AMENDMENT TO SUBADVISORY AGREEMENT DAVIS SELECTED ADVISERS, L.P.

AMENDMENT TO SUBADVISORY AGREEMENT

▇▇▇▇▇ SELECTED ADVISERS, L.P.

     AMENDMENT made as of this 19^th day of December, 2008 to the Subadvisory Agreement dated April 30, 2001 (the “Agreement”), between ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Management Services, LLC (formerly, Manufacturers Securities Services, LLC), a Delaware limited liability company (the “Adviser”), and ▇▇▇▇▇ Selected Advisers, L.P., a Colorado limited partnership (the “Subadviser”). In consideration of the mutual covenants contained herein, the parties agree as follows:

1.

CHANGE IN APPENDIX A

     Appendix A of the Agreement relating to compensation of the Subadviser shall be deleted and replaced by the attached Appendix A.

2.

EFFECTIVE DATE

     This Amendment shall become effective on the later to occur of: (i) approval of the Amendment by the Board of Trustees of ▇▇▇▇ ▇▇▇▇▇▇▇ Trust and (ii) execution of the Amendment.

(THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK)

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed under seal by their duly authorized officers as of the date first mentioned above.

APPENDIX A

     The Subadviser shall serve as investment subadviser for each Portfolio of the Trust listed below. The Adviser will pay the Subadviser, as full compensation for all services provided under this Agreement with respect to each Portfolio, the fee computed separately for such Portfolio at an annual rate as follows (the “Subadviser Fee”):

						Between
						$50 million
		First				and				Excess Over
		$50 million				$500 million				$500 million
		of Aggregate				of Aggregate				of Aggregate
Portfolio		Net Assets*				Net Assets*				Net Assets*
Fundamental Value Trust			0.400	%			0.350	%			0.300	%
Financial Services Trust			0.400	%			0.350	%			0.300	%

		First				Excess of
		S350 million				$350 million
		of Aggregate				of Aggregate
		Net Assets*				Net Assets*
Core Equity Trust			0.400	%			0.300	%

Trust Portfolio(s)		Other Portfoliof(s)
Fundamental Value Trust		Fundamental Value Fund, a series of ▇▇▇▇ ▇▇▇▇▇▇▇ Funds II
Financial Services Trust		Financial Services Fund, a series of ▇▇▇▇ ▇▇▇▇▇▇▇ Funds II
Core Equity Trust		Core Equity Fund, a series of ▇▇▇▇ ▇▇▇▇▇▇▇ Funds II

The Subadviser Fee for a Portfolio shall be based on the applicable annual fee rate for the Portfolio which for each day shall be equal to (i) the sum of the amounts determined by applying

the annual percentage rates in the table to the applicable portions of Aggregate Net Assets divided by (ii) Aggregate Net Assets (the “Applicable Annual Fee Rate”). The Subadviser Fee for each Portfolio shall be accrued for each calendar day, and the sum of the daily fee accruals shall be paid monthly to the Subadviser within 30 calendar days of the end of each month. The daily fee accruals will be computed by multiplying die fraction of one over the number of calendar days in the year by the Applicable Annual Fee Rate, and multiplying this product by the net assets of the Portfolio. The Adviser shall provide Subadviser with such information as Subadviser may reasonably request supporting the calculation of the fees paid to it hereunder. Fees shall be paid either by wire transfer or check, as directed by Subadviser.

     If, with respect to any Portfolio, this Agreement becomes effective or terminates, or if the manner of determining die Applicable Annual Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.