DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO	March 31, 2021 (Unaudited)

						Shares		Value
COMMON STOCK – (95.84%)
	COMMUNICATION SERVICES – (15.00%)
		Media & Entertainment – (14.46%)
				Alphabet Inc., Class A *			3,660	$	7,548,823
				Alphabet Inc., Class C *			5,603		11,590,534
				Facebook, Inc., Class A *			32,570		9,592,842
				IAC/InterActiveCorp *			21,620		4,676,622
				Liberty TripAdvisor Holdings, Inc., Series A *			6,088		38,842
									33,447,663
		Telecommunication Services – (0.54%)
				Liberty Global plc, Series C *			49,290		1,258,866
					Total Communication Services				34,706,529
	CONSUMER DISCRETIONARY – (14.08%)
		Consumer Services – (2.78%)
				New Oriental Education & Technology Group, Inc., ADR (China)*			459,460		6,432,440
		Retailing – (11.30%)
				Alibaba Group Holding Ltd., ADR (China)*			30,600		6,937,938
				Amazon.com, Inc. *			3,366		10,414,673
				Coupang, Inc., Class A (South Korea)*			56,282		2,777,517
				Naspers Ltd. - N (South Africa)			13,860		3,316,362
				Prosus N.V., Class N (Netherlands)			13,860		1,540,843
				Vroom, Inc. *			29,280		1,141,627
									26,128,960
					Total Consumer Discretionary				32,561,400
	FINANCIALS – (41.58%)
		Banks – (17.56%)
				Danske Bank A/S (Denmark)			180,500		3,377,661
				DBS Group Holdings Ltd. (Singapore)			180,222		3,857,115
				JPMorgan Chase & Co.			68,968		10,498,999
				U.S. Bancorp			159,970		8,847,941
				Wells Fargo & Co.			359,124		14,030,975
									40,612,691
		Diversified Financials – (19.80%)
			Capital Markets – (3.35%)
				Bank of New York Mellon Corp.			163,560		7,734,752
			Consumer Finance – (10.78%)
				American Express Co.			56,549		7,998,291
				Capital One Financial Corp.			133,180		16,944,491
									24,942,782
			Diversified Financial Services – (5.67%)
				Berkshire Hathaway Inc., Class A *			34		13,113,868
									45,791,402
		Insurance – (4.22%)
			Life & Health Insurance – (2.17%)
				AIA Group Ltd. (Hong Kong)			414,800		5,031,533
			Property & Casualty Insurance – (2.05%)
				Chubb Ltd.			17,150		2,709,186
				Loews Corp.			23,460		1,203,029

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO - (CONTINUED)	March 31, 2021 (Unaudited)

							Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Property & Casualty Insurance – (Continued)
				Markel Corp. *					720	$	820,526
											4,732,741
											9,764,274
						Total Financials					96,168,367
	HEALTH CARE – (6.06%)
		Health Care Equipment & Services – (3.57%)
				Cigna Corp.					8,447		2,041,978
				CVS Health Corp.					34,082		2,563,989
				Quest Diagnostics Inc.					28,530		3,661,540
											8,267,507
		Pharmaceuticals, Biotechnology & Life Sciences – (2.49%)
				Viatris Inc. *					412,290		5,759,691
						Total Health Care					14,027,198
	INDUSTRIALS – (4.25%)
		Capital Goods – (4.25%)
				Carrier Global Corp.					161,390		6,813,886
				Orascom Construction PLC (United Arab Emirates)					13,155		75,773
				Raytheon Technologies Corp.					38,005		2,936,646
						Total Industrials					9,826,305
	INFORMATION TECHNOLOGY – (14.87%)
		Semiconductors & Semiconductor Equipment – (13.88%)
				Applied Materials, Inc.					120,320		16,074,752
				Intel Corp.					124,090		7,941,760
				Texas Instruments Inc.					42,810		8,090,662
											32,107,174
		Software & Services – (0.99%)
				Microsoft Corp.					9,730		2,294,042
						Total Information Technology					34,401,216
					TOTAL COMMON STOCK – (Identified cost $102,394,888)						221,691,015
PREFERRED STOCK – (2.28%)
	INDUSTRIALS – (2.28%)
		Transportation – (2.28%)
				Didi Chuxing Joint Co., Series A (China)*(a)(b)					128,944		5,264,784
					TOTAL PREFERRED STOCK – (Identified cost $3,959,579)						5,264,784
SHORT-TERM INVESTMENTS – (2.01%)
				StoneX Financial Inc. Joint Repurchase Agreement, 0.02%, 04/01/21, dated 03/31/21, repurchase value of $2,120,001 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.50%, 04/15/21-02/20/51, total market value $2,162,400)				$	2,120,000		2,120,000

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS VALUE PORTFOLIO - (CONTINUED)	March 31, 2021 (Unaudited)

Principal

Value

SHORT-TERM INVESTMENTS – (CONTINUED)

Truist Securities, Inc. Joint Repurchase Agreement, 0.02%, 04/01/21,

dated 03/31/21, repurchase value of $2,540,001 (collateralized by: U.S.

Government agency mortgages in a pooled cash account, 1.50%-2.50%,

03/01/36-04/01/51, total market value $2,590,800)

2,540,000

TOTAL SHORT-TERM INVESTMENTS – (Identified cost $4,660,000)

4,660,000

Total Investments – (100.13%) – (Identified cost $111,014,467)

231,615,799

Liabilities Less Other Assets – (0.13%)

(302,809)

Net Assets – (100.00%)

231,312,990

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 $5,264,784 or 2.28% of the Fund's net assets as of March 31, 2021.

(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	March 31, 2021 (Unaudited)

							Shares		Value
COMMON STOCK – (94.34%)
	FINANCIALS – (94.34%)
		Banks – (44.94%)
				Bank of America Corp.				97,440	$	3,769,954
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)				57,620		2,202,236
				Danske Bank A/S (Denmark)				84,350		1,578,425
				DBS Group Holdings Ltd. (Singapore)				108,460		2,321,263
				DNB ASA (Norway)				118,830		2,528,549
				JPMorgan Chase & Co.				32,000		4,871,360
				M&T Bank Corp.				8,400		1,273,524
				Metro Bank PLC (United Kingdom)*				139,120		221,710
				PNC Financial Services Group, Inc.				19,950		3,499,430
				Truist Financial Corp.				19,750		1,151,820
				U.S. Bancorp				78,670		4,351,238
				Wells Fargo & Co.				94,370		3,687,036
										31,456,545
		Diversified Financials – (32.34%)
			Capital Markets – (12.10%)
				Bank of New York Mellon Corp.				71,320		3,372,723
				Charles Schwab Corp.				32,650		2,128,127
				Julius Baer Group Ltd. (Switzerland)				42,154		2,695,644
				State Street Corp.				3,240		272,192
										8,468,686
			Consumer Finance – (14.73%)
				American Express Co.				26,070		3,687,341
				Capital One Financial Corp.				52,040		6,621,049
										10,308,390
			Diversified Financial Services – (5.51%)
				Berkshire Hathaway Inc., Class A *				10		3,857,020
										22,634,096
		Insurance – (17.06%)
			Property & Casualty Insurance – (12.95%)
				Chubb Ltd.				19,966		3,154,029
				Loews Corp.				53,080		2,721,942
				Markel Corp. *				2,795		3,185,238
										9,061,209
			Reinsurance – (4.11%)
				Alleghany Corp. *				2,930		1,835,030
				Everest Re Group, Ltd.				2,400		594,744
				Greenlight Capital Re, Ltd., Class A *				51,500		448,050
										2,877,824
										11,939,033
						Total Financials				66,029,674
					TOTAL COMMON STOCK – (Identified cost $40,048,071)					66,029,674

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS FINANCIAL PORTFOLIO - (CONTINUED)	March 31, 2021 (Unaudited)

							Principal			Value
SHORT-TERM INVESTMENTS – (5.64%)
			StoneX Financial Inc. Joint Repurchase Agreement, 0.02%, 04/01/21, dated 03/31/21, repurchase value of $1,795,001 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.50%, 04/15/21-02/20/51, total market value $1,830,900)					$	1,795,000	$	1,795,000
			Truist Securities, Inc. Joint Repurchase Agreement, 0.02%, 04/01/21, dated 03/31/21, repurchase value of $2,150,001 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%-2.00%, 03/01/31-04/01/51, total market value $2,193,000)						2,150,000		2,150,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $3,945,000)						3,945,000
				Total Investments – (99.98%) – (Identified cost $43,993,071)							69,974,674
				Other Assets Less Liabilities – (0.02%)							16,765
						Net Assets – (100.00%)				$	69,991,439

	*	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	March 31, 2021 (Unaudited)

						Shares		Value
COMMON STOCK – (96.54%)
	CONSUMER DISCRETIONARY – (0.72%)
		Consumer Services – (0.72%)
				Six Flags Entertainment Corp. *			1,950	$	90,616
					Total Consumer Discretionary				90,616
	REAL ESTATE – (95.82%)
			Equity Real Estate Investment Trusts (REITs) – (95.82%)
				Health Care REITs – (7.74%)
				Healthpeak Properties, Inc.			9,900		314,226
				Ventas, Inc.			4,580		244,297
				Welltower Inc.			5,760		412,589
									971,112
				Hotel & Resort REITs – (6.08%)
				Host Hotels & Resorts Inc. *			25,900		436,415
				Ryman Hospitality Properties, Inc. *			890		68,984
				Sunstone Hotel Investors, Inc. *			20,710		258,047
									763,446
				Industrial REITs – (13.79%)
				Prologis, Inc.			7,903		837,718
				Rexford Industrial Realty, Inc.			9,200		463,680
				Terreno Realty Corp.			7,420		428,653
									1,730,051
				Office REITs – (16.01%)
				Alexandria Real Estate Equities, Inc.			1,970		323,671
				Boston Properties, Inc.			3,720		376,687
				Cousins Properties, Inc.			8,255		291,814
				Douglas Emmett, Inc.			7,260		227,964
				Highwoods Properties, Inc.			4,430		190,224
				Hudson Pacific Properties, Inc.			13,420		364,085
				SL Green Realty Corp.			1,617		113,174
				Vornado Realty Trust			2,690		122,099
									2,009,718
				Residential REITs – (18.41%)
				American Campus Communities, Inc.			7,070		305,212
				American Homes 4 Rent, Class A			6,590		219,711
				AvalonBay Communities, Inc.			2,600		479,726
				Camden Property Trust			1,880		206,631
				Equity Residential			5,720		409,723
				Essex Property Trust, Inc.			2,050		557,272
				UDR, Inc.			3,010		132,019
									2,310,294
				Retail REITs – (12.62%)
				Acadia Realty Trust			10,787		204,629
				Brixmor Property Group, Inc.			24,990		505,548
				Federal Realty Investment Trust			2,270		230,292
				Retail Opportunity Investments Corp.			11,075		175,760
				Simon Property Group, Inc.			4,110		467,595
									1,583,824
				Specialized REITs – (21.17%)
				CoreSite Realty Corp.			1,160		139,026
				Crown Castle International Corp.			1,290		222,048

DAVIS VARIABLE ACCOUNT FUND, INC.	Schedule of Investments
DAVIS REAL ESTATE PORTFOLIO - (CONTINUED)	March 31, 2021 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	REAL ESTATE – (CONTINUED)
			Equity Real Estate Investment Trusts (REITs) – (Continued)
				Specialized REITs – (Continued)
				CyrusOne Inc.							3,990	$	270,203
				Digital Realty Trust, Inc.							1,950		274,638
				Equinix, Inc.							898		610,272
				Extra Space Storage Inc.							1,770		234,613
				Life Storage, Inc.							2,700		232,065
				Public Storage							2,290		565,080
				VICI Properties Inc.							3,880		109,571
													2,657,516
								Total Real Estate					12,025,961
						TOTAL COMMON STOCK – (Identified cost $9,275,273)							12,116,577
SHORT-TERM INVESTMENTS – (3.36%)
				StoneX Financial Inc. Joint Repurchase Agreement, 0.02%, 04/01/21, dated 03/31/21, repurchase value of $192,000 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.50%, 04/15/21-02/20/51, total market value $195,840)						$	192,000		192,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.02%, 04/01/21, dated 03/31/21, repurchase value of $230,000 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%-2.50%, 03/01/36-04/01/51, total market value $234,600)							230,000		230,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $422,000)							422,000
					Total Investments – (99.90%) – (Identified cost $9,697,273)								12,538,577
					Other Assets Less Liabilities – (0.10%)								12,095
							Net Assets – (100.00%)					$	12,550,672

	*	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
	March 31, 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 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)
	March 31, 2021 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of March 31, 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	$	34,706,529	$	–	$	–
Consumer Discretionary		32,561,400		–		90,616
Financials		96,168,367		66,029,674		–
Health Care		14,027,198		–		–
Industrials		9,826,305		–		–
Information Technology		34,401,216		–		–
Real Estate		–		–		12,025,961
Total Level 1		221,691,015		66,029,674		12,116,577
Level 2 – Other Significant Observable Inputs:
Short-Term Investments		4,660,000		3,945,000		422,000
Total Level 2		4,660,000		3,945,000		422,000
Level 3 – Significant Unobservable Inputs:
Preferred Stock:
Industrials		5,264,784		–		–
Total Level 3		5,264,784		–		–
Total Investments	$	231,615,799	$	69,974,674	$	12,538,577

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the three months ended March 31, 2021. The net increase in unrealized appreciation during the period on Level 3 securities still held at March 31, 2021 for Davis Value Portfolio was $407,464. 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, 2021		Cost of Purchases		Net Increase in Unrealized Appreciation		Net Realized Gain (Loss)		Proceeds from Sales		Ending Balance March 31, 2021
Davis Value Portfolio
Investments in Securities:
Preferred Stock	$	4,857,320	$	–	$	407,464	$	–	$	–	$	5,264,784
Total Level 3	$	4,857,320	$	–	$	407,464	$	–	$	–	$	5,264,784

DAVIS VARIABLE ACCOUNT FUND, INC.	Notes to Schedule of Investments – (Continued)
	March 31, 2021 (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
	March 31, 2021		Technique	Input	Amount	an Increase in Input
Davis Value Portfolio
Investments in Securities:
Preferred Stock	$	5,264,784	Market Approach	Transaction Price	$40.83	Increase
Total Level 3	$	5,264,784

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 March 31, 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	$	120,944,517	$	27,071,154	$	3,001,276
Unrealized depreciation		(2,420,137)		(1,121,828)		(339,687)
Net unrealized appreciation	$	118,524,380	$	25,949,326	$	2,661,589
Aggregate cost	$	113,091,419	$	44,025,348	$	9,876,988

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.