AGREEMENT TO WAIVE FEES AND REIMBURSE EXPENSES DAVIS SERIES, INC. DAVIS APPRECIATION & INCOME FUND CLASS C SHARES DAVIS FINANCIAL FUND CLASS C SHARES DAVIS OPPORTUNITY FUND CLASS C SHARES

AGREEMENT

TO WAIVE FEES AND REIMBURSE EXPENSES

▇▇▇▇▇ SERIES, INC.

▇▇▇▇▇ APPRECIATION & INCOME FUND

CLASS C SHARES

▇▇▇▇▇ FINANCIAL FUND

CLASS C SHARES

▇▇▇▇▇ OPPORTUNITY FUND

CLASS C SHARES

THIS AGREEMENT is made this 11^TH day of September, 2019, between ▇▇▇▇▇ Series, Inc., a Maryland corporation (“▇▇▇▇▇ Series”) and ▇▇▇▇▇ Selected Advisers, L.P., a limited partnership organized under the laws of Colorado (“DSA”).

RECITALS:

WHEREAS, ▇▇▇▇▇ Series is a registered open-end management investment company with six authorized series (▇▇▇▇▇ Opportunity Fund, ▇▇▇▇▇ Financial Fund, ▇▇▇▇▇ Appreciation & Income Fund, ▇▇▇▇▇ Real Estate Fund, ▇▇▇▇▇ Government Bond Fund, and ▇▇▇▇▇ Government Money Market Fund); and

WHEREAS, DSA serves as the investment adviser for ▇▇▇▇▇ Series; and

WHEREAS, both ▇▇▇▇▇ Series and DSA agree it is important that the actual expenses of Class C shares for ▇▇▇▇▇ Appreciation & Income Fund, ▇▇▇▇▇ Opportunity Fund, and ▇▇▇▇▇ Financial Fund, individually, not exceed a specified percentage, 1.80%, of net assets on an annual basis;

NOW, THEREFORE, the parties hereby agree as follows:

1. Expense Cap. DSA agrees to waive fees and reimburse the expenses of Class C shares of ▇▇▇▇▇ Appreciation & Income Fund, ▇▇▇▇▇ Opportunity Fund, and ▇▇▇▇▇ Financial Fund to the extent it is necessary to ensure that the actual expense incurred by Class C shares for the respective Fund, after recognizing the benefits of custody or other credits, fee waivers, and expense reimbursements, not exceed 1.80% of net assets.

2. Duration of Agreement. This Agreement shall be effective as of July 1, 2019, and ending on May 1, 2021. This Agreement shall automatically renew for additional one-year periods if not terminated, in writing, by either party before May 1^st of each year.

IN WITNESS WHEREOF, the parties have duly executed and sealed this Agreement, all as of the date first written above.

▇▇▇▇▇ Series, Inc.	▇▇▇▇▇ Selected Advisers, L.P.
	By ▇▇▇▇▇ Investments, LLC (General Partner)
By: __________________	By: __________________
▇▇▇▇ ▇▇▇▇▇▇	▇▇▇▇ ▇▇▇▇▇▇▇
Vice President	Vice President