Shareholders of SIF will receive an Information Statement/Prospectus which concisely details the information about the Reorganization and about DIF that SIF shareholders should know. Please read it carefully and keep it for future reference.

FREQUENTLY ASKED QUESTIONS (FAQ)

What is the purpose of this transaction?

The purpose of this transaction is to combine two funds managed by Davis Selected Advisers, L.P., with the same or substantially similar investment objectives, investment policies, strategies, risks, and restrictions.

What will happen to my shares during the Reorganization?

Your shares of SIF as of November 7, 2025, will be exchanged for new shares in DIF. If you have SIF Class S shares, they will become DIF Class A shares. If you have SIF Class D shares, they will become DIF Class Y shares.

FROM FUND SHARE CLASS CUSIP # TICKER
Selected International Fund S 816272108 SLSSX
Selected International Fund D 816272207 SLSDX
TO FUND SHARE CLASS CUSIP # TICKER
Davis International Fund A 239080831 DILAX
Davis International Fund Y 239080799 DILYX

Will the value of my investment change?

No. The total value of your investment will not change as a result of the Reorganization, although the number of shares you hold will change based on the relative net asset values (NAVs) of the two funds. There will be no sales charge imposed on the Reorganization.

What do I need to do as a shareholder?

No action is required from you. Your shares in SIF will be automatically exchanged for shares of DIF. You do not need to submit any forms.

Will my account number change?

Existing SIF account numbers will be established in DIF, unless a corresponding Davis Fund account number already exists.

Can shareholders with existing SIF accounts continue to invest in the Fund until the Reorganization is complete?

Yes, a current shareholder can continue to invest in SIF up through the market close on November 7, 2025

Will automatic deposits or withdrawals carry over after the Fund’s Reorganization?

Yes, all automatic investment and withdrawal programs will carry over to the DIF.

What about other systematic agreements such as reinvesting dividends or systematic exchanges from my SIF into another Selected Fund, or vice-versa?

These systematic agreements will not carry over and will be stopped. If a shareholder would like to reestablish this type of agreement, a Davis Account Services Form will need to be submitted. Please see DIF’s prospectus for more information.

Will this affect my taxes?

We expect this Reorganization to be a tax-free exchange and have no tax consequence for shareholders.

How do I access my DIF account online?

You will need to create a new login with Davis Funds to view and manage your account online. To access the Davis Funds’ website please visit: https://davisfunds.com/account_access.

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