Davis Selected Advisers, L.P. Davis Selected Advisers, L.P. (referred to jointly with Davis Selected Advisers–NY, Inc. as “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 Funds, 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). Davis Selected Advisers, L.P. has been offering investment advisory services since 1969. Davis Selected Advisers, L.P. is a private Colorado limited partnership. Davis Selected Advisers, L.P.’s limited partnership units are owned (either directly or through holding companies) primarily by members of the Davis family, and Davis Selected Advisers, L.P.’s officers and employees. Andrew Davis and Christopher Davis each own 25% or more of Davis Selected Advisers, L.P.’s limited partnership units. Davis Investments, LLC (a Delaware limited liability company) serves as Davis Selected Advisers, L.P.’s sole general partner. Davis Investments, LLC is wholly owned by Christopher Davis. Davis Selected Advisers–NY, Inc. Davis Selected Advisers–NY, Inc.’s only business is to serve as a sub-adviser for certain institutional accounts for which Davis Selected Advisers, L.P. serves as investment adviser. Clients do not do business directly with Davis Selected Advisers–NY, Inc.; Davis Selected Advisers–NY, Inc. works exclusively as a sub-adviser with select clients of Davis Selected Advisers, L.P. Davis Selected Advisers–NY, Inc. (a Delaware corporation) is a wholly owned affiliate of Davis Selected Advisers, L.P. Davis Selected Advisers–NY, Inc. has been offering sub-advisory services to select clients of Davis Selected Advisers, L.P. since 1997. Advisory Services Offered As of December 31, 2023, Davis Advisors managed approximately $19,681,120,193 in client assets on a discretionary basis and approximately $3,261,673,129 in client assets on a non-discretionary basis. Davis Advisors manages client accounts in the following investment strategies:  Large-cap value; Concentrated equity; Multi-cap equity; Financial services; International companies; Global companies; Real estate companies; Appreciation & Income; Government securities; and Government money market funds. A brief description of each of these investment strategies and their principal risks is included in Item 8 Methods of Analysis, Investment Strategies and Risk of Loss. Accounts are managed based on an existing Davis Advisors investment strategy. Davis Advisors may tailor its advisory services to the reasonable requests of its clients. The tailoring of any Davis Advisors investment strategy is generally accomplished through investment restrictions established by the client and provided to Davis Advisors in writing. For example, clients may impose reasonable investment limitations and restrictions on specific securities or industry sectors. Davis Advisors retains the right to refuse to accept a client for any reason, including unreasonable investment limitations or restrictions. In certain cases, an account following the same investment strategy as another account or the model account will be more concentrated. These differences are usually the result of an operational impediment (e.g., a client is unable to purchase a foreign security) or as a result of a client’s instructions (e.g., a client instructs Davis Advisors to not invest in a certain sector or security). A client account that is subject to ERISA may be restricted from owning the client’s employer’s securities. A client must inform Davis Advisors of any such restriction. In addition, a client must also provide Davis Advisors with a list of any “party in interest” as defined in Section 3(14) of ERISA and every affiliate that has the authority to appoint or terminate Davis Advisors or to negotiate the terms of the investment management agreement with Davis Advisors so that they may rely on the class exemption for qualified professional asset managers. Managed money/wrap accounts Davis Advisors has been retained as an investment adviser under a number of investment advisory programs, commonly referred to as a separately managed account, directly managed account, unified managed account, wrap account or similarly named programs (collectively, “managed money/wrap account”). The wrap sponsor pays Davis Advisors a portion of the wrap fee for its services. These managed money/wrap accounts have been created by the financial institutions (each a “Sponsor”). For a current list of financial

institutions sponsoring managed money/wrap accounts which Davis Advisors participates in, see Section 5.I.(2) in Davis Advisors’ Form ADV Part 1. When advising managed money/wrap accounts, Davis Advisors’ trading desk typically instructs the program sponsors when to execute portfolio transactions. When advising accounts other than managed money/wrap accounts (including private accounts or investment companies), Davis Advisors’ trading desk will execute portfolio transactions on behalf of the client. For more detailed information, see Item 12 Brokerage Practices. Some custodians/broker-dealers have established programs for independent registered investment advisors (RIA) that allow the RIAs to act as a managed money/wrap account sponsor. In these circumstances, Davis Advisors may enter into an investment advisory agreement with a client directly. Although Davis Advisors has entered into an agreement with the client directly, the RIA still serves as the sponsor. In these circumstances, Davis Advisors receives only limited information from the RIA. The Sponsors may recommend to a client the retention of Davis Advisors as an investment adviser, pay Davis Advisors’ investment advisory fee on behalf of the client, monitor and evaluate Davis Advisors’ performance, execute the client’s portfolio transactions and/or provide custodial services for the client’s assets. Certain Sponsors receive Davis Advisors’ model portfolio holdings and, based on that model, the Sponsor exercises investment discretion and executes each investor’s portfolio transactions based on the Sponsor’s own investment judgment. When Davis Advisors provides a Sponsor model portfolio holdings, the Sponsor provides investment advice to its clients based on their individual needs. Typically, in a managed money/wrap account, equity securities transactions are executed without a commission charge or at a fixed commission amount per trade and fixed income securities transactions are executed with mark-ups or mark-downs that are incorporated into the purchase or sale prices, rather than separate commission charges. Normally, managed money/wrap accounts offer all of these services for a single, all-inclusive fee the client pays to the Sponsor. Davis Advisors generally is paid a portion of the wrap fee for its services. In a typical managed money/wrap account arrangement, the client enters into an investment advisory agreement with the Sponsor and Davis Advisors enters into a sub-advisory agreement with the Sponsor. Davis Advisors’ fees for managing a managed money account may be less than the fees Davis Advisors receives for managing similar accounts outside of a managed money program. However, clients should be aware that the total fees associated with a managed money program may be greater than those which might be available if the services were acquired separately. In determining the suitability of a particular Davis Advisors’ investment style to the individual needs and financial situation of each managed money/wrap account, Davis Advisors relies on the Sponsor’s suitability determination and Sponsor-gathered information on the prospective client. This typically includes, among other things, a personal interview of the client and/or a written questionnaire completed by the client, which provides certain financial and other relevant data, including the client’s investment objectives, risk tolerance, and investment restrictions, if any. Some Sponsors will not provide Davis Advisors with the financial information and other data relevant to the individual needs and financial situation of each client. Thus, under such managed money/wrap account programs, Davis Advisors cannot independently conclude that a client’s chosen investment style is suitable for that client. In such circumstances, Davis Advisors must and therefore will rely solely and exclusively on the Sponsor’s suitability determinations. Clients of such managed money/wrap accounts should contact their Sponsor for more information about the Sponsor’s role in making a suitability determination regarding the client’s chosen investment style(s). After an account has been established, Davis Advisors is available to communicate with the client or the client’s representative, as needed, on matters concerning the client’s investments that Davis Advisors is managing. Davis Advisors Provides Limited Services Davis Advisors does not provide financial planning services. Accordingly, Davis Advisors will provide investment management services only with respect to the securities, cash, and other investments held in a client’s account and, in making recommendations with respect to the account, Davis Advisors will not consider any other securities, cash, or other investments owned by a client. In addition, Davis Advisors does not provide tax, accounting, or legal services or advice. Davis Advisors does not act as a Sponsor for any Wrap-Fee Program.