SELECTED FUNDS
|
Table of Contents
|
Shareholder Letter
|
2
|
Management’s Discussion of Fund Performance:
|
|
Selected American Shares
|
3
|
Selected International Fund
|
5
|
Fund Overview:
|
|
Selected American Shares
|
7
|
Selected International Fund
|
9
|
Selected Daily Government Fund
|
11
|
Expense Example
|
12
|
Schedule of Investments:
|
|
Selected American Shares
|
14
|
Selected International Fund
|
18
|
Selected Daily Government Fund
|
21
|
Statements of Assets and Liabilities
|
23
|
Statements of Operations
|
25
|
Statements of Changes in Net Assets
|
26
|
Notes to Financial Statements
|
28
|
Financial Highlights
|
37
|
Report of Independent Registered Public Accounting Firm
|
39
|
Federal Income Tax Information
|
40
|
Privacy Notice and Householding
|
41
|
Directors and Officers
|
42
|
SELECTED FUNDS
|
Shareholder Letter
|
|
James J. McMonagle
Chairman
|
Christopher C. Davis
President & Portfolio Manager
|
Kenneth C. Feinberg
Portfolio Manager
|
SELECTED FUNDS
SELECTED AMERICAN SHARES, INC.
|
Management’s Discussion of Fund Performance
|
SELECTED FUNDS
SELECTED AMERICAN SHARES, INC. – (CONTINUED)
|
Management’s Discussion of Fund Performance
|
Fund & Benchmark Index
|
1-Year
|
5-Year
|
10-Year
|
Since Class D’s
Inception
(May 3, 2004)
|
Gross
Expense
Ratio
|
Net
Expense
Ratio
|
Class S
|
12.82%
|
(0.65)%
|
6.53%
|
N/A
|
0.95%
|
0.95%
|
Class D
|
13.19%
|
(0.32)%
|
N/A
|
4.27%
|
0.61%
|
0.61%
|
Standard & Poor’s 500® Index
|
16.00%
|
1.66%
|
7.10%
|
5.02%
|
SELECTED FUNDS
SELECTED INTERNATIONAL FUND, INC.
|
Management’s Discussion of Fund Performance
|
SELECTED FUNDS
SELECTED INTERNATIONAL FUND, INC. – (CONTINUED)
|
Management’s Discussion of Fund Performance
|
Fund & Benchmark Index
|
1-Year
|
5-Year
|
10-Year
|
Since Class D’s
Inception
(May 3, 2004)
|
Gross
Expense
Ratio
|
Net
Expense
Ratio
|
Class S
|
18.29%
|
(3.63)%
|
5.13%
|
N/A
|
1.52%
|
1.52%
|
Class D
|
18.90%
|
(3.14)%
|
N/A
|
1.96%
|
0.88%
|
0.88%
|
MSCI ACWI® ex USA
|
16.83%
|
(2.89)%
|
9.74%
|
6.82%
|
SELECTED FUNDS
SELECTED AMERICAN SHARES, INC.
|
Fund Overview
December 31, 2012
|
Portfolio Composition
|
Industry Weightings
|
||||
(% of Fund’s 12/31/12 Net Assets)
|
(% of 12/31/12 Long-Term Portfolio)
|
||||
Fund
|
S&P 500®
|
||||
Common Stock (U.S.)
|
78.59%
|
Diversified Financials
|
18.11%
|
6.45%
|
|
Common Stock (Foreign)
|
17.73%
|
Insurance
|
12.71%
|
3.99%
|
|
Convertible Bonds (Foreign)
|
0.04%
|
Food & Staples Retailing
|
11.02%
|
2.35%
|
|
Short-Term Investments
|
1.47%
|
Energy
|
9.75%
|
10.94%
|
|
Other Assets & Liabilities
|
2.17%
|
Information Technology
|
9.45%
|
18.96%
|
|
100.00%
|
Materials
|
7.67%
|
3.61%
|
||
Banks
|
5.97%
|
2.84%
|
|||
Food, Beverage & Tobacco
|
5.96%
|
5.91%
|
|||
Retailing
|
5.75%
|
4.13%
|
|||
Transportation
|
3.03%
|
1.62%
|
|||
Health Care
|
2.84%
|
12.38%
|
|||
Media
|
2.54%
|
3.54%
|
|||
Capital Goods
|
1.40%
|
7.80%
|
|||
Real Estate
|
1.14%
|
2.25%
|
|||
Commercial & Professional Services
|
1.11%
|
0.67%
|
|||
Other
|
0.83%
|
11.74%
|
|||
Automobiles & Components
|
0.72%
|
0.82%
|
|||
100.00%
|
100.00%
|
CVS Caremark Corp.
|
Food & Staples Retailing
|
6.09%
|
Wells Fargo & Co.
|
Commercial Banks
|
5.76%
|
American Express Co.
|
Consumer Finance
|
5.51%
|
Bank of New York Mellon Corp.
|
Capital Markets
|
4.87%
|
Google Inc., Class A
|
Software & Services
|
4.29%
|
Costco Wholesale Corp.
|
Food & Staples Retailing
|
4.22%
|
Berkshire Hathaway Inc., Class A
|
Property & Casualty Insurance
|
3.07%
|
EOG Resources, Inc.
|
Energy
|
2.74%
|
Loews Corp.
|
Multi-line Insurance
|
2.70%
|
Bed Bath & Beyond Inc.
|
Retailing
|
2.69%
|
SELECTED FUNDS
SELECTED AMERICAN SHARES, INC. – (CONTINUED)
|
Fund Overview
December 31, 2012
|
Security
|
Industry
|
Date of 1st
Purchase
|
% of Fund’s
12/31/12
Net Assets
|
Emerson Electric Co.
|
Capital Goods
|
05/02/12
|
0.43%
|
Groupon, Inc.
|
Retailing
|
03/14/12
|
0.17%
|
International Business Machines Corp.
|
Software & Services
|
11/07/12
|
0.33%
|
Laboratory Corp. of America Holdings
|
Health Care Equipment & Services
|
10/25/12
|
0.12%
|
Sysco Corp.
|
Food & Staples Retailing
|
03/06/12
|
0.30%
|
Tiffany & Co.
|
Retailing
|
01/23/12
|
0.32%
|
Walgreen Co.
|
Food & Staples Retailing
|
01/24/12
|
–
|
Date of
|
Realized
|
|||
Security
|
Industry
|
Final Sale
|
Gain (Loss)
|
|
Baxter International Inc.
|
Health Care Equipment & Services
|
07/13/12
|
$
|
1,688,650
|
Becton, Dickinson and Co.
|
Health Care Equipment & Services
|
06/15/12
|
3,516,840
|
|
China Coal Energy Co., Ltd. - H
|
Energy
|
10/11/12
|
8,554,274
|
|
China Shipping Development Co., Ltd. - H
|
Transportation
|
10/16/12
|
(35,648,001)
|
|
Expedia, Inc.
|
Retailing
|
11/20/12
|
21,516,100
|
|
Johnson & Johnson
|
Pharmaceuticals, Biotechnology & Life Sciences
|
07/03/12
|
13,342,259
|
|
Kraft Foods Inc., Class A
|
Food, Beverage & Tobacco
|
06/18/12
|
9,284,346
|
|
Li & Fung Ltd.
|
Retailing
|
08/10/12
|
2,759,811
|
|
LLX Logistica S.A.
|
Transportation
|
06/15/12
|
(775,285)
|
|
Lockheed Martin Corp.
|
Capital Goods
|
07/18/12
|
9,445,858
|
|
Merck & Co., Inc.
|
Pharmaceuticals, Biotechnology & Life Sciences
|
07/09/12
|
76,674,183
|
|
MMX Mineracao e Metalicos S.A., Pfd.
|
Materials
|
02/02/12
|
203,023
|
|
OGX Petroleo e Gas Participacoes S.A.
|
Energy
|
12/28/12
|
(15,048,860)
|
|
Roche Holding AG - Genusschein
|
Pharmaceuticals, Biotechnology & Life Sciences
|
07/20/12
|
12,430,151
|
|
Sealed Air Corp.
|
Materials
|
11/13/12
|
(4,684,057)
|
|
Sino-Forest Corp.
|
Materials
|
07/10/12
|
(69,107,316)
|
|
Sino-Forest Corp., Restricted
|
Materials
|
07/10/12
|
(2,309,643)
|
|
Transatlantic Holdings, Inc.
|
Reinsurance
|
03/06/12
|
1,704,545
|
|
TripAdvisor Inc.
|
Retailing
|
04/17/12
|
5,685,257
|
|
Walgreen Co.
|
Food & Staples Retailing
|
11/20/12
|
536,200
|
SELECTED FUNDS
SELECTED INTERNATIONAL FUND, INC.
|
Fund Overview
December 31, 2012
|
Portfolio Composition
|
Industry Weightings
|
||||
(% of Fund’s 12/31/12 Net Assets)
|
(% of 12/31/12 Stock Holdings)
|
||||
Fund
|
MSCI ACWI®
ex USA
|
||||
Common Stock (Foreign)
|
96.29%
|
Health Care
|
14.13%
|
7.14%
|
|
Common Stock (U.S.)
|
2.84%
|
Capital Goods
|
12.72%
|
7.53%
|
|
Other Assets & Liabilities
|
0.87%
|
Food, Beverage & Tobacco
|
10.72%
|
6.87%
|
|
100.00%
|
Materials
|
8.37%
|
10.97%
|
||
Transportation
|
8.27%
|
2.22%
|
|||
Consumer Durables & Apparel
|
6.70%
|
1.68%
|
|||
Diversified Financials
|
5.08%
|
2.90%
|
|||
Real Estate
|
4.69%
|
3.25%
|
|||
Banks
|
4.51%
|
15.27%
|
|||
Energy
|
3.94%
|
10.28%
|
|||
Telecommunication Services
|
3.80%
|
5.44%
|
|||
Food & Staples Retailing
|
3.68%
|
2.22%
|
|||
Information Technology
|
3.34%
|
6.36%
|
|||
Commercial & Professional Services
|
2.86%
|
0.85%
|
|||
Media
|
2.63%
|
1.29%
|
|||
Consumer Services
|
2.37%
|
0.96%
|
|||
Other
|
2.19%
|
14.77%
|
|||
100.00%
|
100.00%
|
Country Diversification
|
Top 10 Long-Term Holdings
|
|||||
(% of 12/31/12 Stock Holdings)
|
(% of Fund’s 12/31/12 Net Assets)
|
|||||
Switzerland
|
27.90 % |
Compagnie Financiere Richemont S.A., Bearer Shares, Unit A
|
5.85 % | |||
China
|
22.94 % |
Heineken Holding N.V.
|
5.67 % | |||
France
|
9.15 % |
Kuehne & Nagel International AG
|
5.65 % | |||
Netherlands
|
6.52 % |
Schneider Electric S.A.
|
5.18 % | |||
Mexico
|
6.43 % |
Hang Lung Group Ltd.
|
4.65 % | |||
Hong Kong
|
4.69 % |
Schindler Holding AG - Participation Certificate
|
4.53 % | |||
Brazil
|
4.68 % |
Roche Holding AG - Genusschein
|
4.05 % | |||
United Kingdom
|
4.13 % |
Tenaris S.A., ADR
|
3.90 % | |||
Italy
|
3.94 % |
Essilor International S.A.
|
3.89 % | |||
Canada
|
2.98 % |
America Movil S.A.B. de C.V., Series L, ADR
|
3.77 % | |||
United States
|
2.86 % | |||||
Belgium
|
2.72 % | |||||
Germany
|
1.06 % | |||||
100.00 % |
SELECTED FUNDS
SELECTED INTERNATIONAL FUND, INC. – (CONTINUED)
|
Fund Overview
December 31, 2012
|
Security
|
Industry
|
Date of 1st
Purchase
|
% of Fund’s
12/31/12
Net Assets
|
Brenntag AG
|
Capital Goods
|
07/20/12
|
1.05%
|
CETIP S.A. - Mercados Organizados
|
Capital Markets
|
02/28/12
|
0.99%
|
Ctrip.com International, Ltd., ADR
|
Consumer Services
|
05/30/12
|
2.35%
|
Vipshop Holdings Ltd., ADS
|
Retailing
|
03/23/12
|
0.80%
|
Date of
|
Realized
|
||||
Security
|
Industry
|
Final Sale
|
Loss
|
||
Banco Santander Brasil S.A., ADS
|
Commercial Banks
|
05/16/12
|
$
|
(118,992)
|
|
China Shipping Development Co., Ltd. - H
|
Transportation
|
10/16/12
|
(412,790)
|
||
Itau Unibanco Holding S.A., ADR
|
Commercial Banks
|
05/16/12
|
(1,089)
|
||
LLX Logistica S.A.
|
Transportation
|
12/17/12
|
(129,951)
|
||
MMX Mineracao e Metalicos S.A., Pfd.
|
Materials
|
12/27/12
|
(3,407)
|
||
OGX Petroleo e Gas Participacoes S.A.
|
Energy
|
12/28/12
|
(1,009,099)
|
||
Shanghai Electric Group Co. Ltd. - H
|
Capital Goods
|
08/02/12
|
(219,548)
|
||
Sino-Forest Corp.
|
Materials
|
07/10/12
|
(4,315,402)
|
||
Vale S.A., ADR
|
Materials
|
05/04/12
|
(301,317)
|
SELECTED FUNDS
SELECTED CAPITAL PRESERVATION TRUST -
SELECTED DAILY GOVERNMENT FUND
|
Fund Overview
December 31, 2012
|
Portfolio Composition
|
Maturity Diversification
|
|||
(% of Fund’s 12/31/12 Net Assets)
|
(% of 12/31/12 Portfolio Holdings)
|
|||
Repurchase Agreements
|
43.33%
|
0-30 Days
|
78.72%
|
|
Federal Home Loan Bank
|
28.09%
|
31-90 Days
|
10.73%
|
|
Federal Farm Credit Bank
|
11.76%
|
91-180 Days
|
9.10%
|
|
Freddie Mac
|
7.67%
|
181-397 Days
|
1.45%
|
|
Private Export Funding
|
3.89%
|
100.00%
|
||
Fannie Mae
|
3.56%
|
|||
Other Agencies
|
0.19%
|
|||
Other Assets & Liabilities
|
1.51%
|
|||
|
100.00%
|
SELECTED FUNDS
|
Expense Example
|
SELECTED FUNDS
|
Expense Example – (Continued)
|
Beginning
|
Ending
|
Expenses Paid
|
||
Account Value
|
Account Value
|
During Period*
|
||
(07/01/12)
|
(12/31/12)
|
(07/01/12-12/31/12)
|
||
Selected American Shares
|
||||
Class S (annualized expense ratio 0.95%**)
|
||||
Actual
|
$1,000.00
|
$1,057.22
|
$4.91
|
|
Hypothetical
|
$1,000.00
|
$1,020.36
|
$4.82
|
|
Class D (annualized expense ratio 0.61%**)
|
||||
Actual
|
$1,000.00
|
$1,059.17
|
$3.16
|
|
Hypothetical
|
$1,000.00
|
$1,022.07
|
$3.10
|
|
Selected International Fund
|
||||
Class S (annualized expense ratio 1.49%**)
|
||||
Actual
|
$1,000.00
|
$1,139.57
|
$8.01
|
|
Hypothetical
|
$1,000.00
|
$1,017.65
|
$7.56
|
|
Class D (annualized expense ratio 0.87%**)
|
||||
Actual
|
$1,000.00
|
$1,142.88
|
$4.69
|
|
Hypothetical
|
$1,000.00
|
$1,020.76
|
$4.42
|
|
Selected Daily Government Fund
|
||||
Class S (annualized expense ratio 0.21%**)
|
||||
Actual
|
$1,000.00
|
$1,000.01
|
$1.06
|
|
Hypothetical
|
$1,000.00
|
$1,024.08
|
$1.07
|
|
Class D (annualized expense ratio 0.21%**)
|
||||
Actual
|
$1,000.00
|
$1,000.00
|
$1.06
|
|
Hypothetical
|
$1,000.00
|
$1,024.08
|
$1.07
|
SELECTED FUNDS
SELECTED AMERICAN SHARES, INC.
|
Schedule of Investments
December 31, 2012
|
Shares
|
Value
(Note 1)
|
||||||||||
COMMON STOCK – (96.32%)
|
|||||||||||
CONSUMER DISCRETIONARY – (9.12%)
|
|||||||||||
Automobiles & Components – (0.69%)
|
|||||||||||
Harley-Davidson, Inc.
|
755,100
|
$
|
36,879,084
|
||||||||
Consumer Durables & Apparel – (0.44%)
|
|||||||||||
Compagnie Financiere Richemont S.A., Bearer Shares, Unit A (Switzerland)
|
150,400
|
11,805,724
|
|||||||||
Hunter Douglas N.V. (Netherlands)
|
295,596
|
11,553,099
|
|||||||||
|
23,358,823
|
||||||||||
Media – (2.45%)
|
|||||||||||
Grupo Televisa S.A.B., ADR (Mexico)
|
525,400
|
13,965,132
|
|||||||||
Walt Disney Co.
|
2,338,100
|
116,413,999
|
|||||||||
130,379,131
|
|||||||||||
Retailing – (5.54%)
|
|||||||||||
Bed Bath & Beyond Inc. *
|
2,560,500
|
143,080,740
|
|||||||||
CarMax, Inc. *
|
1,018,800
|
38,245,752
|
|||||||||
Groupon, Inc. *
|
1,838,000
|
8,951,060
|
|||||||||
Liberty Interactive Corp., Series A *
|
1,732,250
|
34,090,680
|
|||||||||
Liberty Ventures, Series A *
|
116,500
|
7,897,535
|
|||||||||
Netflix Inc. *
|
487,500
|
45,201,000
|
|||||||||
Tiffany & Co.
|
297,800
|
17,075,852
|
|||||||||
294,542,619
|
|||||||||||
Total Consumer Discretionary
|
485,159,657
|
||||||||||
CONSUMER STAPLES – (16.55%)
|
|||||||||||
Food & Staples Retailing – (10.61%)
|
|||||||||||
Costco Wholesale Corp.
|
2,269,964
|
224,295,143
|
|||||||||
CVS Caremark Corp.
|
6,705,395
|
324,205,848
|
|||||||||
Sysco Corp.
|
515,000
|
16,304,900
|
|||||||||
564,805,891
|
|||||||||||
Food, Beverage & Tobacco – (5.75%)
|
|||||||||||
Coca-Cola Co.
|
1,975,080
|
71,596,650
|
|||||||||
Diageo PLC (United Kingdom)
|
3,619,330
|
105,418,783
|
|||||||||
Heineken Holding N.V. (Netherlands)
|
1,017,304
|
56,015,449
|
|||||||||
Nestle S.A. (Switzerland)
|
70,600
|
4,606,187
|
|||||||||
Philip Morris International Inc.
|
612,767
|
51,251,832
|
|||||||||
Unilever NV, NY Shares (Netherlands)
|
439,300
|
16,825,190
|
|||||||||
305,714,091
|
|||||||||||
Household & Personal Products – (0.19%)
|
|||||||||||
Natura Cosmeticos S.A. (Brazil)
|
347,300
|
9,946,604
|
|||||||||
Total Consumer Staples
|
880,466,586
|
||||||||||
ENERGY – (9.39%)
|
|||||||||||
Canadian Natural Resources Ltd. (Canada)
|
4,508,900
|
130,171,943
|
|||||||||
Devon Energy Corp.
|
891,421
|
46,389,549
|
|||||||||
EOG Resources, Inc.
|
1,205,200
|
145,576,108
|
|||||||||
Occidental Petroleum Corp.
|
1,448,880
|
110,998,697
|
|||||||||
Schlumberger Ltd.
|
482,980
|
33,465,684
|
|||||||||
Transocean Ltd.
|
742,994
|
33,174,682
|
|||||||||
Total Energy
|
499,776,663
|
SELECTED FUNDS
SELECTED AMERICAN SHARES, INC. - (CONTINUED)
|
Schedule of Investments
December 31, 2012
|
Shares
|
Value
(Note 1)
|
|||||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||
FINANCIALS – (36.55%)
|
||||||||||||
Banks – (5.76%)
|
||||||||||||
Commercial Banks – (5.76%)
|
||||||||||||
Wells Fargo & Co.
|
8,958,279
|
$
|
306,193,976
|
|||||||||
Diversified Financials – (17.45%)
|
||||||||||||
Capital Markets – (10.18%)
|
||||||||||||
Ameriprise Financial, Inc.
|
438,907
|
27,488,745
|
||||||||||
Bank of New York Mellon Corp.
|
10,072,100
|
258,852,970
|
||||||||||
Brookfield Asset Management Inc., Class A (Canada)
|
1,779,350
|
65,213,178
|
||||||||||
Charles Schwab Corp.
|
2,252,000
|
32,338,720
|
||||||||||
Goldman Sachs Group, Inc.
|
211,800
|
27,017,208
|
||||||||||
Julius Baer Group Ltd. (Switzerland)
|
3,675,699
|
130,865,176
|
||||||||||
541,775,997
|
||||||||||||
Consumer Finance – (5.51%)
|
||||||||||||
American Express Co.
|
5,095,870
|
292,910,608
|
||||||||||
Diversified Financial Services – (1.76%)
|
||||||||||||
CME Group Inc.
|
215,000
|
10,898,350
|
||||||||||
JPMorgan Chase & Co.
|
885,770
|
38,947,307
|
||||||||||
Visa Inc., Class A
|
289,500
|
43,882,410
|
||||||||||
93,728,067
|
||||||||||||
928,414,672
|
||||||||||||
Insurance – (12.24%)
|
||||||||||||
Insurance Brokers – (0.21%)
|
||||||||||||
Aon PLC
|
198,000
|
11,008,800
|
||||||||||
Multi-line Insurance – (3.52%)
|
||||||||||||
Fairfax Financial Holdings Ltd. (Canada)
|
82,850
|
29,639,588
|
||||||||||
Fairfax Financial Holdings Ltd., 144A (Canada) (a)
|
39,220
|
14,137,258
|
||||||||||
Loews Corp.
|
3,526,100
|
143,688,575
|
||||||||||
187,465,421
|
||||||||||||
Property & Casualty Insurance – (6.56%)
|
||||||||||||
ACE Ltd.
|
586,500
|
46,802,700
|
||||||||||
Berkshire Hathaway Inc., Class A *
|
1,219
|
163,419,140
|
||||||||||
Markel Corp. *
|
21,700
|
9,405,214
|
||||||||||
Progressive Corp.
|
6,132,600
|
129,397,860
|
||||||||||
349,024,914
|
||||||||||||
Reinsurance – (1.95%)
|
||||||||||||
Alleghany Corp. *
|
275,569
|
92,431,354
|
||||||||||
Everest Re Group, Ltd.
|
103,900
|
11,423,805
|
||||||||||
103,855,159
|
||||||||||||
651,354,294
|
||||||||||||
Real Estate – (1.10%)
|
||||||||||||
Hang Lung Group Ltd. (Hong Kong)
|
10,172,000
|
58,586,152
|
||||||||||
Total Financials
|
1,944,549,094
|
|||||||||||
HEALTH CARE – (2.73%)
|
||||||||||||
Health Care Equipment & Services – (2.03%)
|
||||||||||||
Express Scripts Holding Co. *
|
1,878,500
|
101,401,430
|
||||||||||
Laboratory Corp. of America Holdings *
|
75,000
|
6,496,500
|
||||||||||
107,897,930
|
SELECTED FUNDS
SELECTED AMERICAN SHARES, INC. - (CONTINUED)
|
Schedule of Investments
December 31, 2012
|
Shares
|
Value
(Note 1)
|
|||||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||
HEALTH CARE – (CONTINUED)
|
||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (0.70%)
|
||||||||||||
Agilent Technologies, Inc.
|
529,540
|
$
|
21,679,368
|
|||||||||
Pfizer Inc.
|
630,630
|
15,816,200
|
||||||||||
37,495,568
|
||||||||||||
Total Health Care
|
145,393,498
|
|||||||||||
INDUSTRIALS – (5.33%)
|
||||||||||||
Capital Goods – (1.35%)
|
||||||||||||
Emerson Electric Co.
|
436,500
|
23,117,040
|
||||||||||
PACCAR Inc.
|
1,074,500
|
48,556,655
|
||||||||||
|
71,673,695
|
|||||||||||
Commercial & Professional Services – (1.07%)
|
||||||||||||
Iron Mountain Inc.
|
1,835,311
|
56,986,406
|
||||||||||
Transportation – (2.91%)
|
||||||||||||
China Merchants Holdings International Co., Ltd. (China)
|
26,429,345
|
86,137,698
|
||||||||||
Kuehne & Nagel International AG (Switzerland)
|
572,010
|
68,961,017
|
||||||||||
155,098,715
|
||||||||||||
Total Industrials
|
283,758,816
|
|||||||||||
INFORMATION TECHNOLOGY – (9.11%)
|
||||||||||||
Semiconductors & Semiconductor Equipment – (1.82%)
|
||||||||||||
Intel Corp.
|
658,500
|
13,584,855
|
||||||||||
Texas Instruments Inc.
|
2,685,790
|
83,125,201
|
||||||||||
96,710,056
|
||||||||||||
Software & Services – (6.99%)
|
||||||||||||
Activision Blizzard, Inc.
|
2,906,500
|
30,896,095
|
||||||||||
Google Inc., Class A *
|
321,970
|
228,360,442
|
||||||||||
International Business Machines Corp.
|
92,500
|
17,718,375
|
||||||||||
Microsoft Corp.
|
1,647,400
|
44,018,528
|
||||||||||
Oracle Corp.
|
1,533,700
|
51,102,884
|
||||||||||
372,096,324
|
||||||||||||
Technology Hardware & Equipment – (0.30%)
|
||||||||||||
Hewlett-Packard Co.
|
1,109,580
|
15,811,515
|
||||||||||
Total Information Technology
|
484,617,895
|
|||||||||||
MATERIALS – (7.35%)
|
||||||||||||
Air Products and Chemicals, Inc.
|
1,004,400
|
84,389,688
|
||||||||||
BHP Billiton PLC (United Kingdom)
|
1,197,460
|
42,238,579
|
||||||||||
Ecolab Inc.
|
696,100
|
50,049,590
|
||||||||||
Martin Marietta Materials, Inc.
|
151,630
|
14,295,676
|
||||||||||
Monsanto Co.
|
1,017,600
|
96,315,840
|
||||||||||
Potash Corp. of Saskatchewan Inc. (Canada)
|
962,700
|
39,172,263
|
||||||||||
Praxair, Inc.
|
240,200
|
26,289,890
|
||||||||||
Rio Tinto PLC (United Kingdom)
|
650,967
|
37,968,051
|
||||||||||
Total Materials
|
390,719,577
|
|||||||||||
TELECOMMUNICATION SERVICES – (0.19%)
|
||||||||||||
America Movil S.A.B. de C.V., Series L, ADR (Mexico)
|
432,540
|
10,008,976
|
||||||||||
Total Telecommunication Services
|
10,008,976
|
|||||||||||
TOTAL COMMON STOCK – (Identified cost $3,056,323,192)
|
5,124,450,762
|
SELECTED FUNDS
SELECTED AMERICAN SHARES, INC. - (CONTINUED)
|
Schedule of Investments
December 31, 2012
|
Principal
|
Value
(Note 1)
|
|||||||||||
CONVERTIBLE BONDS – (0.04%)
|
||||||||||||
MATERIALS – (0.04%)
|
||||||||||||
Sino-Forest Corp., Conv. Sr. Notes, 5.00%, 08/01/13 (Canada) (b)(c)
|
$
|
15,365,000
|
$
|
2,295,147
|
||||||||
TOTAL CONVERTIBLE BONDS – (Identified cost $15,365,000)
|
2,295,147
|
|||||||||||
SHORT-TERM INVESTMENTS – (1.47%)
|
||||||||||||
Banc of America Securities LLC Joint Repurchase Agreement, 0.18%, 01/02/13, dated 12/31/12, repurchase value of $34,017,340 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-4.50%, 04/01/42-11/01/42, total market value $34,697,340)
|
34,017,000
|
34,017,000
|
||||||||||
Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.27%, 01/02/13, dated 12/31/12, repurchase value of $44,283,664 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.00%, 09/20/40-10/15/40, total market value $45,168,660)
|
44,283,000
|
44,283,000
|
||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $78,300,000)
|
78,300,000
|
|||||||||||
Total Investments – (97.83%) – (Identified cost $3,149,988,192) – (d)
|
5,205,045,909
|
|||||||||||
Other Assets Less Liabilities – (2.17%)
|
115,477,417
|
|||||||||||
Net Assets – (100.00%)
|
$
|
5,320,523,326
|
ADR: American Depositary Receipt
|
||||||||||
* | Non-Income producing security. | |||||||||
(a) | This security is subject to Rule 144A. The Board of Directors of the Fund has determined that there is sufficient liquidity in this security to realize current valuations. This security amounted to $14,137,258 or 0.27% of the Fund’s net assets as of December 31, 2012. | |||||||||
(b) | This security is in default and is not accruing income. The interest rate shown is the original, contractual interest rate. See Note 1 of the Notes to Financial Statements. | |||||||||
(c) | Restricted Security – See Note 8 of the Notes to Financial Statements. | |||||||||
(d) | Aggregate cost for federal income tax purposes is $3,149,991,658. At December 31, 2012 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: | |||||||||
Unrealized appreciation
|
$
|
2,116,950,893
|
||||||||
Unrealized depreciation
|
(61,896,642)
|
|||||||||
Net unrealized appreciation
|
$
|
2,055,054,251
|
||||||||
See Notes to Financial Statements
|
SELECTED FUNDS
SELECTED INTERNATIONAL FUND, INC.
|
Schedule of Investments
December 31, 2012
|
Shares
|
Value
(Note 1)
|
|||||||||||
COMMON STOCK – (99.13%)
|
||||||||||||
CONSUMER DISCRETIONARY – (12.40%)
|
||||||||||||
Consumer Durables & Apparel – (6.64%)
|
||||||||||||
Compagnie Financiere Richemont S.A., Bearer Shares, Unit A (Switzerland)
|
49,830
|
$
|
3,911,431
|
|||||||||
Hunter Douglas N.V. (Netherlands)
|
13,502
|
527,713
|
||||||||||
4,439,144
|
||||||||||||
Consumer Services – (2.35%)
|
||||||||||||
Ctrip.com International, Ltd., ADR (China)*
|
68,880
|
1,569,775
|
||||||||||
Media – (2.61%)
|
||||||||||||
Grupo Televisa S.A.B., ADR (Mexico)
|
65,510
|
1,741,256
|
||||||||||
Retailing – (0.80%)
|
||||||||||||
Vipshop Holdings Ltd., ADS (China)*
|
29,970
|
534,665
|
||||||||||
Total Consumer Discretionary
|
8,284,840
|
|||||||||||
CONSUMER STAPLES – (14.27%)
|
||||||||||||
Food & Staples Retailing – (3.65%)
|
||||||||||||
Brazil Pharma S.A. (Brazil)
|
346,780
|
2,438,892
|
||||||||||
Food, Beverage & Tobacco – (10.62%)
|
||||||||||||
Heineken Holding N.V. (Netherlands)
|
68,835
|
3,790,237
|
||||||||||
Lindt & Spruengli AG - Participation Certificate (Switzerland)
|
595
|
1,940,361
|
||||||||||
Nestle S.A. (Switzerland)
|
20,990
|
1,369,460
|
||||||||||
7,100,058
|
||||||||||||
Total Consumer Staples
|
9,538,950
|
|||||||||||
ENERGY – (3.90%)
|
||||||||||||
Tenaris S.A., ADR (Italy)
|
62,220
|
2,608,263
|
||||||||||
Total Energy
|
2,608,263
|
|||||||||||
FINANCIALS – (15.53%)
|
||||||||||||
Banks – (4.47%)
|
||||||||||||
Commercial Banks – (4.47%)
|
||||||||||||
China CITIC Bank Corp. Ltd. - H (China)
|
1,383,500
|
838,429
|
||||||||||
China Merchants Bank Co., Ltd. - H (China)
|
957,200
|
2,149,599
|
||||||||||
2,988,028
|
||||||||||||
Diversified Financials – (5.04%)
|
||||||||||||
Capital Markets – (1.56%)
|
||||||||||||
Brookfield Asset Management Inc., Class A (Canada)
|
10,370
|
380,061
|
||||||||||
CETIP S.A. - Mercados Organizados (Brazil)
|
53,590
|
664,542
|
||||||||||
1,044,603
|
||||||||||||
Diversified Financial Services – (3.48%)
|
||||||||||||
Groupe Bruxelles Lambert S.A. (Belgium)
|
13,390
|
1,067,937
|
||||||||||
Pargesa Holding S.A., Bearer Shares (Switzerland)
|
7,530
|
518,963
|
||||||||||
RHJ International (Belgium)*
|
139,230
|
736,075
|
||||||||||
2,322,975
|
||||||||||||
3,367,578
|
||||||||||||
Insurance – (1.37%)
|
||||||||||||
Insurance Brokers – (0.42%)
|
||||||||||||
CNinsure, Inc., ADR (China)*
|
42,250
|
276,738
|
||||||||||
Multi-line Insurance – (0.95%)
|
||||||||||||
Fairfax Financial Holdings Ltd. (Canada)
|
1,782
|
637,510
|
||||||||||
914,248
|
SELECTED FUNDS
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)
|
Schedule of Investments
December 31, 2012
|
Shares
|
Value
(Note 1)
|
|||||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||
FINANCIALS – (CONTINUED)
|
||||||||||||
Real Estate – (4.65%)
|
||||||||||||
Hang Lung Group Ltd. (Hong Kong)
|
540,100
|
$
|
3,110,733
|
|||||||||
Total Financials
|
10,380,587
|
|||||||||||
HEALTH CARE – (14.01%)
|
||||||||||||
Health Care Equipment & Services – (7.49%)
|
||||||||||||
Essilor International S.A. (France)
|
25,780
|
2,600,099
|
||||||||||
Shandong Weigao Group Medical Polymer Co. Ltd. - H (China)
|
422,300
|
423,733
|
||||||||||
Sinopharm Group Co. - H (China)
|
624,800
|
1,984,064
|
||||||||||
5,007,896
|
||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (6.52%)
|
||||||||||||
Roche Holding AG - Genusschein (Switzerland)
|
13,400
|
2,709,227
|
||||||||||
Sinovac Biotech Ltd. (China)*
|
523,690
|
1,644,387
|
||||||||||
4,353,614
|
||||||||||||
Total Health Care
|
9,361,510
|
|||||||||||
INDUSTRIALS – (23.65%)
|
||||||||||||
Capital Goods – (12.61%)
|
||||||||||||
ABB Ltd., ADR (Switzerland)
|
59,350
|
1,233,887
|
||||||||||
Brenntag AG (Germany)
|
5,340
|
703,520
|
||||||||||
Schindler Holding AG - Participation Certificate (Switzerland)
|
20,940
|
3,029,092
|
||||||||||
Schneider Electric S.A. (France)
|
47,310
|
3,465,019
|
||||||||||
8,431,518
|
||||||||||||
Commercial & Professional Services – (2.84%)
|
||||||||||||
Nielsen Holdings N.V. *
|
61,970
|
1,895,662
|
||||||||||
Transportation – (8.20%)
|
||||||||||||
China Merchants Holdings International Co., Ltd. (China)
|
524,551
|
1,709,600
|
||||||||||
Kuehne & Nagel International AG (Switzerland)
|
31,300
|
3,773,500
|
||||||||||
5,483,100
|
||||||||||||
Total Industrials
|
15,810,280
|
|||||||||||
INFORMATION TECHNOLOGY – (3.31%)
|
||||||||||||
Software & Services – (3.31%)
|
||||||||||||
NetEase, Inc., ADR (China)*
|
31,190
|
1,327,134
|
||||||||||
Youku Tudou Inc., ADR (China)*
|
48,670
|
887,741
|
||||||||||
2,214,875
|
||||||||||||
Total Information Technology
|
2,214,875
|
|||||||||||
MATERIALS – (8.29%)
|
||||||||||||
BHP Billiton PLC (United Kingdom)
|
40,030
|
1,411,997
|
||||||||||
Greatview Aseptic Packaging Co., Ltd. (China)
|
3,406,800
|
1,854,138
|
||||||||||
Potash Corp. of Saskatchewan Inc. (Canada)
|
23,450
|
954,181
|
||||||||||
Rio Tinto PLC (United Kingdom)
|
22,690
|
1,323,408
|
||||||||||
Total Materials
|
5,543,724
|
|||||||||||
TELECOMMUNICATION SERVICES – (3.77%)
|
||||||||||||
America Movil S.A.B. de C.V., Series L, ADR (Mexico)
|
108,830
|
2,518,326
|
||||||||||
Total Telecommunication Services
|
2,518,326
|
|||||||||||
TOTAL COMMON STOCK – (Identified cost $65,951,956)
|
66,261,355
|
SELECTED FUNDS
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)
|
Schedule of Investments
December 31, 2012
|
Total Investments – (99.13%) – (Identified cost $65,951,956) – (a)
|
$
|
66,261,355
|
|||||||
Other Assets Less Liabilities – (0.87%)
|
580,096
|
||||||||
Net Assets – (100.00%)
|
$
|
66,841,451
|
|||||||
ADR: American Depositary Receipt
|
|||||||||
ADS: American Depositary Share
|
|||||||||
*
|
Non-Income producing security.
|
||||||||
(a)
|
Aggregate cost for federal income tax purposes is $67,132,847. At December 31, 2012 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
|
||||||||
Unrealized appreciation
|
$
|
5,200,499
|
|||||||
Unrealized depreciation
|
(6,071,991)
|
||||||||
Net unrealized depreciation
|
$
|
(871,492)
|
|||||||
See Notes to Financial Statements
|
SELECTED FUNDS
SELECTED CAPITAL PRESERVATION TRUST –
SELECTED DAILY GOVERNMENT FUND
|
Schedule of Investments
December 31, 2012
|
Principal
|
Value
(Note 1)
|
|||||||
FANNIE MAE – (3.56%)
|
||||||||
4.25%, 02/25/13
|
$
|
250,000
|
$
|
251,523
|
||||
4.375%, 03/15/13
|
179,000
|
180,535
|
||||||
4.125%, 04/15/13
|
500,000
|
505,602
|
||||||
TOTAL FANNIE MAE – (Identified cost $937,660)
|
937,660
|
|||||||
FEDERAL FARM CREDIT BANK – (11.76%)
|
||||||||
0.176%, 01/28/13 (a)
|
500,000
|
499,959
|
||||||
0.196%, 02/20/13 (a)
|
220,000
|
219,995
|
||||||
1.75%, 02/21/13
|
350,000
|
350,770
|
||||||
0.1997%, 05/28/13 (a)
|
400,000
|
400,051
|
||||||
0.25%, 07/23/13
|
325,000
|
324,994
|
||||||
0.236%, 07/29/13 (a)
|
1,200,000
|
1,200,276
|
||||||
0.5782%, 08/19/13 (a)
|
100,000
|
100,110
|
||||||
TOTAL FEDERAL FARM CREDIT BANK – (Identified cost $3,096,155)
|
3,096,155
|
|||||||
FEDERAL HOME LOAN BANK – (28.09%)
|
||||||||
0.17%, 01/23/13
|
500,000
|
500,002
|
||||||
0.24%, 01/25/13 (a)
|
500,000
|
500,036
|
||||||
5.126%, 02/28/13
|
615,000
|
619,743
|
||||||
1.75%, 03/08/13
|
280,000
|
280,825
|
||||||
0.25%, 03/28/13
|
500,000
|
499,978
|
||||||
0.1828%, 04/12/13 (a)
|
500,000
|
499,996
|
||||||
0.14%, 04/26/13 (a)
|
300,000
|
299,999
|
||||||
0.14%, 05/15/13 (a)
|
500,000
|
499,981
|
||||||
0.14%, 06/18/13 (a)
|
300,000
|
300,000
|
||||||
0.125%, 06/28/13
|
430,000
|
429,806
|
||||||
0.246%, 07/22/13 (a)
|
570,000
|
570,115
|
||||||
0.24%, 08/01/13 (a)
|
295,000
|
295,201
|
||||||
0.22%, 08/22/13 (a)
|
500,000
|
499,968
|
||||||
0.22%, 09/04/13 (a)
|
300,000
|
300,000
|
||||||
0.22%, 09/06/13 (a)
|
500,000
|
500,000
|
||||||
0.141%, 09/10/13 (a)
|
500,000
|
500,015
|
||||||
0.165%, 01/03/14 (a)
|
300,000
|
299,766
|
||||||
TOTAL FEDERAL HOME LOAN BANK – (Identified cost $7,395,431)
|
7,395,431
|
|||||||
FREDDIE MAC – (7.67%)
|
||||||||
0.28%, 01/10/13 (a)
|
500,000
|
500,024
|
||||||
4.50%, 01/15/13
|
275,000
|
275,450
|
||||||
4.625%, 04/04/13
|
178,000
|
180,037
|
||||||
4.00%, 06/12/13
|
215,000
|
218,620
|
||||||
0.159%, 06/17/13 (a)
|
345,000
|
344,986
|
||||||
0.1845%, 11/04/13 (a)
|
500,000
|
499,981
|
||||||
TOTAL FREDDIE MAC – (Identified cost $2,019,098)
|
2,019,098
|
SELECTED FUNDS
SELECTED CAPITAL PRESERVATION TRUST –
SELECTED DAILY GOVERNMENT FUND
|
Schedule of Investments
December 31, 2012
|
Principal
|
Value
(Note 1)
|
||||||||||
OTHER AGENCIES – (0.19%)
|
|||||||||||
Tennessee Valley Authority, 4.75%, 08/01/13
|
$
|
50,000
|
$
|
51,224
|
|||||||
TOTAL OTHER AGENCIES – (Identified cost $51,224)
|
51,224
|
||||||||||
PRIVATE EXPORT FUNDING – (3.89%)
|
|||||||||||
Private Export Funding Corp., 3.55%, 04/15/13
|
1,015,000
|
1,024,552
|
|||||||||
TOTAL PRIVATE EXPORT FUNDING – (Identified cost $1,024,552)
|
1,024,552
|
||||||||||
REPURCHASE AGREEMENTS – (43.33%)
|
|||||||||||
Banc of America Securities LLC Joint Repurchase Agreement, 0.18%, 01/02/13, dated 12/31/12, repurchase value of $4,957,050 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-4.50%, 04/01/42-11/01/42, total market value $5,056,140)
|
4,957,000
|
4,957,000
|
|||||||||
Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.27%, 01/02/13, dated 12/31/12, repurchase value of $6,453,097 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.00%, 09/20/40-10/15/40, total market value $6,582,060)
|
6,453,000
|
6,453,000
|
|||||||||
TOTAL REPURCHASE AGREEMENTS – (Identified cost $11,410,000)
|
11,410,000
|
||||||||||
Total Investments – (98.49%) – (Identified cost $25,934,120) – (b)
|
25,934,120
|
||||||||||
Other Assets Less Liabilities – (1.51%)
|
397,277
|
||||||||||
Net Assets – (100.00%)
|
$
|
26,331,397
|
(a)
|
The interest rates on floating rate securities, shown as of December 31, 2012, may change daily or less frequently and are based on indices of market interest rates. For purposes of amortized cost valuation, the maturity dates of these securities are considered to be the effective maturities, based on the reset dates of the securities’ variable rates.
|
||||||||||||
(b)
|
Aggregate cost for federal income tax purposes is $25,934,120.
|
||||||||||||
See Notes to Financial Statements
|
SELECTED FUNDS
|
Statements of Assets and Liabilities
At December 31, 2012
|
Selected American Shares
|
Selected International Fund
|
Selected Daily Government Fund
|
||||||||||
ASSETS:
|
||||||||||||
Investments in securities at value* (see accompanying Schedules of Investments)
|
$
|
5,205,045,909
|
$
|
66,261,355
|
$
|
25,934,120
|
||||||
Cash
|
1,167
|
–
|
1,365
|
|||||||||
Receivables:
|
||||||||||||
Capital stock sold
|
8,453,522
|
13,003
|
471,795
|
|||||||||
Dividends and interest
|
6,416,396
|
94,390
|
45,847
|
|||||||||
Investment securities sold
|
120,045,435
|
889,278
|
–
|
|||||||||
Prepaid expenses
|
178,161
|
3,040
|
1,932
|
|||||||||
Due from Adviser
|
–
|
–
|
10,651
|
|||||||||
Total assets
|
5,340,140,590
|
67,261,066
|
26,465,710
|
|||||||||
LIABILITIES:
|
||||||||||||
Cash overdraft
|
–
|
290,604
|
–
|
|||||||||
Payables:
|
||||||||||||
Capital stock redeemed
|
15,678,285
|
37,976
|
99,483
|
|||||||||
Distributions payable
|
–
|
–
|
4
|
|||||||||
Accrued distribution service fees
|
436,916
|
2,590
|
–
|
|||||||||
Accrued management fees
|
2,588,099
|
32,038
|
6,600
|
|||||||||
Accrued transfer agent fees
|
653,530
|
20,019
|
7,600
|
|||||||||
Other accrued expenses
|
260,434
|
36,388
|
20,626
|
|||||||||
Total liabilities
|
19,617,264
|
419,615
|
134,313
|
|||||||||
NET ASSETS
|
$
|
5,320,523,326
|
$
|
66,841,451
|
$
|
26,331,397
|
||||||
NET ASSETS CONSIST OF:
|
||||||||||||
Par value of shares of capital stock
|
$
|
159,519,811
|
$
|
1,802,070
|
$
|
2,633,140
|
||||||
Additional paid-in capital
|
3,003,960,036
|
73,932,613
|
23,698,257
|
|||||||||
Undistributed (overdistributed) net investment income
|
1,652,954
|
(741,136)
|
–
|
|||||||||
Accumulated net realized gains (losses) from investments
|
100,003,321
|
(8,460,925)
|
–
|
|||||||||
Net unrealized appreciation on investments and foreign currency transactions
|
2,055,387,204
|
308,829
|
–
|
|||||||||
Net Assets
|
$
|
5,320,523,326
|
$
|
66,841,451
|
$
|
26,331,397
|
||||||
*Including:
|
||||||||||||
Cost of investments
|
$
|
3,149,988,192
|
$
|
65,951,956
|
$
|
25,934,120
|
||||||
Cost and market value of repurchase agreements (if greater than 10% of net assets)
|
–
|
–
|
11,410,000
|
|||||||||
SELECTED FUNDS
|
Statements of Assets and Liabilities – (Continued)
At December 31, 2012
|
Selected American
Shares
|
Selected
International Fund
|
Selected Daily
Government Fund
|
|||||||
CLASS S SHARES:
|
|||||||||
Net assets
|
$
|
1,949,182,969
|
$
|
10,354,149
|
$
|
3,552,389
|
|||
Shares outstanding
|
46,730,981
|
1,121,010
|
3,552,389
|
||||||
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)
|
$
|
41.71
|
$
|
9.24
|
$
|
1.00
|
|||
CLASS D SHARES:
|
|||||||||
Net assets
|
$
|
3,371,340,357
|
$
|
56,487,302
|
$
|
22,779,008
|
|||
Shares outstanding
|
80,884,868
|
6,087,271
|
22,779,008
|
||||||
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)
|
$
|
41.68
|
$
|
9.28
|
$
|
1.00
|
See Notes to Financial Statements
|
SELECTED FUNDS
|
Statements of Operations
For the year ended December 31, 2012
|
Selected American
Shares
|
Selected
International Fund
|
Selected Daily
Government Fund
|
|||||||||
INVESTMENT INCOME:
|
|||||||||||
Income:
|
|||||||||||
Dividends*
|
$
|
129,216,084
|
$
|
1,220,983
|
$
|
–
|
|||||
Interest
|
641,484
|
581
|
51,503
|
||||||||
Net securities lending fees
|
448,264
|
–
|
–
|
||||||||
Total income
|
130,305,832
|
1,221,564
|
51,503
|
||||||||
Expenses:
|
|||||||||||
Management fees (Note 3)
|
31,529,412
|
351,993
|
77,181
|
||||||||
Custodian fees
|
858,231
|
74,843
|
13,704
|
||||||||
Transfer agent fees:
|
|||||||||||
Class S
|
2,747,502
|
47,302
|
18,246
|
||||||||
Class D
|
1,208,203
|
39,502
|
13,195
|
||||||||
Audit fees
|
57,600
|
21,000
|
17,400
|
||||||||
Legal fees
|
74,251
|
4,965
|
4,272
|
||||||||
Reports to shareholders
|
346,879
|
5,800
|
1,242
|
||||||||
Directors’ fees and expenses
|
597,932
|
9,166
|
5,371
|
||||||||
Registration and filing fees
|
90,005
|
38,002
|
37,772
|
||||||||
Excise tax expense (Note 1)
|
–
|
–
|
873
|
||||||||
Miscellaneous
|
251,533
|
12,889
|
7,339
|
||||||||
Payments under distribution plan (Note 3):
|
|||||||||||
Class S
|
5,610,269
|
25,945
|
9,065
|
||||||||
Total expenses
|
43,371,817
|
631,407
|
205,660
|
||||||||
Expenses paid indirectly (Note 4)
|
(150)
|
(1)
|
(6)
|
||||||||
Reimbursement/waiver of expenses by Adviser/Distributor (Note 3)
|
–
|
–
|
(173,796)
|
||||||||
Net expenses
|
43,371,667
|
631,406
|
31,858
|
||||||||
Net investment income
|
86,934,165
|
590,158
|
19,645
|
||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS:
|
|||||||||||
Net realized gain (loss) from:
|
|||||||||||
Investment transactions
|
337,703,404
|
(7,312,138)
|
–
|
||||||||
Foreign currency transactions
|
(154,366)
|
(5,552)
|
–
|
||||||||
Net realized gain (loss)
|
337,549,038
|
(7,317,690)
|
–
|
||||||||
Net change in unrealized appreciation (depreciation)
|
299,122,581
|
17,811,822
|
–
|
||||||||
Net realized and unrealized gain on investments and foreign currency transactions
|
636,671,619
|
10,494,132
|
–
|
||||||||
Net increase in net assets resulting from operations
|
$
|
723,605,784
|
$
|
11,084,290
|
$
|
19,645
|
|||||
*Net of foreign taxes withheld as follows
|
$
|
1,804,397
|
$
|
138,068
|
$
|
–
|
See Notes to Financial Statements
|
SELECTED FUNDS
|
Statements of Changes in Net Assets
For the year ended December 31, 2012
|
Selected American
Shares
|
Selected International
Fund
|
Selected Daily
Government Fund
|
||||||||||
OPERATIONS:
|
||||||||||||
Net investment income
|
$
|
86,934,165
|
$
|
590,158
|
$
|
19,645
|
||||||
Net realized gain (loss) from investments and foreign currency transactions
|
337,549,038
|
(7,317,690)
|
–
|
|||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions
|
299,122,581
|
17,811,822
|
–
|
|||||||||
Net increase in net assets resulting from operations
|
723,605,784
|
11,084,290
|
19,645
|
|||||||||
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM:
|
||||||||||||
Net investment income:
|
||||||||||||
Class S
|
(26,949,997)
|
(103,455)
|
(2,848)
|
|||||||||
Class D
|
(58,984,487)
|
(888,659)
|
(16,797)
|
|||||||||
Realized gains from investment transactions:
|
||||||||||||
Class S
|
(101,100,614)
|
–
|
–
|
|||||||||
Class D
|
(178,270,031)
|
–
|
–
|
|||||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 5):
|
||||||||||||
Class S
|
(586,531,841)
|
(1,877,020)
|
(62,339)
|
|||||||||
Class D
|
(352,847,056)
|
(2,986,034)
|
214,768
|
|||||||||
Total increase (decrease) in net assets
|
(581,078,242)
|
5,229,122
|
152,429
|
|||||||||
NET ASSETS:
|
||||||||||||
Beginning of year
|
5,901,601,568
|
61,612,329
|
26,178,968
|
|||||||||
End of year*
|
$
|
5,320,523,326
|
$
|
66,841,451
|
$
|
26,331,397
|
||||||
*Including undistributed (overdistributed) net investment income of
|
$
|
1,652,954
|
$
|
(741,136)
|
$
|
–
|
See Notes to Financial Statements
|
SELECTED FUNDS
|
Statements of Changes in Net Assets
For the year ended December 31, 2011
|
Selected American
Shares
|
Selected
International Fund
|
Selected Daily
Government Fund
|
||||||||||
OPERATIONS:
|
||||||||||||
Net investment income
|
$
|
68,211,087
|
$
|
587,166
|
$
|
22,306
|
||||||
Net realized gain from investments and foreign currency transactions
|
701,646,189
|
17,467,037
|
–
|
|||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions
|
(1,049,314,077)
|
(36,117,556)
|
–
|
|||||||||
Net increase (decrease) in net assets resulting from operations
|
(279,456,801)
|
(18,063,353)
|
22,306
|
|||||||||
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM:
|
||||||||||||
Net investment income:
|
||||||||||||
Class S
|
(10,137,257)
|
(223,736)
|
(3,130)
|
|||||||||
Class D
|
(26,949,004)
|
(1,141,130)
|
(19,176)
|
|||||||||
Realized gains from investment transactions:
|
||||||||||||
Class S
|
–
|
(958,263)
|
–
|
|||||||||
Class D
|
–
|
(4,281,564)
|
–
|
|||||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||||||
Net decrease in net assets resulting from capital share transactions (Note 5):
|
||||||||||||
Class S
|
(1,029,354,230)
|
(3,112,113)
|
(30,568)
|
|||||||||
Class D
|
(235,602,756)
|
(1,951,802)
|
(905,433)
|
|||||||||
Total decrease in net assets
|
(1,581,500,048)
|
(29,731,961)
|
(936,001)
|
|||||||||
NET ASSETS:
|
||||||||||||
Beginning of year
|
7,483,101,616
|
91,344,290
|
27,114,969
|
|||||||||
End of year*
|
$
|
5,901,601,568
|
$
|
61,612,329
|
$
|
26,178,968
|
||||||
*Including undistributed (overdistributed) net investment income of
|
$
|
592,195
|
$
|
(337,909)
|
$
|
–
|
See Notes to Financial Statements
|
SELECTED FUNDS
|
Notes to Financial Statements
December 31, 2012
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
December 31, 2012
|
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
December 31, 2012
|
Investments in Securities at Value
|
||||||||
Selected
|
Selected
|
Selected Daily
|
||||||
American
|
International
|
Government
|
||||||
Shares
|
Fund
|
Fund
|
||||||
Valuation inputs
|
||||||||
Level 1 – Quoted Prices:
|
||||||||
Equity securities:
|
||||||||
Consumer discretionary
|
$
|
461,800,834
|
$
|
3,845,696
|
$
|
–
|
||
Consumer staples
|
714,426,167
|
2,438,892
|
–
|
|||||
Energy
|
499,776,663
|
2,608,263
|
–
|
|||||
Financials
|
1,755,097,766
|
1,958,851
|
–
|
|||||
Health care
|
145,393,498
|
1,644,387
|
–
|
|||||
Industrials
|
128,660,101
|
3,129,549
|
–
|
|||||
Information technology
|
484,617,895
|
2,214,875
|
–
|
|||||
Materials
|
310,512,947
|
954,181
|
–
|
|||||
Telecommunication services
|
10,008,976
|
2,518,326
|
–
|
|||||
Total Level 1
|
4,510,294,847
|
21,313,020
|
–
|
|||||
Level 2 – Other Significant Observable Inputs:
|
||||||||
Equity securities*:
|
||||||||
Consumer discretionary
|
23,358,823
|
4,439,144
|
–
|
|||||
Consumer staples
|
166,040,419
|
7,100,058
|
–
|
|||||
Financials
|
189,451,328
|
8,421,736
|
–
|
|||||
Health care
|
–
|
7,717,123
|
–
|
|||||
Industrials
|
155,098,715
|
12,680,731
|
–
|
|||||
Materials
|
80,206,630
|
4,589,543
|
–
|
|||||
Short-term debt securities issued by U.S. Treasuries
and U.S. Government corporations and agencies
|
–
|
–
|
14,524,120
|
|||||
Convertible debt securities
|
2,295,147
|
–
|
–
|
|||||
Short-term securities
|
78,300,000
|
–
|
11,410,000
|
|||||
Total Level 2
|
694,751,062
|
44,948,335
|
25,934,120
|
|||||
Level 3 – Significant Unobservable Inputs:
|
–
|
–
|
–
|
|||||
Total Investments
|
$
|
5,205,045,909
|
$
|
66,261,355
|
$
|
25,934,120
|
||
Level 1 to Level 2 Transfers**:
|
||||||||
Consumer discretionary
|
$
|
23,358,823
|
$
|
4,439,144
|
$
|
–
|
||
Consumer staples
|
166,040,419
|
7,100,058
|
–
|
|||||
Financials
|
189,451,328
|
8,421,736
|
–
|
|||||
Health care
|
–
|
7,717,123
|
–
|
|||||
Industrials
|
155,098,715
|
11,977,211
|
–
|
|||||
Materials
|
80,206,630
|
4,589,543
|
–
|
|||||
Total
|
$
|
614,155,915
|
$
|
44,244,815
|
$
|
–
|
||
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
December 31, 2012
|
Selected
American
Shares
|
Selected
International
Fund
|
|||||
Investment Securities:
|
||||||
Beginning balance
|
$
|
3,391,994
|
$
|
148,005
|
||
Net realized loss
|
(71,416,959)
|
(4,315,402)
|
||||
Decrease in unrealized depreciation
|
68,024,965
|
4,167,397
|
||||
Ending balance
|
$
|
–
|
$
|
–
|
||
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
December 31, 2012
|
Capital Loss
Carryforwards
|
||
Short-term
|
$
|
543,000
|
Long-term
|
7,659,000
|
|
Total
|
$
|
8,202,000
|
Ordinary
Income
|
Long-Term
Capital Gain
|
Return of
Capital
|
Total
|
||||||||
Selected American Shares
|
|||||||||||
2012
|
$
|
93,691,338
|
$
|
271,613,791
|
$
|
–
|
$
|
365,305,129
|
|||
2011
|
37,086,261
|
–
|
–
|
37,086,261
|
|||||||
Selected International Fund
|
|||||||||||
2012
|
992,114
|
–
|
–
|
992,114
|
|||||||
2011
|
1,384,282
|
5,220,411
|
–
|
6,604,693
|
|||||||
Selected Daily Government Fund
|
|||||||||||
2012
|
19,645
|
–
|
–
|
19,645
|
|||||||
2011
|
22,306
|
–
|
–
|
22,306
|
|||||||
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
December 31, 2012
|
Selected
American
Shares
|
Selected
International
Fund
|
|||||
Undistributed net investment income
|
$
|
6,811,494
|
$
|
218,217
|
||
Undistributed long-term capital gain
|
97,635,178
|
–
|
||||
Accumulated net realized losses from investments and foreign currency transactions
|
–
|
(8,201,752)
|
||||
Net unrealized appreciation (depreciation) on investments
|
2,055,383,738
|
(872,062)
|
||||
Total
|
$
|
2,159,830,410
|
$
|
(8,855,597)
|
||
Selected
American
Shares
|
Selected
International
Fund
|
||||
Cost of purchases
|
$
|
358,353,383
|
$
|
3,825,020
|
|
Proceeds from sales
|
1,606,330,149
|
10,058,084
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
December 31, 2012
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
December 31, 2012
|
Class S
|
Year ended December 31, 2012
|
||||||||||
Selected
American Shares
|
Selected
International Fund
|
Selected Daily
Government Fund
|
|||||||||
Shares sold
|
3,666,000
|
22,816
|
1,894,756
|
||||||||
Shares issued in reinvestment of distributions
|
2,928,292
|
11,007
|
2,585
|
||||||||
6,594,292
|
33,823
|
1,897,341
|
|||||||||
Shares redeemed
|
(20,276,718)
|
(253,777)
|
(1,959,680)
|
||||||||
Net decrease
|
(13,682,426)
|
(219,954)
|
(62,339)
|
||||||||
Proceeds from shares sold
|
$
|
156,515,581
|
$
|
196,905
|
$
|
1,894,756
|
|||||
Proceeds from shares issued in reinvestment of distributions
|
123,691,051
|
100,486
|
2,585
|
||||||||
280,206,632
|
297,391
|
1,897,341
|
|||||||||
Cost of shares redeemed*
|
(866,738,473)
|
(2,174,411)
|
(1,959,680)
|
||||||||
Net decrease
|
$
|
(586,531,841)
|
$
|
(1,877,020)
|
$
|
(62,339)
|
|||||
* Net of redemption fees as follows
|
NA
|
$
|
32
|
NA
|
|||||||
Class S
|
Year ended December 31, 2011
|
||||||||||
Selected
American Shares
|
Selected
International Fund
|
Selected Daily
Government Fund
|
|||||||||
Shares sold
|
6,302,959
|
44,151
|
2,197,445
|
||||||||
Shares issued in reinvestment of distributions
|
252,362
|
109,974
|
3,077
|
||||||||
6,555,321
|
154,125
|
2,200,522
|
|||||||||
Shares redeemed
|
(31,775,222)
|
(468,391)
|
(2,231,090)
|
||||||||
Net decrease
|
(25,219,901)
|
(314,266)
|
(30,568)
|
||||||||
Proceeds from shares sold
|
$
|
259,996,166
|
$
|
432,260
|
$
|
2,197,445
|
|||||
Proceeds from shares issued in reinvestment of distributions
|
9,874,907
|
1,132,727
|
3,077
|
||||||||
269,871,073
|
1,564,987
|
2,200,522
|
|||||||||
Cost of shares redeemed*
|
(1,299,225,303)
|
(4,677,100)
|
(2,231,090)
|
||||||||
Net decrease
|
$
|
(1,029,354,230)
|
$
|
(3,112,113)
|
$
|
(30,568)
|
|||||
* Net of redemption fees as follows
|
NA
|
$
|
84
|
NA
|
|||||||
Class D
|
Year ended December 31, 2012
|
||||||||||
Selected
American Shares
|
Selected
International Fund
|
Selected Daily
Government Fund
|
|||||||||
Shares sold
|
4,033,182
|
52,742
|
6,238,089
|
||||||||
Shares issued in reinvestment of distributions
|
4,143,093
|
60,795
|
16,596
|
||||||||
8,176,275
|
113,537
|
6,254,685
|
|||||||||
Shares redeemed
|
(16,458,149)
|
(464,549)
|
(6,039,917)
|
||||||||
Net increase (decrease)
|
(8,281,874)
|
(351,012)
|
214,768
|
||||||||
Proceeds from shares sold
|
$
|
173,137,874
|
$
|
459,981
|
$
|
6,238,089
|
|||||
Proceeds from shares issued in reinvestment of distributions
|
174,879,975
|
557,532
|
16,596
|
||||||||
348,017,849
|
1,017,513
|
6,254,685
|
|||||||||
Cost of shares redeemed*
|
(700,864,905)
|
(4,003,547)
|
(6,039,917)
|
||||||||
Net increase (decrease)
|
$
|
(352,847,056)
|
$
|
(2,986,034)
|
$
|
214,768
|
|||||
* Net of redemption fees as follows
|
NA
|
$
|
20
|
NA
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
December 31, 2012
|
Class D
|
Year ended December 31, 2011
|
||||||||||
Selected
American Shares
|
Selected
International Fund
|
Selected Daily
Government Fund
|
|||||||||
Shares sold
|
8,826,521
|
126,216
|
5,875,603
|
||||||||
Shares issued in reinvestment of distributions
|
508,911
|
338,390
|
18,944
|
||||||||
9,335,432
|
464,606
|
5,894,547
|
|||||||||
Shares redeemed
|
(15,178,697)
|
(666,106)
|
(6,799,980)
|
||||||||
Net decrease
|
(5,843,265)
|
(201,500)
|
(905,433)
|
||||||||
Proceeds from shares sold
|
$
|
359,256,199
|
$
|
1,214,758
|
$
|
5,875,603
|
|||||
Proceeds from shares issued in reinvestment of distributions
|
19,898,430
|
3,469,456
|
18,944
|
||||||||
379,154,629
|
4,684,214
|
5,894,547
|
|||||||||
Cost of shares redeemed*
|
(614,757,385)
|
(6,636,016)
|
(6,799,980)
|
||||||||
Net decrease
|
$
|
(235,602,756)
|
$
|
(1,951,802)
|
$
|
(905,433)
|
|||||
* Net of redemption fees as follows
|
NA
|
$
|
548
|
NA
|
Fund
|
Security |
Acquisition
Date
|
Principal
|
Units
|
Cost per Unit
|
Valuation per
Unit as of
December 31,
2012
|
|||||||||||||||||||||
Selected
American
Shares
|
Sino-Forest Corp., Conv. Sr.
Notes, 5.00%, 08/01/13
|
07/17/08
|
$
|
15,365,000
|
153,650
|
$
|
100.00
|
$
|
14.94
|
||||||||||||||||||
|
SELECTED FUNDS
|
|
The following financial information represents selected data for each share of capital stock outstanding throughout each period:
|
||||
|
||||
Income (Loss) from Investment Operations | ||||
Net Asset Value, Beginning of
Period
|
Net Investment
Income (Loss)
|
Net Realized and Unrealized Gains (Losses)
|
Total from
Investment Operations
|
|
Selected American Shares Class S:
|
||||
Year ended December 31, 2012
|
$39.47
|
$0.54d
|
$4.55
|
$5.09
|
Year ended December 31, 2011
|
$41.44
|
$0.34d
|
$(2.14)
|
$(1.80)
|
Year ended December 31, 2010
|
$37.28
|
$0.30d
|
$4.35
|
$4.65
|
Year ended December 31, 2009
|
$28.54
|
$0.27d
|
$8.76
|
$9.03
|
Year ended December 31, 2008
|
$47.78
|
$0.34d
|
$(19.23)
|
$(18.89)
|
Selected American Shares Class D:
|
||||
Year ended December 31, 2012
|
$39.44
|
$0.70d
|
$4.54
|
$5.24
|
Year ended December 31, 2011
|
$41.41
|
$0.47d
|
$(2.14)
|
$(1.67)
|
Year ended December 31, 2010
|
$37.25
|
$0.43d
|
$4.35
|
$4.78
|
Year ended December 31, 2009
|
$28.50
|
$0.36d
|
$8.77
|
$9.13
|
Year ended December 31, 2008
|
$47.79
|
$0.48d
|
$(19.28)
|
$(18.80)
|
Selected International Fund Class S:
|
||||
Year ended December 31, 2012
|
$7.89
|
$0.03d
|
$1.41
|
$1.44
|
Year ended December 31, 2011
|
$11.00
|
$0.03d
|
$(2.31)
|
$(2.28)
|
Year ended December 31, 2010
|
$9.78
|
$0.09d
|
$1.25
|
$1.34
|
Year ended December 31, 2009
|
$6.80
|
$0.03d
|
$2.98
|
$3.01
|
Year ended December 31, 2008
|
$12.30
|
$0.04d
|
$(5.54)
|
$(5.50)
|
Selected International Fund Class D:
|
||||
Year ended December 31, 2012
|
$7.93
|
$0.09d
|
$1.41
|
$1.50
|
Year ended December 31, 2011
|
$11.02
|
$0.08d
|
$(2.32)
|
$(2.24)
|
Year ended December 31, 2010
|
$9.79
|
$0.14d
|
$1.25
|
$1.39
|
Year ended December 31, 2009
|
$6.81
|
$0.07d
|
$2.98
|
$3.05
|
Year ended December 31, 2008
|
$12.30
|
$0.08d
|
$(5.54)
|
$(5.46)
|
Selected Daily Government Fund Class S:
|
||||
Year ended December 31, 2012
|
$1.000
|
$0.001
|
$–
|
$0.001
|
Year ended December 31, 2011
|
$1.000
|
$0.001
|
$–
|
$0.001
|
Year ended December 31, 2010
|
$1.000
|
$0.001
|
$–
|
$0.001
|
Year ended December 31, 2009
|
$1.000
|
$0.002
|
$–
|
$0.002
|
Year ended December 31, 2008
|
$1.000
|
$0.020
|
$–
|
$0.020
|
Selected Daily Government Fund Class D:
|
||||
Year ended December 31, 2012
|
$1.000
|
$0.001
|
$–
|
$0.001
|
Year ended December 31, 2011
|
$1.000
|
$0.001
|
$–
|
$0.001
|
Year ended December 31, 2010
|
$1.000
|
$0.001
|
$–
|
$0.001
|
Year ended December 31, 2009
|
$1.000
|
$0.003
|
$–
|
$0.003
|
Year ended December 31, 2008
|
$1.000
|
$0.024
|
$–
|
$0.024
|
a
|
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.
|
b
|
The ratios in this column reflect the impact, if any, of the reduction of expenses paid indirectly and of certain reimbursements and/or waivers from the Adviser/Distributor.
|
c
|
The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market 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.
|
d
|
Per share calculations were based on average shares outstanding for the period.
|
Financial Highlights
|
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 Returna
|
Net Assets,
End of Period
(in millions)
|
Gross
Expense
Ratio
|
Net Expense Ratiob
|
Net
Investment Income
(Loss) Ratio
|
Portfolio Turnoverc
|
$(0.60)
|
$(2.25)
|
$–
|
$(2.85)
|
$41.71
|
12.82%
|
$1,949
|
0.95%
|
0.95%
|
1.28%
|
7%
|
$(0.17)
|
$–
|
$–
|
$(0.17)
|
$39.47
|
(4.35)%
|
$2,385
|
0.94%
|
0.94%
|
0.81%
|
11%
|
$(0.49)
|
$–
|
$–
|
$(0.49)
|
$41.44
|
12.53%
|
$3,549
|
0.93%
|
0.93%
|
0.80%
|
9%
|
$(0.29)
|
$–
|
$–
|
$(0.29)
|
$37.28
|
31.64%
|
$4,742
|
0.94%
|
0.94%
|
0.86%
|
11%
|
$(0.34)
|
$–
|
$(0.01)
|
$(0.35)
|
$28.54
|
(39.44)%
|
$4,481
|
0.92%
|
0.92%
|
0.86%
|
18%
|
$(0.75)
|
$(2.25)
|
$–
|
$(3.00)
|
$41.68
|
13.19%
|
$3,371
|
0.61%
|
0.61%
|
1.62%
|
7%
|
$(0.30)
|
$–
|
$–
|
$(0.30)
|
$39.44
|
(4.02)%
|
$3,517
|
0.61%
|
0.61%
|
1.14%
|
11%
|
$(0.62)
|
$–
|
$–
|
$(0.62)
|
$41.41
|
12.90%
|
$3,934
|
0.60%
|
0.60%
|
1.13%
|
9%
|
$(0.38)
|
$–
|
$–
|
$(0.38)
|
$37.25
|
32.06%
|
$3,654
|
0.61%
|
0.61%
|
1.19%
|
11%
|
$(0.48)
|
$–
|
$(0.01)
|
$(0.49)
|
$28.50
|
(39.24)%
|
$2,881
|
0.59%
|
0.59%
|
1.19%
|
18%
|
$(0.09)
|
$–
|
$–
|
$(0.09)
|
$9.24
|
18.29%
|
$10
|
1.52%
|
1.52%
|
0.39%
|
6%
|
$(0.16)
|
$(0.67)
|
$–
|
$(0.83)
|
$7.89
|
(22.49)%
|
$11
|
1.32%
|
1.32%
|
0.34%
|
110%e
|
$(0.12)
|
$–
|
$–
|
$(0.12)
|
$11.00
|
13.73%f
|
$18
|
1.23%
|
1.23%
|
0.92%
|
28%
|
$(0.03)
|
$–
|
$–
|
$(0.03)
|
$9.78
|
44.21%
|
$19
|
1.32%
|
1.32%
|
0.38%
|
24%
|
$–
|
$–
|
$–
|
$–
|
$6.80
|
(44.72)%
|
$16
|
1.26%
|
1.26%
|
0.43%
|
30%
|
$(0.15)
|
$–
|
$–
|
$(0.15)
|
$9.28
|
18.90%
|
$56
|
0.88%
|
0.88%
|
1.03%
|
6%
|
$(0.18)
|
$(0.67)
|
$–
|
$(0.85)
|
$7.93
|
(22.05)%
|
$51
|
0.81%
|
0.81%
|
0.85%
|
110%e
|
$(0.16)
|
$–
|
$–
|
$(0.16)
|
$11.02
|
14.30%f
|
$73
|
0.76%
|
0.76%
|
1.39%
|
28%
|
$(0.07)
|
$–
|
$–
|
$(0.07)
|
$9.79
|
44.72%
|
$67
|
0.84%
|
0.84%
|
0.86%
|
24%
|
$(0.03)
|
$–
|
$–g
|
$(0.03)
|
$6.81
|
(44.40)%
|
$48
|
0.86%
|
0.86%
|
0.83%
|
30%
|
$(0.001)
|
$–
|
$–
|
$(0.001)
|
$1.000
|
0.08%
|
$4
|
1.40%
|
0.12%
|
0.08%
|
NA
|
$(0.001)
|
$–
|
$–
|
$(0.001)
|
$1.000
|
0.08%
|
$4
|
1.33%
|
0.08%
|
0.08%
|
NA
|
$(0.001)
|
$–
|
$–
|
$(0.001)
|
$1.000
|
0.08%
|
$4
|
1.29%
|
0.22%
|
0.08%
|
NA
|
$(0.002)
|
$–
|
$–
|
$(0.002)
|
$1.000
|
0.20%
|
$4
|
1.17%
|
0.54%
|
0.31%
|
NA
|
$(0.020)
|
$–
|
$–
|
$(0.020)
|
$1.000
|
2.05%
|
$4
|
0.94%
|
0.75%
|
2.09%
|
NA
|
$(0.001)
|
$–
|
$–
|
$(0.001)
|
$1.000
|
0.08%
|
$23
|
0.70%
|
0.12%
|
0.08%
|
NA
|
$(0.001)
|
$–
|
$–
|
$(0.001)
|
$1.000
|
0.08%
|
$23
|
0.67%
|
0.08%
|
0.08%
|
NA
|
$(0.001)
|
$–
|
$–
|
$(0.001)
|
$1.000
|
0.08%
|
$23
|
0.67%
|
0.22%
|
0.08%
|
NA
|
$(0.003)
|
$–
|
$–
|
$(0.003)
|
$1.000
|
0.29%
|
$24
|
0.57%
|
0.44%
|
0.41%
|
NA
|
$(0.024)
|
$–
|
$–
|
$(0.024)
|
$1.000
|
2.40%
|
$67
|
0.40%
|
0.40%
|
2.44%
|
NA
|
e
|
As a result of the change in investment strategy on May 1, 2011, from investing primarily in domestic equity securities to investing primarily in foreign equity securities, portfolio turnover was unusually high.
|
f
|
Selected International Fund made a favorable investment in an initial public offering (IPO), which had a material impact on the investment performance, adding approximately 2% to the Fund’s total return in 2010. The IPO was purchased with the intent to benefit from long-term growth of the underlying company and the rapid appreciation was an unusual occurrence. Such performance may not continue in the future.
|
g
|
Less than $0.005 per share.
|
See Notes to Financial Statements
|
SELECTED FUNDS
|
Report of Independent Registered Public Accounting Firm
|
SELECTED FUNDS
|
Federal Income Tax Information (Unaudited)
|
Selected
American
Shares
|
Selected
International
Fund
|
||||
Income dividends
|
$
|
93,691,338
|
$
|
992,114
|
|
Income qualifying for corporate dividends-received deduction
|
$
|
93,691,338
|
$
|
–
|
|
100%
|
–
|
||||
Qualified dividend income
|
$
|
93,691,338
|
$
|
852,382
|
|
100%
|
86%
|
||||
Long-term capital gain distributions
|
$
|
271,613,791
|
$
|
–
|
Selected
International
Fund
|
||||
Foreign taxes paid
|
$
|
113,158
|
||
Foreign sourced income
|
$
|
1,361,358
|
||
% of income dividend derived from foreign sourced income
|
100%
|
SELECTED FUNDS
|
Privacy Notice and Householding
|
SELECTED FUNDS
|
Directors and Officers
|
Name
(birthdate)
|
Position(s)
Held With
Fund
|
Term of
Office and
Length of
Time
Served
|
Principal Occupation(s) During
Past Five Years
|
Number of
Portfolios in
Fund
Complex
Overseen by
Director
|
Other Directorships
Held by Director
|
|
|||||
William P. Barr
(05/23/50)
|
Director
|
Director since 1994
|
Of Counsel to Kirkland & Ellis LLP (law firm) until July 2009; Executive Vice President and General Counsel, Verizon (a telecommunications company) from 1994 through 2008.
|
3
|
Director, Time Warner, Inc. (media and entertainment company); Director, Dominion Resources (energy company).
|
Francisco L. Borges
(11/17/51)
|
Director
|
Director since 2006
|
Chairman and Managing Partner, Landmark Partners, Inc. (private equity firm) since March 1999.
|
3
|
Trustee, John S. and James L. Knight Foundation; Trustee, Connecticut Public Broadcasting Network; Director, University of Connecticut Health Center; Director, Assured Guaranty Ltd.
|
Jerome E. Hass
(06/01/40)
|
Director
(passed away in January 2013)
|
Director since 1997
|
James B. Rubin Professor of Finance and Business Strategy Emeritus, Johnson Graduate School of Management, Cornell University, since 1967; Consultant, National Economic Research Associates, since 1985.
|
3
|
None
|
Katherine L. MacWilliams
(01/19/56)
|
Director
|
Director since 1997
|
Retired; former Chief Financial Officer, Caridian BCT, Inc. (a medical device company); former Chief Financial Officer, Coors Brewers Limited, a division of Molson Coors Brewing Company.
|
3
|
None
|
James J. McMonagle
(10/01/44)
|
Director/
Chairman
|
Director since 1990
|
Chairman, Selected Funds Board of Directors since 1997; of Counsel to Vorys, Sater, Seymour and Pease LLP (law firm) since 2002.
|
3
|
Director, Owens Corning (producer of residential and commercial building materials).
|
Richard O’Brien
(09/12/45)
|
Director
|
Director since 1996
|
Retired Corporate Economist, Hewlett-Packard Company.
|
3
|
None
|
SELECTED FUNDS
|
Directors and Officers – (Continued)
|
Name
(birthdate)
|
Position(s)
Held With
Fund
|
Term of
Office and
Length of
Time
Served
|
Principal Occupation(s) During
Past Five Years
|
Number of
Portfolios in
Fund
Complex
Overseen by
Director
|
Other Directorships
Held by Director
|
Andrew A. Davis
(06/25/63)
|
Director
|
Director since 1998
|
President or Vice President of each Selected Fund and Davis Fund; President, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.
|
16
|
Director, Davis Funds (consisting of 13 portfolios).
|
Christopher C. Davis
(07/13/65)
|
Director
|
Director since 1998
|
President or Vice President of each Selected Fund, Davis Fund, and Clipper Fund; Chairman, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser, including sole member of the Adviser’s general partner, Davis Investments, LLC; Employee of Shelby Cullom Davis & Co. (registered broker/dealer).
|
16
|
Director, Davis Funds (consisting of 13 portfolios); Director, Washington Post Co. (publishing company).
|
SELECTED FUNDS
|
|
Investment Adviser
|
|
Davis Selected Advisers, L.P.
|
|
2949 East Elvira Road, Suite 101
|
|
Tucson, Arizona 85756
|
|
Distributor
|
|
Davis Distributors, LLC
|
|
2949 East Elvira Road, Suite 101
|
|
Tucson, Arizona 85756
|
|
Custodian
|
|
State Street Bank and Trust Co.
|
|
c/o The Selected Funds
|
|
One Lincoln Street
|
|
Boston, Massachusetts 02111
|
|
Transfer Agent
|
|
Boston Financial Data Services, Inc.
|
|
c/o The Selected Funds
|
|
P.O. Box 8243
|
|
Boston, Massachusetts 02266-8243
|
|
Overnight Address:
|
|
30 Dan Road
|
|
Canton, Massachusetts 02021-2809
|
|
Counsel
|
|
Greenberg Traurig, LLP
|
|
77 West Wacker Drive, Suite 3100
|
|
Chicago, Illinois 60601
|
|
Independent Registered Public Accounting Firm
|
|
KPMG LLP
|
|
1225 Seventeenth Street, Suite 800
|
|
Denver, Colorado 80202
|
|
For more information about the Selected Funds including management fee, charges, and expenses, see the current prospectus, which must precede or accompany this report. The Funds’ Statement of Additional Information contains additional information about the Funds’ Directors and is available without charge, upon request, by calling 1-800-243-1575 or on the Funds’ website at www.selectedfunds.com. Quarterly Fact Sheets are available on the Funds’ website at www.selectedfunds.com. |
(a)
|
Audit Fees. The aggregate Audit Fees billed by KPMP LLP (“KPMG”) for professional services rendered for the audits of the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal year ends December 31, 2012 and December 31, 2011 were $21,000 and $20,400, respectively.
|
(b)
|
Audit-Related Fees. The aggregate Audit-Related Fees billed by KPMG for services rendered for assurance and related services that are not reasonably related to the performance of the audit or review of the fund financial statements, but not reported as Audit Fees fore fiscal year ends December 31, 2012 and December 31, 2011 were $0 and $0, respectively.
|
(c)
|
Tax Fees. The aggregate Tax Fees billed by KPMG for professional services rendered for tax compliance, tax advise and tax planning for the fiscal year ends December 31, 2012 and December 31, 2011 were $6,683 and $6,490, respectively.
|
(d)
|
All Other Fees. The aggregate Other Fees billed by KPMG for all other non-audit services rendered to the fund for the fiscal year ends December 31, 2012 and December 31, 2011 were $625 and $0, respectively.
|
(e)
|
(1) Audit Committee Pre-Approval Policies and Procedures.
|
(f)
|
Not applicable
|
(g)
|
The Funds’ independent accountant did not provide any services to the investment advisor or any affiliate for the fiscal years ended December 31, 2012 and December 31, 2011. The fund has not paid any fees for non-audit not previously disclosed in items 4 (b) – (d).
|
(h)
|
The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.
|
(a)
|
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940, as amended) are effective as of a date within 90 days of the filing date of this report.
|
(b)
|
There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls.
|
(a)
|
(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed as an exhibit to this form N-CSR.
|
(a)
|
(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached.
|
(a)
|
(3) Not applicable
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached.
|
|
SIGNATURES
|
&1)$DC9D<-\K$A@,'3/VZ?!][$U]>TN)!)-:%8$'DR
M,.&=``K'N5/)ZUWU`!6'\3_^2:>(O^P9<_\`HIJW*P_B?_R33Q%_V#+G_P!%
M-0!N4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`5AZY_P`CQH/^Y<_^@I6Y6'KG_(\:#_N7/_H*4`;E%%%`!1110!A_$#_D
M$6?_`&$['_TICKJ:;_:/AKPS'
MK]D+.TO)XE;(#N9TC-L&FCCV^8P!]U?MX_MEZ7^PW\$[+Q9J=
MK:73:QXATSPS9?;;X6%A;W-_%+?4]*M=>DFO
M+?PCK;W94:;IUY,`\MN;8/(\0+^2WEAF#/\`,`??-%%%`!1110`4444`%%%%
M`!1110`4444`%8>N?\CQH/\`N7/_`*"E;E8>N?\`(\:#_N7/_H*4`;E%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`57U75;70M,N+V^N;>SLK.)II[B>01Q01J,L[,(_M
M0?\`!0#PC^SIXKM/!6FV&L?$?XLZQ#YNE>!/"\:W6K3H>!/<$D165J"1NN+E
MXXP,X+$;3YQI7["OCC]LK4[?Q#^U)K&GZAH<:M)^93\*/^&&OC=XD^7Q#^V%\5%B;[T?AWPIX:TG_OEI
M+"X]]&@#TWX*?MZ_!']H]TC\!_%OX=>++ESC[+IOB"UGND/]UH0_F(WLR@
MUZU7PA\6_P#@WK^#?[25VMQ\5_&'Q?\`BE.K!_,U[7K>-R1WS:6T!'_`<5%X
MZ_X-P_V'9$VZ0K?=FU2];]QIT/?,Q\Q@?W<7_Q7^&7Q+N+R?P-:W^NQ+KWA;5"?-DL;JXN7!DT;
M<^X7KEC9@[)-R&(U[G\*_P!A'5_BC\"O%,'QR\>>(?&/B7XKSV>H>)8?#VN7
M>F:)86T+;XM(TU8G5X[$*S1R.");H.[2MA@B]+\"?V#=,\'>-?''C?XCZE;_
M`!3^(GQ"CFTW4M4U+3E2RL=&9V\K1K*T9I%@LE0CS%W,T\A:21F)4+K_`+'?
M[)UW^QUIWB'PKI?BV^UKX9BXCF\'Z#J$32W7@^$AO.L$NV
!_
M%D^GS@_\N_A_3X_L%A@]))HE9<#,O&:]S_X=G:S\
&+-NRQKW:B@#@)/V6OA]+\(D\"'PKI@\+1W(OTLU#*R78G^
MT_;!*#YHNOM'[[[1O\WS?WF_?\U/3]F#X?K\(=0\!MX5TJ;PGJTLEQ?6$R&7
M[=.\OG/
TMIK+%MF*6*
M)SM+F0%@"P8BMSXG?L=^$/B1X#\!Z%"+_P`,M\+KZTU#PEJ&CM%'=Z!+;0M;
M((?-CDC*-;O)`Z.C*T
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Principal Executive Officer |
Principal Financial Officer
|
SELECTED INTERNATIONAL FUND, INC.
|
SELECTED INTERNATIONAL FUND, INC. |
/s/ Kenneth C. Eich
|
/s/ Douglas A. Haines |
Kenneth C. Eich
Principal Executive Officer
Date: February 20, 2013
|
Douglas A. Haines
Principal Financial Officer
Date: February 20, 2013
|
M:@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`K)\.?\AC7_\`K_7_`-)8
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M>#-"F^(WQF\3P&?1?"5E.(A!`#M.H:C/@K96"-PTS@LY&R))'^6N7^.W[8/B
M?XG?%'4_@]^S[!INM>/--<0>*?%M]$9_#WPY5AG_`$C:1]KU$J $M:F416P
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MP6T$86-%_LNX5451P!T``KL]9_9?\!>(_A-KO@74O#=IJ7A'Q/--<:MIEW))
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