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 will be 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.
For questions, please contact Davis Funds’ Investor Services department at 1-800-279-0279.
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