CLIENT PRIVACY STATEMENT

On June 22, 2000, the Securities and Exchange Commission adopted Regulation S-P relating to the privacy of consumer financial information. Regulation S-P requires that financial institutions provide privacy notices in various instances and to adopt policies and procedures to protect the personal information of its consumers and customers. This statement describes our privacy policy and how we handle your personal information.

We are Committed to Protecting Your Privacy.

We respect every individual’s right to privacy. We understand the importance you place on the privacy and security of information that personally identifies you or your account information.

Why and How We Collect Personal Information.

We collect personal information about you for the purpose of providing investment advisory services to you, evaluating your financial needs, processing your requests and transactions and providing customer service. The personal information we collect about you includes:

• Information we receive from you to open an account or provide investment advice to you, such as your home address, telephone number and financial information;
• Information that we generate to service your account, such as account statements; and
• Information that we may receive from third parties with respect to your account, such as trade confirmations with brokerage firms.

We Protect the Confidentiality of Your Personal Information in the Following Manner:

We do not sell personal information to anyone.

We disclose personal information only as required by law or with your permission.

We disclose or report personal information in limited circumstances where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, or to protect our rights or property.

We use personal information in ways that are compatible with the purposes for which we originally requested it. For example, we will use the information you give us to process your requests and transactions, to provide you with additional information about products and services, or to evaluate your financial needs. To do so, we may share personal information with an agent or affiliate.

We limit the collection and use of personal information to what is necessary to administer our business and to deliver services to you. This may include advising you about our products or services.

When We Share Your Personal Information With Our Affiliates.

In order for us to provide investment advisory services to you, we do disclose your personal information in very limited instances which include:

• Disclosures to companies as permitted by law, including those necessary to service your account, such as providing account information to brokers and custodians;
• Disclosures to companies that perform services on our behalf, such as mailing your account statement to you.

How We Protect Your Personal Information That We Share With Our Affiliates.

When we share personal information with an agent or affiliate, we protect that personal information with a strict confidentiality agreement. Companies that we hire to provide support services or act as our agent must conform to our privacy standards.

Our internal policies prohibit employees who have access to our customer’s personal information from using or disclosing the information except for business use. All employees are required to sign a confidentiality agreement that requires them to protect your personal information.

On occasion we may request that a company that is not affiliated with the Selected Funds distribute your account statement, a newsletter or other marketing materials. In all cases your personal information is protected by a strict confidentiality agreement. We do not allow any non-affiliated companies to retain your personal information longer than necessary to provide the product, service or information.

Updating Your Personal Information.

We will give you reasonable access to the information we have about you. Most of this information is contained in account statements that you receive and applications that you submit to obtain our products and services. The accuracy of your personal information is important. If you need to correct or update your personal information, please call us at 800-243-1575. One of our customer service representatives will be happy to review, correct or update your personal information.

BUSINESS CONTINUITY PLAN DISCLOSURE

Davis Distributors, LLC
2004

Davis Distributors, LLC ("Davis") is the principal underwriter of the Selected Funds family of mutual funds. Davis has adopted certain Business Continuity Plans and Procedures which are designed to respond to a Significant Business Disruption (SBD). Davis will mail a copy of this summary of its Business Continuity Disclosure upon request to all of its customers as well as maintain a copy on the Selected Funds Website. The Plans will be updated as necessary and will be reviewed annually.

The Plans address how Davis will handle disruptive events (Events) of varying scope (e.g., an internal business disruption, an external business disruption, an Event during business hours, and an Event during non-business hours). The Plans include backup facilities for critical data and systems, as well as for critical employees. The Plans are designed to continue business operations if an Event should occur.

Davis Selected Advisers, L.P., the parent company of Davis, has four offices in three U.S. cities. In the event of a disruption to a single building, a single city, or a region, we will move our staff and operations from the affected offices to the closest unaffected office. If none of our other offices is available to receive our displaced staff, we will move to an off-site Recovery Site. Each office/recovery site also has certain redundant systems that will be utilized to back-up another office if the office is rendered inaccessible by a disaster.

In the event of an internal or external SBD, if telephone service is available, our registered persons will take customer orders or instructions and contact our transfer agent on their behalf, and if our Web access is available, our firm will post on our Web site that customers may access their funds and securities by contacting us at one of our office locations or recovery sites. In the event of a firm-wide disruption or a disruption affecting the securities industry, we will contact our critical counter-parties, such as our transfer agent, custodian and other broker-dealers, to make alternative arrangements to complete those transactions as soon as possible. In addition, Davis maintains daily off-site backup for critical systems and data.

If Davis experiences an Event, Davis customers may contact the Selected Funds at 1-800-243-1575 for recorded instructions about the processing of limited trade-related transactions, cash disbursements, and security transfers. Our recovery time objective for business resumption, including those involving a relocation of personnel or technology, is four (4) hours. This recovery objective may be negatively affected by the unavailability of external resources and circumstances beyond our control.