost $10,802,474)								15,774,015
					Other Assets Less Liabilities – (0.06%)								9,044
						Net Assets – (100.00%)						$	15,783,059
	*	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.

7

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DAVIS VARIABLE ACCOUNT FUND, INC.	Notes to Schedule of Investments
	March 31, 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 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 for 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.

8

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DAVIS VARIABLE ACCOUNT FUND, INC.	Notes to Schedule of Investments – (Continued)
	March 31, 2022 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of March 31, 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	$	26,790,678		$	–		$	81,682
Consumer Discretionary		17,450,537			–			–
Consumer Staples		2,432,197			–			–
Financials		78,551,108			55,556,628			–
Health Care		15,154,440			–			–
Industrials		1,448,265			–			–
Information Technology		32,849,257			–			–
Materials		2,715,016			–			–
Real Estate		–			–			15,449,333
Total Level 1		177,391,498			55,556,628			15,531,015
Level 2 – Other Significant Observable Inputs:
Common Stock*:
Consumer Discretionary		2,398,961			1,239,261			–
Financials		17,196,428			10,625,012			–
Industrials		55,257			–			–
Short-Term Investments		707,000			318,000			243,000
Total Level 2		20,357,646			12,182,273			243,000
Level 3 – Significant Unobservable Inputs:
Total Level 3		–			–			–
Total Investments	$	197,749,144		$	67,738,901		$	15,774,015

*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, 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	$	111,585,664		$	38,662,210		$	10,959,757
Unrealized appreciation		100,742,951			31,561,096			5,050,724
Unrealized depreciation		(14,579,471)			(2,484,405)			(236,466)
Net unrealized appreciation	$	86,163,480		$	29,076,691		$	4,814,258

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