On November 7, 2025, Davis International Fund acquired all of the net assets of Selected International Fund pursuant to an Agreement and Plan of Reorganization and Liquidation adopted by Davis New York Venture Fund, Inc., on behalf of its series, Davis International Fund, and Selected International Fund, Inc., on behalf of its series, Selected International Fund.
Shareholder approval was not required.
The purpose of this transaction was to combine two funds managed by Davis Selected Advisers, L.P. with the same or substantially similar investment objectives, investment policies, strategies, risks, and restrictions.
The reorganization was accomplished by a tax-free exchange of shares of Class S and Class D shares, respectively, of Selected International Fund, into Class A and Class Y shares, respectively, of Davis International Fund. The exchange took place at relative net asset value and there was no sales charge imposed on the reorganization.
Neither Selected International Fund nor its shareholders recognized any gain or loss as a direct result of the reorganization.
Effective after the close of business on November 7, 2025, new positions in the fund may no longer be opened. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the fund’s liquidation.
In addition, the prospectus for Davis International Fund has been supplemented as of September 22, 2025 to inform shareholders that the investment objective policy of Davis International Fund will be converted from non-fundamental to fundamental (i.e., shareholder approval will be required for future changes) on November 5, 2025, ahead of the reorganization.
FREQUENTLY ASKED QUESTIONS (FAQ)
What was the purpose of this transaction?
The purpose of this transaction is to combine two funds managed by Davis Selected Advisers, L.P., with the same or substantially similar investment objectives, investment policies, strategies, risks, and restrictions.
What happened to my shares during the Reorganization?
Your shares of SIF as of November 7, 2025, were exchanged for new shares in DIF. If you had SIF Class S shares, they became DIF Class A shares. If you had SIF Class D shares, they became DIF Class Y shares.
| FROM FUND | SHARE CLASS | CUSIP # | TICKER |
|---|---|---|---|
| Selected International Fund | S | 816272108 | SLSSX |
| Selected International Fund | D | 816272207 | SLSDX |
| TO FUND | SHARE CLASS | CUSIP # | TICKER |
| Davis International Fund | A | 239080831 | DILAX |
| Davis International Fund | Y | 239080799 | DILYX |
Did the value of my investment change?
No. The total value of your investment did not change as a result of the Reorganization, although the number of shares you hold changed based on the relative net asset values (NAVs) of the two funds. There was no sales charge imposed on the Reorganization.
What do I need to do as a shareholder?
No action is required from you. Your shares in SIF were automatically exchanged for shares of DIF. You do not need to submit any forms.
Did my account number change?
Existing SIF account numbers were established in DIF, unless a corresponding Davis Fund account number already existed.
Can shareholders with existing SIF accounts continue to invest in the Fund until the Reorganization is complete?
No. Investments in SIF were halted after the market close on November 7, 2025
Did automatic deposits or withdrawals carry over after the Fund’s Reorganization?
Yes, all automatic investment and withdrawal programs carried over to the DIF.
What about other systematic agreements such as reinvesting dividends or systematic exchanges from my SIF into another Selected Fund, or vice-versa?
These systematic agreements did not carry over and were stopped. If a shareholder would like to reestablish this type of agreement, a Davis Account Services Form will need to be submitted. Please see DIF’s prospectus for more information.
Did this affect my taxes?
This Reorganization was accomplished by a tax-free exchange and had no tax consequence for shareholders.
How do I access my DIF account online?
You will need to create a new login with Davis Funds to view and manage your account online. To access the Davis Funds’ website please visit: https://davisfunds.com/account_access.
For questions, please contact Davis Funds’ Investor Services department at 1-800-279-0279.
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