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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cohen & Steers Dividend Majors Fund | NYSE:DVM | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.98 | 0.00 | 01:00:00 |
SELECTED FUNDS
|
Table of Contents
|
Shareholder Letter
|
2
|
Management's Discussion of Fund Performance:
|
|
Selected American Shares
|
3
|
Selected International Fund
|
5
|
Fund Overview:
|
|
Selected American Shares
|
7
|
Selected International Fund
|
9
|
Expense Example
|
11
|
Schedule of Investments:
|
|
Selected American Shares
|
13
|
Selected International Fund
|
18
|
Statements of Assets and Liabilities
|
21
|
Statements of Operations
|
23
|
Statements of Changes in Net Assets
|
24
|
Notes to Financial Statements
|
26
|
Financial Highlights
|
33
|
Report of Independent Registered Public Accounting Firm
|
35
|
Federal Income Tax Information
|
36
|
Privacy Notice and Householding
|
37
|
Directors and Officers
|
38
|
SELECTED FUNDS
|
Shareholder Letter
|
|
|
|
James J. McMonagle
|
Christopher C. Davis
|
Danton G. Goei
|
Chairman
|
President & Portfolio Manager
|
Portfolio Manager
|
February 4, 2014
|
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)
|
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
|
21.78%
|
12.86%
|
3.57%
|
N/A
|
1.44%
|
1.40%
|
Class D
|
22.56%
|
13.45%
|
N/A
|
3.93%
|
0.83%
|
0.83%
|
MSCI ACWI
®
ex USA
|
15.29%
|
12.81%
|
7.57%
|
7.67%
|
SELECTED FUNDS
|
Fund Overview
|
SELECTED AMERICAN SHARES, INC.
|
December 31, 2013
|
Portfolio Composition
|
Industry Weightings
|
||||
(% of Fund’s 12/31/13 Net Assets)
|
(% of 12/31/13 Long-Term Portfolio)
|
||||
Fund
|
S&P 500
®
|
||||
Common Stock (U.S.)
|
83.58%
|
Diversified Financials
|
23.25%
|
8.44%
|
|
Common Stock (Foreign)
|
15.36%
|
Information Technology
|
12.68%
|
18.63%
|
|
Corporate Bonds (Foreign)
|
0.03%
|
Food & Staples Retailing
|
9.57%
|
2.34%
|
|
Short-Term Investments
|
1.23%
|
Insurance
|
6.98%
|
3.01%
|
|
Other Assets & Liabilities
|
(0.20%)
|
Energy
|
6.70%
|
10.28%
|
|
100.00%
|
Retailing
|
6.66%
|
4.48%
|
||
Health Care
|
6.62%
|
12.95%
|
|||
Banks
|
5.73%
|
2.85%
|
|||
Materials
|
5.57%
|
3.50%
|
|||
Food, Beverage & Tobacco
|
4.75%
|
5.26%
|
|||
Capital Goods
|
3.04%
|
8.29%
|
|||
Media
|
2.92%
|
3.71%
|
|||
Transportation
|
2.27%
|
1.97%
|
|||
Commercial & Professional Services
|
1.12%
|
0.68%
|
|||
Real Estate
|
0.90%
|
1.88%
|
|||
Automobiles & Components
|
0.77%
|
1.17%
|
|||
Other
|
0.47%
|
10.56%
|
|||
100.00%
|
100.00%
|
American Express Co.
|
Consumer Finance
|
6.73%
|
Google Inc., Class A
|
Software & Services
|
6.00%
|
Wells Fargo & Co.
|
Commercial Banks
|
5.67%
|
CVS Caremark Corp.
|
Food & Staples Retailing
|
5.50%
|
Bank of New York Mellon Corp.
|
Capital Markets
|
5.38%
|
Costco Wholesale Corp.
|
Food & Staples Retailing
|
3.98%
|
Berkshire Hathaway Inc., Class A
|
Diversified Financial Services
|
3.19%
|
Bed Bath & Beyond Inc.
|
Retailing
|
3.15%
|
EOG Resources, Inc.
|
Energy
|
3.07%
|
UnitedHealth Group Inc.
|
Health Care Equipment & Services
|
2.44%
|
SELECTED FUNDS
|
Fund Overview
|
SELECTED AMERICAN SHARES, INC. – (CONTINUED)
|
December 31, 2013
|
Security
|
Industry
|
Date of 1
st
Purchase
|
% of Fund’s
12/31/13
Net Assets
|
ASAC II L.P., Private Placement
|
Software & Services
|
10/10/13
|
1.31%
|
Experian PLC
|
Commercial & Professional Services
|
09/05/13
|
0.22%
|
Lafarge S.A.
|
Materials
|
08/28/13
|
0.57%
|
Liberty Global PLC, Series C
|
Media
|
06/03/13
|
1.68%
|
OCI N.V.
|
Capital Goods
|
07/25/13
|
1.44%
|
Priceline.com Inc.
|
Retailing
|
08/01/13
|
1.10%
|
Qihoo 360 Technology Co. Ltd., Class A, ADR
|
Software & Services
|
12/18/13
|
0.30%
|
Schneider Electric S.A.
|
Capital Goods
|
01/07/13
|
–
|
Textron Inc.
|
Capital Goods
|
07/05/13
|
0.51%
|
Twitter, Inc.
|
Software & Services
|
11/07/13
|
0.30%
|
UnitedHealth Group Inc.
|
Health Care Equipment & Services
|
01/29/13
|
2.44%
|
Wesco Aircraft Holdings, Inc.
|
Transportation
|
08/08/13
|
0.14%
|
Date of
|
Realized
|
|||
Security
|
Industry
|
Final Sale
|
Gain (Loss)
|
|
America Movil S.A.B. de C.V.,
|
||||
Series L, ADR
|
Telecommunication Services
|
09/13/13
|
$
|
(2,030,484)
|
Aon PLC
|
Insurance Brokers
|
05/08/13
|
2,901,957
|
|
BHP Billiton PLC
|
Materials
|
05/15/13
|
12,890,581
|
|
CME Group Inc.
|
Diversified Financial Services
|
07/16/13
|
6,128,327
|
|
Devon Energy Corp.
|
Energy
|
07/02/13
|
26,816,654
|
|
Emerson Electric Co.
|
Capital Goods
|
09/09/13
|
5,502,088
|
|
Everest Re Group, Ltd.
|
Reinsurance
|
07/26/13
|
4,860,825
|
|
Groupon, Inc.
|
Retailing
|
06/20/13
|
(6,582,928)
|
|
Grupo Televisa S.A.B., ADR
|
Media
|
11/25/13
|
4,725,847
|
|
Intel Corp.
|
Semiconductors & Semiconductor
Equipment
|
09/24/13
|
56,983
|
|
International Business Machines Corp.
|
Software & Services
|
09/09/13
|
(268,608)
|
|
Natura Cosmeticos S.A.
|
Household & Personal Products
|
02/25/13
|
4,442,711
|
|
Pfizer Inc.
|
Pharmaceuticals, Biotechnology & Life Sciences
|
01/17/13
|
8,954,019
|
|
Potash Corp. of Saskatchewan Inc.
|
Materials
|
09/10/13
|
(2,308,843)
|
|
Rio Tinto PLC
|
Materials
|
05/22/13
|
4,030,748
|
|
Schneider Electric S.A.
|
Capital Goods
|
09/05/13
|
515,710
|
|
Sino-Forest Corp., Conv. Sr. Notes, 5.00%, 08/01/13
|
Materials
|
01/30/13
|
(13,069,853)
|
|
Sysco Corp.
|
Food & Staples Retailing
|
09/06/13
|
2,010,861
|
|
Tiffany & Co.
|
Retailing
|
07/12/13
|
5,271,665
|
|
Transocean Ltd.
|
Energy
|
09/06/13
|
15,377,818
|
|
Unilever NV, NY Shares
|
Food, Beverage & Tobacco
|
05/15/13
|
5,171,410
|
SELECTED FUNDS
|
Fund Overview
|
SELECTED INTERNATIONAL FUND, INC.
|
December 31, 2013
|
Portfolio Composition
|
Industry Weightings
|
||||
(% of Fund’s 12/31/13 Net Assets)
|
(% of 12/31/13 Stock Holdings)
|
||||
Fund
|
MSCI ACWI
®
ex
USA
|
||||
Common Stock (Foreign)
|
98.56%
|
Food, Beverage & Tobacco
|
15.47%
|
6.55%
|
|
Common Stock (U.S.)
|
0.99%
|
Capital Goods
|
12.11%
|
7.97%
|
|
Short-Term Investments
|
0.32%
|
Health Care
|
11.46%
|
7.84%
|
|
Other Assets & Liabilities
|
0.13%
|
Information Technology
|
10.35%
|
6.66%
|
|
100.00%
|
Retailing
|
9.37%
|
1.44%
|
||
Materials
|
8.47%
|
8.31%
|
|||
Transportation
|
7.26%
|
2.31%
|
|||
Consumer Durables & Apparel
|
6.72%
|
2.00%
|
|||
Diversified Financials
|
3.51%
|
3.23%
|
|||
Real Estate
|
3.30%
|
3.07%
|
|||
Energy
|
3.28%
|
9.37%
|
|||
Commercial & Professional Services
|
2.85%
|
0.90%
|
|||
Media
|
2.39%
|
1.59%
|
|||
Banks
|
2.16%
|
15.34%
|
|||
Food & Staples Retailing
|
1.30%
|
2.14%
|
|||
Telecommunication Services
|
–
|
5.83%
|
|||
Other
|
–
|
15.45%
|
|||
100.00%
|
100.00%
|
Country Diversification
|
Top 10 Long-Term Holdings
|
|||||
(% of 12/31/13 Stock Holdings)
|
(% of Fund’s 12/31/13 Net Assets)
|
|||||
China
|
30.85
|
%
|
Schneider Electric S.A.
|
5.96
|
%
|
|
Switzerland
|
26.68
|
%
|
Compagnie Financiere Richemont S.A., Unit A
|
5.96
|
%
|
|
France
|
10.51
|
%
|
Heineken Holding N.V.
|
5.23
|
%
|
|
United Kingdom
|
8.13
|
%
|
Kuehne & Nagel International AG
|
4.93
|
%
|
|
Netherlands
|
5.99
|
%
|
Vipshop Holdings Ltd., ADS
|
4.86
|
%
|
|
Brazil
|
3.53
|
%
|
Lindt & Spruengli AG - Participation Certificate
|
4.68
|
%
|
|
Hong Kong
|
3.30
|
%
|
Ctrip.com International, Ltd., ADR
|
4.47
|
%
|
|
Italy
|
3.28
|
%
|
Schindler Holding AG - Participation Certificate
|
4.03
|
%
|
|
Mexico
|
2.39
|
%
|
Diageo PLC
|
3.48
|
%
|
|
Belgium
|
1.99
|
%
|
Hang Lung Group Ltd.
|
3.28
|
%
|
|
Germany
|
1.19
|
%
|
||||
Canada
|
1.16
|
%
|
||||
United States
|
1.00
|
%
|
||||
100.00
|
%
|
SELECTED FUNDS
|
Fund Overview
|
SELECTED INTERNATIONAL FUND, INC. – (CONTINUED)
|
December 31, 2013
|
Security
|
Industry
|
Date of 1
st
Purchase
|
% of Fund’s
12/31/13
Net Assets
|
58.com Inc., Class A, ADR
|
Software & Services
|
10/31/13
|
0.17%
|
Diageo PLC
|
Food, Beverage & Tobacco
|
12/20/13
|
3.48%
|
Diagnosticos da America S.A.
|
Health Care Equipment & Services
|
04/09/13
|
1.50%
|
Experian PLC
|
Commercial & Professional Services
|
07/05/13
|
1.85%
|
Lafarge S.A.
|
Materials
|
08/28/13
|
2.09%
|
Qihoo 360 Technology Co. Ltd., Class A, ADR
|
Software & Services
|
12/18/13
|
1.03%
|
SINA Corp.
|
Software & Services
|
04/26/13
|
1.43%
|
SouFun Holdings Ltd., Class A, ADR
|
Software & Services
|
06/20/13
|
2.55%
|
Date of
|
Realized
|
||||
Security
|
Industry
|
Final Sale
|
Gain (Loss)
|
||
America Movil S.A.B. de C.V.,
|
|||||
Series L, ADR
|
Telecommunication Services
|
12/20/13
|
$
|
(555,787)
|
|
Brookfield Asset Management Inc., Class A
|
Capital Markets
|
06/13/13
|
24,471
|
||
Brookfield Property Partners L.P.
|
Real Estate
|
06/13/13
|
(444)
|
||
China CITIC Bank Corp. Ltd. - H
|
Commercial Banks
|
06/21/13
|
(270,366)
|
||
China Merchants Bank Co., Ltd. - H,
|
|||||
Stock Rights
|
Commercial Banks
|
09/11/13
|
52,699
|
||
CNinsure, Inc., ADR
|
Insurance Brokers
|
05/31/13
|
(334,780)
|
||
Fairfax Financial Holdings Ltd.
|
Multi-line Insurance
|
07/17/13
|
11,920
|
SELECTED FUNDS
|
Expense Example
|
SELECTED FUNDS
|
Expense Example
– (Continued)
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
*
|
|
(07/01/13)
|
(12/31/13)
|
(07/01/13-12/31/13)
|
|
Selected American Shares
|
|||
Class S
(annualized expense ratio 0.94%**)
|
|||
Actual
|
$1,000.00
|
$1,166.31
|
$5.13
|
Hypothetical
|
$1,000.00
|
$1,020.47
|
$4.79
|
Class D
(annualized expense ratio 0.60%**)
|
|||
Actual
|
$1,000.00
|
$1,168.26
|
$3.28
|
Hypothetical
|
$1,000.00
|
$1,022.18
|
$3.06
|
Selected International Fund
|
|||
Class S
(annualized expense ratio 1.32%**)
|
|||
Actual
|
$1,000.00
|
$1,207.33
|
$7.34
|
Hypothetical
|
$1,000.00
|
$1,018.55
|
$6.72
|
Class D
(annualized expense ratio 0.80%**)
|
|||
Actual
|
$1,000.00
|
$1,209.92
|
$4.46
|
Hypothetical
|
$1,000.00
|
$1,021.17
|
$4.08
|
SELECTED FUNDS
|
Schedule of Investments
|
SELECTED AMERICAN SHARES, INC.
|
December 31, 2013
|
Shares
|
Value
(Note 1)
|
|||||||||||
COMMON STOCK
– (98.94%)
|
||||||||||||
CONSUMER DISCRETIONARY – (10.70%)
|
||||||||||||
Automobiles & Components – (0.76%)
|
||||||||||||
Harley-Davidson, Inc.
|
661,100
|
$
|
45,774,564
|
|||||||||
Consumer Durables & Apparel – (0.46%)
|
||||||||||||
Compagnie Financiere Richemont S.A., Unit A (Switzerland)
|
142,900
|
14,225,122
|
||||||||||
Hunter Douglas N.V. (Netherlands)
|
295,596
|
13,378,825
|
||||||||||
|
27,603,947
|
|||||||||||
Media – (2.89%)
|
||||||||||||
Liberty Global PLC, Series C *
|
1,198,000
|
101,015,360
|
||||||||||
Walt Disney Co.
|
950,210
|
72,596,044
|
||||||||||
173,611,404
|
||||||||||||
Retailing – (6.59%)
|
||||||||||||
Bed Bath & Beyond Inc. *
|
2,355,490
|
189,122,292
|
||||||||||
CarMax, Inc. *
|
1,018,800
|
47,903,976
|
||||||||||
Liberty Interactive Corp., Series A *
|
1,732,250
|
50,841,538
|
||||||||||
Liberty Ventures, Series A *
|
116,500
|
14,281,735
|
||||||||||
Netflix Inc. *
|
77,000
|
28,346,780
|
||||||||||
Priceline.com Inc. *
|
56,665
|
65,844,163
|
||||||||||
396,340,484
|
||||||||||||
Total Consumer Discretionary
|
643,330,399
|
|||||||||||
CONSUMER STAPLES – (14.18%)
|
||||||||||||
Food & Staples Retailing – (9.48%)
|
||||||||||||
Costco Wholesale Corp.
|
2,008,364
|
238,995,316
|
||||||||||
CVS Caremark Corp.
|
4,619,645
|
330,627,993
|
||||||||||
569,623,309
|
||||||||||||
Food, Beverage & Tobacco – (4.70%)
|
||||||||||||
Coca-Cola Co.
|
1,338,490
|
55,293,022
|
||||||||||
Diageo PLC (United Kingdom)
|
3,256,116
|
107,839,300
|
||||||||||
Heineken Holding N.V. (Netherlands)
|
966,404
|
61,136,201
|
||||||||||
Nestle S.A. (Switzerland)
|
68,600
|
5,021,669
|
||||||||||
Philip Morris International Inc.
|
612,767
|
53,390,389
|
||||||||||
282,680,581
|
||||||||||||
Total Consumer Staples
|
852,303,890
|
|||||||||||
ENERGY – (6.63%)
|
||||||||||||
Canadian Natural Resources Ltd. (Canada)
|
4,223,900
|
142,936,776
|
||||||||||
EOG Resources, Inc.
|
1,099,000
|
184,456,160
|
||||||||||
Occidental Petroleum Corp.
|
319,700
|
30,403,470
|
||||||||||
Schlumberger Ltd.
|
453,380
|
40,854,072
|
||||||||||
Total Energy
|
398,650,478
|
|||||||||||
FINANCIALS – (36.49%)
|
||||||||||||
Banks – (5.67%)
|
||||||||||||
Commercial Banks – (5.67%)
|
||||||||||||
Wells Fargo & Co.
|
7,509,079
|
340,912,187
|
SELECTED FUNDS | Schedule of Investments |
SELECTED AMERICAN SHARES, INC. - (CONTINUED) | December 31, 2013 |
Shares/Units
|
Value
(Note 1)
|
|||||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||
FINANCIALS – (CONTINUED)
|
||||||||||||
Diversified Financials – (23.02%)
|
||||||||||||
Capital Markets – (11.16%)
|
||||||||||||
Ameriprise Financial, Inc.
|
438,907
|
$
|
50,496,250
|
|||||||||
Bank of New York Mellon Corp.
|
9,250,800
|
323,222,952
|
||||||||||
Brookfield Asset Management Inc., Class A (Canada)
|
1,779,350
|
69,092,160
|
||||||||||
Charles Schwab Corp.
|
2,404,000
|
62,504,000
|
||||||||||
Goldman Sachs Group, Inc.
|
144,500
|
25,614,070
|
||||||||||
Julius Baer Group Ltd. (Switzerland)
|
2,912,738
|
139,881,953
|
||||||||||
670,811,385
|
||||||||||||
Consumer Finance – (6.73%)
|
||||||||||||
American Express Co.
|
4,460,870
|
404,734,735
|
||||||||||
Diversified Financial Services – (5.13%)
|
||||||||||||
Berkshire Hathaway Inc., Class A *
|
1,079
|
191,954,100
|
||||||||||
JPMorgan Chase & Co.
|
885,770
|
51,799,830
|
||||||||||
Visa Inc., Class A
|
289,500
|
64,465,860
|
||||||||||
308,219,790
|
||||||||||||
1,383,765,910
|
||||||||||||
Insurance – (6.91%)
|
||||||||||||
Multi-line Insurance – (2.53%)
|
||||||||||||
Fairfax Financial Holdings Ltd. (Canada)
|
66,650
|
26,636,673
|
||||||||||
Fairfax Financial Holdings Ltd., 144A (Canada)(a)
|
31,520
|
12,584,558
|
||||||||||
Loews Corp.
|
2,334,390
|
112,610,974
|
||||||||||
151,832,205
|
||||||||||||
Property & Casualty Insurance – (3.14%)
|
||||||||||||
ACE Ltd.
|
494,400
|
51,185,232
|
||||||||||
Markel Corp. *
|
21,700
|
12,593,595
|
||||||||||
Progressive Corp.
|
4,592,350
|
125,233,384
|
||||||||||
189,012,211
|
||||||||||||
Reinsurance – (1.24%)
|
||||||||||||
Alleghany Corp. *
|
186,340
|
74,528,546
|
||||||||||
415,372,962
|
||||||||||||
Real Estate – (0.89%)
|
||||||||||||
Brookfield Property Partners L.P.
|
102,134
|
2,036,552
|
||||||||||
Hang Lung Group Ltd. (Hong Kong)
|
10,172,000
|
51,553,280
|
||||||||||
53,589,832
|
||||||||||||
Total Financials
|
2,193,640,891
|
SELECTED FUNDS | Schedule of Investments |
SELECTED AMERICAN SHARES, INC. - (CONTINUED) | December 31, 2013 |
Shares/Units
|
Value
(Note 1)
|
||||||||||
COMMON STOCK – (CONTINUED)
|
|||||||||||
HEALTH CARE – (6.55%)
|
|||||||||||
Health Care Equipment & Services – (6.05%)
|
|||||||||||
Express Scripts Holding Co. *
|
1,538,000
|
$
|
108,013,740
|
||||||||
Laboratory Corp. of America Holdings *
|
1,195,610
|
109,242,886
|
|||||||||
UnitedHealth Group Inc.
|
1,944,510
|
146,421,603
|
|||||||||
363,678,229
|
|||||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (0.50%)
|
|||||||||||
Agilent Technologies, Inc.
|
529,540
|
30,284,392
|
|||||||||
Total Health Care
|
393,962,621
|
||||||||||
INDUSTRIALS – (6.36%)
|
|||||||||||
Capital Goods – (3.01%)
|
|||||||||||
OCI N.V. (Netherlands)*
|
1,926,430
|
86,753,922
|
|||||||||
PACCAR Inc.
|
1,074,500
|
63,567,420
|
|||||||||
Textron Inc.
|
832,810
|
30,614,095
|
|||||||||
|
180,935,437
|
||||||||||
Commercial & Professional Services – (1.10%)
|
|||||||||||
Experian PLC (United Kingdom)
|
717,900
|
13,243,304
|
|||||||||
Iron Mountain Inc.
|
1,752,311
|
53,182,639
|
|||||||||
66,425,943
|
|||||||||||
Transportation – (2.25%)
|
|||||||||||
China Merchants Holdings International Co., Ltd. (China)
|
15,192,235
|
55,445,398
|
|||||||||
Kuehne & Nagel International AG (Switzerland)
|
543,469
|
71,341,539
|
|||||||||
Wesco Aircraft Holdings, Inc. *
|
383,940
|
8,415,965
|
|||||||||
135,202,902
|
|||||||||||
Total Industrials
|
382,564,282
|
||||||||||
INFORMATION TECHNOLOGY – (12.55%)
|
|||||||||||
Semiconductors & Semiconductor Equipment – (1.96%)
|
|||||||||||
Texas Instruments Inc.
|
2,685,790
|
117,906,181
|
|||||||||
Software & Services – (10.22%)
|
|||||||||||
Activision Blizzard, Inc.
|
2,463,000
|
43,890,660
|
|||||||||
ASAC II L.P., Private Placement *(b)
|
69,800,000
|
78,713,460
|
|||||||||
Google Inc., Class A *
|
321,970
|
360,593,521
|
|||||||||
Microsoft Corp.
|
1,356,000
|
50,741,520
|
|||||||||
Oracle Corp.
|
1,164,840
|
44,566,778
|
|||||||||
Qihoo 360 Technology Co. Ltd., Class A, ADR (China)*
|
219,800
|
18,034,590
|
|||||||||
Twitter, Inc. *
|
284,630
|
18,116,700
|
|||||||||
614,657,229
|
|||||||||||
Technology Hardware & Equipment – (0.37%)
|
|||||||||||
Hewlett-Packard Co.
|
790,280
|
22,112,035
|
|||||||||
Total Information Technology
|
754,675,445
|
SELECTED FUNDS | Schedule of Investments |
SELECTED AMERICAN SHARES, INC. - (CONTINUED) | December 31, 2013 |
Shares/Principal
|
Value
(Note 1)
|
|||||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||
MATERIALS – (5.48%)
|
||||||||||||
Air Products and Chemicals, Inc.
|
1,128,400
|
$
|
126,132,552
|
|||||||||
Ecolab Inc.
|
696,100
|
72,582,347
|
||||||||||
Emerald Plantation Holdings Ltd. (China)*
|
2,338,784
|
350,818
|
||||||||||
Lafarge S.A. (France)
|
456,000
|
34,170,061
|
||||||||||
Martin Marietta Materials, Inc.
|
122,620
|
12,254,643
|
||||||||||
Monsanto Co.
|
453,810
|
52,891,555
|
||||||||||
Praxair, Inc.
|
240,200
|
31,233,206
|
||||||||||
Total Materials
|
329,615,182
|
|||||||||||
TOTAL COMMON STOCK – (Identified cost $2,810,136,964)
|
5,948,743,188
|
|||||||||||
CORPORATE BONDS
– (0.03%)
|
||||||||||||
MATERIALS – (0.03%)
|
||||||||||||
Emerald Plantation Holdings Ltd., Sr. Notes, 6.00%/8.00%, 01/30/20 (China)(c)
|
$
|
2,613,257
|
1,803,147
|
|||||||||
TOTAL CORPORATE BONDS – (Identified cost $1,761,419)
|
1,803,147
|
|||||||||||
SHORT-TERM INVESTMENTS – (1.23%)
|
||||||||||||
CERTIFICATES OF DEPOSIT – (0.41%)
|
||||||||||||
Toronto-Dominion, 0.135%, 01/15/14
|
25,000,000
|
25,000,000
|
||||||||||
Total Certificates of Deposit
|
25,000,000
|
|||||||||||
COMMERCIAL PAPER – (0.33%)
|
||||||||||||
Working Capital Management Co., 0.14%, 01/03/14
|
14,000,000
|
13,999,891
|
||||||||||
Working Capital Management Co., 0.13%, 01/08/14
|
6,000,000
|
5,999,849
|
||||||||||
Total Commercial Paper
|
19,999,740
|
|||||||||||
REPURCHASE AGREEMENTS – (0.49%)
|
||||||||||||
Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.01%,
01/02/14, dated 12/31/13, repurchase value of $11,466,006
(collateralized by: U.S. Government agency obligations in a pooled cash
account, 0.00%-2.25%, 05/29/14-05/31/14, total market value
$11,695,320)
|
11,466,000
|
11,466,000
|
||||||||||
Nomura Securities International, Inc. Joint Repurchase Agreement,
0.02%, 01/02/14, dated 12/31/13, repurchase value of $17,855,020
(collateralized by: U.S. Government agency mortgages in a pooled cash
account, 3.00%-3.50%, 09/01/28-08/01/43, total market value
$18,212,100)
|
17,855,000
|
17,855,000
|
||||||||||
Total Repurchase Agreements
|
29,321,000
|
|||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $74,320,740)
|
74,320,740
|
|||||||||||
Total Investments – (100.20%) – (Identified cost $2,886,219,123) – (d)
|
6,024,867,075
|
|||||||||||
Liabilities Less Other Assets – (0.20%)
|
(12,165,720)
|
|||||||||||
Net Assets – (100.00%)
|
$
|
6,012,701,355
|
ADR: American Depositary Receipt
|
||
*
|
Non-Income producing security.
|
SELECTED FUNDS | Schedule of Investments |
SELECTED AMERICAN SHARES, INC. - (CONTINUED) | December 31, 2013 |
(a)
|
This security is subject to Rule 144A. The Board of Directors of the Fund has determined that there is sufficient liquidity in this security to realize current valuations. This security amounted to $12,584,558 or 0.21% of the Fund's net assets as of December 31, 2013.
|
|
(b)
|
Restricted Security – See Note 7 of the Notes to Financial Statements.
|
|
(c)
|
Represents a PIK Toggle Note: PIK (Pay-In-Kind) toggle notes pay interest in cash at one rate or, at the company's option, pay interest in additional PIK toggle notes. The interest paid in additional notes is set at a higher rate than the cash interest rate.
|
|
(d)
|
Aggregate cost for federal income tax purposes is $2,886,219,123. At December 31, 2013 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
|
Unrealized appreciation
|
$
|
3,141,526,931
|
|||
Unrealized depreciation
|
(2,878,979)
|
||||
Net unrealized appreciation
|
$
|
3,138,647,952
|
See Notes to Financial Statements
|
SELECTED FUNDS
|
Schedule of Investments
|
SELECTED INTERNATIONAL FUND, INC.
|
December 31, 2013
|
Shares
|
Value
(Note 1)
|
|||||||||||
COMMON STOCK
– (99.55%)
|
||||||||||||
CONSUMER DISCRETIONARY – (18.40%)
|
||||||||||||
Consumer Durables & Apparel – (6.69%)
|
||||||||||||
Compagnie Financiere Richemont S.A., Unit A (Switzerland)
|
45,780
|
$
|
4,557,215
|
|||||||||
Hunter Douglas N.V. (Netherlands)
|
12,412
|
561,774
|
||||||||||
5,118,989
|
||||||||||||
Media – (2.38%)
|
||||||||||||
Grupo Televisa S.A.B., ADR (Mexico)
|
60,300
|
1,824,678
|
||||||||||
Retailing – (9.33%)
|
||||||||||||
Ctrip.com International, Ltd., ADR (China)*
|
68,880
|
3,417,826
|
||||||||||
Vipshop Holdings Ltd., ADS (China)*
|
44,430
|
3,717,902
|
||||||||||
7,135,728
|
||||||||||||
Total Consumer Discretionary
|
14,079,395
|
|||||||||||
CONSUMER STAPLES – (16.70%)
|
||||||||||||
Food & Staples Retailing – (1.30%)
|
||||||||||||
Brasil Pharma S.A. (Brazil)*
|
346,780
|
993,635
|
||||||||||
Food, Beverage & Tobacco – (15.40%)
|
||||||||||||
Diageo PLC (United Kingdom)
|
80,500
|
2,666,079
|
||||||||||
Heineken Holding N.V. (Netherlands)
|
63,235
|
4,000,343
|
||||||||||
Lindt & Spruengli AG - Participation Certificate (Switzerland)
|
795
|
3,583,538
|
||||||||||
Nestle S.A. (Switzerland)
|
20,990
|
1,536,514
|
||||||||||
11,786,474
|
||||||||||||
Total Consumer Staples
|
12,780,109
|
|||||||||||
ENERGY – (3.26%)
|
||||||||||||
Tenaris S.A., ADR (Italy)
|
57,150
|
2,496,884
|
||||||||||
Total Energy
|
2,496,884
|
|||||||||||
FINANCIALS – (8.92%)
|
||||||||||||
Banks – (2.15%)
|
||||||||||||
Commercial Banks – (2.15%)
|
||||||||||||
China Merchants Bank Co., Ltd. - H (China)
|
771,670
|
1,643,990
|
||||||||||
Diversified Financials – (3.49%)
|
||||||||||||
Capital Markets – (1.09%)
|
||||||||||||
CETIP S.A. - Mercados Organizados (Brazil)
|
53,590
|
549,699
|
||||||||||
RHJ International (Belgium)*
|
56,050
|
284,529
|
||||||||||
834,228
|
||||||||||||
Diversified Financial Services – (2.40%)
|
||||||||||||
Groupe Bruxelles Lambert S.A. (Belgium)
|
13,390
|
1,229,208
|
||||||||||
Pargesa Holding S.A., Bearer Shares (Switzerland)
|
7,530
|
606,924
|
||||||||||
1,836,132
|
||||||||||||
2,670,360
|
||||||||||||
Real Estate – (3.28%)
|
||||||||||||
Hang Lung Group Ltd. (Hong Kong)
|
496,090
|
2,514,261
|
||||||||||
Total Financials
|
6,828,611
|
|||||||||||
HEALTH CARE – (11.41%)
|
||||||||||||
Health Care Equipment & Services – (6.87%)
|
||||||||||||
Diagnosticos da America S.A. (Brazil)
|
185,400
|
1,144,187
|
||||||||||
Essilor International S.A. (France)
|
17,370
|
1,846,675
|
||||||||||
Shandong Weigao Group Medical Polymer Co. Ltd. - H (China)
|
422,300
|
569,653
|
||||||||||
Sinopharm Group Co. - H (China)
|
591,390
|
1,693,107
|
||||||||||
5,253,622
|
SELECTED FUNDS
|
Schedule of Investments
|
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)
|
December 31, 2013
|
Shares
|
Value
(Note 1)
|
|||||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||
HEALTH CARE – (CONTINUED)
|
||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (4.54%)
|
||||||||||||
Roche Holding AG - Genusschein (Switzerland)
|
8,980
|
$
|
2,508,621
|
|||||||||
Sinovac Biotech Ltd. (China)*
|
158,390
|
969,347
|
||||||||||
3,477,968
|
||||||||||||
Total Health Care
|
8,731,590
|
|||||||||||
INDUSTRIALS – (22.12%)
|
||||||||||||
Capital Goods – (12.05%)
|
||||||||||||
ABB Ltd., ADR (Switzerland)
|
25,580
|
679,405
|
||||||||||
Brenntag AG (Germany)
|
4,880
|
904,632
|
||||||||||
Schindler Holding AG - Participation Certificate (Switzerland)
|
20,940
|
3,082,139
|
||||||||||
Schneider Electric S.A. (France)
|
52,270
|
4,558,955
|
||||||||||
9,225,131
|
||||||||||||
Commercial & Professional Services – (2.84%)
|
||||||||||||
Experian PLC (United Kingdom)
|
76,600
|
1,413,062
|
||||||||||
Nielsen Holdings N.V.
|
16,570
|
760,397
|
||||||||||
|
2,173,459
|
|||||||||||
Transportation – (7.23%)
|
||||||||||||
China Merchants Holdings International Co., Ltd. (China)
|
481,811
|
1,758,411
|
||||||||||
Kuehne & Nagel International AG (Switzerland)
|
28,750
|
3,774,032
|
||||||||||
5,532,443
|
||||||||||||
Total Industrials
|
16,931,033
|
|||||||||||
INFORMATION TECHNOLOGY – (10.31%)
|
||||||||||||
Software & Services – (10.31%)
|
||||||||||||
58.com Inc., Class A, ADR (China)*
|
3,360
|
128,822
|
||||||||||
NetEase, Inc., ADR (China)
|
31,190
|
2,451,534
|
||||||||||
Qihoo 360 Technology Co. Ltd., Class A, ADR (China)*
|
9,600
|
787,680
|
||||||||||
SINA Corp. (China)*
|
13,000
|
1,094,990
|
||||||||||
SouFun Holdings Ltd., Class A, ADR (China)
|
23,700
|
1,953,117
|
||||||||||
Youku Tudou Inc., ADR (China)*
|
48,500
|
1,469,550
|
||||||||||
7,885,693
|
||||||||||||
Total Information Technology
|
7,885,693
|
|||||||||||
MATERIALS – (8.43%)
|
||||||||||||
BHP Billiton PLC (United Kingdom)
|
33,760
|
1,044,862
|
||||||||||
Greatview Aseptic Packaging Co., Ltd. (China)
|
3,129,460
|
1,848,384
|
||||||||||
Lafarge S.A. (France)
|
21,350
|
1,599,848
|
||||||||||
Potash Corp. of Saskatchewan Inc. (Canada)
|
26,940
|
887,943
|
||||||||||
Rio Tinto PLC (United Kingdom)
|
19,000
|
1,072,733
|
||||||||||
Total Materials
|
6,453,770
|
|||||||||||
TOTAL COMMON STOCK – (Identified cost $61,845,441)
|
76,187,085
|
SELECTED FUNDS
|
Schedule of Investments
|
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)
|
December 31, 2013
|
Principal
|
Value
(Note 1)
|
|||||||||
SHORT-TERM INVESTMENTS
– (0.32%)
|
||||||||||
Mizuho Securities USA Inc. Joint Repurchase Agreement, 0.01%,
01/02/14, dated 12/31/13, repurchase value of $95,000 (collateralized
by: U.S. Government agency obligations in a pooled cash account,
0.00%-2.25%, 05/29/14-05/31/14, total market value $96,900)
|
$
|
95,000
|
$
|
95,000
|
||||||
Nomura Securities International, Inc. Joint Repurchase Agreement,
0.02%, 01/02/14, dated 12/31/13, repurchase value of $147,000
(collateralized by: U.S. Government agency mortgage in a pooled cash
account, 3.50%, 08/15/43, total market value $149,940)
|
147,000
|
147,000
|
||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $242,000)
|
242,000
|
|||||||||
Total Investments – (99.87%) – (Identified cost $62,087,441) – (a)
|
76,429,085
|
|||||||||
Other Assets Less Liabilities – (0.13%)
|
97,851
|
|||||||||
Net Assets – (100.00%)
|
$
|
76,526,936
|
ADR: American Depositary Receipt
|
||
ADS: American Depositary Share
|
||
*
|
Non-Income producing security.
|
|
(a)
|
Aggregate cost for federal income tax purposes is $63,274,811. At December 31, 2013 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
|
Unrealized appreciation
|
$
|
17,539,905
|
|||
Unrealized depreciation
|
(4,385,631)
|
||||
Net unrealized appreciation
|
$
|
13,154,274
|
See Notes to Financial Statements
|
SELECTED FUNDS
|
Statements of Assets and Liabilities
|
At December 31, 2013
|
Selected
American Shares
|
Selected
International Fund
|
||||||||
ASSETS:
|
|||||||||
Investments in securities at value* (see accompanying Schedules of
Investments)
|
$
|
6,024,867,075
|
$
|
76,429,085
|
|||||
Cash
|
105,593
|
1,976
|
|||||||
Receivables:
|
|||||||||
Capital stock sold
|
3,607,128
|
26,918
|
|||||||
Dividends and interest
|
6,039,380
|
193,141
|
|||||||
Investment securities sold
|
341,128
|
–
|
|||||||
Prepaid expenses
|
177,763
|
3,187
|
|||||||
Due from Adviser
|
–
|
1,873
|
|||||||
Total assets
|
6,035,138,067
|
76,656,180
|
|||||||
LIABILITIES:
|
|||||||||
Payables:
|
|||||||||
Capital stock redeemed
|
18,198,928
|
46,930
|
|||||||
Investment securities purchased
|
102,247
|
–
|
|||||||
Accrued audit fees
|
18,900
|
6,800
|
|||||||
Accrued custodian fees
|
125,170
|
9,200
|
|||||||
Accrued distribution service fees
|
462,332
|
2,794
|
|||||||
Accrued investment advisory fees
|
2,919,606
|
37,649
|
|||||||
Accrued transfer agent fees
|
574,086
|
19,373
|
|||||||
Other accrued expenses
|
35,443
|
6,498
|
|||||||
Total liabilities
|
22,436,712
|
129,244
|
|||||||
NET ASSETS
|
$
|
6,012,701,355
|
$
|
76,526,936
|
|||||
NET ASSETS CONSIST OF:
|
|||||||||
Par value of shares of capital stock
|
$
|
149,519,135
|
$
|
1,698,805
|
|||||
Additional paid-in capital
|
2,659,999,890
|
69,930,017
|
|||||||
Overdistributed net investment income
|
(1,571,878)
|
(747,596)
|
|||||||
Accumulated net realized gains (losses) from investments
|
65,989,325
|
(8,702,975)
|
|||||||
Net unrealized appreciation on investments and foreign currency transactions
|
3,138,764,883
|
14,348,685
|
|||||||
Net Assets
|
$
|
6,012,701,355
|
$
|
76,526,936
|
|||||
*Including:
|
|||||||||
Cost of investments
|
$
|
2,886,219,123
|
$
|
62,087,441
|
SELECTED FUNDS
|
Statements of Assets and Liabilities – (Continued)
|
At December 31, 2013
|
Selected
American Shares
|
Selected
International Fund
|
|||||
CLASS S SHARES:
|
||||||
Net assets
|
$
|
2,066,714,254
|
$
|
10,930,064
|
||
Shares outstanding
|
41,096,922
|
974,735
|
||||
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
$
|
50.29
|
$
|
11.21
|
||
CLASS D SHARES:
|
||||||
Net assets
|
$
|
3,945,987,101
|
$
|
65,596,872
|
||
Shares outstanding
|
78,518,386
|
5,820,484
|
||||
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
$
|
50.26
|
$
|
11.27
|
See Notes to Financial Statements
|
SELECTED FUNDS
|
Statements of Operations
|
For the year ended December 31, 2013
|
SELECTED FUNDS
|
Statements of Changes in Net Assets
|
For the year ended December 31, 2013
|
SELECTED FUNDS
|
Statements of Changes in Net Assets
|
For the year ended December 31, 2012
|
SELECTED FUNDS
|
Notes to Financial Statements
|
December 31, 2013
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
|
December 31, 2013
|
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
|
$
|
643,330,399
|
$
|
14,079,395
|
|
Consumer Staples
|
852,303,890
|
12,780,109
|
|||
Energy
|
398,650,478
|
2,496,884
|
|||
Financials
|
2,193,640,891
|
6,828,611
|
|||
Health Care
|
393,962,621
|
8,731,590
|
|||
Industrials
|
382,564,282
|
16,931,033
|
|||
Information Technology
|
675,961,985
|
7,885,693
|
|||
Materials
|
329,264,364
|
6,453,770
|
|||
Total Level 1
|
5,869,678,910
|
76,187,085
|
|||
Level 2 – Other Significant Observable Inputs:
|
|||||
Equity securities
:
|
|||||
Materials
|
350,818
|
–
|
|||
Corporate debt securities
|
1,803,147
|
–
|
|||
Short-term securities
|
74,320,740
|
242,000
|
|||
Total Level 2
|
76,474,705
|
242,000
|
|||
Level 3 – Significant Unobservable Inputs:
|
|||||
Equity securities
:
|
|||||
Information Technology
|
78,713,460
|
–
|
|||
Total Level 3
|
78,713,460
|
–
|
|||
Total Investments
|
$
|
6,024,867,075
|
$
|
76,429,085
|
|
Level 2 to Level 1 Transfers
*
:
|
|||||
Consumer Discretionary
|
$
|
27,603,947
|
$
|
5,118,989
|
|
Consumer Staples
|
173,997,170
|
9,120,395
|
|||
Financials
|
191,435,233
|
6,278,912
|
|||
Health Care
|
–
|
6,618,056
|
|||
Industrials
|
126,786,937
|
14,078,169
|
|||
Materials
|
–
|
3,965,979
|
|||
Total
|
$
|
519,823,287
|
$
|
45,180,500
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
|
December 31, 2013
|
Selected
American Shares
|
|||
Investment Securities:
|
|||
Beginning balance
|
$
|
–
|
|
Cost of purchases
|
69,800,000
|
||
Increase in unrealized appreciation
|
8,913,460
|
||
Ending balance
|
$
|
78,713,460
|
|
Increase in unrealized appreciation during the period on Level 3 securities
still held at December 31, 2013
and included in the change in net assets for
the period
|
$
|
8,913,460
|
Fair Value at
|
Valuation
|
Unobservable
|
||||||||
Investments at Value
|
December 31, 2013
|
Technique
|
Input
|
Amount
|
||||||
Equity securities
|
$
|
78,713,460
|
Liquidation proceeds/waterfall methodology based on
underlying investment value,
then applying liquidity discount
|
Discount rate
|
15%
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
|
December 31, 2013
|
Capital Loss Carryforwards
(No expiration)
|
||
Short-term
|
$
|
469,000
|
Long-term
|
7,992,000
|
|
Total
|
$
|
8,461,000
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
|
December 31, 2013
|
Ordinary
Income
|
Long-Term
Capital Gain
|
Return of
Capital
|
Total
|
||||||||
Selected American Shares
|
|||||||||||
2013
|
$
|
69,039,167
|
$
|
498,739,658
|
$
|
–
|
$
|
567,778,825
|
|||
2012
|
93,691,338
|
271,613,791
|
–
|
365,305,129
|
|||||||
Selected International Fund
|
|||||||||||
2013
|
614,492
|
–
|
–
|
614,492
|
|||||||
2012
|
992,114
|
–
|
–
|
992,114
|
Selected
American Shares
|
Selected
International Fund
|
||||
Undistributed net investment income
|
$
|
1,131,175
|
$
|
227,705
|
|
Undistributed long-term capital gain
|
65,606,154
|
–
|
|||
Accumulated net realized losses from investments and
foreign currency transactions
|
–
|
(8,460,794)
|
|||
Net unrealized appreciation on investments
|
3,138,764,883
|
13,161,315
|
|||
Total
|
$
|
3,205,502,212
|
$
|
4,928,226
|
Selected
American Shares
|
Selected
International Fund
|
||||
Cost of purchases
|
$
|
643,318,773
|
$
|
10,933,418
|
|
Proceeds from sales
|
1,427,211,811
|
14,807,490
|
SELECTED FUNDS
|
Notes to Financial Statements – (Continued)
|
December 31, 2013
|
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 FUNDS
|
Notes to Financial Statements – (Continued)
|
December 31, 2013
|
Year ended December 31, 2012 | |||||||||||
Sold
|
Reinvestment of Distributions
|
Redeemed
*
|
Net Decrease
|
||||||||
Selected American Shares
|
|||||||||||
Shares: Class S
|
3,666,000
|
2,928,292
|
(20,276,718)
|
(13,682,426)
|
|||||||
Class D
|
4,033,182
|
4,143,093
|
(16,458,149)
|
(8,281,874)
|
|||||||
Value: Class S
|
$
|
156,515,581
|
$
|
123,691,051
|
$
|
(866,738,473)
|
$
|
(586,531,841)
|
|||
Class D
|
173,137,874
|
174,879,975
|
(700,864,905)
|
(352,847,056)
|
|||||||
Selected International Fund
|
|||||||||||
Shares: Class S
|
22,816
|
11,007
|
(253,777)
|
(219,954)
|
|||||||
Class D
|
52,742
|
60,795
|
(464,549)
|
(351,012)
|
|||||||
Value: Class S
|
$
|
196,905
|
$
|
100,486
|
$
|
(2,174,411)
|
$
|
(1,877,020)
|
|||
Class D
|
459,981
|
557,532
|
(4,003,547)
|
(2,986,034)
|
|||||||
Fund
|
Security
|
Acquisition
Date
|
Units
|
Cost per
Unit
|
Valuation per Unit as
of December 31, 2013
|
|||||||
Selected
American
Shares
|
ASAC II L.P., Private Placement
|
10/10/13
|
69,800,000
|
$
|
1.00
|
$
|
1.1277
|
SELECTED FUNDS
|
The following financial information represents selected data for each share of capital stock outstanding throughout each period:
|
Income (Loss) from Investment Operations
|
||||
Net Asset Value, Beginning of
Period
|
Net Investment Income (Loss)
a
|
Net Realized and Unrealized Gains (Losses)
|
Total from Investment Operations
|
|
Selected American Shares Class S:
|
||||
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
|
Year ended December 31, 2009
|
$28.54
|
$0.27
|
$8.76
|
$9.03
|
Selected American Shares Class D:
|
||||
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
|
Year ended December 31, 2009
|
$28.50
|
$0.36
|
$8.77
|
$9.13
|
Selected International Fund Class S:
|
||||
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
|
Year ended December 31, 2009
|
$6.80
|
$0.03
|
$2.98
|
$3.01
|
Selected International Fund Class D:
|
||||
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
|
Year ended December 31, 2009
|
$6.81
|
$0.07
|
$2.98
|
$3.05
|
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.
|
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.
|
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
Return
b
|
Net Assets,
End of Period (in millions)
|
Gross
Expense
Ratio
|
Net Expense Ratio
c
|
Net
Investment Income
(Loss) Ratio
|
Portfolio Turnover
d
|
$(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%
|
$(0.29)
|
$–
|
$–
|
$(0.29)
|
$37.28
|
31.64%
|
$4,742
|
0.94%
|
0.94%
|
0.86%
|
11%
|
$(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%
|
$(0.38)
|
$–
|
$–
|
$(0.38)
|
$37.25
|
32.06%
|
$3,654
|
0.61%
|
0.61%
|
1.19%
|
11%
|
$(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%
e
|
$(0.12)
|
$–
|
$–
|
$(0.12)
|
$11.00
|
13.73%
f
|
$18
|
1.23%
|
1.23%
|
0.92%
|
28%
|
$(0.03)
|
$–
|
$–
|
$(0.03)
|
$9.78
|
44.21%
|
$19
|
1.32%
|
1.32%
|
0.38%
|
24%
|
$(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%
e
|
$(0.16)
|
$–
|
$–
|
$(0.16)
|
$11.02
|
14.30
%
f
|
$73
|
0.76%
|
0.76%
|
1.39%
|
28%
|
$(0.07)
|
$–
|
$–
|
$(0.07)
|
$9.79
|
44.72%
|
$67
|
0.84%
|
0.84%
|
0.86%
|
24%
|
e
|
As a result of the change in investment strategy on May 1, 2011, from investing primarily in domestic equity securities to investing primarily in foreign equity securities, portfolio turnover was unusually high.
|
f
|
Selected International Fund made a favorable investment in an initial public offering (IPO), which had a material impact on the investment performance, adding approximately 2% to the Fund's total return in 2010. The IPO was purchased with the intent to benefit from long-term growth of the underlying company and the rapid appreciation was an unusual occurrence. Such performance may not continue in the future.
|
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
|
$
|
69,039,167
|
$
|
614,492
|
||
Income qualifying for corporate dividends-received deduction
|
$
|
65,012,845
|
$
|
–
|
||
94%
|
–
|
|||||
Qualified dividend income
|
$
|
69,039,167
|
$
|
583,767
|
||
100%
|
95%
|
Selected
International Fund
|
||
Foreign taxes paid
|
$
|
107,980
|
Foreign sourced income
|
$
|
1,390,712
|
% of income dividend derived from foreign sourced income
|
100%
|
SELECTED FUNDS
|
Privacy Notice and Householding
|
SELECTED FUNDS
|
Directors and Officers
|
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.
|
15
|
Director, Davis Funds
(consisting of 13
portfolios).
|
Christopher C.
Davis
(07/13/65)
|
Director
|
Director
since 1998
|
President or Vice President of each Selected
Fund, Davis Fund, and Clipper Fund;
Chairman, Davis Selected Advisers, L.P.,
and also serves as an executive officer of
certain companies affiliated with the
Adviser, including sole member of the
Adviser’s general partner, Davis
Investments, LLC; Employee of Shelby
Cullom Davis & Co. (registered
broker/dealer).
|
15
|
Director, Davis Funds
(consisting of 13
portfolios); Director,
Graham Holdings Co.
(publishing company).
|
SELECTED FUNDS | Directors and Officers – (Continued) |
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, 2013 and December 31, 2012 were $21,600 and $21,000, 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, 2013 and December 31, 2012 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, 2013 and December 31, 2012 were $6,903 and $6,335, 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, 2013 and December 31, 2012 were $0 and $625, 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, 2013 and December 31, 2012. The fund has not paid any fees for non-audit not previously disclosed in items 4 (b) – (d).
|
(h)
|
The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.
|
(a)
|
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940, as amended) are effective as of a date within 90 days of the filing date of this report.
|
(b)
|
There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls.
|
(a)
|
(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed as an exhibit to this form N-CSR.
|
(a)
|
(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached.
|
(a)
|
(3) Not applicable
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached.
|
|
SIGNATURES
|
1 Year Cohen & Steers Dividend Majors Fund Chart |
1 Month Cohen & Steers Dividend Majors Fund Chart |
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