Davis Selected Advisers LP

Item 5 Fees & Compensation
Fees for Advisory Services
Advisory fees are earned based on a percentage of assets. The advisory fees charged depend on: (i) the services
rendered (e.g., advisory versus sub-advisory, investment company versus private account, managed money/wrap
account, etc.); (ii) the client’s investment objective and investment strategy (e.g., large-cap value companies,
concentrated equity portfolio, multi-cap equity, financial services, international companies, global companies, real
estate companies, balanced, government securities, government money market funds); (iii) the size of the account;
and (iv) other factors. All fees are subject to negotiation based on the circumstances of the client and other factors,
including but not limited to the type and size of the account and the type and amount of client-related services that
Davis Advisors will provide.
Investment Companies
Fees for serving as investment adviser for equity-oriented investment companies (including ETFs) typically begin
with a base of 0.55% of assets under management on an annual basis, and are reduced as assets increase.
Fees for government money market investment companies typically begin with a base of 0.30% of assets. Fees for
government bond investment companies begin with a base of 0.30%. All fees are subject to negotiation based on the
circumstances of the client and other factors, including but not limited to the type and size of the account and the type
and amount of client-related services that Davis Advisors will provide. Specific advisory fees and expense-related
information may be found in the client’s prospectus or statement of additional information.
Pooled Investment Vehicles
Fees for serving as a sub-adviser or investment manager to other pooled investment vehicles typically range from
0.35% to 0.50% of assets under management on an annual basis, and may be reduced by breakpoints as assets increase.
Fees are individually negotiated and are subject to vary.
Private Accounts
The fees charged for large-cap value, concentrated equity, multi-cap equity, financial services, international
companies, global companies, real estate companies, and balanced private account clients are individually negotiated
but are expected to range from 0.35% to 0.55% of the fair market value of the assets on an annual basis depending on
the nature and size of the account, investment strategy and other factors. The fees charged to accounts that are
associated with Davis Advisors, its employees, and affiliates may be significantly less than those shown, including
accounts that are managed without an investment management fee.
Managed money/wrap accounts
Davis Advisors serves as discretionary or non-discretionary investment adviser for a number of managed money/wrap
account programs. After consulting with the managed money/wrap account sponsor, some clients select Davis
Advisors to manage security accounts. The managed money/wrap account sponsor provides the primary client contact
with regard to such clients, and works with them to develop and update investment guidelines as needed and to
determine the amount to be allocated to their account with Davis Advisors. These managed money/wrap accounts pay
a single fee to the managed money/wrap account sponsor, covering the services rendered by both the sponsor and
Davis Advisors. The managed money/wrap account sponsor pays Davis Advisors an annual fee on a quarterly basis,
based on the value of all client accounts that Davis Advisors manages on its behalf.
The fees that Davis Advisors receives for large-cap value, multi-cap equity, international companies, global
companies, and real estate companies’ managed money/wrap accounts are subject to negotiation but are expected to
range from 0.33% to 0.55% of the fair market value of assets on an annual basis. Fees are individually negotiated and
are subject to substantial variation.
Billing
Generally, clients are billed for fees incurred on either a quarterly or monthly basis in arrears. While Davis Advisors
does not require pre-payment of fees, some client agreements may call for the payment of fees in advance.

Termination
Client investment advisory agreements provide for termination without penalty generally on sixty days’ notice by the
client or Davis Advisors. The agreements provide for automatic termination in the event of an assignment. Terminated
accounts will be charged advisory fees by Davis Advisors through the date assets are transferred. Upon termination,
Davis Advisors is under no obligation to recommend any action with regard to the securities or other property held in
a client’s account. Davis Advisors generally does not collect fees in advance; however, on those accounts where
payment is made in advance, a pro-rata amount will be refunded to a client upon termination of the account. The
refunded amount is determined by the length of time remaining in the billing cycle.
Related Fees and Expenses
Clients may incur other fees or expenses in connection with the account managed by Davis Advisors, such as custodian
fees paid to the bank, trust or brokerage firm holding client assets, or mutual fund operating expenses. These fees are
generally not paid to Davis Advisors.
Clients will incur brokerage and other transaction costs. See Item 12 for a more detailed discussion of brokerage and
other transaction costs.
Davis Advisors Does Not Accept Compensation for the Sale of Securities
Neither Davis Advisors nor any of its supervised persons accepts compensation for the sale of securities or other
investment products, including asset-based sales charges or service fees from the sale of mutual funds. An affiliate of
Davis Advisors, Davis Distributors, LLC, serves as principal underwriter of Davis Funds, Selected Fund, and Clipper
Fund. As principal underwriter, Davis Distributors, LLC may receive asset-based sales charges or service fees for the
sale of these funds.

Item 7 Types of Clients
Davis Advisors provides discretionary portfolio management services, serving as investment adviser or sub-adviser
for registered investment companies (including the Davis ETFs, Davis Funds, Selected Fund, and Clipper Fund),
unregistered investment companies, offshore funds, private accounts, and other pooled investment vehicles. Davis
Advisors also works with sponsors to serve as investment adviser for managed money/wrap account programs. In
certain managed money/wrap account programs, Davis Advisors will provide non-discretionary investment
management services (generally in the form of a model portfolio).
Subject to negotiation and exceptions, there is a minimum size of $50,000 for managed money/wrap accounts and
$10,000,000 for sub-advised accounts and private accounts. Minimum account sizes for fund investments are
disclosed in the applicable prospectus, statement of additional information, or other disclosure document.