# EDGAR Filing Document

**Accession Number:** 0001036325
**File Stem:** 0001036325-25-000035
**Filing Date:** 2025-8
**Character Count:** 72293
**Document Hash:** 87f519551adf6738c619bac4682a5ec0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001036325-25-000035.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001036325-25-000035

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250815

**EFFECTIVENESS DATE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAVIS SELECTED ADVISERS
- **CENTRAL INDEX KEY:** 0001036325

**ORGANIZATION NAME:**
- **EIN:** 850360310
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04121
- **FILM NUMBER:** 251224458

**BUSINESS ADDRESS:**
- **STREET 1:** 2949 E. ELVIRA ROAD
- **STREET 2:** SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85756
- **BUSINESS PHONE:** (520)806-7600

**MAIL ADDRESS:**
- **STREET 1:** 2949 E. ELVIRA ROAD
- **STREET 2:** SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85756

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001036325

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** DAVIS SELECTED ADVISERS

**Address:** 3600 E. HEMISPHERE LOOP, TUCSON, AZ 85706-5041

**Telephone number:** (800) 279-2279

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 801-31648

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                          | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                                                                                | VOTE CATEGORY                                              |     SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Lam Research Corporation                | 512807306 | 11/05/2024     | Advisory vote to approve the compensation of the named executive officers of Lam Research, or "Say on Pay."                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES                               |   1228           |                0 | FOR         |                           1228           | FOR                         |  |
| Oracle Corporation                      | 68389X105 | 11/14/2024     | Advisory Vote to Approve the Compensation of our Named Executive Officers                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES                               | 159767           |                0 | AGAINST     |                         159767           | AGAINST                     |  |
| Ferguson Enterprises Inc.               | 31488V107 | 12/05/2024     | To approve, on an advisory basis, the fiscal 2024 compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES                               |   2791           |                0 | FOR         |                           2791           | FOR                         |  |
| Ferguson Enterprises Inc.               | 31488V107 | 12/05/2024     | To approve, on an advisory basis, the frequency of future shareholder advisory votes to approve the compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES                               |   2791           |                0 | ONE YEAR    |                           2791           | FOR                         |  |
| Viatris Inc.                            | 92556V106 | 12/06/2024     | Approval of, on a non-binding advisory basis, the 2023 compensation of the named executive officers of the Company.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES                               | 101446           |                0 | FOR         |                         101446           | FOR                         |  |
| Viatris Inc.                            | 92556V106 | 12/06/2024     | Approval of, on a non-binding advisory basis, the 2023 compensation of the named executive officers of the Company.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES                               |      6.78062e+07 |              447 | FOR         |                              6.78062e+07 | FOR                         |  |
| Microsoft Corporation                   | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES                               |    940.799       |                0 | FOR         |                            940.799       | FOR                         |  |
| Microsoft Corporation                   | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote")                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES                               | 351171           |                0 | FOR         |                         351171           | FOR                         |  |
| Applied Materials, Inc.                 | 038222105 | 03/06/2025     | Approval, on an advisory basis, of the compensation of Applied Materials' named executive officers for fiscal year 2024.                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES                               |  12206.9         |                0 | FOR         |                          12206.9         | FOR                         |  |
| Applied Materials, Inc.                 | 038222105 | 03/06/2025     | Approval, on an advisory basis, of the compensation of Applied Materials' named executive officers for fiscal year 2024.                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES                               |      5.13098e+06 |               13 | FOR         |                              5.13098e+06 | FOR                         |  |
| Johnson Controls International plc      | G51502105 | 03/12/2025     | To approve, in a non-binding advisory vote, the compensation of the named executive officers.                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES                               | 449942           |                0 | FOR         |                         449942           | FOR                         |  |
| Fifth Third Bancorp                     | 316773100 | 04/15/2025     | An advisory vote on approval of the Company's compensation of its named executive officers.                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES                               |      2.4485e+06  |                0 | FOR         |                              2.4485e+06  | FOR                         |  |
| M Bank Corporation                      | 55261F104 | 04/15/2025     | TO APPROVE THE 2024 COMPENSATION OF M BANK CORPORATION'S NAMED EXECUTIVE OFFICERS.                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES                               |  50155           |                0 | FOR         |                          50155           | FOR                         |  |
| Owens Corning                           | 690742101 | 04/15/2025     | To approve, on an advisory basis, our named executive officer compensation.                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES                               |   4390.39        |                0 | FOR         |                           4390.39        | FOR                         |  |
| Owens Corning                           | 690742101 | 04/15/2025     | To approve, on an advisory basis, our named executive officer compensation.                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES                               |      2.00564e+06 |                9 | FOR         |                              2.00564e+06 | FOR                         |  |
| The Bank of New York Mellon Corporation | 064058100 | 04/15/2025     | Advisory resolution to approve the 2024 compensation of our named executive officers.                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES                               |      2.1211e+06  |                0 | FOR         |                              2.1211e+06  | FOR                         |  |
| U.S. Bancorp                            | 902973304 | 04/15/2025     | An advisory vote to approve the compensation of our executives disclosed in the proxy statement.                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES                               |  29445.3         |                0 | FOR         |                          29445.3         | FOR                         |  |
| U.S. Bancorp                            | 902973304 | 04/15/2025     | An advisory vote to approve the compensation of our executives disclosed in the proxy statement.                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES                               |      1.59182e+07 |                9 | FOR         |                              1.59182e+07 | FOR                         |  |
| Humana Inc.                             | 444859102 | 04/17/2025     | Non-binding advisory vote for the approval of the  compensation of the named executive officers as  disclosed in the 2025 proxy statement.                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES                               |   5425.03        |                0 | AGAINST     |                           5425.03        | AGAINST                     |  |
| Humana Inc.                             | 444859102 | 04/17/2025     | Non-binding advisory vote for the approval of the compensation of the named executive officers as disclosed in the 2025 proxy statement.                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES                               |      2.53132e+06 |                1 | AGAINST     |                              2.53132e+06 | AGAINST                     |  |
| Texas Instruments Incorporated          | 882508104 | 04/17/2025     | Board proposal regarding advisory approval of the Company's  executive compensation.                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES                               |   8555.81        |                0 | FOR         |                           8555.81        | FOR                         |  |
| Texas Instruments Incorporated          | 882508104 | 04/17/2025     | Board proposal regarding advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES                               |      2.67373e+06 |                8 | FOR         |                              2.67373e+06 | FOR                         |  |
| Bank of America Corporation             | 060505104 | 04/22/2025     | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES                               |      1.17458e+06 |                0 | FOR         |                              1.17458e+06 | FOR                         |  |
| Brixmor Property Group Inc.             | 11120U105 | 04/23/2025     | To approve, on a non-binding advisory basis, the compensation paid to our named executive officers.                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES                               | 287370           |                0 | FOR         |                         287370           | FOR                         |  |
| The Cigna Group                         | 125523100 | 04/23/2025     | Advisory approval of executive compensation                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES                               |   3484.3         |                0 | FOR         |                           3484.3         | FOR                         |  |
| The Cigna Group                         | 125523100 | 04/23/2025     | Advisory approval of executive compensation                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES                               |      1.57138e+06 |                0 | FOR         |                              1.57138e+06 | FOR                         |  |
| The PNC Financial Services Group, Inc.  | 693475105 | 04/23/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES                               | 502089           |                0 | FOR         |                         502089           | FOR                         |  |
| AGCO Corporation                        | 001084102 | 04/24/2025     | Non-binding advisory resolution to approve the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES                               |   4511.73        |                0 | FOR         |                           4511.73        | FOR                         |  |
| AGCO Corporation                        | 001084102 | 04/24/2025     | Non-binding advisory resolution to approve the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES                               |      2.20852e+06 |               45 | FOR         |                              2.20852e+06 | FOR                         |  |
| Healthpeak Properties, Inc.             | 42250P103 | 04/24/2025     | Approval of 2024 executive compensation on an advisory basis.                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES                               | 134250           |                0 | FOR         |                         134250           | FOR                         |  |
| Liberty TripAdvisor Holdings, Inc.      | 531465102 | 04/24/2025     | A proposal to approve, on an advisory (nonbinding) basis, the compensation that may be paid or become payable to Liberty TripAdvisor's named executive officers that is based on or related to the merger agreement and the transactions contemplated thereby; and                                                                                                              | SECTION 14A SAY-ON-PAY VOTES                               | 232274           |                0 | AGAINST     |                         232274           | AGAINST                     |  |
| American Express Company                | 025816109 | 04/29/2025     | Approval, on an advisory basis, of the Company's executive compensation.                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES                               | 273525           |                0 | AGAINST     |                         273525           | AGAINST                     |  |
| Cousins Properties Incorporated         | 222795502 | 04/29/2025     | Consideration of an advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES                               | 260550           |                0 | FOR         |                         260550           | FOR                         |  |
| Truist Financial Corporation            | 89832Q109 | 04/29/2025     | Advisory vote to approve Truist's executive compensation program.                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES                               | 148868           |                0 | FOR         |                         148868           | FOR                         |  |
| VICI Properties Inc.                    | 925652109 | 04/29/2025     | To approve (on a non-binding, advisory basis) the compensation of our named executive officers.                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES                               |  88800           |                0 | FOR         |                          88800           | FOR                         |  |
| Wells Fargo  Company                    | 949746101 | 04/29/2025     | Advisory vote to approve executive compensation (Say on Pay).                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES; SECTION 14A SAY-ON-PAY VOTES |  20242.5         |                0 | FOR         |                          22482.5         | FOR                         |  |
| Wells Fargo  Company                    | 949746101 | 04/29/2025     | Advisory vote to approve executive compensation (Say on Pay).                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES                               |      9.27195e+06 |                0 | FOR         |                              9.27195e+06 | FOR                         |  |
| Solventum Corp.                         | 83444M101 | 04/30/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES                               |      5.71953e+06 |               47 | FOR         |                              5.71953e+06 | FOR                         |  |
| Solventum Corp.                         | 83444M101 | 04/30/2025     | Advisory vote on frequency of advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES                               |      5.71953e+06 |               47 | ONE YEAR    |                              5.71953e+06 | FOR                         |  |
| Solventum Corporation                   | 83444M101 | 04/30/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES                               |  10547           |                0 | FOR         |                          10547           | FOR                         |  |
| Solventum Corporation                   | 83444M101 | 04/30/2025     | Advisory vote on frequency of advisory vote  to approve executive compensation                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES                               |  10547           |                0 | ONE YEAR    |                          10547           | FOR                         |  |
| Community Healthcare Trust Incorporated | 20369C106 | 05/01/2025     | To approve, on a non-binding advisory basis, the following resolutions: RESOLVED, that the stockholders of Community Healthcare Trust Incorporated approve, on a non-binding advisory basis, the compensation of the named executive officers as disclosed pursuant to Item 402 of Regulation S-K in the Company's proxy statement for the 2025 annual meeting of stockholders. | SECTION 14A SAY-ON-PAY VOTES                               | 171070           |                0 | FOR         |                         171070           | FOR                         |  |
| Crown Holdings, Inc.                    | 228368106 | 05/01/2025     | Approval by advisory vote of the resolution on executive compensation as described in the Proxy Statement.                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES                               |   8570           |                0 | FOR         |                           8570           | FOR                         |  |
| Sunstone Hotel Investors, Inc.          | 867892101 | 05/01/2025     | Advisory vote to approve the compensation of Sunstone's named executive officers, as set forth in Sunstone's Proxy Statement for the 2025 Annual Meeting.                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES                               | 469980           |                0 | FOR         |                         469980           | FOR                         |  |
| RenaissanceRe Holdings Ltd.             | G7496G103 | 05/06/2025     | To approve, by a non-binding advisory vote, the compensation of the named executive officers of RenaissanceRe Holdings Ltd. as disclosed in the proxy statement.                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES                               | 143255           |                0 | FOR         |                         143255           | FOR                         |  |
| Terreno Realty Corporation              | 88146M101 | 05/06/2025     | Adoption of a resolution to approve, on a non-binding advisory basis, the compensation of certain executives, as more fully described in the proxy statement.                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES                               |  53574           |                0 | FOR         |                          53574           | FOR                         |  |
| American Homes 4 Rent                   | 02665T306 | 05/07/2025     | Advisory Vote to Approve American Homes 4 Rent's Named Executive Officer Compensation.                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES                               | 141540           |                0 | FOR         |                         141540           | FOR                         |  |
| Darling Ingredients Inc.                | 237266101 | 05/07/2025     | Advisory vote to approve, on an advisory basis, executive compensation.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES                               |      2.76012e+06 |               71 | FOR         |                              2.76012e+06 | FOR                         |  |
| Darling Ingredients, Inc.               | 237266101 | 05/07/2025     | Advisory vote to approve, on an advisory basis, executive compensation.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES                               |   6237           |                0 | FOR         |                           6237           | FOR                         |  |
| Federal Realty Investment Trust         | 313745101 | 05/07/2025     | To approve, on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES                               |  18100           |                0 | FOR         |                          18100           | FOR                         |  |
| MGM Resorts International               | 552953101 | 05/07/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES                               |  47516           |                0 | FOR         |                          47516           | FOR                         |  |
| MGM Resorts International               | 552953101 | 05/07/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES                               |      2.25069e+07 |              524 | FOR         |                              2.25069e+07 | FOR                         |  |
| Public Storage                          | 74460D109 | 05/07/2025     | Advisory vote to approve the compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES                               |  27440           |                0 | FOR         |                          27440           | FOR                         |  |
| Regency Centers Corporation             | 758849103 | 05/07/2025     | Approval, in an advisory vote, of the Company's executive compensation.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES                               |  66360           |                0 | FOR         |                          66360           | FOR                         |  |
| Capital One Financial Corporation       | 14040H105 | 05/08/2025     | Advisory vote on our Named Executive Officer compensation ("Say on Pay").                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES                               |  12022.7         |                0 | FOR         |                          12022.7         | FOR                         |  |
| Capital One Financial Corporation       | 14040H105 | 05/08/2025     | Advisory vote on our Named Executive Officer compensation ("Say on Pay").                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES                               |      9.70639e+06 |              105 | FOR         |                              9.70639e+06 | FOR                         |  |
| Prologis, Inc.                          | 74340W103 | 05/08/2025     | Advisory Vote to Approve the Company's Executive Compensation for 2024.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES                               | 101429           |                0 | FOR         |                         101429           | FOR                         |  |
| Camden Property Trust                   | 133131102 | 05/09/2025     | Approval, by an advisory vote, of executive compensation.                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES                               |  41790           |                0 | FOR         |                          41790           | FOR                         |  |
| Alexandria Real Estate Equities, Inc.   | 015271109 | 05/13/2025     | To cast a non-binding, advisory vote on a resolution to approve the compensation of the Company's named executive officers, as more particularly described in the accompanying Proxy Statement.                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES                               |  82883           |                0 | AGAINST     |                          82883           | AGAINST                     |  |
| ConocoPhillips                          | 20825C104 | 05/13/2025     | Advisory Approval of Executive Compensation.                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES                               |   3995.41        |                0 | FOR         |                           3995.41        | FOR                         |  |
| ConocoPhillips                          | 20825C104 | 05/13/2025     | Advisory Approval of Executive Compensation.                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES                               |      1.53159e+06 |                1 | FOR         |                              1.53159e+06 | FOR                         |  |
| Essex Property Trust, Inc.              | 297178105 | 05/13/2025     | Advisory vote to approve the Company's named executive officer compensation.                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES                               |  19640           |                0 | FOR         |                          19640           | FOR                         |  |
| Highwoods Properties, Inc.              | 431284108 | 05/13/2025     | ADVISORY VOTE ON EXECUTIVE COMPENSATION.                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES                               |  68340           |                0 | FOR         |                          68340           | FOR                         |  |
| Loews Corporation                       | 540424108 | 05/13/2025     | Approve, on an advisory basis, executive compensation                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES                               | 610600           |                0 | FOR         |                         610600           | FOR                         |  |
| Sun Communities, Inc.                   | 866674104 | 05/13/2025     | To approve, by a non-binding advisory vote, executive compensation.                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES                               |  14460           |                0 | FOR         |                          14460           | FOR                         |  |
| Ventas, Inc.                            | 92276F100 | 05/13/2025     | Approval, on an advisory basis, of the compensation of named executive officers of Ventas, Inc.                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES                               | 147730           |                0 | FOR         |                         147730           | FOR                         |  |
| American Tower Corporation              | 03027X100 | 05/14/2025     | To approve, on an advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES                               |  50950           |                0 | FOR         |                          50950           | FOR                         |  |
| Everest Group, Ltd.                     | G3223R108 | 05/14/2025     | To approve, by non-binding advisory vote, 2024 compensation paid to the Company's Named Executive Officers.                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES                               |  39542           |                0 | FOR         |                          39542           | FOR                         |  |
| Hudson Pacific Properties, Inc.         | 444097109 | 05/14/2025     | The advisory approval of the Company's executive compensation for the fiscal year ended December 31, 2024, as more fully disclosed in the accompanying Proxy Statement.                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES                               |      1.29807e+06 |                0 | AGAINST     |                              1.29807e+06 | AGAINST                     |  |
| Simon Property Group, Inc.              | 828806109 | 05/14/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers.                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES                               |  40453           |                0 | AGAINST     |                          40453           | AGAINST                     |  |
| State Street Corporation                | 857477103 | 05/14/2025     | To approve on an advisory proposal on executive compensation.                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES                               |  65219           |                0 | FOR         |                          65219           | FOR                         |  |
| Chubb Limited                           | H1467J104 | 05/15/2025     | Advisory vote to approve executive compensation under U.S. securities law requirements                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES                               |   2562.14        |                0 | FOR         |                           2562.14        | FOR                         |  |
| Chubb Limited                           | H1467J104 | 05/15/2025     | Advisory vote to approve executive compensation under U.S. securities law requirements                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES                               | 957819           |                0 | FOR         |                         957819           | FOR                         |  |
| CVS Health Corporation                  | 126650100 | 05/15/2025     | Say on Pay, a Proposal to Approve, on an Advisory Basis, the Company's Executive Compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES                               |  26499.7         |                0 | FOR         |                          26499.7         | FOR                         |  |
| CVS Health Corporation                  | 126650100 | 05/15/2025     | Say on Pay, a Proposal to Approve, on an Advisory Basis, the Company's Executive Compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES                               |      1.25394e+07 |               36 | FOR         |                              1.25394e+07 | FOR                         |  |
| NetSTREIT Corp.                         | 64119V303 | 05/15/2025     | Approval, on an advisory basis, of the compensation of NETSTREIT Corp.'s named executive officers.                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES                               |  66000           |                0 | FOR         |                          66000           | FOR                         |  |
| Quest Diagnostics Incorporated          | 74834L100 | 05/15/2025     | An advisory resolution to approve the executive officer compensation disclosed in the Company's 2025 proxy statement                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES                               |   4408.77        |                0 | FOR         |                           4408.77        | FOR                         |  |
| Quest Diagnostics Incorporated          | 74834L100 | 05/15/2025     | An advisory resolution to approve the executive officer compensation disclosed in the Company's 2025 proxy statement                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES                               |      2.60374e+06 |               62 | FOR         |                              2.60374e+06 | FOR                         |  |
| UDR, Inc.                               | 902653104 | 05/15/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES                               | 106380           |                0 | FOR         |                         106380           | FOR                         |  |
| BXP, Inc.                               | 101121101 | 05/20/2025     | To approve, by non-binding, advisory resolution, the Company's named executive officer compensation.                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES                               | 116440           |                0 | FOR         |                         116440           | FOR                         |  |
| JPMorgan Chase  Co.                     | 46625H100 | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES                               | 644594           |                0 | FOR         |                         644594           | FOR                         |  |
| Mid-America Apartment Communities, Inc. | 59522J103 | 05/20/2025     | Advisory (non-binding) vote to approve the compensation of our named executive officers as disclosed in the proxy statement.                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES                               |  20020           |                0 | FOR         |                          20020           | FOR                         |  |
| Amazon.com, Inc.                        | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES                               |   9101           |                0 | FOR         |                           9101           | FOR                         |  |
| Amazon.com, Inc.                        | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES                               |      2.99704e+06 |                0 | FOR         |                              2.99704e+06 | FOR                         |  |
| AvalonBay Communities, Inc.             | 053484101 | 05/21/2025     | To adopt a resolution approving, on a non-binding advisory basis, the compensation paid to the Company's Named Executive Officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and any related material disclosed in the proxy statement.                                                      | SECTION 14A SAY-ON-PAY VOTES                               |  31320           |                0 | FOR         |                          31320           | FOR                         |  |
| Crown Castle Inc.                       | 22822V101 | 05/21/2025     | The non-binding, advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES                               |  22900           |                0 | FOR         |                          22900           | FOR                         |  |
| Equinix, Inc.                           | 29444U700 | 05/21/2025     | Approval, by a non-binding advisory vote, of the compensation of our named executive officers                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES                               |   9103           |                0 | FOR         |                           9103           | FOR                         |  |
| Extra Space Storage Inc.                | 30225T102 | 05/21/2025     | Advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES                               |  34910           |                0 | FOR         |                          34910           | FOR                         |  |
| Markel Group Inc.                       | 570535104 | 05/21/2025     | Advisory vote on approval of executive compensation.                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES                               |    591           |                0 | FOR         |                            591           | FOR                         |  |
| Markel Group Inc.                       | 570535104 | 05/21/2025     | Advisory vote on approval of executive compensation.                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES                               | 395888           |                0 | FOR         |                         395888           | FOR                         |  |
| EastGroup Properties, Inc.              | 277276101 | 05/22/2025     | To approve, by a non-binding, advisory vote, the compensation of the Company's Named Executive Officers as described in the Company's definitive proxy statement.                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES                               |  25290           |                0 | FOR         |                          25290           | FOR                         |  |
| The Charles Schwab Corporation          | 808513105 | 05/22/2025     | Advisory approval of named executive officer compensation                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES                               | 298992           |                0 | FOR         |                         298992           | FOR                         |  |
| WESCO International, Inc.               | 95082P105 | 05/22/2025     | Approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES                               | 176049           |                0 | FOR         |                         176049           | FOR                         |  |
| Meta Platforms, Inc.                    | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES                               |   3936.14        |                0 | FOR         |                           3936.14        | FOR                         |  |
| Meta Platforms, Inc.                    | 30303M102 | 05/28/2025     | To vote, on a non-binding advisory basis, whether a non-binding advisory vote on the compensation program for Meta Platforms, Inc.'s named executive officers should be held every one, two or three years.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES                               |   3936.14        |                0 | ONE YEAR    |                           3936.14        | AGAINST                     |  |
| Meta Platforms, Inc.                    | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES                               |      2.38189e+06 |                0 | FOR         |                              2.38189e+06 | FOR                         |  |
| Meta Platforms, Inc.                    | 30303M102 | 05/28/2025     | To vote, on a non-binding advisory basis, whether a non-binding advisory vote on the compensation program for Meta Platforms, Inc.'s named executive officers should be held every one, two or three years.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES                               |      2.38189e+06 |                0 | ONE YEAR    |                              2.38189e+06 | AGAINST                     |  |
| Douglas Emmett, Inc.                    | 25960P109 | 05/29/2025     | To approve, in a non-binding advisory vote, our executive compensation.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES                               | 153030           |                0 | FOR         |                         153030           | FOR                         |  |
| UnitedHealth Group Incorporated         | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES                               |  42461           |                0 | FOR         |                          42461           | FOR                         |  |
| Restaurant Brands International Inc.    | 76131D103 | 06/03/2025     | Approval, on a non-binding advisory basis, of the compensation paid to named executive officers.                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES                               |   6963.59        |                0 | FOR         |                           6963.59        | FOR                         |  |
| Restaurant Brands International Inc.    | 76131D103 | 06/03/2025     | Say-On-Pay  Approval, on a non-binding advisory basis, of the compensation paid to named executive officers.                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES                               |      3.62773e+06 |               45 | FOR         |                              3.62773e+06 | FOR                         |  |
| Rexford Industrial Realty, Inc.         | 76169C100 | 06/03/2025     | The advisory resolution to approve the Company's named executive officer compensation for the fiscal year ended December 31, 2024, as described in the Rexford Industrial Realty, Inc. Proxy Statement.                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES                               | 203610           |                0 | FOR         |                         203610           | FOR                         |  |
| Clear Secure, Inc.                      | 18467V109 | 06/05/2025     | Approval of, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES                               | 621452           |                0 | FOR         |                         621452           | FOR                         |  |
| Digital Realty Trust, Inc.              | 253868103 | 06/06/2025     | To approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers, as more fully described in the accompanying Proxy Statement (Say-on-Pay).                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES                               |  38470           |                0 | FOR         |                          38470           | FOR                         |  |
| Coupang, Inc.                           | 22266T109 | 06/12/2025     | To consider a non-binding vote to approve the compensation of Coupang, Inc.'s named executive officers.                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES                               |      5.90324e+06 |                0 | FOR         |                              5.90324e+06 | FOR                         |  |
| IAC Inc.                                | 44891N208 | 06/18/2025     | To approve a non-binding advisory vote on IAC's 2024 executive compensation.                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES                               |   6306           |                0 | FOR         |                           6306           | FOR                         |  |
| IAC Inc.                                | 44891N208 | 06/18/2025     | To approve a non-binding advisory vote on IAC's 2024 executive compensation.                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES                               |      2.9002e+06  |               95 | FOR         |                              2.9002e+06  | FOR                         |  |
| NVIDIA Corporation                      | 67066G104 | 06/25/2025     | Advisory approval of our executive compensation.                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES                               |  70364           |                0 | FOR         |                          70364           | FOR                         |  |
| Equity Residential                      | 29476L107 | 06/26/2025     | Approval of Executive Compensation.                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES                               |  59300           |                0 | FOR         |                          59300           | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** DAVIS SELECTED ADVISERS

**By (Signature):** Kenneth C Eich

**By (Printed Signature):** Kenneth C Eich

**By (Title):** Principal Executive Officer

**Date:** 08/15/2025