0000088808
sasi:C000009551Member
2025-12-31
2026-06-30
0000088808
sasi:C000009552Member
2025-12-31
2026-06-30
0000088808
sasi:Russell1000ValueIndexMember
2025-12-31
2026-06-30
0000088808
us-gaap:StandardPoors500IndexMember
2025-12-31
2026-06-30
0000088808
2025-12-31
2026-06-30
0000088808
sasi:C000009551Member
2021-07-01
2026-06-30
0000088808
sasi:C000009552Member
2021-07-01
2026-06-30
0000088808
sasi:Russell1000ValueIndexMember
2021-07-01
2026-06-30
0000088808
us-gaap:StandardPoors500IndexMember
2021-07-01
2026-06-30
0000088808
sasi:C000009551Member
2025-07-01
2026-06-30
0000088808
sasi:C000009552Member
2025-07-01
2026-06-30
0000088808
sasi:Russell1000ValueIndexMember
2025-07-01
2026-06-30
0000088808
us-gaap:StandardPoors500IndexMember
2025-07-01
2026-06-30
0000088808
sasi:C000009551Member
2016-07-01
2026-06-30
0000088808
sasi:C000009552Member
2016-07-01
2026-06-30
0000088808
sasi:Russell1000ValueIndexMember
2016-07-01
2026-06-30
0000088808
us-gaap:StandardPoors500IndexMember
2016-07-01
2026-06-30
0000088808
sasi:C000009551Member
2026-06-30
0000088808
sasi:C000009551Member
oef:CommunicationsSectorMember
2026-06-30
0000088808
sasi:C000009551Member
oef:ConsumerDiscretionarySectorMember
2026-06-30
0000088808
sasi:C000009551Member
us-gaap:FinancialServicesSectorMember
2026-06-30
0000088808
sasi:C000009551Member
us-gaap:HealthcareSectorMember
2026-06-30
0000088808
sasi:C000009551Member
oef:InformationTechnologySectorMember
2026-06-30
0000088808
sasi:C000009552Member
2026-06-30
0000088808
sasi:C000009552Member
oef:CommunicationsSectorMember
2026-06-30
0000088808
sasi:C000009552Member
oef:ConsumerDiscretionarySectorMember
2026-06-30
0000088808
sasi:C000009552Member
us-gaap:FinancialServicesSectorMember
2026-06-30
0000088808
sasi:C000009552Member
us-gaap:HealthcareSectorMember
2026-06-30
0000088808
sasi:C000009552Member
oef:InformationTechnologySectorMember
2026-06-30
iso4217:USD
pure
sasi:Holding
0000088808
false
N-1A
N-CSRS
SELECTED AMERICAN SHARES INC
2026-06-30
Selected American Shares
Class D
SLADX
This Semi-Annual shareholder report contains important information about the Selected American Shares (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “period”).
Semi-Annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(31, 56, 1); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">selectedfund.com/resources/regulatory-documents</span> or by contacting Investor Services at 1-800-243-1575.
selectedfund.com/resources/regulatory-documents
1-800-243-1575
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(136, 139, 141); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund expenses for the last six months?</div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(31, 56, 1); padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Selected American Shares<br/>(Class D)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>34</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.65<span>%</span><span>*</span></td>
</tr>
</table>
<table style="border-collapse: collapse; break-inside: avoid; width: auto;">
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-style: italic; text-align: left; font-size: 6pt; vertical-align: top; width: 1%; padding: 0 4pt 0 0;">*</td>
<td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-style: italic; text-align: left; margin-bottom: 0px; vertical-align: bottom; font-size: 8pt;">Annualized.</div>
</td>
</tr>
</table>
34
0.0065
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(31, 56, 1); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(31, 56, 1); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class D shares delivered a total return of 10.94%, versus a 10.21% return for the S&P 500. The Fund invests principally in common stocks (including American Depositary Receipts) issued by large companies with market capitalizations of at least $10 billion. The Fund continues to invest a significant portion of its assets in financial services and foreign companies.</div>
</div>
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(31, 56, 1); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">S&P 500</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Strongest performing sectors - Industrials, Information Technology, and Energy (all +20%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Weakest performing sectors - Financials (-1%), Consumer Discretionary (-1%), and Communication Services (+1%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(31, 56, 1); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Information Technology - significantly outperformed the Index sector (+104% vs +20%)</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Samsung Electronics (+160%), Applied Materials (+182%), and Texas Instruments (+74%) - three largest individual contributors</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Health Care - outperformed the Index sector (+21% vs +3%)</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">CVS Health (+33%), Viatris (+30%), and UnitedHealth Group (+28%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Overweight in Energy (average weighting 7% vs 3%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">MGM Resorts (+31%), Alphabet (+14%), U.S. Bancorp (+15%), and Teck Resources (+25%)</div>
</li>
</ul>
</li>
</ul>
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(31, 56, 1); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Financials - underperformed the Index sector (-3% vs -1%) and overweight (average weighting 27% vs 12%)</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Capital One Financial (-17%) - largest individual detractor</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Wells Fargo (-10%), Ping An Insurance (-20%), and Markel Group (-9%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Significantly underweight in Information Technology (average weighting 11% vs 35%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Industrials - underperformed the Index sector (+1% vs +20%) and underweight (average weighting 4% vs 9%)</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">DiDi Global (-37%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Energy - underperformed the Index sector (+6% vs +20%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Communication Services - underperformed the Index sector (-2% vs +1%) and overweight (average weighting 13% vs 10%)</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Meta Platforms (-15%) and Pinterest (-19%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Trip.com Group (-45%), Prosus (-30%), and JBS (-11%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-before: always; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"> </div>
</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: rgb(31, 56, 1); width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Selected American Shares (Class D)</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">26.56<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.26<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.89<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.32<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.40<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.50<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Russell 1000 Value Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">27.12<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.52<span>%</span></td>
</tr>
</table>
Selected American Shares (Class D)
0.2656
0.1126
0.1389
S&P 500 Index
0.2232
0.1340
0.1550
Russell 1000 Value Index
0.2712
0.1117
0.1152
The Fund's past performance is not a good predictor of how the Fund will perform in the future.
The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
For most recent month-end performance information, please call Investor Services at 1-800-243-1575 or visit the Fund's website at www.selectedfund.com.
<div style="font-family: 'times new roman'; color: rgb(31, 56, 1); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Key Fund Statistics</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets as of 06/30/26 (in billions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2.1</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">45</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-width: 1pt; border-bottom-style: solid;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5.6</td>
</tr>
</table>
2100000000
45
0.09
5600000
<div style="font-family: 'times new roman'; color: rgb(31, 56, 1); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Sectors</b> <b> as of </b> <b>06/30/26</b> <b> Net Assets</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.50<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.86<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Discretionary</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.86<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.33<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information Technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.25<span>%</span></td>
</tr>
</table>
0.2550
0.1686
0.1286
0.1233
0.1025
Selected American Shares
Class S
SLASX
This Semi-Annual shareholder report contains important information about the Selected American Shares (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “period”).
Semi-Annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(31, 56, 1); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">selectedfund.com/resources/regulatory-documents</span> or by contacting Investor Services at 1-800-243-1575.
selectedfund.com/resources/regulatory-documents
1-800-243-1575
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(136, 139, 141); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund expenses for the last six months?</div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(31, 56, 1); padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Selected American Shares<br/>(Class S)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>51</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.97<span>%</span><span>*</span></td>
</tr>
</table>
<table style="border-collapse: collapse; break-inside: avoid; width: auto;">
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-style: italic; text-align: left; font-size: 6pt; vertical-align: top; width: 1%; padding: 0 4pt 0 0;">*</td>
<td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-style: italic; text-align: left; margin-bottom: 0px; vertical-align: bottom; font-size: 8pt;">Annualized.</div>
</td>
</tr>
</table>
51
0.0097
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(31, 56, 1); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(31, 56, 1); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class S shares delivered a total return of 10.74%, versus a 10.21% return for the S&P 500. The Fund invests principally in common stocks (including American Depositary Receipts) issued by large companies with market capitalizations of at least $10 billion. The Fund continues to invest a significant portion of its assets in financial services and foreign companies.</div>
</div>
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(31, 56, 1); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">S&P 500</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Strongest performing sectors - Industrials, Information Technology, and Energy (all +20%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Weakest performing sectors - Financials (-1%), Consumer Discretionary (-1%), and Communication Services (+1%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(31, 56, 1); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Information Technology - significantly outperformed the Index sector (+104% vs +20%)</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Samsung Electronics (+160%), Applied Materials (+182%), and Texas Instruments (+74%) - three largest individual contributors</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Health Care - outperformed the Index sector (+21% vs +3%)</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">CVS Health (+33%), Viatris (+30%), and UnitedHealth Group (+28%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Overweight in Energy (average weighting 7% vs 3%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">MGM Resorts (+31%), Alphabet (+14%), U.S. Bancorp (+15%), and Teck Resources (+25%)</div>
</li>
</ul>
</li>
</ul>
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(31, 56, 1); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Financials - underperformed the Index sector (-3% vs -1%) and overweight (average weighting 27% vs 12%)</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Capital One Financial (-17%) - largest individual detractor</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Wells Fargo (-10%), Ping An Insurance (-20%), and Markel Group (-9%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Significantly underweight in Information Technology (average weighting 11% vs 35%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Industrials - underperformed the Index sector (+1% vs +20%) and underweight (average weighting 4% vs 9%)</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">DiDi Global (-37%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Energy - underperformed the Index sector (+6% vs +20%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Communication Services - underperformed the Index sector (-2% vs +1%) and overweight (average weighting 13% vs 10%)</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Meta Platforms (-15%) and Pinterest (-19%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">Trip.com Group (-45%), Prosus (-30%), and JBS (-11%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-before: always; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"> </div>
</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: rgb(31, 56, 1); width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Selected American Shares (Class S)</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">26.15<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.90<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.53<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.32<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.40<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.50<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Russell 1000 Value Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">27.12<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.52<span>%</span></td>
</tr>
</table>
Selected American Shares (Class S)
0.2615
0.1090
0.1353
S&P 500 Index
0.2232
0.1340
0.1550
Russell 1000 Value Index
0.2712
0.1117
0.1152
The Fund's past performance is not a good predictor of how the Fund will perform in the future.
The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
For most recent month-end performance information, please call Investor Services at 1-800-243-1575 or visit the Fund's website at www.selectedfund.com .
<div style="font-family: 'times new roman'; color: rgb(31, 56, 1); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Key Fund Statistics</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets as of 06/30/26 (in billions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2.1</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">45</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-width: 1pt; border-bottom-style: solid;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5.6</td>
</tr>
</table>
2100000000
45
0.09
5600000
<div style="font-family: 'times new roman'; color: rgb(31, 56, 1); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Sectors</b> <b> as of </b> <b>06/30/26</b> <b> Net Assets</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.50<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.86<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Discretionary</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.86<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.33<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(31, 56, 1); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information Technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.25<span>%</span></td>
</tr>
</table>
0.2550
0.1686
0.1286
0.1233
0.1025
Annualized.
Annualized.