DAVIS INTERNATIONAL FUND CLASS B (DILBX) Exchange: NMFQS

DELISTED - Davis Selected Advisers, L.P. ("Davis Advisors" or the "Adviser"),the Fund's investment adviser, uses the Davis Investment Discipline to invest DavisInternational Fund's portfolio principally in common stocks(including indirect holdings of common stock through depositary receipts)issued by foreign companies, including countries with developed or emerging markets.The Fund may invest in large, medium, or small companies without regard to market capitalization.The Fund will invest significantly (at least 40% of total assets under normal market conditions and atleast 30% of total assets if market conditions are not deemed favorable) in issuers:(i) organized or located outside of the U.S.;(ii) whose primary trading market is located outside the U.S.;or (iii) doing a substantial amount of business outside the U.S., which the Fund considers to be acompany that derives at least 50% of its revenue from business outside the U.S. or has at least50% of its assets outside the U.S.Under normal market conditions the Fund will invest in issuers representing at least three different countries.Davis Investment Discipline.Davis Advisors manages equity funds using the Davis Investment Discipline.Davis Advisors conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes fosterthe creation of long-term value, such as proven management, a durable franchise and business model,and sustainable competitive advantages.Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth.Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical.Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses.Such research, however rigorous, involves predictions and forecasts that are inherently uncertain.After determining which companies Davis Advisors believes the Fund should own,Davis Advisors then turns its analysis to determining the intrinsic value of those companies' equity securities.Davis Advisors seeks companies whose equity securities can be purchased at a discount from Davis Advisors'estimate of the company's intrinsic value based upon fundamental analysis of cashflows, assets and liabilities,and other criteria which Davis Advisors deems to be material on a company by company basis.Davis Advisors' goal is to invest in companies for the long term (ideally five years or longer, although this goal may not be met).Davis Advisors considers selling a company's equity securities if the securities' market price exceeds Davis Advisors'estimates of intrinsic value, if the ratio of the risks and rewards of continuing to own the company's equity securities is no longer attractive,or to raise cash to purchase a more attractive investment opportunity, satisfy net redemptions, or other purposes.