SELECTED FUNDS
|
Table of Contents
|
2
|
|
Management's Discussion of Fund Performance:
|
|
3
|
|
5
|
|
Fund Overview:
|
|
7
|
|
9
|
|
11
|
|
Schedule of Investments:
|
|
12
|
|
16
|
|
19
|
|
21
|
|
22
|
|
24
|
|
31
|
|
33
|
|
34
|
|
35
|
|
36
|
SELECTED FUNDS
|
Shareholder Letter
|
James J. McMonagle
|
Christopher C. Davis
|
Danton G. Goei
|
Chairman
|
President & Portfolio Manager
|
Portfolio Manager
|
|
|
|
February 2, 2015
|
|
|
SELECTED FUNDS
|
Management's Discussion of Fund Performance
|
SELECTED AMERICAN SHARES, INC.
|
|
SELECTED FUNDS
|
Management's Discussion of Fund Performance
|
SELECTED AMERICAN SHARES, INC. – (CONTINUED)
|
|
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
|
5.60%
|
11.30%
|
6.08%
|
N/A
|
0.94%
|
0.94%
|
Class D
|
5.96%
|
11.67%
|
6.43%
|
6.89%
|
0.60%
|
0.60%
|
Standard & Poor's 500® Index
|
13.69%
|
15.45%
|
7.67%
|
8.12%
|
|
|
SELECTED FUNDS
|
Management's Discussion of Fund Performance
|
SELECTED INTERNATIONAL FUND, INC.
|
|
SELECTED FUNDS
|
Management's Discussion of Fund Performance
|
SELECTED INTERNATIONAL FUND, INC. – (CONTINUED)
|
|
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
|
(0.66)%
|
4.75%
|
2.40%
|
N/A
|
1.38%
|
1.30%
|
Class D
|
(0.26)%
|
5.31%
|
2.88%
|
3.53%
|
0.83%
|
0.83%
|
MSCI ACWI® ex USA
|
(3.87)%
|
4.43%
|
5.13%
|
6.53%
|
|
|
SELECTED FUNDS
|
Fund Overview
|
SELECTED AMERICAN SHARES, INC.
|
December 31, 2014
|
Portfolio Composition
|
|
Industry Weightings
|
||||
(% of Fund's 12/31/14 Net Assets)
|
|
(% of 12/31/14 Stock Holdings)
|
||||
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
S&P 500®
|
Common Stock (U.S.)
|
81.59%
|
|
Diversified Financials
|
22.87%
|
|
5.31%
|
Common Stock (Foreign)
|
17.57%
|
|
Information Technology
|
13.34%
|
|
19.66%
|
Short-Term Investments
|
0.79%
|
|
Health Care
|
11.05%
|
|
14.21%
|
Investment of Cash Collateral
|
|
|
Banks
|
9.49%
|
|
6.11%
|
for Securities Loaned
|
0.23%
|
|
Retailing
|
8.94%
|
|
4.42%
|
Other Assets & Liabilities
|
(0.18)%
|
|
Materials
|
5.66%
|
|
3.17%
|
|
100.00%
|
|
Energy
|
4.98%
|
|
8.44%
|
|
|
|
Capital Goods
|
3.83%
|
|
7.54%
|
|
|
|
Food & Staples Retailing
|
3.74%
|
|
2.50%
|
|
|
|
Media
|
3.73%
|
|
3.56%
|
|
|
|
Insurance
|
3.42%
|
|
2.79%
|
|
|
|
Food, Beverage & Tobacco
|
3.01%
|
|
5.20%
|
|
|
|
Consumer Services
|
2.37%
|
|
1.70%
|
|
|
|
Transportation
|
1.52%
|
|
2.23%
|
|
|
|
Consumer Durables & Apparel
|
1.36%
|
|
1.38%
|
|
|
|
Other
|
0.69%
|
|
11.78%
|
|
|
|
|
100.00%
|
|
100.00%
|
Top 10 Long-Term Holdings
|
|||||
(% of Fund's 12/31/14 Net Assets)
|
|||||
|
|
|
|
|
|
Wells Fargo & Co.
|
|
|
Banks
|
|
6.85%
|
American Express Co.
|
|
|
Consumer Finance
|
|
6.75%
|
Google Inc.*
|
|
|
Software & Services
|
|
6.02%
|
Bank of New York Mellon Corp.
|
|
|
Capital Markets
|
|
5.80%
|
Amazon.com, Inc.
|
|
|
Retailing
|
|
4.32%
|
Berkshire Hathaway Inc., Class A
|
|
|
Diversified Financial Services
|
|
3.71%
|
Liberty Global PLC, Series C
|
|
|
Media
|
|
3.70%
|
UnitedHealth Group Inc.
|
|
|
Health Care Equipment & Services
|
|
3.18%
|
Express Scripts Holding Co.
|
|
|
Health Care Equipment & Services
|
|
3.08%
|
Texas Instruments Inc.
|
|
|
Semiconductors & Semiconductor
Equipment
|
|
2.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
*Google Inc. holding includes Class A and Class C.
|
SELECTED FUNDS
|
Fund Overview
|
SELECTED AMERICAN SHARES, INC. – (CONTINUED)
|
December 31, 2014
|
New Positions Added (01/01/14-12/31/14)
|
|||
(Highlighted positions are those greater than 1.25% of the Fund's 12/31/14 net assets)
|
|||
Security
|
Industry
|
Date of 1st
Purchase
|
% of Fund's
12/31/14
Net Assets
|
Amazon.com, Inc.
|
Retailing
|
02/07/14
|
4.32%
|
Citizens Financial Group Inc.
|
Banks
|
09/23/14
|
0.48%
|
Encana Corp.
|
Energy
|
08/25/14
|
1.62%
|
Halliburton Co.
|
Energy
|
12/11/14
|
0.84%
|
Holcim Ltd.
|
Materials
|
04/15/14
|
–
|
International Business Machines Corp.
|
Software & Services
|
09/08/14
|
–
|
Las Vegas Sands Corp.
|
Consumer Services
|
01/08/14
|
2.35%
|
Moody's Corp.
|
Diversified Financial Services
|
04/16/14
|
0.69%
|
Quest Diagnostics Inc.
|
Health Care Equipment & Services
|
05/06/14
|
1.11%
|
Schneider Electric SE
|
Capital Goods
|
02/27/14
|
0.46%
|
SouFun Holdings Ltd., Class A, ADR
|
Software & Services
|
03/10/14
|
0.29%
|
Sysco Corp.
|
Food & Staples Retailing
|
01/09/14
|
1.24%
|
Ultra Petroleum Corp.
|
Energy
|
06/04/14
|
0.76%
|
Valeant Pharmaceuticals International, Inc.
|
Pharmaceuticals, Biotechnology &
|
|
|
|
Life Sciences
|
03/07/14
|
1.39%
|
Positions Closed (01/01/14-12/31/14)
|
|||||
(Gains and losses greater than $40,000,000 are highlighted)
|
|||||
Security
|
Industry
|
Date of
Final Sale
|
|
|
Realized
Gain (Loss)
|
Activision Blizzard, Inc.
|
Software & Services
|
11/20/14
|
|
$
|
26,495,426
|
Air Products and Chemicals, Inc.
|
Materials
|
09/15/14
|
|
|
53,326,733
|
Alleghany Corp.
|
Reinsurance
|
08/21/14
|
|
|
40,242,171
|
Ameriprise Financial, Inc.
|
Capital Markets
|
01/30/14
|
|
|
43,717,023
|
Bed Bath & Beyond Inc.
|
Retailing
|
06/18/14
|
|
|
71,760,233
|
Brookfield Property Partners L.P.
|
Real Estate
|
03/14/14
|
|
|
(246,321)
|
Canadian Natural Resources Ltd.
|
Energy
|
12/19/14
|
|
|
28,112,935
|
China Merchants Holdings International
Co., Ltd.
|
Transportation
|
07/02/14
|
|
|
17,370,051
|
Coca-Cola Co.
|
Food, Beverage & Tobacco
|
02/10/14
|
|
|
18,382,452
|
CVS Health Corp.
|
Food & Staples Retailing
|
10/03/14
|
|
|
207,299,132
|
Emerald Plantation Holdings Ltd.
|
Materials
|
07/08/14
|
|
|
(302,644)
|
Emerald Plantation Holdings Ltd., Sr. Notes,
|
|
|
|
|
|
6.00%/8.00%, 01/30/20
|
Materials
|
07/01/14
|
|
|
257,298
|
Goldman Sachs Group, Inc.
|
Capital Markets
|
04/16/14
|
|
|
4,586,919
|
Harley-Davidson, Inc.
|
Automobiles & Components
|
10/08/14
|
|
|
9,024,355
|
Hewlett-Packard Co.
|
Technology Hardware & Equipment
|
09/19/14
|
|
|
12,384,360
|
Holcim Ltd.
|
Materials
|
07/03/14
|
|
|
511,187
|
International Business Machines Corp.
|
Software & Services
|
10/28/14
|
|
|
(10,878,561)
|
Iron Mountain Inc.
|
Commercial & Professional Services
|
02/11/14
|
|
|
15,755,719
|
Martin Marietta Materials, Inc.
|
Materials
|
08/18/14
|
|
|
12,883,546
|
Monsanto Co.
|
Materials
|
11/17/14
|
|
|
26,044,949
|
Nestle S.A.
|
Food, Beverage & Tobacco
|
11/05/14
|
|
|
1,537,268
|
Occidental Petroleum Corp.
|
Energy
|
08/01/14
|
|
|
26,427,907
|
Philip Morris International Inc.
|
Food, Beverage & Tobacco
|
11/10/14
|
|
|
43,423,845
|
Progressive Corp.
|
Property & Casualty Insurance
|
05/21/14
|
|
|
91,565,505
|
Schlumberger Ltd.
|
Energy
|
09/10/14
|
|
|
17,783,136
|
Twitter, Inc.
|
Software & Services
|
08/13/14
|
|
|
7,044,790
|
Walt Disney Co.
|
Media
|
10/21/14
|
|
|
47,524,091
|
SELECTED FUNDS
|
Fund Overview
|
SELECTED INTERNATIONAL FUND, INC.
|
December 31, 2014
|
Portfolio Composition
|
|
Industry Weightings
|
||||
(% of Fund's 12/31/14 Net Assets)
|
|
(% of 12/31/14 Stock Holdings)
|
||||
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
MSCI
ACWI®
EX USA
|
Common Stock (Foreign)
|
93.29%
|
|
Food, Beverage & Tobacco
|
17.88%
|
|
6.75%
|
Short-Term Investments
|
8.42%
|
|
Information Technology
|
14.21%
|
|
7.46%
|
Other Assets & Liabilities
|
(1.71)%
|
|
Capital Goods
|
11.62%
|
|
7.44%
|
|
100.00%
|
|
Health Care
|
8.09%
|
|
8.61%
|
|
|
|
Transportation
|
7.93%
|
|
2.66%
|
|
|
|
Consumer Durables & Apparel
|
7.91%
|
|
2.15%
|
|
|
|
Materials
|
6.85%
|
|
7.69%
|
|
|
|
Retailing
|
6.27%
|
|
1.48%
|
|
|
|
Diversified Financials
|
4.05%
|
|
2.90%
|
|
|
|
Commercial & Professional Services
|
3.93%
|
|
0.87%
|
|
|
|
Energy
|
3.61%
|
|
7.51%
|
|
|
|
Consumer Services
|
2.65%
|
|
1.14%
|
|
|
|
Media
|
2.57%
|
|
1.77%
|
|
|
|
Household & Personal Products
|
2.03%
|
|
1.30%
|
|
|
|
Food & Staples Retailing
|
0.40%
|
|
1.89%
|
|
|
|
Banks
|
–
|
|
15.85%
|
|
|
|
Insurance
|
–
|
|
5.51%
|
|
|
|
Other
|
–
|
|
17.02%
|
|
|
|
|
100.00%
|
|
100.00%
|
Country Diversification
|
|
Top 10 Long-Term Holdings
|
||
(% of 12/31/14 Stock Holdings)
|
|
(% of Fund's 12/31/14 Net Assets)
|
||
|
|
|
|
|
China
|
28.19%
|
|
Kuehne & Nagel International AG
|
4.72%
|
Switzerland
|
19.15%
|
|
Compagnie Financiere Richemont S.A., Unit A
|
4.70%
|
France
|
16.21%
|
|
Lindt & Spruengli AG - Participation Certificate
|
4.70%
|
United Kingdom
|
10.70%
|
|
Schneider Electric SE
|
4.41%
|
Netherlands
|
6.44%
|
|
Heineken Holding N.V.
|
4.28%
|
Canada
|
5.35%
|
|
Diageo PLC
|
3.93%
|
Brazil
|
3.46%
|
|
Experian PLC
|
3.67%
|
Sweden
|
3.41%
|
|
Essilor International S.A.
|
3.53%
|
Mexico
|
2.57%
|
|
NetEase, Inc., ADR
|
3.43%
|
India
|
2.23%
|
|
Lafarge S.A.
|
3.36%
|
Belgium
|
1.36%
|
|
|
|
Germany
|
0.93%
|
|
|
|
|
100.00%
|
|
|
|
SELECTED FUNDS
|
Fund Overview
|
SELECTED INTERNATIONAL FUND, INC. – (CONTINUED)
|
December 31, 2014
|
Security
|
Industry
|
Date of 1st
Purchase
|
% of Fund's
12/31/14
Net Assets
|
Air Liquide S.A.
|
Materials
|
12/30/14
|
0.99%
|
Alibaba Group Holding Ltd., ADR
|
Software & Services
|
09/18/14
|
1.70%
|
Anhui Conch Cement Co. Ltd. - H
|
Materials
|
10/22/14
|
2.04%
|
Assa Abloy AB, Class B
|
Capital Goods
|
05/06/14
|
3.18%
|
BM&FBOVESPA S.A.
|
Diversified Financial Services
|
05/30/14
|
1.15%
|
Canadian Natural Resources Ltd.
|
Energy
|
02/06/14
|
0.83%
|
CAR Inc.
|
Transportation
|
09/12/14
|
2.68%
|
Encana Corp.
|
Energy
|
08/25/14
|
2.54%
|
Hermes International
|
Consumer Durables & Apparel
|
12/23/14
|
0.94%
|
Holcim Ltd.
|
Materials
|
04/15/14
|
–
|
IMI PLC
|
Capital Goods
|
10/08/14
|
0.46%
|
JD.com Inc., Class A, ADR
|
Retailing
|
05/22/14
|
2.90%
|
Jumei International Holding Ltd.,
|
|
|
|
Class A, ADR
|
Retailing
|
05/16/14
|
0.09%
|
L'Oréal S.A.
|
Household & Personal Products
|
12/23/14
|
1.89%
|
Meggitt PLC
|
Capital Goods
|
12/23/14
|
1.92%
|
United Spirits Ltd.
|
Food, Beverage & Tobacco
|
07/17/14
|
2.08%
|
Valeant Pharmaceuticals International, Inc.
|
Pharmaceuticals, Biotechnology &
|
|
|
|
Life Sciences
|
03/07/14
|
1.63%
|
Xiabu Xiabu Catering Management Co., Ltd.
|
Consumer Services
|
12/11/14
|
2.47%
|
YY Inc., Class A, ADR
|
Software & Services
|
07/07/14
|
1.40%
|
Security
|
Industry
|
Date of
Final Sale
|
|
|
Realized
Gain (Loss)
|
ABB Ltd., ADR
|
Capital Goods
|
01/10/14
|
|
$
|
296,973
|
BHP Billiton PLC
|
Materials
|
01/13/14
|
|
|
(251,914)
|
Brasil Pharma S.A., Stock Rights
|
Food & Staples Retailing
|
05/29/14
|
|
|
4,039
|
CETIP S.A. - Mercados Organizados,
Stock Rights
|
Capital Markets
|
05/29/14
|
|
|
82
|
China Merchants Bank Co., Ltd. - H
|
Banks
|
01/10/14
|
|
|
(478,007)
|
China Merchants Holdings
|
|
|
|
|
|
International Co., Ltd.
|
Transportation
|
01/13/14
|
|
|
(464,546)
|
Greatview Aseptic Packaging Co., Ltd.
|
Materials
|
04/07/14
|
|
|
(306,920)
|
Hang Lung Group Ltd.
|
Real Estate
|
03/27/14
|
|
|
(882,652)
|
Holcim Ltd.
|
Materials
|
07/03/14
|
|
|
3,281
|
Nielsen Holdings N.V.
|
Commercial & Professional Services
|
02/06/14
|
|
|
335,197
|
Potash Corp. of Saskatchewan Inc.
|
Materials
|
01/09/14
|
|
|
(439,626)
|
RHJ International
|
Diversified Financial Services
|
02/21/14
|
|
|
(179,841)
|
Rio Tinto PLC
|
Materials
|
01/13/14
|
|
|
(199,304)
|
Schindler Holding AG -
|
|
|
|
|
|
Participation Certificate
|
Capital Goods
|
09/19/14
|
|
|
607,255
|
Shandong Weigao Group Medical
|
|
|
|
|
|
Polymer Co. Ltd. - H
|
Health Care Equipment & Services
|
08/11/14
|
|
|
(138,154)
|
SINA Corp.
|
Software & Services
|
05/16/14
|
|
|
(83,346)
|
Sinopharm Group Co. - H
|
Health Care Equipment & Services
|
10/07/14
|
|
|
173,756
|
Sinovac Biotech Ltd.
|
Pharmaceuticals, Biotechnology &
|
|
|
|
|
|
Life Sciences
|
09/29/14
|
|
|
63,657
|
Tenaris S.A., ADR
|
Energy
|
01/10/14
|
|
|
338,616
|
SELECTED FUNDS
|
Expense Example
|
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period*
|
|
(07/01/14)
|
(12/31/14)
|
(07/01/14-12/31/14)
|
Selected American Shares
|
|
|
|
Class S (annualized expense ratio 0.93%**)
|
|
|
|
Actual
|
$1,000.00
|
$1,004.13
|
$4.70
|
Hypothetical
|
$1,000.00
|
$1,020.52
|
$4.74
|
Class D (annualized expense ratio 0.60%**)
|
|
|
|
Actual
|
$1,000.00
|
$1,005.92
|
$3.03
|
Hypothetical
|
$1,000.00
|
$1,022.18
|
$3.06
|
Selected International Fund
|
|
|
|
Class S (annualized expense ratio 1.30%**)
|
|
|
|
Actual
|
$1,000.00
|
$921.81
|
$6.30
|
Hypothetical
|
$1,000.00
|
$1,018.65
|
$6.61
|
Class D (annualized expense ratio 0.82%**)
|
|
|
|
Actual
|
$1,000.00
|
$923.62
|
$3.98
|
Hypothetical
|
$1,000.00
|
$1,021.07
|
$4.18
|
|
|
|
|
Hypothetical assumes 5% annual return before expenses
|
|||
|
|
|
|
*Expenses are equal to each Class's annualized operating expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
|
|||
|
|||
**The expense ratios reflect the impact, if any, of certain reimbursements from the Adviser.
|
SELECTED FUNDS
|
Schedule of Investments
|
SELECTED AMERICAN SHARES, INC.
|
December 31, 2014
|
|
Shares
|
|
Value
(Note 1) |
|||||||||
COMMON STOCK – (99.16%)
|
||||||||||||
|
CONSUMER DISCRETIONARY – (16.26%)
|
|||||||||||
|
Consumer Durables & Apparel – (1.35%)
|
|||||||||||
|
Compagnie Financiere Richemont S.A., Unit A (Switzerland)
|
|
|
659,500
|
|
$
|
58,470,353
|
|||||
|
Hunter Douglas N.V. (Netherlands)
|
|
|
295,596
|
|
|
12,288,651
|
|||||
|
|
|
70,759,004
|
|||||||||
|
Consumer Services – (2.35%)
|
|||||||||||
|
Las Vegas Sands Corp.
|
|
|
2,122,500
|
|
|
123,444,600
|
|||||
|
Media – (3.70%)
|
|||||||||||
|
Liberty Global PLC, Series C *
|
|
|
4,013,600
|
|
|
193,897,016
|
|||||
|
Retailing – (8.86%)
|
|||||||||||
|
Amazon.com, Inc. *
|
|
|
730,100
|
|
|
226,586,535
|
|||||
|
CarMax, Inc. *
|
|
|
1,585,560
|
|
|
105,566,585
|
|||||
|
Liberty Interactive Corp., Series A *
|
|
|
821,750
|
|
|
24,175,885
|
|||||
|
Liberty TripAdvisor Holdings Inc., Class A *
|
|
|
233,000
|
|
|
6,267,700
|
|||||
|
Liberty Ventures, Series A *
|
|
|
413,716
|
|
|
15,605,367
|
|||||
|
Netflix Inc. *
|
|
|
64,400
|
|
|
21,999,684
|
|||||
|
Priceline Group Inc. *
|
|
|
56,665
|
|
|
64,610,000
|
|||||
|
|
|
464,811,756
|
|||||||||
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
852,912,376
|
||||||||
|
CONSUMER STAPLES – (6.69%)
|
|||||||||||
|
Food & Staples Retailing – (3.71%)
|
|||||||||||
|
Costco Wholesale Corp.
|
|
|
913,464
|
|
|
129,483,522
|
|||||
|
Sysco Corp.
|
|
|
1,633,500
|
|
|
64,833,615
|
|||||
|
|
|
194,317,137
|
|||||||||
|
Food, Beverage & Tobacco – (2.98%)
|
|||||||||||
|
Diageo PLC (United Kingdom)
|
|
|
3,349,563
|
|
|
95,955,151
|
|||||
|
Heineken Holding N.V. (Netherlands)
|
|
|
966,404
|
|
|
60,498,350
|
|||||
|
|
|
156,453,501
|
|||||||||
|
TOTAL CONSUMER STAPLES
|
|
|
350,770,638
|
||||||||
|
ENERGY – (4.94%)
|
|||||||||||
|
Encana Corp. (Canada)(a)
|
|
|
6,129,800
|
|
|
85,020,326
|
|||||
|
EOG Resources, Inc.
|
|
|
981,760
|
|
|
90,390,643
|
|||||
|
Halliburton Co.
|
|
|
1,116,000
|
|
|
43,892,280
|
|||||
|
Ultra Petroleum Corp. *
|
|
|
3,013,200
|
|
|
39,653,712
|
|||||
|
TOTAL ENERGY
|
|
|
258,956,961
|
||||||||
|
FINANCIALS – (35.93%)
|
|||||||||||
|
Banks – (9.41%)
|
|||||||||||
|
Citizens Financial Group Inc.
|
|
|
1,021,220
|
|
|
25,387,529
|
|||||
|
JPMorgan Chase & Co.
|
|
|
1,741,770
|
|
|
108,999,967
|
|||||
|
Wells Fargo & Co.
|
|
|
6,551,579
|
|
|
359,157,561
|
|||||
|
|
|
493,545,057
|
|||||||||
|
Diversified Financials – (22.68%)
|
|||||||||||
|
Capital Markets – (10.08%)
|
|||||||||||
|
Bank of New York Mellon Corp.
|
|
|
7,503,800
|
|
|
304,429,166
|
|||||
|
Brookfield Asset Management Inc., Class A (Canada)
|
|
|
1,092,660
|
|
|
54,775,045
|
|||||
|
Charles Schwab Corp.
|
|
|
2,404,000
|
|
|
72,576,760
|
|||||
|
Julius Baer Group Ltd. (Switzerland)
|
|
|
2,120,578
|
|
|
96,821,330
|
|||||
|
|
528,602,301
|
SELECTED FUNDS
|
Schedule of Investments
|
SELECTED AMERICAN SHARES, INC. - (CONTINUED)
|
December 31, 2014
|
|
Shares
|
|
Value
(Note 1) |
|||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||
|
FINANCIALS – (CONTINUED)
|
|||||||||||
|
Diversified Financials – (Continued)
|
|||||||||||
|
Consumer Finance – (6.75%)
|
|||||||||||
|
American Express Co.
|
|
|
3,805,470
|
|
$
|
354,060,929
|
|||||
|
Diversified Financial Services – (5.85%)
|
|||||||||||
|
Berkshire Hathaway Inc., Class A *
|
|
|
862
|
|
|
194,812,000
|
|||||
|
Moody's Corp.
|
|
|
380,000
|
|
|
36,407,800
|
|||||
|
Visa Inc., Class A
|
|
|
289,500
|
|
|
75,906,900
|
|||||
|
|
307,126,700
|
||||||||||
|
|
|
1,189,789,930
|
|||||||||
|
Insurance – (3.39%)
|
|||||||||||
|
Multi-line Insurance – (2.03%)
|
|||||||||||
|
Fairfax Financial Holdings Ltd. (Canada)
|
|
|
60,350
|
|
|
31,623,400
|
|||||
|
Fairfax Financial Holdings Ltd., 144A (Canada)(b)
|
|
|
15,440
|
|
|
8,090,517
|
|||||
|
Loews Corp.
|
|
|
1,584,690
|
|
|
66,588,674
|
|||||
|
|
106,302,591
|
||||||||||
|
Property & Casualty Insurance – (1.36%)
|
|||||||||||
|
ACE Ltd.
|
|
|
494,400
|
|
|
56,796,672
|
|||||
|
Markel Corp. *
|
|
|
21,700
|
|
|
14,817,628
|
|||||
|
|
71,614,300
|
||||||||||
|
|
|
177,916,891
|
|||||||||
|
Real Estate – (0.45%)
|
|||||||||||
|
Hang Lung Group Ltd. (Hong Kong)
|
|
|
5,220,030
|
|
|
23,670,748
|
|||||
|
TOTAL FINANCIALS
|
|
|
1,884,922,626
|
||||||||
|
HEALTH CARE – (10.95%)
|
|||||||||||
|
Health Care Equipment & Services – (9.15%)
|
|||||||||||
|
Express Scripts Holding Co. *
|
|
|
1,906,300
|
|
|
161,406,421
|
|||||
|
Laboratory Corp. of America Holdings *
|
|
|
869,700
|
|
|
93,840,630
|
|||||
|
Quest Diagnostics Inc.
|
|
|
869,000
|
|
|
58,275,140
|
|||||
|
UnitedHealth Group Inc.
|
|
|
1,647,910
|
|
|
166,587,222
|
|||||
|
|
|
480,109,413
|
|||||||||
|
Pharmaceuticals, Biotechnology & Life Sciences – (1.80%)
|
|||||||||||
|
Agilent Technologies, Inc.
|
|
|
529,540
|
|
|
21,679,368
|
|||||
|
Valeant Pharmaceuticals International, Inc. (Canada)*
|
|
|
509,300
|
|
|
72,885,923
|
|||||
|
|
|
94,565,291
|
|||||||||
|
TOTAL HEALTH CARE
|
|
|
574,674,704
|
||||||||
|
INDUSTRIALS – (5.55%)
|
|||||||||||
|
Capital Goods – (3.80%)
|
|||||||||||
|
OCI N.V. (Netherlands)*
|
|
|
1,926,430
|
|
|
66,981,623
|
|||||
|
PACCAR Inc.
|
|
|
1,074,500
|
|
|
73,076,745
|
|||||
|
Schneider Electric SE (France)
|
|
|
334,000
|
|
|
24,324,960
|
|||||
|
Textron Inc.
|
|
|
832,810
|
|
|
35,069,629
|
|||||
|
|
|
199,452,957
|
|||||||||
|
Commercial & Professional Services – (0.24%)
|
|||||||||||
|
Experian PLC (United Kingdom)
|
|
|
733,264
|
|
|
12,360,597
|
|||||
|
Transportation – (1.51%)
|
|||||||||||
|
Kuehne & Nagel International AG (Switzerland)
|
|
|
543,469
|
|
|
73,822,316
|
SELECTED FUNDS
|
Schedule of Investments
|
SELECTED AMERICAN SHARES, INC. - (CONTINUED)
|
December 31, 2014
|
|
Shares/Units/
Principal
|
|
Value
(Note 1) |
|||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||
|
INDUSTRIALS – (CONTINUED)
|
|||||||||||
|
Transportation – (Continued)
|
|||||||||||
|
Wesco Aircraft Holdings, Inc. *
|
|
|
383,940
|
|
$
|
5,367,481
|
|||||
|
|
|
79,189,797
|
|||||||||
|
TOTAL INDUSTRIALS
|
|
|
291,003,351
|
||||||||
|
INFORMATION TECHNOLOGY – (13.22%)
|
|||||||||||
|
Semiconductors & Semiconductor Equipment – (2.74%)
|
|||||||||||
|
Texas Instruments Inc.
|
|
|
2,685,790
|
|
|
143,595,762
|
|||||
|
Software & Services – (10.31%)
|
|||||||||||
|
ASAC II L.P., Private Placement *(c)
|
|
|
69,800,000
|
|
|
90,781,880
|
|||||
|
Google Inc., Class A *
|
|
|
299,160
|
|
|
158,752,245
|
|||||
|
Google Inc., Class C *
|
|
|
298,480
|
|
|
157,119,872
|
|||||
|
Microsoft Corp.
|
|
|
1,069,900
|
|
|
49,696,855
|
|||||
|
Oracle Corp.
|
|
|
1,095,440
|
|
|
49,261,937
|
|||||
|
Qihoo 360 Technology Co. Ltd., Class A, ADR (China)*
|
|
|
354,260
|
|
|
20,284,928
|
|||||
|
SouFun Holdings Ltd., Class A, ADR (China)
|
|
|
2,055,000
|
|
|
15,186,450
|
|||||
|
|
|
541,084,167
|
|||||||||
|
Technology Hardware & Equipment – (0.17%)
|
|||||||||||
|
Keysight Technologies, Inc. *
|
|
|
264,770
|
|
|
8,941,283
|
|||||
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
693,621,212
|
||||||||
|
MATERIALS – (5.62%)
|
|||||||||||
|
Ecolab Inc.
|
|
|
696,100
|
|
|
72,756,372
|
|||||
|
Lafarge S.A. (France)
|
|
|
1,548,300
|
|
|
108,690,796
|
|||||
|
Praxair, Inc.
|
|
|
873,200
|
|
|
113,131,792
|
|||||
|
TOTAL MATERIALS
|
|
|
294,578,960
|
||||||||
|
TOTAL COMMON STOCK – (Identified cost $3,019,777,200)
|
|
|
5,201,440,828
|
||||||||
SHORT-TERM INVESTMENTS – (0.79%)
|
||||||||||||
|
Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.08%,
01/02/15, dated 12/31/14, repurchase value of $11,577,051
(collateralized by: U.S. Government agency mortgages in a pooled cash
account, 2.50%-3.50%, 12/01/27-10/01/28, total market value
$11,808,540)
|
|
$
|
11,577,000
|
|
|
11,577,000
|
|||||
|
Nomura Securities International, Inc. Joint Repurchase Agreement,
0.08%, 01/02/15, dated 12/31/14, repurchase value of $21,227,094
(collateralized by: U.S. Government agency mortgages in a pooled cash
account, 3.00%-5.50%, 06/20/29-12/20/44, total market value
$21,651,540)
|
|
|
21,227,000
|
|
|
21,227,000
|
|||||
|
SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement,
0.18%, 01/02/15, dated 12/31/14, repurchase value of $8,491,085
(collateralized by: U.S. Government agency mortgages in a pooled cash
account, 1.747%-4.00%, 10/01/21-11/01/44, total market value
$8,660,820)
|
|
|
8,491,000
|
|
|
8,491,000
|
|||||
|
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $41,295,000)
|
|
|
41,295,000
|
SELECTED FUNDS
|
Schedule of Investments
|
SELECTED AMERICAN SHARES, INC. - (CONTINUED)
|
December 31, 2014
|
|
Principal
|
|
Value
(Note 1) |
|||||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – (0.23%)
|
||||||||||||
|
MONEY MARKET FUNDS – (0.23%)
|
|||||||||||
|
State Street Navigator Securities Lending Prime Portfolio
|
|
$
|
12,104,406
|
|
$
|
12,104,406
|
|||||
|
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED - (Identified cost $12,104,406)
|
|
|
12,104,406
|
||||||||
|
Total Investments – (100.18%) – (Identified cost $3,073,176,606) – (d)
|
|
|
5,254,840,234
|
||||||||
|
Liabilities Less Other Assets – (0.18%)
|
|
|
(9,424,235)
|
||||||||
|
Net Assets – (100.00%)
|
|
$
|
5,245,415,999
|
||||||||
|
||||||||||||
|
ADR: American Depositary Receipt
|
|||||||||||
|
||||||||||||
|
*
|
Non-Income producing security.
|
||||||||||
|
||||||||||||
|
(a)
|
Security is partially on loan – See Note 6 of the Notes to Financial Statements.
|
||||||||||
|
||||||||||||
|
(b)
|
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 $8,090,517 or 0.15% of the Fund's net assets as of December 31, 2014.
|
||||||||||
|
||||||||||||
|
(c)
|
Restricted Security – See Note 7 of the Notes to Financial Statements.
|
||||||||||
|
||||||||||||
|
(d)
|
Aggregate cost for federal income tax purposes is $3,073,111,599. At December 31, 2014 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
|
||||||||||
|
||||||||||||
Unrealized appreciation
|
$
|
2,332,849,172
|
||||||||||
|
Unrealized depreciation
|
|
|
(151,120,537)
|
||||||||
|
Net unrealized appreciation
|
|
$
|
2,181,728,635
|
||||||||
|
||||||||||||
See Notes to Financial Statements
|
SELECTED FUNDS
|
Schedule of Investments
|
SELECTED INTERNATIONAL FUND, INC.
|
December 31, 2014
|
|
Shares
|
|
Value
(Note 1) |
|||||||||
COMMON STOCK – (93.29%)
|
||||||||||||
|
CONSUMER DISCRETIONARY – (18.09%)
|
|||||||||||
|
Consumer Durables & Apparel – (7.38%)
|
|||||||||||
|
Compagnie Financiere Richemont S.A., Unit A (Switzerland)
|
|
|
53,330
|
|
$
|
4,728,164
|
|||||
|
Hermes International (France)
|
|
|
2,650
|
|
|
943,618
|
|||||
|
Hunter Douglas N.V. (Netherlands)
|
|
|
41,982
|
|
|
1,745,295
|
|||||
|
|
|
7,417,077
|
|||||||||
|
Consumer Services – (2.47%)
|
|||||||||||
|
Xiabu Xiabu Catering Management Co., Ltd. (China)*
|
|
|
4,044,600
|
|
|
2,487,893
|
|||||
|
Media – (2.39%)
|
|||||||||||
|
Grupo Televisa S.A.B., ADR (Mexico)*
|
|
|
70,670
|
|
|
2,407,020
|
|||||
|
Retailing – (5.85%)
|
|||||||||||
|
Ctrip.com International, Ltd., ADR (China)*
|
|
|
22,250
|
|
|
1,012,375
|
|||||
|
JD.com Inc., Class A, ADR (China)*
|
|
|
126,000
|
|
|
2,915,640
|
|||||
|
Jumei International Holding Ltd., Class A, ADR (China)*
|
|
|
6,700
|
|
|
91,254
|
|||||
|
Vipshop Holdings Ltd., ADS (China)*
|
|
|
95,000
|
|
|
1,856,300
|
|||||
|
|
|
5,875,569
|
|||||||||
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
18,187,559
|
||||||||
|
CONSUMER STAPLES – (18.94%)
|
|||||||||||
|
Food & Staples Retailing – (0.37%)
|
|||||||||||
|
Brasil Pharma S.A. (Brazil)*
|
|
|
386,080
|
|
|
376,653
|
|||||
|
Food, Beverage & Tobacco – (16.68%)
|
|||||||||||
|
Diageo PLC (United Kingdom)
|
|
|
137,766
|
|
|
3,946,592
|
|||||
|
Heineken Holding N.V. (Netherlands)
|
|
|
68,645
|
|
|
4,297,281
|
|||||
|
Lindt & Spruengli AG - Participation Certificate (Switzerland)
|
|
|
955
|
|
|
4,721,965
|
|||||
|
Nestle S.A. (Switzerland)
|
|
|
23,370
|
|
|
1,703,696
|
|||||
|
United Spirits Ltd. (India)*
|
|
|
47,520
|
|
|
2,092,041
|
|||||
|
|
|
16,761,575
|
|||||||||
|
Household & Personal Products – (1.89%)
|
|||||||||||
|
L'Oréal S.A. (France)
|
|
|
11,340
|
|
|
1,897,996
|
|||||
|
TOTAL CONSUMER STAPLES
|
|
|
19,036,224
|
||||||||
|
ENERGY – (3.37%)
|
|||||||||||
|
Canadian Natural Resources Ltd. (Canada)
|
|
|
27,000
|
|
|
833,760
|
|||||
|
Encana Corp. (Canada)
|
|
|
183,900
|
|
|
2,550,693
|
|||||
|
TOTAL ENERGY
|
|
|
3,384,453
|
||||||||
|
FINANCIALS – (3.78%)
|
|||||||||||
|
Diversified Financials – (3.78%)
|
|||||||||||
|
Capital Markets – (0.72%)
|
|||||||||||
|
CETIP S.A. - Mercados Organizados (Brazil)
|
|
|
59,690
|
|
|
726,803
|
|||||
|
Diversified Financial Services – (3.06%)
|
|||||||||||
|
BM&FBOVESPA S.A. (Brazil)
|
|
|
310,500
|
|
|
1,155,039
|
|||||
|
Groupe Bruxelles Lambert S.A. (Belgium)
|
|
|
14,910
|
|
|
1,272,125
|
|||||
|
Pargesa Holding S.A., Bearer Shares (Switzerland)
|
|
|
8,380
|
|
|
646,650
|
|||||
|
|
3,073,814
|
||||||||||
|
|
3,800,617
|
||||||||||
|
TOTAL FINANCIALS
|
|
|
3,800,617
|
||||||||
|
HEALTH CARE – (7.55%)
|
|||||||||||
|
Health Care Equipment & Services – (4.52%)
|
|||||||||||
|
Diagnosticos da America S.A. (Brazil)
|
|
|
236,350
|
|
|
989,080
|
SELECTED FUNDS
|
Schedule of Investments
|
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)
|
December 31, 2014
|
|
Shares
|
|
Value
(Note 1) |
|||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||
|
HEALTH CARE – (CONTINUED)
|
|||||||||||
|
Health Care Equipment & Services – (Continued)
|
|||||||||||
|
Essilor International S.A. (France)
|
|
|
31,845
|
|
$
|
3,551,333
|
|||||
|
|
|
4,540,413
|
|||||||||
|
Pharmaceuticals, Biotechnology & Life Sciences – (3.03%)
|
|||||||||||
|
Roche Holding AG - Genusschein (Switzerland)
|
|
|
5,215
|
|
|
1,412,964
|
|||||
|
Valeant Pharmaceuticals International, Inc. (Canada)*
|
|
|
11,420
|
|
|
1,634,316
|
|||||
|
|
|
3,047,280
|
|||||||||
|
TOTAL HEALTH CARE
|
|
|
7,587,693
|
||||||||
|
INDUSTRIALS – (21.91%)
|
|||||||||||
|
Capital Goods – (10.84%)
|
|||||||||||
|
Assa Abloy AB, Class B (Sweden)
|
|
|
60,510
|
|
|
3,195,924
|
|||||
|
Brenntag AG (Germany)
|
|
|
15,630
|
|
|
873,874
|
|||||
|
IMI PLC (United Kingdom)
|
|
|
23,700
|
|
|
463,666
|
|||||
|
Meggitt PLC (United Kingdom)
|
|
|
240,000
|
|
|
1,930,619
|
|||||
|
Schneider Electric SE (France)
|
|
|
60,860
|
|
|
4,432,386
|
|||||
|
|
|
10,896,469
|
|||||||||
|
Commercial & Professional Services – (3.67%)
|
|||||||||||
|
Experian PLC (United Kingdom)
|
|
|
218,776
|
|
|
3,687,897
|
|||||
|
Transportation – (7.40%)
|
|||||||||||
|
CAR Inc. (China)*(a)
|
|
|
2,063,800
|
|
|
2,695,117
|
|||||
|
Kuehne & Nagel International AG (Switzerland)
|
|
|
34,890
|
|
|
4,739,296
|
|||||
|
|
|
7,434,413
|
|||||||||
|
TOTAL INDUSTRIALS
|
|
|
22,018,779
|
||||||||
|
INFORMATION TECHNOLOGY – (13.26%)
|
|||||||||||
|
Software & Services – (13.26%)
|
|||||||||||
|
58.com Inc., Class A, ADR (China)*
|
|
|
3,740
|
|
|
155,397
|
|||||
|
Alibaba Group Holding Ltd., ADR (China)*
|
|
|
16,420
|
|
|
1,706,695
|
|||||
|
NetEase, Inc., ADR (China)
|
|
|
34,730
|
|
|
3,443,132
|
|||||
|
Qihoo 360 Technology Co. Ltd., Class A, ADR (China)*
|
|
|
31,420
|
|
|
1,799,109
|
|||||
|
SouFun Holdings Ltd., Class A, ADR (China)
|
|
|
353,360
|
|
|
2,611,331
|
|||||
|
Youku Tudou Inc.,Class A, ADR (China)*
|
|
|
123,390
|
|
|
2,197,576
|
|||||
|
YY Inc., Class A, ADR (China)*
|
|
|
22,650
|
|
|
1,412,001
|
|||||
|
|
|
13,325,241
|
|||||||||
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
13,325,241
|
||||||||
|
MATERIALS – (6.39%)
|
|||||||||||
|
Air Liquide S.A. (France)
|
|
|
8,060
|
|
|
997,342
|
|||||
|
Anhui Conch Cement Co. Ltd. - H (China)
|
|
|
552,000
|
|
|
2,047,221
|
|||||
|
Lafarge S.A. (France)
|
|
|
48,110
|
|
|
3,377,326
|
|||||
|
TOTAL MATERIALS
|
|
|
6,421,889
|
||||||||
|
TOTAL COMMON STOCK – (Identified cost $88,709,949)
|
|
|
93,762,455
|
SELECTED FUNDS
|
Schedule of Investments
|
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)
|
December 31, 2014
|
|
Principal
|
|
Value
(Note 1) |
|||||||||
SHORT-TERM INVESTMENTS – (8.42%)
|
||||||||||||
|
Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.08%,
01/02/15, dated 12/31/14, repurchase value of $2,373,011 (collateralized
by: U.S. Government agency mortgages in a pooled cash account,
2.50%-3.50%, 12/01/27-10/01/28, total market value $2,420,460)
|
|
$
|
2,373,000
|
|
$
|
2,373,000
|
|||||
|
Nomura Securities International, Inc. Joint Repurchase Agreement,
0.08%, 01/02/15, dated 12/31/14, repurchase value of $4,351,019
(collateralized by: U.S. Government agency mortgages in a pooled cash
account, 3.00%-10.50%, 03/20/16-04/15/43, total market value
$4,438,020)
|
|
|
4,351,000
|
|
|
4,351,000
|
|||||
|
SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement,
0.18%, 01/02/15, dated 12/31/14, repurchase value of $1,740,017
(collateralized by: U.S. Government agency mortgages in a pooled cash
account, 0.00%-4.77%, 03/01/21-11/01/44, total market value
$1,774,800)
|
|
|
1,740,000
|
|
|
1,740,000
|
|||||
|
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,464,000)
|
|
|
8,464,000
|
||||||||
|
Total Investments – (101.71%) – (Identified cost $97,173,949) – (b)
|
|
|
102,226,455
|
||||||||
|
Liabilities Less Other Assets – (1.71%)
|
|
|
(1,722,174)
|
||||||||
|
Net Assets – (100.00%)
|
|
$
|
100,504,281
|
||||||||
|
||||||||||||
|
ADR: American Depositary Receipt
|
|||||||||||
|
||||||||||||
|
ADS: American Depositary Share
|
|||||||||||
|
||||||||||||
|
*
|
Non-Income producing security.
|
||||||||||
|
||||||||||||
|
(a)
|
Restricted Security – See Note 7 of the Notes to Financial Statements.
|
||||||||||
|
||||||||||||
|
(b)
|
Aggregate cost for federal income tax purposes is $97,934,999. At December 31, 2014 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
|
||||||||||
|
||||||||||||
Unrealized appreciation |
$
|
12,310,827
|
||||||||||
|
Unrealized depreciation
|
|
|
(8,019,371)
|
||||||||
|
Net unrealized appreciation
|
|
$
|
4,291,456
|
||||||||
|
||||||||||||
See Notes to Financial Statements
|
SELECTED FUNDS
|
Statements of Assets and Liabilities
|
|
At December 31, 2014
|
Selected
American Shares
|
Selected
International Fund
|
|||||||
ASSETS:
|
|
|
|
|
|
|
||
Investments in* (see accompanying Schedules of Investments):
|
|
|
|
|
|
|
||
Securities at value
|
|
$
|
5,242,735,828
|
|
$
|
102,226,455
|
||
Collateral for securities loaned (Note 6)
|
|
|
12,104,406
|
|
|
–
|
||
Cash
|
|
|
410,631
|
|
|
10,768
|
||
Receivables:
|
|
|
|
|
|
|
||
|
Capital stock sold
|
|
|
3,569,370
|
|
|
27,967
|
|
|
Dividends and interest
|
|
|
4,131,269
|
|
|
263,825
|
|
|
Investment securities sold
|
|
|
14,090,245
|
|
|
–
|
|
Prepaid expenses
|
|
|
137,063
|
|
|
2,828
|
||
Due from Adviser
|
|
|
–
|
|
|
3,427
|
||
|
Total assets
|
|
|
5,277,178,812
|
|
|
102,535,270
|
|
LIABILITIES:
|
|
|
|
|
|
|
||
Return of collateral for securities loaned (Note 6)
|
|
|
12,104,406
|
|
|
–
|
||
Payables:
|
||||||||
|
Capital stock redeemed
|
|
|
11,200,411
|
|
|
85,989
|
|
|
Deferred foreign taxes
|
|
|
–
|
|
|
52,405
|
|
|
Investment securities purchased
|
|
|
4,724,230
|
|
|
1,794,626
|
|
Accrued distribution service fees
|
|
|
378,603
|
|
|
3,024
|
||
Accrued investment advisory fees
|
|
|
2,713,370
|
|
|
50,605
|
||
Other accrued expenses
|
|
|
641,793
|
|
|
44,340
|
||
|
Total liabilities
|
|
|
31,762,813
|
|
|
2,030,989
|
|
NET ASSETS
|
|
$
|
5,245,415,999
|
|
$
|
100,504,281
|
||
NET ASSETS CONSIST OF:
|
|
|
|
|
|
|
||
Par value of shares of capital stock
|
|
$
|
151,986,256
|
|
$
|
2,250,724
|
||
Additional paid-in capital
|
|
|
2,744,229,461
|
|
|
95,435,829
|
||
Overdistributed net investment income
|
|
|
(263,509)
|
|
|
(317,958)
|
||
Accumulated net realized gains (losses) from investments
|
|
|
167,870,868
|
|
|
(1,838,418)
|
||
Net unrealized appreciation on investments and foreign currency
transactions**
|
|
|
2,181,592,923
|
|
|
4,974,104
|
||
|
Net Assets
|
|
$
|
5,245,415,999
|
|
$
|
100,504,281
|
|
*Including:
|
|
|
|
|
|
|
||
|
Cost of investments
|
|
$
|
3,061,072,200
|
|
$
|
97,173,949
|
|
|
Cost of collateral for securities loaned
|
|
|
12,104,406
|
|
|
–
|
|
|
Market value of securities on loan
|
|
|
11,781,622
|
|
|
–
|
|
**Net of deferred foreign taxes of
|
|
|
–
|
|
|
52,405
|
SELECTED FUNDS
|
Statements of Assets and Liabilities – (Continued)
|
|
At December 31, 2014
|
Selected
American Shares
|
Selected
International Fund
|
||||||
CLASS S SHARES:
|
|
|
|
|
|
|
|
Net assets |
$
|
1,571,364,744
|
$
|
11,194,020
|
|||
Shares outstanding
|
|
|
36,405,280
|
|
|
1,007,025
|
|
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
|
$
|
43.16
|
|
$
|
11.12
|
|
CLASS D SHARES:
|
|||||||
Net assets | $ |
3,674,051,255
|
$ |
89,310,261
|
|||
Shares outstanding
|
|
|
85,183,725
|
|
|
7,995,872
|
|
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
|
$
|
43.13
|
|
$
|
11.17
|
|
|
|||||||
|
|||||||
See Notes to Financial Statements
|
SELECTED FUNDS
|
Statements of Operations
|
|
For the year ended December 31, 2014
|
|
|
|
Selected
American Shares
|
|
|
Selected
International Fund
|
|||
INVESTMENT INCOME:
|
|
|
|
|
|
|
|||
Income:
|
|
|
|
|
|
|
|||
Dividends*
|
|
$
|
79,674,891
|
|
$
|
1,278,071
|
|||
Interest
|
|
|
171,148
|
|
|
3,014
|
|||
Net securities lending fees
|
|
|
595,467
|
|
|
8,406
|
|||
|
Total income
|
|
|
80,441,506
|
|
|
1,289,491
|
||
|
|
|
|
|
|
|
|||
Expenses:
|
|
|
|
|
|
|
|||
Investment advisory fees (Note 3)
|
|
|
30,849,636
|
|
|
463,041
|
|||
Custodian fees
|
|
|
827,248
|
|
|
77,911
|
|||
Transfer agent fees:
|
|
|
|
|
|
|
|||
|
Class S
|
|
|
2,019,801
|
|
|
40,561
|
||
|
Class D
|
|
|
979,765
|
|
|
40,338
|
||
Audit fees
|
|
|
61,200
|
|
|
22,200
|
|||
Legal fees
|
|
|
75,490
|
|
|
9,487
|
|||
Reports to shareholders
|
|
|
245,740
|
|
|
7,575
|
|||
Directors' fees and expenses
|
|
|
573,260
|
|
|
11,359
|
|||
Registration and filing fees
|
|
|
74,997
|
|
|
45,014
|
|||
Interest expense
|
|
|
1,656
|
|
|
–
|
|||
Miscellaneous
|
|
|
209,152
|
|
|
11,919
|
|||
Payments under distribution plan (Note 3):
|
|||||||||
|
Class S
|
|
|
4,628,385
|
|
|
28,033
|
||
Total expenses
|
|
|
40,546,330
|
|
|
757,438
|
|||
Reimbursement of expenses by Adviser (Note 3)
|
|
|
–
|
|
|
(9,198)
|
|||
|
Net expenses
|
|
|
40,546,330
|
|
|
748,240
|
||
Net investment income
|
|
|
39,895,176
|
|
|
541,251
|
|||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
|
|
|
|
|
|
|
|||
Net realized gain (loss) from:
|
|
|
|
|
|
|
|||
|
Investment transactions
|
|
|
1,240,971,554
|
|
|
7,291,276
|
||
|
Foreign currency transactions
|
|
|
(109,818)
|
|
|
9,429
|
||
Net realized gain
|
|
|
1,240,861,736
|
|
|
7,300,705
|
|||
Net decrease in unrealized appreciation**
|
|
|
(957,171,960)
|
|
|
(9,374,581)
|
|||
|
Net realized and unrealized gain (loss) on investments and foreign
currency transactions
|
|
|
283,689,776
|
|
|
(2,073,876)
|
||
Net increase (decrease) in net assets resulting from operations
|
|
$
|
323,584,952
|
|
$
|
(1,532,625)
|
|||
*Net of foreign taxes withheld as follows
|
|
$
|
1,955,224
|
|
$
|
148,496
|
|||
**Net of deferred foreign taxes of
|
|
|
–
|
|
|
52,405
|
|||
|
|
|
|
|
|
|
|||
See Notes to Financial Statements
|
SELECTED FUNDS
|
Statements of Changes in Net Assets
|
|
For the year ended December 31, 2014
|
|
|
|
Selected
American Shares
|
|
|
Selected
International Fund
|
||
OPERATIONS:
|
|
|
|
|
|
|||
Net investment income
|
|
$
|
39,895,176
|
|
$
|
541,251
|
||
Net realized gain from investments and foreign currency transactions
|
|
|
1,240,861,736
|
|
|
7,300,705
|
||
Net decrease in unrealized appreciation on investments and foreign currency
transactions
|
|
|
(957,171,960)
|
|
|
(9,374,581)
|
||
|
Net increase (decrease) in net assets resulting from operations
|
|
|
323,584,952
|
|
|
(1,532,625)
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
|
|
|
|
|
|
||
Net investment income:
|
|
|
|
|
|
|
||
|
Class S
|
|
|
(8,348,223)
|
|
|
(15,793)
|
|
|
Class D
|
|
|
(30,025,884)
|
|
|
(531,968)
|
|
|
|
|
|
|
|
|
||
Realized gains from investment transactions:
|
|
|
|
|
|
|
||
|
Class S
|
|
|
(336,362,089)
|
|
|
–
|
|
|
Class D
|
|
|
(735,566,143)
|
|
|
–
|
|
CAPITAL SHARE TRANSACTIONS:
|
|
|
|
|
|
|
||
Net increase (decrease) in net assets resulting from capital share transactions
(Note 4):
|
|
|
|
|
|
|
||
|
Class S
|
|
|
(250,799,541)
|
|
|
419,011
|
|
|
Class D
|
|
|
270,231,572
|
|
|
25,638,720
|
|
|
Total increase (decrease) in net assets
|
|
|
(767,285,356)
|
|
|
23,977,345
|
|
NET ASSETS:
|
|
|
|
|
|
|
||
Beginning of year
|
|
|
6,012,701,355
|
|
|
76,526,936
|
||
End of year*
|
|
$
|
5,245,415,999
|
|
$
|
100,504,281
|
||
*Including overdistributed net investment income of
|
|
$
|
(263,509)
|
|
$
|
(317,958)
|
||
|
|
|
|
|
|
|
||
See Notes to Financial Statements
|
SELECTED FUNDS
|
Statements of Changes in Net Assets
|
|
For the year ended December 31, 2013
|
|
|
|
Selected
American Shares
|
|
|
Selected
International Fund
|
||
OPERATIONS:
|
|
|
|
|
|
|||
Net investment income
|
|
$
|
40,328,567
|
|
$
|
613,565
|
||
Net realized gain (loss) from investments and foreign currency transactions
|
|
|
519,778,090
|
|
|
(247,583)
|
||
Net increase in unrealized appreciation on investments and foreign currency
transactions
|
|
|
1,083,377,679
|
|
|
14,039,856
|
||
|
Net increase in net assets resulting from operations
|
|
|
1,643,484,336
|
|
|
14,405,838
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
|
|
|
|
|
|
||
Net investment income:
|
|
|
|
|
|
|
||
|
Class S
|
|
|
(11,144,587)
|
|
|
(40,162)
|
|
|
Class D
|
|
|
(32,674,449)
|
|
|
(574,330)
|
|
Realized gains from investment transactions:
|
|
|
|
|
|
|
||
|
Class S
|
|
|
(183,738,429)
|
|
|
–
|
|
|
Class D
|
|
|
(340,221,360)
|
|
|
–
|
|
CAPITAL SHARE TRANSACTIONS:
|
|
|
|
|
|
|
||
Net decrease in net assets resulting from capital share transactions (Note 4):
|
|
|
|
|
|
|
||
|
Class S
|
|
|
(264,744,832)
|
|
|
(1,451,025)
|
|
|
Class D
|
|
|
(118,782,650)
|
|
|
(2,654,836)
|
|
|
Total increase in net assets
|
|
|
692,178,029
|
|
|
9,685,485
|
|
NET ASSETS:
|
|
|
|
|
|
|
||
Beginning of year
|
|
|
5,320,523,326
|
|
|
66,841,451
|
||
End of year*
|
|
$
|
6,012,701,355
|
|
$
|
76,526,936
|
||
*Including overdistributed net investment income of
|
|
$
|
(1,571,878)
|
|
$
|
(747,596)
|
||
|
|
|
|
|
|
|
||
See Notes to Financial Statements
|
SELECTED FUNDS
|
Notes to Financial Statements
|
|
December 31, 2014
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
|
|
December 31, 2014
|
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)
|
|
Investments in Securities at Value
|
||||
|
Selected
|
|
Selected
|
||
|
American Shares
|
|
International Fund
|
||
Valuation inputs
|
|
|
|
|
|
Level 1 – Quoted Prices:
|
|
|
|
|
|
Equity securities:
|
|
|
|
|
|
Consumer Discretionary
|
$
|
782,153,372
|
|
$
|
10,770,482
|
Consumer Staples
|
|
194,317,137
|
|
|
–
|
Energy
|
|
258,956,961
|
|
|
3,384,453
|
Financials
|
|
1,764,430,548
|
|
|
–
|
Health Care
|
|
574,674,704
|
|
|
1,634,316
|
Industrials
|
|
113,513,855
|
|
|
–
|
Information Technology
|
|
602,839,332
|
|
|
13,325,241
|
Materials
|
|
185,888,164
|
|
|
–
|
Total Level 1
|
|
4,476,774,073
|
|
|
29,114,492
|
Level 2 – Other Significant Observable Inputs:
|
|
|
|
|
|
Equity securities*:
|
|
|
|
|
|
Consumer Discretionary
|
|
70,759,004
|
|
|
7,417,077
|
Consumer Staples
|
|
156,453,501
|
|
|
19,036,224
|
Financials
|
|
120,492,078
|
|
|
3,800,617
|
Health Care
|
|
–
|
|
|
5,953,377
|
Industrials
|
|
177,489,496
|
|
|
22,018,779
|
Materials
|
|
108,690,796
|
|
|
6,421,889
|
Short-term securities
|
|
41,295,000
|
|
|
8,464,000
|
Investment of cash collateral for securities loaned
|
|
12,104,406
|
|
|
–
|
Total Level 2
|
|
687,284,281
|
|
|
73,111,963
|
Level 3 – Significant Unobservable Inputs:
|
|
|
|
|
|
Equity securities:
|
|
|
|
|
|
Information Technology
|
|
90,781,880
|
|
|
–
|
Total Level 3
|
|
90,781,880
|
|
|
–
|
Total Investments
|
$
|
5,254,840,234
|
|
|
102,226,455
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
|
|
December 31, 2014
|
Level 1 to Level 2 Transfers**:
|
|
|
|
|
|
Consumer Discretionary
|
$
|
70,759,004
|
|
$
|
6,473,459
|
Consumer Staples
|
|
156,453,501
|
|
|
15,046,187
|
Financials
|
|
120,492,078
|
|
|
2,645,578
|
Health Care
|
|
–
|
|
|
5,953,377
|
Industrials
|
|
153,164,536
|
|
|
13,733,453
|
Materials
|
|
108,690,796
|
|
|
3,377,326
|
Total
|
$
|
609,559,915
|
|
$
|
47,229,380
|
|
|
Selected
American Shares
|
||
Investment Securities:
|
|
|
|
|
Beginning balance
|
|
$
|
78,713,460
|
|
Increase in unrealized appreciation
|
|
|
12,068,420
|
|
Ending balance
|
|
$
|
90,781,880
|
|
|
|
|
|
|
Increase in unrealized appreciation during the period on Level 3 securities still held at
December 31, 2014 and included in the change in net assets for the period
|
$
|
12,068,420
|
|
|
Fair Value at
|
|
Valuation
|
|
Unobservable
|
|
|
||
Investments at Value
|
|
December 31, 2014
|
|
Technique
|
|
Input
|
|
Amount
|
||
Equity securities
|
|
$
|
90,781,880
|
|
Liquidation proceeds/Waterfall
methodology based on
underlying investment value,
then applying liquidity discount
|
|
Discount rate
|
|
|
11.20%
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
|
|
December 31, 2014
|
|
Capital Loss
Carryforwards
(No expiration)
|
|
|
|
|
Long-term
|
$
|
1,572,000
|
|
|
|
Utilized in 2014
|
$
|
6,889,000
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
|
|
December 31, 2014
|
|
Ordinary
Income
|
|
Long-Term
Capital Gain
|
|
Return of
Capital
|
|
Total
|
||||
Selected American Shares
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
$
|
38,757,279
|
|
$
|
1,071,545,060
|
|
$
|
–
|
|
$
|
1,110,302,339
|
2013
|
|
69,039,167
|
|
|
498,739,658
|
|
|
–
|
|
|
567,778,825
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected International Fund
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
547,761
|
|
|
–
|
|
|
–
|
|
|
547,761
|
2013
|
|
614,492
|
|
|
–
|
|
|
–
|
|
|
614,492
|
|
Selected
American Shares
|
|
Selected
International Fund
|
||
Undistributed net investment income
|
$
|
2,016,129
|
|
$
|
206,205
|
Undistributed long-term capital gain
|
|
167,805,859
|
|
|
–
|
Accumulated net realized losses from investments and foreign
currency transactions
|
|
–
|
|
|
(1,572,354)
|
Net unrealized appreciation on investments*
|
|
2,181,657,929
|
|
|
4,213,055
|
Total
|
$
|
2,351,479,917
|
|
$
|
2,846,906
|
*Net of deferred foreign taxes of
|
|
–
|
|
|
52,405
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
|
|
December 31, 2014
|
|
Selected
American Shares
|
|
Selected
International Fund
|
||
Cost of purchases
|
$
|
1,439,127,424
|
|
$
|
58,617,321
|
Proceeds from sales
|
|
2,474,121,225
|
|
|
39,170,786
|
|
Year ended December 31, 2014
|
||||||||||
|
|
Sold
|
|
|
Reinvestment of Distributions
|
|
|
Redeemed*
|
|
|
Net Increase (Decrease)
|
Selected American Shares
|
|
|
|
|
|
|
|
|
|
|
|
Shares: Class S
|
|
1,921,876
|
|
|
7,476,144
|
|
|
(14,089,662)
|
|
|
(4,691,642)
|
Class D
|
|
2,310,563
|
|
|
16,425,353
|
|
|
(12,070,577)
|
|
|
6,665,339
|
Value: Class S
|
$
|
94,419,436
|
|
$
|
339,368,717
|
|
$
|
(684,587,694)
|
|
$
|
(250,799,541)
|
Class D
|
|
114,036,516
|
|
|
742,046,949
|
|
|
(585,851,893)
|
|
|
270,231,572
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected International Fund
|
|
|
|
|
|
|
|
|
|
|
|
Shares: Class S
|
|
146,434
|
|
|
1,389
|
|
|
(115,533)
|
|
|
32,290
|
Class D
|
|
2,698,453
|
|
|
46,146
|
|
|
(569,211)
|
|
|
2,175,388
|
Value: Class S
|
$
|
1,729,398
|
|
$
|
15,568
|
|
$
|
(1,325,955)
|
|
$
|
419,011
|
Class D
|
|
31,793,977
|
|
|
519,604
|
|
|
(6,674,861)
|
|
|
25,638,720
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
|
|
December 31, 2014
|
|
Year ended December 31, 2013
|
||||||||||
|
|
Sold
|
|
|
Reinvestment of Distributions
|
|
|
Redeemed*
|
|
|
Net Decrease
|
Selected American Shares
|
|
|
|
|
|
|
|
|
|
|
|
Shares: Class S
|
|
3,307,513
|
|
|
4,070,050
|
|
|
(13,011,622)
|
|
|
(5,634,059)
|
Class D
|
|
3,323,984
|
|
|
6,984,063
|
|
|
(12,674,529)
|
|
|
(2,366,482)
|
Value: Class S
|
$
|
155,135,970
|
|
$
|
190,035,718
|
|
$
|
(609,916,520)
|
|
$
|
(264,744,832)
|
Class D
|
|
155,326,697
|
|
|
324,741,068
|
|
|
(598,850,415)
|
|
|
(118,782,650)
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected International Fund
|
|
|
|
|
|
|
|
|
|
|
|
Shares: Class S
|
|
18,664
|
|
|
3,608
|
|
|
(168,547)
|
|
|
(146,275)
|
Class D
|
|
115,531
|
|
|
32,047
|
|
|
(414,365)
|
|
|
(266,787)
|
Value: Class S
|
$
|
187,687
|
|
$
|
39,221
|
|
$
|
(1,677,933)
|
|
$
|
(1,451,025)
|
Class D
|
|
1,197,518
|
|
|
349,953
|
|
|
(4,202,307)
|
|
|
(2,654,836)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
American Shares
|
|
Securities valued at
|
$
|
11,781,622
|
Collateral for securities loaned
|
|
12,104,406
|
Fund
|
|
Security
|
|
Acquisition
Date
|
|
Units/
Shares
|
|
Cost per
Unit/
Share
|
|
Valuation per Unit/
Share as of
December 31, 2014
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected American Shares
|
|
ASAC II L.P., Private
Placement
|
|
10/10/13
|
|
69,800,000
|
|
$
|
1.00
|
|
$
|
1.3006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected International Fund
|
|
CAR Inc.
|
|
09/12/14
|
|
2,063,800
|
|
$
|
1.1078
|
|
$
|
1.3059
|
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 Incomea
|
Net Realized and Unrealized Gains (Losses)
|
Total from Investment Operations
|
Selected American Shares Class S:
|
|
|
|
|
Year ended December 31, 2014
|
$50.29
|
$0.24
|
$2.54
|
$2.78
|
Year ended December 31, 2013
|
$41.71
|
$0.23
|
$13.11
|
$13.34
|
Year ended December 31, 2012
|
$39.47
|
$0.54
|
$4.55
|
$5.09
|
Year ended December 31, 2011
|
$41.44
|
$0.34
|
$(2.14)
|
$(1.80)
|
Year ended December 31, 2010
|
$37.28
|
$0.30
|
$4.35
|
$4.65
|
Selected American Shares Class D:
|
|
|
|
|
Year ended December 31, 2014
|
$50.26
|
$0.39
|
$2.56
|
$2.95
|
Year ended December 31, 2013
|
$41.68
|
$0.39
|
$13.11
|
$13.50
|
Year ended December 31, 2012
|
$39.44
|
$0.70
|
$4.54
|
$5.24
|
Year ended December 31, 2011
|
$41.41
|
$0.47
|
$(2.14)
|
$(1.67)
|
Year ended December 31, 2010
|
$37.25
|
$0.43
|
$4.35
|
$4.78
|
Selected International Fund Class S:
|
|
|
|
|
Year ended December 31, 2014
|
$11.21
|
$0.03
|
$(0.10)
|
$(0.07)
|
Year ended December 31, 2013
|
$9.24
|
$0.04
|
$1.97
|
$2.01
|
Year ended December 31, 2012
|
$7.89
|
$0.03
|
$1.41
|
$1.44
|
Year ended December 31, 2011
|
$11.00
|
$0.03
|
$(2.31)
|
$(2.28)
|
Year ended December 31, 2010
|
$9.78
|
$0.09
|
$1.25
|
$1.34
|
Selected International Fund Class D:
|
|
|
|
|
Year ended December 31, 2014
|
$11.27
|
$0.08
|
$(0.11)
|
$(0.03)
|
Year ended December 31, 2013
|
$9.28
|
$0.10
|
$1.99
|
$2.09
|
Year ended December 31, 2012
|
$7.93
|
$0.09
|
$1.41
|
$1.50
|
Year ended December 31, 2011
|
$11.02
|
$0.08
|
$(2.32)
|
$(2.24)
|
Year ended December 31, 2010
|
$9.79
|
$0.14
|
$1.25
|
$1.39
|
a
|
Per share calculations were based on average shares outstanding for the period.
|
|
|
b
|
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.
|
|
|
c
|
The ratios in this column reflect the impact, if any, of the reduction of expenses paid indirectly and of certain reimbursements from the Adviser.
|
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
Returnb
|
Net Assets, End of
Period (in millions)
|
Gross
Expense
Ratio
|
Net Expense Ratioc
|
Net
Investment Income
(Loss) Ratio
|
Portfolio Turnoverd
|
|
|
|
|
|
|
|
|
|
|
|
$(0.23)
|
$(9.68)
|
$–
|
$(9.91)
|
$43.16
|
5.60%
|
$1,571
|
0.94%
|
0.94%
|
0.47%
|
26%
|
$(0.27)
|
$(4.49)
|
$–
|
$(4.76)
|
$50.29
|
33.16%
|
$2,067
|
0.94%
|
0.94%
|
0.49%
|
12%
|
$(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%
|
|
|
|
|
|
|
|
|
|
|
|
$(0.40)
|
$(9.68)
|
$–
|
$(10.08)
|
$43.13
|
5.96%
|
$3,674
|
0.60%
|
0.60%
|
0.81%
|
26%
|
$(0.43)
|
$(4.49)
|
$–
|
$(4.92)
|
$50.26
|
33.62%
|
$3,946
|
0.61%
|
0.61%
|
0.82%
|
12%
|
$(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%
|
|
|
|
|
|
|
|
|
|
|
|
$(0.02)
|
$–
|
$–
|
$(0.02)
|
$11.12
|
(0.66)%e
|
$11
|
1.38%
|
1.30%
|
0.23%
|
49%
|
$(0.04)
|
$–
|
$–
|
$(0.04)
|
$11.21
|
21.78%
|
$11
|
1.44%
|
1.40%
|
0.39%
|
16%
|
$(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%f
|
$(0.12)
|
$–
|
$–
|
$(0.12)
|
$11.00
|
13.73%e
|
$18
|
1.23%
|
1.23%
|
0.92%
|
28%
|
|
|
|
|
|
|
|
|
|
|
|
$(0.07)
|
$–
|
$–
|
$(0.07)
|
$11.17
|
(0.26)%e
|
$89
|
0.83%
|
0.83%
|
0.70%
|
49%
|
$(0.10)
|
$–
|
$–
|
$(0.10)
|
$11.27
|
22.56%
|
$66
|
0.83%
|
0.83%
|
0.96%
|
16%
|
$(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%f
|
$(0.16)
|
$–
|
$–
|
$(0.16)
|
$11.02
|
14.30%e
|
$73
|
0.76%
|
0.76%
|
1.39%
|
28%
|
d
|
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.
|
|
|
e
|
Selected International Fund's performance benefited from IPO purchases in 2010 and 2014, adding approximately 2% to the Fund's total return in each year. After purchase, the IPOs rapidly increased in value. The Adviser purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences. Such performance may not continue in the future.
|
|
|
f
|
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.
|
|
|
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
|
|
$
|
38,757,279
|
|
$
|
547,761
|
Income qualifying for corporate dividends-received deduction
|
|
$
|
38,705,552
|
|
$
|
–
|
|
|
100%
|
|
|
–
|
|
Qualified dividend income
|
|
$
|
38,757,279
|
|
$
|
547,761
|
|
|
100%
|
|
|
100%
|
|
|
Selected
International Fund
|
|
|
|
Foreign taxes paid
|
$
|
124,514
|
|
|
|
Foreign sourced income
|
$
|
1,430,914
|
|
|
|
% 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
|
Retired; Of Counsel to Kirkland & Ellis LLP
(law firm) until July 2009; Executive Vice
President and General Counsel, Verizon (telecommunications company) from 1994
through 2008.
|
3
|
Director, Time Warner, Inc. (media
and entertainment company);
Director, Dominion Resources
(energy company); Trustee, Clipper
Funds Trust (consisting of one
portfolio).
|
|
|
|
|
|
|
Francisco L. Borges
(11/17/51)
|
Director
|
Director
since 2006
|
Chairman and Managing Partner, Landmark
Partners, LLC (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.; Director, Leucadia
National Corporation (holding
company); Trustee, Millbrook
School; Trustee, Clipper Funds Trust (consisting of one portfolio).
|
|
|
|
|
|
|
Lawrence E. Harris
(09/16/56)
|
Director
|
Director
since 2015
|
Fred V. Keenan Chair in Finance of the
Marshall School of Business, University of
Southern California, Los Angeles, CA
|
3
|
Director, Interactive Brokers Group,
Inc.; Trustee, Clipper Funds Trust
(consisting of one portfolio).
|
|
|
|
|
|
|
Steven N. Kearsley
(09/29/41)
|
Director
|
Director
since 2015
|
Private Investor, Real Estate Development;
Owner, Old Peak Tree Farm.
|
3
|
Trustee, Clipper Funds Trust
(consisting of one portfolio).
|
|
|
|
|
|
|
Katherine L. MacWilliams
(01/19/56)
|
Director
|
Director
since 1997
|
Retired; Chief Financial Officer, Caridian BCT,
Inc. (medical device company) 2008-2012.
|
3
|
Trustee, Clipper Funds Trust
(consisting of one portfolio).
|
|
|
|
|
|
|
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); Chairman and
Trustee, Clipper Funds Trust
(consisting of one portfolio).
|
|
|
|
|
|
|
Richard
O'Brien
(09/12/45)
|
Director
|
Director
since 1996
|
Retired; Corporate Economist, Hewlett-Packard
Co.
|
3
|
Trustee, Clipper Funds Trust
(consisting of one portfolio).
|
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); Trustee, Clipper
Funds Trust (consisting of one
portfolio).
|
|
|
|
|
|
|
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); Trustee, Clipper
Funds Trust (consisting of one
portfolio); Director, Graham
Holdings 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
|
|
(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, 2014 and December 31, 2013 were $22,200 and $21,600, 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, 2014 and December 31, 2013 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, 2014 and December 31, 2013 were $7,123 and $6,463, 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, 2014 and December 31, 2013 were $0 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, 2014 and December 31, 2013. 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.
|
1.
|
I have reviewed this report on Form N-CSR of Selected International Fund, Inc.;
|
|
|
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.
|
/s/ Kenneth C. Eich
|
|
Kenneth C. Eich
|
Principal Executive Officer
|
|
Date: February 20, 2015
|
1.
|
I have reviewed this report on Form N-CSR of Selected International Fund, Inc.;
|
|
|
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.
|
/s/ Douglas A. Haines
|
|
Douglas A. Haines
|
Principal Financial Officer
|
|
Date: February 20, 2015
|
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
|
Douglas A. Haines
|
Principal Executive Officer
|
Principal Financial Officer
|
Date: February 20, 2015
|
Date: February 20, 2015
|
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