7Z'5
M>/O'L7A'P]IUT;-[_5=2=(+&QB;:9I6 XSV49Y/N*YG6/&'Q#\'V9USQ?HOA
M^X\/JZ^?'I4TIN;5&(&YM_ROC(!VX_ 5S'QOMKYO&'PMGM=372%+-!'?O LZ
MV\S!-I*-\IS[_7M73ZU\./'NMZ3=Z9JGQ0\^QNHS%-'_ ,(_;KN4]1D,"/P-
M-WU:[O\ B-M$^R/5K&ZAOK*WN[5Q);SQK+&XZ,K#(/Y&O&_VK/^1,T'_L-0
M?^@O7JGA+1O^$>\+Z5HXG-R+&VCM_.*[=^U0,XR<=.F37E'[62>;X&T6/#\WIR$]UJ7BS4_ACJLFJ7NF379N=\=HD)0.L+YD3S(V/S
M =R1M/S0M; ]#US4M4L-*T][[5+RWL;) "\]U((43)P,EL &LBRC
MN#&@_P!'<^<)-N-I(@W+T^\E):[?UM_F@>G]>O\ D=MIFJV6J/>I8S>:UG<-
M:SC8R[) 2O(&>&'(R.:O,0JDL0 .23VKSJ35O$E[IVM?V<]Q*UMKCVKM:)#
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M&49(P<@@\9KSNS\1:[XCU3P5!:ZD=*@UC0I=0N_L\$
)]4%J+@B5),AOLQ\LC*<8P>N?6
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MD],8J5JE;^M+_DF#T>O]=/S:1WU%
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
|
$
|
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)
|
DAVIS VARIABLE ACCOUNT FUND, INC.
|
Notes to Schedule of Investments – (Continued)
|
March 31, 2021 (Unaudited)
|
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
|
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)
|
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
|
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
|