Fund Performance

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Selected American Shares
As of 6/30/2010

Class S YTD 1
Year		 3
Years		 5
Years		 10
Years		 15
Years		 Since
5/1/93*
(7.38%) 15.45% (10.30%) (0.68%) 0.81% 8.25% 8.72%

Class D YTD 1
Year		 3
Years		 5
Years		 10
Years		 15
Years		 Since
5/3/04**
(7.22%) 15.82% (10.00%) (0.36%) === === 1.37%

* Davis Selected Advisers, LP assumed the portfolio management of Selected Funds in May, 1993
** Share Class "D" created 5/3/04

View Month-End Average Annual Total Returns


Selected Special Shares
As of 6/30/2010
Class S YTD 1
Year		 3
Years		 5
Years		 10
Years		 15
Years		 Since
5/1/93*
(9.41%) 11.61% (12.58%) (2.09%) (0.47%) 5.77% 6.75%

Class D YTD 1
Year		 3
Years		 5
Years		 10
Years		 15
Years		 Since
5/3/04**
(9.19%) 12.15% (12.18%) (1.69%) === === 0.24%

* Davis Selected Advisers, LP assumed the portfolio management of Selected Funds in May, 1993
** Share Class "D" created 5/3/04

View Month-End Average Annual Total Returns
The figures above represent past performance and current performance may be higher or lower. Past performance is not an indication of future performance. The principal value of a fund may fluctuate and an investor's shares, when redeemed, may be worth more or less than their original cost. All total return figures include reinvestment of dividends and capital gains distributions. Total returns for periods of less than one full year for class of shares are cumulative total returns, which are not annualized. As of the most recent prospectus, the expense ratios for Selected American Shares were: Class S, 0.94%; Class D, 0.61%.  For Selected Special Shares, the expense ratios were: Class S, 1.25%; Class D, 0.77%.

Some important risks of an investment in the Funds are: market risk: the market value of shares of common stock can change rapidly and unpredictably; company risk: the market value of a common stock varies with the success or failure of the company issuing the stock; small- and medium-capitalization risk: small and mid-size companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies; financial services risk: investing a significant portion of assets in the financial services sector may cause a fund to be more volatile as securities within the financial services sector are more prone to regulatory action in the financial services industry, more sensitive to interest rate fluctuations, and are the target of increased competition; and foreign country risk: companies operating, incorporated, or principally traded in foreign countries may have more fluctuation as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States. 

Shares of the Selected Funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.














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