Post-Effective Amendment to Registration Statement by Investment Company (Form 485BPOS)

		Pre-Effective Amendment No.		[ ]
		Post-Effective Amendment No. 1

1. The Statement of Additional Information dated October 6, 2025, relating to this Information Statement;
2. The Prospectus for Davis International Fund dated March 1, 2025;

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2. The Statement of Additional Information for Davis International Fund dated March 1, 2025;
3. The Annual Report (Tailored Shareholder Report and Semi-Annual Financial Statements and Other Information) for Davis International Fund for the fiscal year ended October 31, 2024;
4. The Semi-Annual Report (Tailored Shareholder Report and Semi-Annual Financial Statements and Other Information) for Davis International Fund for the period ended April 30, 2025;
5. The Prospectus for Selected International Fund dated May 1, 2025;
6. The Statement of Additional Information for Selected International Fund dated May 1, 2025;
7. The Annual Report (Tailored Shareholder Report and Annual Financial Statements and Other Information) for Selected International Fund for the fiscal year ended December 31, 2024; and
8. The Semi-Annual Report (Tailored Shareholder Report and Annual Financial Statements and Other Information) for Selected International Fund for the fiscal year ended June 30, 2025.

• Davis Funds: calling the Davis Funds toll-free at 1-800-279-0279, visiting the Davis Funds' website at www.davisfunds.com, or writing to the Davis Funds c/o State Street Bank and Trust Company, P.O. Box 219197, Kansas City, MO 64121.
• Selected Funds: calling the Selected Funds toll-free at 1-800-243-1575, visiting the Selected Funds' website at www.selectedfunds.com, or writing to the Selected Funds c/o State Street Bank and Trust Company, P.O. Box 219662, Kansas City, MO 64121.

Synopsis	5
Comparison of Principal Risk Factors	14
The Transaction	18
Additional Information about the Funds	24
Miscellaneous	27
Exhibit 1. Form of Agreement and Plan of Reorganization of Selected International Fund	28

• The terms and conditions of the Agreement and Plan of Reorganization;
• The best interests of the shareholders of both Selected International Fund and Davis International Fund;
• Shareholder interests will not be diluted as a result of the proposed Reorganization (the exchange will take place at relative net asset value and there will be no sales charge imposed on the Reorganization);
• The Reorganization will qualify as a tax-free reorganization for federal income tax purposes;
• The Reorganization provides continuity of investment philosophy for shareholders due to the fact that Davis Selected Advisers, L.P. serves as investment adviser for both Funds;
• Selected International Fund and Davis International Fund have the same investment objectives and similar philosophies and fundamental investment policies, and hold many of the same securities. Davis International Fund is expected to continue to hold the majority of Selected International Fund's portfolio securities after the Reorganization;
• Davis International Fund has similar investment performance history to Selected International Fund;
• Davis International Fund's operating expenses are the same as Selected International Fund's due to similar expense cap agreements;

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• As a result of its size, Davis International Fund may be more successful in attracting continuing shareholder investment. The resulting positive cash flows and resulting increase in net assets from additional shareholders may lead to greater economies of scale if realized, lower expenses, and improved investment performance. A positive cash flow from continuing shareholder investments may contribute to Davis International Fund's investment performance by allowing Davis International Fund to take advantage of investment opportunities and invest for the long-term by meeting routine shareholder redemptions from the sale of Fund shares rather than by liquidating portfolio securities;
• The procedures for purchases, exchanges, and redemptions of shares of both Funds are similar and both Funds offer the same investor services and options. Davis International Fund has more exchange options than does Selected International Fund;
• The respective Class A shares of Davis International Fund and Class S shares of Selected International Fund have the same Rule 12b-1 distribution charges and similar management and service agreements. Class S accounts of Selected International Fund would be designated load waived as Davis International Fund Class A accounts. Class Y shares of Davis International Fund to be issued for Class D shares of Selected International Fund would be exempt from any Class Y minimums. Neither Class D shares of Selected International Fund nor Class Y shares of Davis International Fund have Rule 12b-1 plans; and
• The potential benefit to Davis Selected Advisers, L.P. and its affiliates as a result of the Reorganization.

	Selected International Fund (Class S)	Davis International Fund (Class A)	Davis International Fund (Class A) Pro forma Combined
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	4.75%	4.75% (load waived for Class S shareholders as a result of the merger)
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares)	None	0.50% (Only applies if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase)	0.50% (Only applies if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase)
Redemption fee (as a percentage of total redemption proceeds)	None	None	None

	Selected International Fund (Class S)	Davis International Fund (Class A)	Davis International Fund (Class A) Pro forma Combined
Management Fees	0.55%	0.55%	0.55%
Distribution and/or Service (12b-1) Fees	0.25%	0.18%	0.19%
Other Expenses	0.83%	0.36%	0.44%
Total Annual Fund Operating Expenses	1.63%	1.09%	1.18%
Less Fee Waiver or Expense Reimbursement*	-0.58%	-0.04%	-0.13%
Net Expenses	1.05%	1.05%	1.05%

	Selected International Fund (Class D)	Davis International Fund (Class Y)	Davis International Fund (Class Y) Pro forma Combined
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares)	None	None	None
Redemption fee (as a percentage of total redemption proceeds)	None	None	None

	Selected International Fund (Class D)	Davis International Fund (Class Y)	Davis International Fund (Class Y) Pro forma Combined
Management Fees	0.55%	0.55%	0.55%
Distribution and/or Service (12b-1) Fees	0.00%	0.00%	0.00%
Other Expenses	0.35%	0.19%	0.21%
Total Annual Fund Operating Expenses	0.90%	0.74%	0.76%
Less Fee Waiver or Expense Reimbursement*	-0.10%	0.00%	0.00%
Net Expenses	0.80%	0.74%	0.76%

	Selected International Fund (Class S)		Davis International Fund (Class A)		Davis International Fund (Class A) Pro forma Combined		Davis International Fund (Class A) Pro forma Combined (Load waived)
	Hold all	Sell all	Hold all	Sell all	Hold all	Sell all	Hold all	Sell all
1 year	$107	$107	$577	$577	$577	$577	$107	$107
3 years	$457	$457	$801	$801	$820	$820	$362	$362
5 years	$832	$832	$1,044	$1,044	$1,081	$1,081	$636	$636
10 years	$1,884	$1,884	$1,737	$1,737	$1,828	$1,828	$1,420	$1,420

	Selected International Fund (Class D)		Davis International Fund (Class Y)		Davis International Fund (Class Y) Pro forma Combined
	Hold all	Sell all	Hold all	Sell all	Hold all	Sell all
1 year	$82	$82	$76	$76	$78	$78
3 years	$277	$277	$237	$237	$243	$243
5 years	$489	$489	$411	$411	$422	$422
10 years	$1,099	$1,099	$918	$918	$942	$942

Calendar Year Total Returns for Class S Shares
	Highest/Lowest quarterly results during the time period were:
	Highest 21.39% (quarter ended December 31, 2022)
	Lowest -20.38% (quarter ended March 31, 2020)
	Total return for the three months ended March 31, 2025, (non-annualized) was 5.28%.

Calendar Year Total Returns for Class A Shares (Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown.)
	Highest/Lowest quarterly results during the time period were: Highest 22.38% (quarter ended December 31, 2022) Lowest -19.75% (quarter ended March 31, 2020)

Average Annual Total Returns (For the periods ended December 31, 2024)	Past 1 Year	Past 5 Years	Past 10 Years
Class S shares return before taxes	20.19%	1.13%	3.64%
Class S shares return after taxes on distributions	18.99%	0.66%	3.01%
Class S shares return after taxes on distributions and sale of Fund shares	13.30%	0.96%	2.89%
Class D shares return before taxes	20.46%	1.39%	3.98%
MSCI ACWI (All Country World Index) ex US reflects no deduction for fees, expenses or taxes	5.53%	4.10%	4.80%

Average Annual Total Returns (For the periods ended December 31, 2024, with maximum sales charge)	Past 1 Year	Past 5 Years	Past 10 Years
Class A shares return before taxes	15.80%	0.62%	3.51%
Class A shares return after taxes on distributions	15.22%	0.43%	3.21%
Class A shares return after taxes on distributions and sale of Fund shares	9.79%	0.51%	2.78%
Class Y shares return before taxes	21.96%	1.89%	4.31%
MSCI ACWI (All Country World Index) ex US reflects no deduction for fees, expenses, or taxes	5.53%	4.10%	4.80%

1. the compatibility of the investment objectives, strategies, and policies of the Funds;
2. the historical performance of the Funds;
3. the fees and expenses and the relative expense ratios of the Funds;
4. the potential benefit of the Reorganization to shareholders of the Funds;
5. the costs to be incurred by each Fund as a result of the Reorganization;
6. the tax consequences of the Reorganization;
7. the relative sizes of the Funds; and
8. the potential benefit of the Reorganization to Davis Selected Advisers, L.P. and its affiliates.

1. The acquisition by Davis International Fund (the "Acquiring Fund") of all of the assets of Selected International Fund (the "Target Fund"), as provided for in the Reorganization Agreement, in exchange for Acquiring Fund shares and the assumption by the Acquiring Fund of the liabilities of the Target Fund, followed by the distribution by the Target Fund to its shareholders of the Acquiring Fund shares in complete liquidation of the Target Fund, will qualify as a "reorganization" within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to the reorganization" within the meaning of Section 368(b) of the Code.

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2. No gain or loss will be recognized by the Target Fund upon the transfer of all of its assets to the Acquiring Fund solely in exchange for Acquiring Fund shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, pursuant to Section 361(a) and Section 357(a) of the Code.
4. No gain or loss will be recognized by the Acquiring Fund upon the receipt by it of all of the assets of the Target Fund in exchange solely for the assumption of the liabilities of the Target Fund and issuance of the Acquiring Fund shares pursuant to Section 1032(a) of the Code.
6. No gain or loss will be recognized by the Target Fund upon the distribution of the Acquiring Fund shares by the Target Fund to its shareholders in complete liquidation (in pursuance of the Reorganization Agreement) pursuant to Section 361(c)(1) of the Code.
8. The tax basis of the assets of the Target Fund received by the Acquiring Fund will be the same as the tax basis of such assets in the hands of the Target Fund immediately prior to the transfer pursuant to Section 362(b) of the Code.
10. The holding periods of the assets of the Target Fund in the hands of the Acquiring Fund will include the periods during which such assets were held by the Target Fund pursuant to Section 1223(2) of the Code.
12. No gain or loss will be recognized by the shareholders of the Target Fund upon the exchange of all of their Target Fund shares for the Acquiring Fund shares pursuant to Section 354(a) of the Code.
14. The aggregate tax basis of the Acquiring Fund shares to be received by each shareholder of the Target Fund will be the same as the aggregate tax basis of Target Fund shares exchanged therefor pursuant to Section 358(a)(1) of the Code.
16. The holding period of Acquiring Fund shares received by a shareholder of the Target Fund will include the holding period of the Target Fund shares exchanged therefor, provided that the shareholder held Target Fund shares as capital assets on the date of the exchange pursuant to Section 1223(1) of the Code.
18. For purposes of Section 381 of the Code, the Acquiring Fund will succeed to and take into account, as of the date of the transfer as defined in Section 1.381(b)-1(b) of the Income Tax Regulations, the items of Target Fund described in Section 381(c) of the Code as if there had been no Reorganization, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and, if applicable, the Income Tax Regulations promulgated thereunder.

Fund Name		Fiscal Year End				Net Assets						Net Realized Gains/(Losses)						Net Unrealized Gains/ (Losses)
Selected International Fund		December 31				$	55.5					$	0.6					$	8.7
Davis International Fund		October 31				$	172.6					$	(43.3)					$	29.3

	Net Assets	Net Asset Value Per Share	Shares Outstanding
Selected International Fund Class S	$4,584,873	$13.04	351,709
Selected International Fund Class D	$50,950,306	$13.12	3,882,315

	Net Assets	Net Asset Value Per Share	Shares Outstanding
Davis International Fund Class A	$19,954,630	$14.32	1,393,522
Davis International Fund Class Y	$148,507,422	$14.16	10,488,384

	Net Assets	Net Asset Value Per Share	Shares Outstanding
Davis International Fund Class A	$24,539,502	$14.32	1,713,695
Davis International Fund Class Y	$199,457,728	$14.16	14,086,569

1. Selected International Fund's estimated one-time Reorganization cost, to be incurred by Davis Selected Advisers, L.P., is approximately $80,000.

Selected International Fund Class S	337,455.315
Selected International Fund Class D	3,849,578.379
Davis International Fund Class A	1,385,918.903
Davis International Fund Class Y	10,465,495.455

1. The acquisition by the Acquiring Fund of all of the assets of the Target Fund, as provided for in the Reorganization Agreement, in exchange for Acquiring Fund shares and the assumption by the Acquiring Fund of the liabilities of the Target Fund, followed by the distribution by the Target Fund to its shareholders of the Acquiring Fund shares in complete liquidation of the Target Fund, will qualify as a "reorganization" within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to the reorganization" within the meaning of Section 368(b) of the Code.
3. No gain or loss will be recognized by the Target Fund upon the transfer of all of its assets to the Acquiring Fund solely in exchange for Acquiring Fund shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, pursuant to Section 361(a) and Section 357(a) of the Code.
5. No gain or loss will be recognized by the Acquiring Fund upon the receipt by it of all of the assets of the Target Fund in exchange solely for the assumption of the liabilities of the Target Fund and issuance of the Acquiring Fund shares pursuant to Section 1032(a) of the Code.
7. No gain or loss will be recognized by the Target Fund upon the distribution of the Acquiring Fund shares by the Target Fund to its shareholders in complete liquidation (in pursuance of the Reorganization Agreement) pursuant to Section 361(c)(1) of the Code.

1. The tax basis of the assets of the Target Fund received by the Acquiring Fund will be the same as the tax basis of such assets in the hands of the Target Fund immediately prior to the transfer pursuant to Section 362(b) of the Code.
3. The holding periods of the assets of the Target Fund in the hands of the Acquiring Fund will include the periods during which such assets were held by the Target Fund pursuant to Section 1223(2) of the Code.
5. No gain or loss will be recognized by the shareholders of the Target Fund upon the exchange of all of their Target Fund shares for the Acquiring Fund shares pursuant to Section 354(a) of the Code.
7. The aggregate tax basis of the Acquiring Fund shares to be received by each shareholder of the Target Fund will be the same as the aggregate tax basis of Target Fund shares exchanged therefor pursuant to Section 358(a)(1) of the Code.
9. The holding period of Acquiring Fund shares received by a shareholder of the Target Fund will include the holding period of the Target Fund shares exchanged therefor, provided that the shareholder held Target Fund shares as capital assets on the date of the exchange pursuant to Section 1223(1) of the Code.

1. For purposes of Section 381 of the Code, the Acquiring Fund will succeed to and take into account, as of the date of the transfer as defined in Section 1.381(b)-1(b) of the Income Tax Regulations, the items of Target Fund described in Section 381(c) of the Code as if there had been no Reorganization, subject to the
2. Page 40
3. conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and, if applicable, the Income Tax Regulations promulgated thereunder.

Shareholder Fees (fees paid directly from your investment)	Class S shares	Class D shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares)	None	None
Redemption Fee (as a percentage of total redemption proceeds)	None	None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class S shares	Class D shares
Management Fees	0.55%	0.55%
Distribution and/or Service (12b-1) Fees	0.25%	0.00%
Other Expenses	0.18%	0.11%
Total Annual Fund Operating Expenses	0.98%	0.66%

	1 Year	3 Years	5 Years	10 Years
Class S shares	$100	$312	$542	$1,201
Class D shares	$67	$211	$368	$822

Calendar Year Total Returns for Class S Shares
	Highest/Lowest quarterly results during the time period were:
	Highest 19.29% (quarter ended June 30, 2020)
	Lowest -25.90% (quarter ended March 31, 2020)
	Total return for the three months ended March 31, 2025, (non-annualized) was 0.93%

Average Annual Total Returns (For the periods ended December 31, 2024)	Past 1 Year	Past 5 Years	Past 10 Years
Class S shares return before taxes	17.73%	10.28%	10.07%
Class S shares return after taxes on distributions	12.89%	7.81%	7.29%
Class S shares return after taxes on distributions and sale of Fund shares	14.00%	7.86%	7.46%
Class D shares return before taxes	18.13%	10.63%	10.42%
S&P 500 Index reflects no deduction for fees, expenses or taxes	25.02%	14.51%	13.09%

Portfolio Managers	Experience with this Fund	Primary Title with Investment Adviser or Sub-Adviser
Christopher Davis	Since December 1994	Chairman, Davis Selected Advisers, L.P.
Danton Goei	Since January 2014	Vice President, Davis Selected Advisers-NY, Inc.

	Class S shares	Class D shares
Minimum Initial Investment	$1,000	$10,000
Minimum Additional Investment	$25	$25

Shareholder Fees (fees paid directly from your investment)	Class S shares	Class D shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares)	None	None
Redemption Fee (as a percentage of total redemption proceeds)	None	None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class S shares	Class D shares
Management Fees	0.55%	0.55%
Distribution and/or Service (12b-1) Fees	0.25%	0.00%
Other Expenses	0.90%	0.42%
Total Annual Fund Operating Expenses	1.70%	0.97%
Less Fee Waiver or Expense Reimbursement*	-0.65%	-0.17%
Net Expenses	1.05%	0.80%

	1 Year	3 Years	5 Years	10 Years
Class S shares	$107	$472	$862	$1,954
Class D shares	$82	$292	$520	$1,174

Calendar Year Total Returns for Class S Shares
	Highest/Lowest quarterly results during the time period were:
	Highest 21.39% (quarter ended December 31, 2022)
	Lowest -20.38% (quarter ended March 31, 2020)
	Total return for the three months ended March 31, 2025, (non-annualized) was 5.28%.

Average Annual Total Returns (For the periods ended December 31, 2024)	Past 1 Year	Past 5 Years	Past 10 Years
Class S shares return before taxes	20.19%	1.13%	3.64%
Class S shares return after taxes on distributions	18.99%	0.66%	3.01%
Class S shares return after taxes on distributions and sale of Fund shares	13.30%	0.96%	2.89%
Class D shares return before taxes	20.46%	1.39%	3.98%
MSCI ACWI (All Country World Index) ex US reflects no deduction for fees, expenses or taxes	5.53%	4.10%	4.80%

Portfolio Manager	Experience with this Fund	Primary Title with Investment Adviser or Sub-Adviser
Danton Goei	Since December 2001	Vice President, Davis Selected Advisers-NY, Inc.

	Class S shares	Class D shares
Minimum Initial Investment	$1,000	$10,000
Minimum Additional Investment	25	25

Fiscal Year-Ended December 31,	2024	2023	2022
Selected American Shares
Brokerage commissions paid	$287,571	$155,797	$191,122
Brokerage as a percentage of average net assets	0.02%	0.01%	0.01%
Selected International Fund
Brokerage commissions paid	$24,390	$9,798	$9,801
Brokerage as a percentage of average net assets	0.05%	0.02%	0.02%

• Christopher Davis has served as a Portfolio Manager of Selected American Shares since December 1994 and also manages other equity funds advised by Davis Advisors. Mr. Davis has served as an analyst and Portfolio Manager for Davis Advisors since September 1989.
• Danton Goei has served as a Portfolio Manager of Selected American Shares since January 2014 and also manages other equity funds advised by Davis Advisors. Mr. Goei started with Davis Advisors as a research analyst in November 1998.

• Danton Goei has served as a Portfolio Manager of Selected International Fund since December 2001 and he also manages other equity funds advised by Davis Advisors. Mr. Goei started with Davis Advisors as a research analyst in November 1998.

Mail	Complete and sign the Application Form and mail it to the Selected Funds. Include a check made payable to Selected Funds. All purchases by check should be in U.S. dollars. Selected Funds will not accept third-party checks, starter checks, traveler's checks or money orders.
Regular mail Selected Funds P.O. Box 219662 Kansas City, MO 64121-9662	Express shipping Selected Funds 801 Pennsylvania Ave Suite 219662 Kansas City, MO 64105-1307
Dealer	You may have your dealer order and pay for the shares. In this case, you must pay your dealer directly. Your dealer will then order the shares from the Distributor. Please note that your dealer may charge a service fee or commission for these transactions.

• IRAs
• Roth IRAs
• SIMPLE IRAs
• Simplified Employee Pension (SEP) IRAs
• Coverdell Education Savings Accounts

Telephone	Call 1-800-243-1575. You can speak directly with an Investor Services Professional, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time or use the Fund's automated telephone system at any time, day or night.
Online	You may initiate most account transactions through online account access on the Fund's website, www.selectedfunds.com. Please note that certain account types may be restricted from online access.
Mail	Send the request to the Selected Funds at either address listed below.
Regular mail Selected Funds P.O. Box 219662 Kansas City, MO 64121-9662	Express shipping Selected Funds 801 Pennsylvania Ave Suite 219662 Kansas City, MO 64105-1307
Dealer	Contact a dealer who will execute the transaction through the Distributor. Please note that your dealer may charge service fees or commissions for these transactions.
Wire	You may wire federal funds directly to the Fund's service provider, State Street Bank and Trust Company.

• Redemptions by check:

• Redemptions via wire or ACH can only be sent to an eligible bank currently on the account.

• Redemptions by check:

• Redemptions via wire or ACH can only be sent to an eligible bank currently on the account.

• You will always receive cash for sales that total less than $250,000 or one percent of a Fund's net asset value during any ninety-day period. Any sales above the cash limit may be paid in securities.
• In certain circumstances, such as the death of a shareholder or acting as power of attorney, additional documentation may be required. Please contact Investor Services at 1-800-243-1575 to determine if your situation requires such documentation.
• In the past, Selected Funds issued certificates for its shares. If a certificate was issued for the shares you wish to sell, the certificate must be sent by certified mail to Selected Funds, accompanied by a letter of instruction signed by the owner(s). A sale may produce a gain or loss. Gains may be subject to tax.
• The SEC may suspend redemption of shares under certain emergency circumstances if the New York Stock Exchange is closed for reasons other than customary closings and holidays.

• Page 68
• You may receive a check at the address of record provided that this address has not changed for a period of at least 30 days.
• You may also choose to receive funds by ACH by completing an Account Service Form. If you wish to execute a Systematic Withdrawal Plan by ACH after your account has been established, please complete an Account Service Form and have your signature Medallion-guaranteed.
• You may have funds sent by check to a third-party at an address other than the address of record. In order to do so, you must complete the appropriate section of the Application Form. If you wish to designate a third-party payee after your account has been established, you must submit a letter of instruction with a Medallion Signature Guarantee.

		Income (Loss) from Investment Operations
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)a	Net Realized and Unrealized Gains (Losses)	Total from Investment Operations
Selected American Shares Class S:
Year ended December 31, 2024	$38.22	$0.34	$6.49	$6.83
Year ended December 31, 2023	$31.31	$0.31	$9.55	$9.86
Year ended December 31, 2022	$42.34	$0.25	$(8.82)	$(8.57)
Year ended December 31, 2021	$40.41	$0.08	$7.16	$7.24
Year ended December 31, 2020	$37.22	$0.14	$4.17	$4.31
Selected American Shares Class D:
Year ended December 31, 2024	$38.32	$0.47	$6.52	$6.99
Year ended December 31, 2023	$31.38	$0.42	$9.58	$10.00
Year ended December 31, 2022	$42.45	$0.37	$(8.87)	$(8.50)
Year ended December 31, 2021	$40.50	$0.23	$7.18	$7.41
Year ended December 31, 2020	$37.29	$0.24	$4.20	$4.44
Selected International Fund Class S:
Year ended December 31, 2024	$10.28	$0.26	$1.85	$2.11
Year ended December 31, 2023	$10.07	$0.17	$0.20	$0.37
Year ended December 31, 2022	$11.52	$0.13	$(1.28)	$(1.15)
Year ended December 31, 2021	$14.92	$0.06	$(3.33)	$(3.27)
Year ended December 31, 2020	$12.56	$(0.03)	$2.64	$2.61
Selected International Fund Class D:
Year ended December 31, 2024	$10.34	$0.30	$1.85	$2.15
Year ended December 31, 2023	$10.13	$0.19	$0.21	$0.40
Year ended December 31, 2022	$11.58	$0.16	$(1.28)	$(1.12)
Year ended December 31, 2021	$15.00	$0.09	$(3.34)	$(3.25)
Year ended December 31, 2020	$12.62	$(0.01)	$2.66	$2.65

1. Per share calculations were based on average shares outstanding for the period.
2. Assumes hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period.

Dividends and Distributions							Ratios to Average Net Assets
Dividends from Net Investment Income	Distributions from Realized Gains	Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Returnb	Net Assets, End of Period (in millions)	Gross Expense Ratio	Net Expense Ratioc	Net Investment Income (Loss) Ratio	Portfolio Turnoverd
$(0.35)	$(7.23)	$-	$(7.58)	$37.47	17.73%	$435	0.98%	0.98%	0.82%	19%
$(0.33)	$(2.62)	$-	$(2.95)	$38.22	32.33%	$435	0.99%	0.99%	0.87%	9%
$(0.29)	$(2.17)	$-	$(2.46)	$31.31	(20.27)%	$382	0.99%	0.99%	0.72%	8%
$(0.07)	$(5.24)	$-	$(5.31)	$42.34	17.72%	$560	0.98%	0.98%	0.18%	20%
$(0.15)	$(0.97)	$-	$(1.12)	$40.41	11.61%	$553	0.98%	0.98%	0.39%	12%
$(0.48)	$(7.23)	$-	$(7.71)	$37.60	18.13%	$1,307	0.66%	0.66%	1.14%	19%
$(0.44)	$(2.62)	$-	$(3.06)	$38.32	32.76%	$1,240	0.67%	0.67%	1.19%	9%
$(0.40)	$(2.17)	$-	$(2.57)	$31.38	(20.04)%	$1,022	0.67%	0.67%	1.04%	8%
$(0.22)	$(5.24)	$-	$(5.46)	$42.45	18.10%	$1,422	0.67%	0.67%	0.49%	20%
$(0.26)	$(0.97)	$-	$(1.23)	$40.50	11.95%	$1,282	0.67%	0.67%	0.70%	12%
$(0.34)	$(0.31)	$-	$(0.65)	$11.74	20.19%	$4	1.70%	1.00%	2.35%	30%
$(0.16)	$-	$-	$(0.16)	$10.28	3.74%	$5	1.64%	1.05%	1.59%	9%
$(0.04)	$(0.26)	$-	$(0.30)	$10.07	(10.01)%	$5	1.70%	1.05%	1.32%	5%
$(0.13)	$-	$-	$(0.13)	$11.52	(21.94)%	$7	1.37%	1.05%	0.39%	22%
$(0.03)	$(0.22)	$-	$(0.25)	$14.92	20.77%	$14	1.44%	1.11%	(0.28)%	23%
$(0.37)	$(0.31)	$-	$(0.68)	$11.81	20.46%	$46	0.97%	0.75%	2.60%	30%
$(0.19)	$-	$-	$(0.19)	$10.34	4.00%	$42	0.97%	0.80%	1.84%	9%
$(0.07)	$(0.26)	$-	$(0.33)	$10.13	(9.74)%	$42	1.00%	0.80%	1.57%	5%
$(0.17)	$-	$-	$(0.17)	$11.58	(21.72)%	$53	0.90%	0.80%	0.64%	22%
$(0.05)	$(0.22)	$-	$(0.27)	$15.00	21.08%	$70	0.89%	0.87%	(0.04)%	23%

1. The ratios in this column reflect the impact, if any, of certain reimbursements and/or waivers from the Adviser.
2. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the fair value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation.

	Class A	Class C	Class Y
Davis Global Fund	DGFAX	DGFCX	DGFYX
Davis International Fund	DILAX	DILCX	DILYX

Shareholder Fees (fees paid directly from your investment)	Class A shares	Class C shares	Class Y shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.75%	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares)	0.50%*	1.00%†	None
Redemption Fee (as a percentage of total redemption proceeds)	None	None	None

• Only applies if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class A shares	Class C shares	Class Y shares
Management Fees	0.55%	0.55%	0.55%
Distribution and/or Service (12b-1) Fees	0.22%	1.00%	0.00%
Other Expenses	0.18%	0.21%	0.16%
Total Annual Fund Operating Expenses	0.95%	1.76%	0.71%
Less Fee Waiver or Expense Reimbursement*	0.00%	0.00%	0.00%
Net Expenses	0.95%	1.76%	0.71%

• The Adviser (as defined below) is contractually committed to waive fees and/or reimburse the Fund's expenses to the extent necessary to cap total annual fund operating expenses (Class A shares, 1.05%; Class C shares, 1.80%; Class Y shares, 0.80%). For purposes of these expense caps, operating expenses do not include foreign tax reclaim filing expenses. The Adviser is obligated to continue the expense cap through March 1, 2026. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund.

	If you redeem your shares in:				If you did not redeem your shares in:
	1 Year	3 Years	5 Years	10 Years	1 Year	3 Years	5 Years	10 Years
Class A shares	$567	$763	$976	$1,586	$567	$763	$976	$1,586
Class C shares	279	554	954	1,859	179	554	954	1,859
Class Y shares	73	227	395	883	73	227	395	883

Calendar Year Total Returns for Class A Shares (Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown.)
	Highest/Lowest quarterly results during the time period were: Highest 20.44% (quarter ended June 30, 2020) Lowest -21.01% (quarter ended March 31, 2020)

Average Annual Total Returns (For the periods ended December 31, 2024, with maximum sales charge)	Past 1 Year	Past 5 Years	Past 10 Years
Class A shares return before taxes	16.87%	5.96%	7.71%
Class A shares return after taxes on distributions	13.88%	4.84%	6.72%
Class A shares return after taxes on distributions and sale of Fund shares	12.48%	4.64%	6.10%
Class C shares return before taxes	20.70%	6.13%	7.56%
Class Y shares return before taxes	23.03%	7.22%	8.49%
MSCI ACWI (All Country World Index) reflects no deduction for fees, expenses, or taxes	17.49%	10.05%	9.22%

Portfolio Manager	Experience with this Fund	Primary Title with Investment Adviser or Sub-Adviser
Danton Goei	Since December 2004	Vice President, Davis Selected Advisers-NY, Inc.

	Class A and C shares	Class Y shares
Minimum Initial Investment	$1,000	$5,000,000
Minimum Additional Investment	$25	$25

Shareholder Fees (fees paid directly from your investment)	Class A shares	Class C shares	Class Y shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.75%	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares)	0.50%*	1.00%†	None
Redemption Fee (as a percentage of total redemption proceeds)	None	None	None

• Only applies if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class A shares	Class C shares	Class Y shares
Management Fees	0.55%	0.55%	0.55%
Distribution and/or Service (12b-1) Fees	0.19%	1.00%	0.00%
Other Expenses	0.43%	0.44%	0.27%
Total Annual Fund Operating Expenses	1.17%	1.99%	0.82%
Less Fee Waiver or Expense Reimbursement*	-0.04%	-0.11%	0.00%
Net Expenses	1.13%	1.88%	0.82%

• The Adviser (as defined below) is contractually committed to waive fees and/or reimburse the Fund's expenses to the extent necessary to cap total annual fund operating expenses (Class A shares, 1.05%; Class C shares, 1.80%; Class Y shares, 0.80%). For purposes of these expense caps, operating expenses do not include foreign tax reclaim filing expenses. The Adviser is obligated to continue the expense cap through March 1, 2026. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund.

	If you redeem your shares in:				If you did not redeem your shares in:
	1 Year	3 Years	5 Years	10 Years	1 Year	3 Years	5 Years	10 Years
Class A shares	$585	$825	$1,084	$1,825	$585	$825	$1,084	$1,825
Class C shares	291	614	1,063	2,096	191	614	1,063	2,096
Class Y shares	84	262	455	1,014	84	262	455	1,014

Calendar Year Total Returns for Class A Shares (Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown.)
	Highest/Lowest quarterly results during the time period were: Highest 22.38% (quarter ended December 31, 2022) Lowest -19.75% (quarter ended March 31, 2020)

Average Annual Total Returns (For the periods ended December 31, 2024, with maximum sales charge)	Past 1 Year	Past 5 Years	Past 10 Years
Class A shares return before taxes	15.80%	0.62%	3.51%
Class A shares return after taxes on distributions	15.22%	0.43%	3.21%
Class A shares return after taxes on distributions and sale of Fund shares	9.79%	0.51%	2.78%
Class C shares return before taxes	19.57%	0.81%	3.27%
Class Y shares return before taxes	21.96%	1.89%	4.31%
MSCI ACWI (All Country World Index) ex US reflects no deduction for fees, expenses, or taxes	5.53%	4.10%	4.80%

Portfolio Manager	Experience with this Fund	Primary Title with Investment Adviser or Sub-Adviser
Danton Goei	Since December 2006	Vice President, Davis Selected Advisers-NY, Inc.

	Class A and C shares	Class Y shares
Minimum Initial Investment	$1,000	$5,000,000
Minimum Additional Investment	$25	$25

	DGF	DIF
Class A shares return before taxes	7.54%	2.46%
Class C shares return before taxes	7.36%	2.14%
Class Y shares return before taxes	5.73%	4.42%

Fiscal Year Ended October 31,	2024	2023	2022
Davis Global Fund
Brokerage commissions paid:	$372,835	$277,629	$531,860
Brokerage as a percentage of average net assets:	0.05%	0.04%	0.06%
Davis International Fund
Brokerage commissions paid:	$66,523	$56,962	$154,976
Brokerage as a percentage of average net assets:	0.04%	0.03%	0.07%

• Dividends. Dividends are distributions to shareholders of net investment income and short-term capital gains on investments.
• Capital Gains. Capital gains are profits received by a Fund from the sale of securities held for the long term, which are then distributed to shareholders.

• Davis New York Venture Fund ordinarily distributes its dividends and capital gains, if any, in June and December.
• Other Davis long-term growth funds (i.e., Davis Opportunity Fund, Davis Financial Fund, Davis Global Fund and Davis International Fund) ordinarily distribute dividends and capital gains, if any, in December.
• The Davis growth & income funds (i.e., Davis Real Estate Fund and Davis Balanced Fund) ordinarily distribute dividends quarterly and capital gains, if any, in December.
• Davis Government Bond Fund and Davis Government Money Market Fund ordinarily distribute dividends monthly. Davis Government Bond Fund ordinarily distributes capital gains, if any, in December. Davis Government Money Market Fund does not ordinarily distribute capital gains.
• When a dividend or capital gain is distributed, the net asset value per share is reduced by the amount of the payment. Davis Government Bond Fund's and Davis Government Money Market Fund's net asset values are not affected by dividend payments.
• You may elect to reinvest dividend and/or capital gain distributions to purchase additional shares of any Davis Fund or you may elect to receive them in cash. Many shareholders do not elect to take capital gain distributions in cash because these distributions reduce principal value.
• If a dividend or capital gain distribution is for an amount less than $50, the Fund will not issue a check. Instead, the dividend or capital gain distribution will be automatically reinvested in additional shares of the Fund.
• If a dividend or capital gain distribution check remains uncashed for four months or is undeliverable by the United States Postal Service, the Fund may reinvest the dividend or capital gain distribution in additional shares of the Fund, promptly after making this determination, and future dividends and capital gains distributions will be automatically reinvested in additional shares of the Fund.

• Page 96
• For any investment below $100,000, you buy Class A shares at their net asset value per share plus a sales charge, which is approximately 4.75% of the offering price (see table below). The term "offering price" includes the front-end sales charge.
• There is no limit to how much you can invest in this share class.
• Davis Funds (other than Davis Government Money Market Fund) pay a distribution fee of up to 0.25% of the average daily net assets each year you hold the shares. This fee is lower than the fee you pay for Class C shares. The lower expenses of Class A shares translate into higher annual returns on net asset value than Class C shares.

Amount of Purchase	Sales Charge Approximate percentage of offering price	Sales Charge Approximate percentage of net amount invested	Amount of Sales Charge Retained by Dealer Percentage of offering price
Under $100,000	4.75%	4.99%	4.00%
$100,000-$249,999	3.50%	3.63%	3.00%
$250,000-$499,999	2.50%	2.56%	2.00%
$500,000-$749,999	2.00%	2.04%	1.75%
$750,000-$999,999	1.00%	1.01%	0.75%
$1 million or more*	None	None	None

• You pay no front-end sales charge on purchases of $1 million or more, but if you sell those shares (in any Davis Fund other than Davis Government Money Market Fund) within the first year, a deferred sales charge of 0.50% may be deducted from the redemption proceeds as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares.

Amount of Purchase	Commission
First $5 million	0.50%
Amounts thereafter	0.25%

• With other "immediate family" members. To receive a reduced Class A sales charge, investments made by yourself, your spouse, and any children under the age of 21 may be aggregated if made for your own account(s) and/or certain other accounts, such as:

• Trust accounts established by the above individuals. However, if the person(s) who established the trust is (are) deceased, then the trust account may only be aggregated with accounts of the primary beneficiary of the trust;
• Solely controlled business accounts; or
• Single-participant retirement plans.

• Through Employee Benefit Plans. If you buy shares through trust or fiduciary accounts or Individual Retirement Accounts (IRAs) of a single employer, the purchases will be treated as a single purchase.

• Under a Statement of Intention. If you enter a Statement of Intention and agree to buy shares of $100,000 or more over a thirteen-month period, all of the shares you buy during that period will be counted as a single purchase, with the exception of purchases into Davis Government Money Market Fund. Before entering a Statement of Intention, please read the terms and conditions in the SAI. Under a Statement of Intention, you agree to permit the Funds' transfer agent, SS&C Global Investor & Distribution Solutions, Inc., to hold Fund shares in escrow to guarantee payment of any sales charges that may be due if you ultimately invest less than you agreed to invest over the covered thirteen-month period. Davis Government Money Market Fund purchases do not count toward a
• Page 97
• Statement of Intention, unless the shares were exchanged from another Davis Fund and the shares were previously subject to a sales charge.
• Under Rights of Accumulation. If you notify your dealer or the Distributor you can include the Class A, Class B, Class C, Class R, and Class Y shares in Davis Funds you already own (excluding shares in Davis Government Money Market Fund) when calculating the price for your current purchase. These shares are valued at current offering price to determine whether or not you qualify for a reduction in the sales charge. Davis Government Money Market Fund purchases do not count toward Rights of Accumulation, unless the shares were exchanged from another Davis Fund and the shares were previously subject to a sales charge.
• Combining Rights of Accumulation (ROA) with Statement of Intention. A shareholder can use a Statement of Intention and Rights of Accumulation in conjunction with one another; the Statement of Intention will take precedence over the Rights of Accumulation. Once the Statement of Intention has been satisfied, any new purchases into any of the linked Class A share accounts will receive the reduced sales charge.

• Purchases by group omnibus retirement plans under section 401(a), 401(k), 403(b), or 457 of the Internal Revenue Code;
• Rollover purchases in a Davis Funds IRA held directly with the transfer agent made with the proceeds of a retirement plan distribution that was previously invested in a Davis Fund;
• Registered investment advisers, trust companies, and bank trust departments exercising discretionary investment authority with respect to amounts to be invested in the Funds;
• Purchases by dealers, brokers, banks, registered investment advisers, and other financial intermediaries that have entered into an agreement with the Distributor to offer the Funds on an advisory fee or wrap fee-based platform;
• Financial intermediaries who have entered into an agreement with the Distributor and have been approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a transaction fee;
• Certain state sponsored 529 college savings plans;
• Persons involuntarily liquidated from a Fund, who, within 60 days of liquidation, buy new shares of another Davis Fund (but only up to the amount that was liquidated);
• Insurance company separate accounts;
• Investments in Davis Government Money Market Fund;
• Shareholders making purchases with dividends or capital gains that are automatically reinvested;
• Current and former directors, officers, and employees of any Davis Fund or Davis Advisors (or its affiliates), and their extended family. The term "extended family" includes "immediate family," which is one's spouse and children under 21, and also one's grandchildren, grandparents, parents, parents-in-law, brothers and sisters, sons- and daughters-in-law, a sibling's spouse, a spouse's sibling, aunts, uncles, and nieces and nephews; relatives by virtue of a remarriage (step-children, step-parents, etc.) are included. Extended family shall include any child regardless of age;
• Davis Advisors or its affiliates;
• Registered representatives, principals, and employees (and any extended family member) of securities dealers having a sales agreement with the Distributor;
• Financial institutions acting as fiduciaries making single purchases of $250,000 or more;
• State and local governments purchasing directly from the Funds. Please consult your legal and investment advisers to determine if an investment in the Fund is permissible and suitable for you;
• Shareholders making purchases in certain accounts offered by securities firms that have entered into contracts with Davis Funds and charge fees based on assets in the account;
• Shareholder accounts established prior to December 2014 as a result of a merger with a Davis Fund; and
• Purchases by taxable accounts held directly with the transfer agent that are established with the proceeds of Required Minimum Distributions from retirement plans and accounts.

• The assets being rolled over were invested in Davis Funds at the time of distribution; and
• The rolled over assets are contributed to a Davis Funds IRA with UMB Bank as the plan's custodian.

• You buy the shares at net asset value (no initial sales charge).
• The maximum purchase per transaction for Class C shares is $500,000.
• If you have significant Davis Funds holdings, you may not be eligible to invest in Class C shares. You may not purchase Class C shares if you are eligible to purchase Class A shares at the $1 million or more sales charge discount rate (i.e., at net asset value). See "Class A Shares Sales Charges" and "Reduction of Class A Shares Initial Sales Charge" for more information regarding sales charge discounts.
• If you sell Class C shares in any of the Davis Funds (other than Davis Government Money Market Fund) within one year of purchase, you must pay a deferred sales charge of one percent. At redemption, the deferred sales charge for each purchase will be calculated from the date of purchase, excluding any time the shares were held in the Davis Government Money Market Fund.
• Investors in Class C shares (other than Davis Government Money Market Fund) pay a distribution fee of one percent of the average daily net asset value each year they hold the shares. Higher distribution fees translate into lower annual return on net asset value.

• As a Class A shareholder, only if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.
• As a Class C shareholder, if you sell shares within one year of purchase.

• Shares in your account represented by an increase in NAV over the initial purchase price (appreciation).
• Shares acquired by reinvestment of dividends and capital gain distributions.
• Shares that are no longer subject to the deferred sales charge.
• Shares held the longest, but which are still subject to the deferred sales charge.

• You sell Class A shares that were not subject to a commission at the time of purchase (the amount of purchase totaled $1 million or more) and the shares were held for more than a year.
• You die and were the sole owner of the account. Otherwise, shares can be redeemed without a contingent deferred sales charge following the death or disability of the last surviving shareholder, including a trustee of a grantor trust or revocable living trust for which the trustee is also the sole beneficiary. The death or disability must have occurred after the account was established. If you claim a disability, you must provide evidence of a determination of disability by the Social Security Administration.
• You sell shares under a qualified retirement plan or IRA that constitutes a tax-free return of excess contributions to avoid a penalty.
• Your Fund redeems the remaining shares in your account under an Involuntary Redemption.
• You qualify for an exception related to defined contribution plans. These exceptions are described in the SAI.
• You are a director, officer, or employee of Davis Advisors or one of its affiliates (or an extended family member of a director, officer, or employee).
• You sell Class C shares under the Systematic Withdrawal Plan and the aggregate value of the redeemed shares does not exceed twelve percent of the account's value.*

• At least $5 million for an institution (e.g., trust company, bank trust, endowment, pension plan, or foundation) acting on behalf of its own account or one or more clients.
• At least $5 million for a government entity (e.g., a state, county, city, department, authority, or similar government agency).
• With an account established under a "wrap account" or other fee-based program that is sponsored and maintained by a registered broker-dealer approved by the Distributor.
• At least $500,000 for a 401(k) plan, 457 plan, profit-sharing and money purchase pension plan, defined benefit plan, or non-qualified deferred compensation plan where plan level or omnibus accounts are held on the books of the Fund.
• Through a registered investment adviser (RIA) who initially invests for clients an aggregate of at least $100,000 in Davis Funds through a fund "supermarket" or other mutual fund trading platform sponsored by a broker-dealer or trust company and has entered into an agreement with Davis Distributors, LLC.

Mail	Complete and sign the Application Form and mail it to the Davis Funds. Include a check made payable to Davis Funds. All purchases by check should be in U.S. dollars. Davis Funds will not accept third-party checks, starter checks, traveler's checks, or money orders.
Regular mail Davis Funds P.O. Box 219197 Kansas City, MO 64121-9197	Express shipping Davis Funds 801 Pennsylvania Ave Suite 219197 Kansas City, MO 64105-1307
Dealer	You may have your dealer order and pay for the shares. In this case, you must pay your dealer directly. Your dealer will then order the shares from the Distributor. Please note that your dealer may charge a service fee or commission for these transactions.

• IRAs
• Roth IRAs
• SIMPLE IRAs
• Simplified Employee Pension (SEP) IRAs
• Coverdell Education Savings Accounts

Telephone	Call 1-800-279-0279. You can speak directly with an Investor Services Professional, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time or use the Fund's automated telephone system at any time, day or night.
Online	You may initiate most account transactions through online account access on the Fund's website, www.davisfunds.com. Please note that certain account types, including all Class Y and Class R share accounts, may be restricted from online access.
Mail	Send the request to the Davis Funds at either address listed below.
Regular mail Davis Funds P.O. Box 219197 Kansas City, MO 64121-9197	Express shipping Davis Funds 801 Pennsylvania Ave Suite 219197 Kansas City, MO 64105-1307
Dealer	Contact a dealer who will execute the transaction through the Distributor. Please note that your dealer may charge service fees or commissions for these transactions.
Wire	You may wire federal funds directly to the Fund's service provider, State Street Bank and Trust Company.

• Make the check payable to Davis Funds.
• If you have the investment slip from your most recent statement, include it with the check. If you do not have an investment slip, include a letter with your check stating the name of the Fund, the class of shares you wish to buy, and your account number.

• A Medallion Signature Guarantee is required if the redemption request is:

• For a check greater than $100,000;
• Made payable to someone other than the registered shareholder(s);
• Sent to an address other than to the address of record or to an address of record that has been changed in the last 30 days; or
• To a bank account not on record.

• Redemptions by check:

• Are limited to $100,000;
• Must be mailed to the address of record that has been on the account for at least 30 days; and
• Must be made payable to the registered shareholder.

• Redemptions via wire or ACH can only be sent to an eligible bank currently on the account.

• Redemptions by check:
  • Are limited to $100,000;
  • Must be mailed to the address of record that has been on the account for at least 30 days; and
  • Must be made payable to the registered shareholder.
• Redemptions via wire or ACH can only be sent to an eligible bank currently on the account.

• You will always receive cash for sales that total less than $250,000 or one percent of a Fund's net asset value during any ninety-day period. Any sales above the cash limit may be paid in securities.
• In certain circumstances, such as the death of a shareholder or acting as power of attorney, additional documentation may be required. Please contact Investor Services at 1-800-279-0279 to determine if your situation requires such documentation.
• In the past, Davis Funds issued certificates for its shares. If a certificate was issued for the shares you wish to sell, the certificate must be sent by certified mail to Davis Funds, accompanied by a letter of instruction signed by the owner(s).
• A sale may produce a gain or loss. Gains may be subject to tax.
• The SEC may suspend redemption of shares under certain emergency circumstances if the New York Stock Exchange is closed for reasons other than customary closings and holidays.

• You may receive a check at the address of record provided that this address has not changed for a period of at least 30 days.
• You may also choose to receive funds by ACH by completing an Account Service Form. If you wish to execute a Systematic Withdrawal Plan by ACH after your account has been established, please complete an Account Service Form and have your signature Medallion-guaranteed.
• You may have funds sent by check to a third-party at an address other than the address of record. In order to do so, you must complete the appropriate section of the Application Form. If you wish to designate a third-party payee after your account has been established, you must submit a letter of instruction with a Medallion Signature Guarantee.

• Speak directly with an Investor Services Professional during business hours (9 a.m. to 6 p.m. Eastern time).
• You can use Davis Funds' automated telephone system, 24 hours a day, seven days a week. Class Y share accounts do not have access to the automated telephone system.

		Income (Loss) from Investment Operations
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)a	Net Realized and Unrealized Gains (Losses)	Total from Investment Operations
Davis Global Fund Class A:
Year ended October 31, 2024	$22.55	$0.33	$8.97	$9.30
Year ended October 31, 2023	$18.67	$0.25	$3.63	$3.88
Year ended October 31, 2022	$30.16	$0.17	$(8.68)	$(8.51)
Year ended October 31, 2021	$26.13	$0.04	$4.07	$4.11
Year ended October 31, 2020	$23.09	$(0.02)	$3.52	$3.50
Davis Global Fund Class C:
Year ended October 31, 2024	$20.35	$0.09	$8.11	$8.20
Year ended October 31, 2023	$16.98	$0.06	$3.31	$3.37
Year ended October 31, 2022	$27.64	$(0.01)	$(7.92)	$(7.93)
Year ended October 31, 2021	$24.16	$(0.19)	$3.75	$3.56
Year ended October 31, 2020	$21.36	$(0.18)	$3.26	$3.08
Davis Global Fund Class Y:
Year ended October 31, 2024	$22.71	$0.40	$9.02	$9.42
Year ended October 31, 2023	$18.78	$0.30	$3.66	$3.96
Year ended October 31, 2022	$30.33	$0.23	$(8.73)	$(8.50)
Year ended October 31, 2021	$26.25	$0.11	$4.07	$4.18
Year ended October 31, 2020	$23.19	$0.04	$3.55	$3.59
Davis International Fund Class A:
Year ended October 31, 2024	$9.97	$0.24	$4.05	$4.29
Year ended October 31, 2023	$8.39	$0.15	$1.43	$1.58
Year ended October 31, 2022	$12.64	$0.12	$(4.21)	$(4.09)
Year ended October 31, 2021	$13.78	$0.06	$(1.20)	$(1.14)
Year ended October 31, 2020	$11.82	$(0.03)	$2.40	$2.37
Davis International Fund Class C:
Year ended October 31, 2024	$9.14	$0.14	$3.71	$3.85
Year ended October 31, 2023	$7.75	$0.07	$1.32	$1.39
Year ended October 31, 2022	$11.65	$0.04	$(3.89)	$(3.85)
Year ended October 31, 2021	$12.80	$(0.05)	$(1.10)	$(1.15)
Year ended October 31, 2020	$10.99	$(0.13)	$2.24	$2.11
Davis International Fund Class Y:
Year ended October 31, 2024	$9.87	$0.27	$4.00	$4.27
Year ended October 31, 2023	$8.30	$0.19	$1.40	$1.59
Year ended October 31, 2022	$12.51	$0.15	$(4.16)	$(4.01)
Year ended October 31, 2021	$13.61	$0.10	$(1.19)	$(1.09)
Year ended October 31, 2020	$11.68	$-f	$2.37	$2.37

1. Per share calculations were based on average shares outstanding for the period.
2. Assumes hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns.
3. The ratios in this column reflect the impact, if any, of certain reimbursements and/or waivers from the Adviser.

Dividends and Distributions							Ratios to Average Net Assets
Dividends from Net Investment Income	Distributions from Realized Gains	Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Returnb	Net Assets, End of Period (in thousands)	Gross Expense Ratio	Net Expense Ratioc	Net Investment Income (Loss) Ratio	Portfolio Turnoverd
$(0.27)	$-	$-	$(0.27)	$31.58	41.58%	$205,717	0.95%	0.93%	1.23%	34%
$-	$-	$-	$-	$22.55	20.78%	$156,274	0.95%	0.95%	1.07%	16%
$(0.26)	$(2.72)	$-	$(2.98)	$18.67	(31.04)%	$139,361	0.96%	0.96%	0.73%	19%
$-	$(0.08)	$-	$(0.08)	$30.16	15.75%	$232,565	0.92%	0.92%	0.11%	35%
$(0.46)	$-	$-	$(0.46)	$26.13	15.38%	$201,247	0.92%	0.92%	(0.06)%	24%
$(0.07)	$-	$-	$(0.07)	$28.48	40.41%	$37,208	1.76%	1.74%	0.42%	34%
$-	$-	$-	$-	$20.35	19.85%	$40,048	1.75%	1.75%	0.27%	16%
$(0.01)	$(2.72)	$-	$(2.73)	$16.98	(31.56)%	$50,203	1.74%	1.74%	(0.05)%	19%
$-	$(0.08)	$-	$(0.08)	$27.64	14.75%	$101,611	1.70%	1.70%	(0.67)%	35%
$(0.28)	$-	$-	$(0.28)	$24.16	14.53%	$102,878	1.70%	1.70%	(0.84)%	24%
$(0.33)	$-	$-	$(0.33)	$31.80	41.95%	$629,462	0.71%	0.69%	1.47%	34%
$(0.03)	$-	$-	$(0.03)	$22.71	21.08%	$493,149	0.71%	0.71%	1.31%	16%
$(0.33)	$(2.72)	$-	$(3.05)	$18.78	(30.87)%	$486,207	0.72%	0.72%	0.97%	19%
$(0.02)	$(0.08)	$-	$(0.10)	$30.33	15.95%	$934,670	0.69%	0.69%	0.34%	35%
$(0.53)	$-	$-	$(0.53)	$26.25	15.70%	$787,191	0.69%	0.69%	0.17%	24%
$(0.17)	$-	$-	$(0.17)	$14.09	43.62%	$19,245	1.17%	1.09%e	2.02%	23%
$-	$-	$-	$-	$9.97	18.83%	$16,730	1.09%	1.05%	1.43%	11%
$(0.16)	$-	$-	$(0.16)	$8.39	(32.72)%	$16,632	1.13%	1.05%	1.13%	5%
$-	$-	$-	$-	$12.64	(8.27)%	$44,687	1.00%	1.00%	0.40%	16%
$(0.37)	$(0.04)	$-f	$(0.41)	$13.78	20.62%	$38,308	0.98%	0.98%	(0.25)%	20%
$(0.08)	$-	$-	$(0.08)	$12.91	42.43%	$4,713	1.99%	1.84%e	1.27%	23%
$-	$-	$-	$-	$9.14	17.94%	$4,300	1.89%	1.80%	0.68%	11%
$(0.05)	$-	$-	$(0.05)	$7.75	(33.19)%	$3,966	1.94%	1.80%	0.38%	5%
$-	$-	$-	$-	$11.65	(8.98)%	$8,412	1.79%	1.79%	(0.39)%	16%
$(0.26)	$(0.04)	$-f	$(0.30)	$12.80	19.58%	$9,892	1.80%	1.80%	(1.07)%	20%
$(0.20)	$-	$-	$(0.20)	$13.94	44.01%	$149,233	0.82%	0.78%e	2.33%	23%
$(0.02)	$-	$-	$(0.02)	$9.87	19.14%	$122,656	0.74%	0.74%	1.74%	11%
$(0.20)	$-	$-	$(0.20)	$8.30	(32.52)%	$119,058	0.80%	0.80%	1.38%	5%
$(0.01)	$-	$-	$(0.01)	$12.51	(8.02)%	$308,356	0.72%	0.72%	0.68%	16%
$(0.40)	$(0.04)	$-f	$(0.44)	$13.61	20.90%	$345,572	0.70%	0.70%	0.03%	20%

1. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the fair value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation.
2. Includes professional service fees paid to third party providers that assist in the recovery of foreign withholding tax refunds. Excluding the professional service fees, the net expense ratios for the year ended October 31, 2024 would have been (Class A shares, 1.01%; Class C shares, 1.76%; Class Y shares, 0.75%).
3. Less than $0.005 per share.

• Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
• Shares purchased through a Merrill investment advisory program
• Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account
• Shares purchased through the Merrill Edge Self-Directed platform
• Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account
• Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement
• Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement)
• Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g., the fund's officers or trustees)

• Page 111
• Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement

• Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22e(3))
• Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement
• Shares sold due to return of excess contributions from an IRA account
• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation
• Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g., traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund

• Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement
• Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household
• Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans
• Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules
• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund
• Shares purchased through a Morgan Stanley self-directed brokerage account
• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program
• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge

• Transaction size breakpoints, as described in this prospectus or the SAI.
• Rights of accumulation (ROA), as described in this prospectus or the SAI.
• Letter of intent, as described in this prospectus or the SAI.

• shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer- sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.
• shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).
• shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.
• shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.
• shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.
• shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

• redemptions due to death or disability of the shareholder
• shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI
• redemptions made in connection with a return of excess contributions from an IRA account
• shares purchased through a Right of Reinstatement (as defined above)
• redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

• Shares purchased in an investment advisory program.

• Page 113
• Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.
• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.
• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).
• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

• Death or disability of the shareholder.
• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.
• Return of excess contributions from an IRA Account.
• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.
• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.
• Shares acquired through a right of reinstatement.

• Breakpoints as described in this prospectus.
• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.
• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).
• Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.
• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).
• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

• Page 114
• Shares acquired through a right of reinstatement.
• Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

• Shares sold upon the death or disability of the shareholder.
• Shares sold as part of a systematic withdrawal plan as described in the fund's Prospectus.
• Shares purchased in connection with a return of excess contributions from an IRA account.
• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.
• Shares sold to pay Janney fees but only if the transaction is initiated by Janney.
• Shares acquired through a right of reinstatement.
• Shares exchanged into the same share class of a different fund.

• Breakpoints as described in the fund's Prospectus.
• Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

• Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

• The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Davis Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.
• The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.
• ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

• Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.
• If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

• Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.
• Shares purchased in an Edward Jones fee-based program.
• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.
• Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):
  • The redemption and repurchase occur in the same account.
  • The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.
  • The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.
• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.
• Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.
• Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.
• Purchases of Class 529-A shares made for recontribution of refunded amounts.

• The death or disability of the shareholder.
• Systematic withdrawals with up to 10% per year of the account value.
• Return of excess contributions from an Individual Retirement Account (IRA).
• Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.
• Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.
• Shares exchanged in an Edward Jones fee-based program.
• Shares acquired through NAV reinstatement.
• Shares redeemed at the discretion of Edward Jones for Minimums Balances, as described below.

• Initial purchase minimum: $250

• Page 116
• Subsequent purchase minimum: none

• Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:
• A fee-based account held on an Edward Jones platform
• A 529 account held on an Edward Jones platform
• An account with an active systematic investment plan or LOI

• At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
• Shares purchased by or through a 529 Plan
• Shares purchased through a OPCO affiliated investment advisory program
• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)
• Shares purchased form the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).
• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO
• Employees and registered representatives of OPCO or its affiliates and their family members
• Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this prospectus

• Death or disability of the shareholder
• Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus
• Return of excess contributions from an IRA Account
• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations
• Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO
• Shares acquired through a right of reinstatement

• Breakpoints as described in this prospectus
• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

• Shares purchased through reinvestment of capital gain distributions and dividend reinvestments when purchasing shares of the same Fund
• Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird
• Shares purchase from the proceeds of redemptions from another Davis Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)
• A shareholder in the Funds' Class C shares will have their shares converted at net asset value to Class A shares of the Fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird
• Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SAR-SEPs

• Shares sold due to death or disability of the shareholder
• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus
• Shares sold due to returns of excess contributions from an IRA Account
• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations
• Shares sold to pay Baird fees but only if the transaction is initiated by Baird
• Shares acquired through a right of reinstatement

• Breakpoints as described in this prospectus
• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holdings of Davis Fund assets held by accounts within the purchaser's household at Baird. Eligible Davis Fund assets not held at Baird may be included in the rights of accumulation calculations only if the shareholder notifies his or her financial advisor about such assets
• Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of Davis Fund shares through Baird over a 13-month period of time

• Shares exchanged from Class C (i.e., level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.
• Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.
• Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.
• Shares purchased through rights of reinstatement.

• Page 118
• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).
• Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

• A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

• Shares sold upon the death or disability of the shareholder.
• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.
• Shares purchased in connection with a return of excess contributions from an IRA account.
• Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.
• Shares acquired through a right of reinstatement.

• Breakpoints as described in the prospectus.
• Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.
• Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).

• Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.
• Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.
• Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.

• Page 119
• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the Insert Fund Company Name.
• Shares purchased from the proceeds of redeemed shares of Davis Funds so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e., systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement.
• Shares from rollovers into Stifel from retirement plans to IRAs.
• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.
• Purchases of Class 529-A shares through a rollover from another 529 plan.
• Purchases of Class 529-A shares made for reinvestment of refunded amounts.
• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SAR-SEPs.

• Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.
• Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.
• Return of excess contributions from an IRA Account.
• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.
• Shares acquired through a right of reinstatement.
• Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.
• Shares exchanged or sold in a Stifel fee-based program.

• Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

1. The Prospectus for Davis International Fund dated March 1, 2025.
2. The Prospectus for Selected International Fund dated May 1, 2025.
3. The Statement of Additional Information for Davis International Fund dated March 1, 2025.
4. The Statement of Additional Information for Selected International Fund dated May 1, 2025.
5. The Financial Statements included in the Annual Report of Davis International Fund for the fiscal year ended October 31, 2024.
6. The Financial Statements included in the Semi-Annual Report of Davis International Fund for the period ended April 30, 2025.
7. The Financial Statements included in the Annual Report of Selected International Fund for the fiscal year ended December 31, 2024.
8. The Financial Statements included in the Semi-Annual Report of Selected International Fund for the period ended June 30, 2025.

(1)	Articles of incorporation. Incorporated by reference to Exhibit 28(a) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;

(2)	By-Laws. Incorporated by reference to Exhibit 28(b) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;

(3)	Trust Agreements. N/A;

(4)	Agreement and Plan of Reorganization. Filed herewith as Exhibit 1 to the Information Statement/Prospectus;

(5)	Instruments defining the rights of shareholders. Incorporated herein by reference from the Registrant's Articles of Incorporation, By-Laws, and registration statement on Form N-1A filed on Edgar;

(6)	Investment Advisory Agreements. Incorporated by reference to Exhibit 28(d) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;

(7)	Underwriting Agreements. Incorporated by reference to Exhibit 28(e) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;

(8)	Bonus, profit sharing, pension or other similar contracts. N/A;
(9)	Custodial Agreements. Incorporated by reference to Exhibit 28(g) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;

(10)a

Rule 12b-1 Plan. Incorporated by reference to Exhibit 28(m) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;

(10)b

Rule 18f-3 Plan. Incorporated by reference to Exhibit 28(n) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;

(11)*

Opinion and consent of counsel;

(12)	Tax opinion. Form of tax opinion;

(13)	Material contracts not made in the ordinary course of business. N/A;

(14)*

Consent of Independent Accountants;

(15)	Financial Statements Omitted. N/A;

(16)	Powers of Attorney. Incorporated by reference to Exhibit 28(q) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;

(17)	Code of Ethics. Incorporated by reference to Exhibit 28(p) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR.

	*By: /s/ Lisa Cohen
	Lisa Cohen
	Attorney-in-Fact

Signature	Title	Date
/s/ Kenneth Eich* Kenneth Eich	Principal Executive Officer	September 24, 2025
/s/ Douglas Haines* Douglas Haines	Principal Financial Officer; and Principal Accounting Officer	September 24, 2025

	*By: /s/ Lisa Cohen
	Lisa Cohen
	Attorney-in-Fact

	*By: /s/ Lisa Cohen
	Lisa Cohen
	Attorney-in-Fact

Signature	Title
/s/ Francisco Borges*	Director
Francisco Borges
/s/ Andrew Davis*	Director
Andrew Davis
/s/ Christopher Davis*	Director
Christopher Davis
/s/ John Gates*	Director

John Gates
/s/ Samuel H. Iapalucci*	Director
Samuel H. Iapalucci
/s/ Katherine MacWilliams*	Director
Katherine MacWilliams
/s/ Richard O'Brien*	Director
Richard O'Brien
/s/ Lara Vaughan*	Director
Lara Vaughan

	*By: /s/ Lisa Cohen
	Lisa Cohen
	Attorney-in-Fact