DAVIS RESEARCH FUND IS EXPECTED TO REORGANIZE INTO DAVIS SELECT U.S. EQUITY ETF

The reorganization is expected to occur on November 13, 2026. 

At a meeting held on September 15, 2026, the Board of Directors of Davis New York Venture Fund, Inc. approved an Agreement and Plan of Reorganization between Davis Research Fund and Davis Select U.S. Equity ETF (and the Board of Trustees of Davis Fundamental ETF Trust has similarly reviewed and approved the aforementioned Agreement and Plan of Reorganization). The Reorganization will be presented to stockholders of Davis Research Fund at a special meeting of stockholders, which is scheduled to be held on or about November 10, 2026. If approved by stockholders, the Reorganization is expected to take place on November 13, 2026, with Davis Select U.S. Equity, through a tax-free exchange, acquiring all of the net assets of Davis Research Fund Class A.

Neither Davis Research Fund nor its shareholders are expected to recognize any gain or loss as a direct result of the reorganization.

SHAREHOLDER APPROVAL IS REQUIRED.  

Shareholders of Davis Research Fund as of October 9, 2026, will be entitled to vote on the merger proposal at a shareholder meeting expected to be held on November 10, 2026. In addition, as a shareholder, you may elect to redeem your shares, exchange your shares into another fund, or stay in the fund until it merges. A redemption or exchange of fund shares would generally be a taxable event for shareholders holding shares in taxable accounts.

If you hold shares of Davis Research Fund in an account that cannot hold ETFs, you need to take action to avoid liquidation if shareholders approve the merger proposal. You will need to contact your broker or financial intermediary to transfer your shares to an existing or new brokerage account that permits investment in ETF shares, and the team at Davis Funds is available to assist shareholders to navigate this process as necessary. You can reach the Davis Funds team at 800-279-0279.

The foregoing is not a solicitation of any proxy. For a free copy of the prospectus/proxy statement available on or after October 30, 2026 describing the reorganization (and containing important information about fees, expenses and risk considerations) and a prospectus for Davis Select U.S. Equity ETF, please call Davis Funds at 800-279-0279. The prospectus/proxy statement will also be available for free on the Securities and Exchange Commission’s website (www.sec.gov).