2017 Semiannual Capital Gains Distribution
Selected American Shares

Selected American Shares 2017 Semiannual Distribution Information
(updated as of 6/29/17)

Share Class Record Date Ex-Date Payable Date Income Per Share Short Term Gain Per Share Long Term Gain Per Share Reinvestment Price
S 6/27/2017 6/28/2017 6/29/2017 $0.11 $0.15 $0.95 $37.74
D 6/27/2017 6/28/2017 6/29/2017 $0.171 $0.15 $0.95 $37.79

Selected American Shares paid a midyear long-term capital gain distribution of $0.95 to shareholders of record on June 27, 2017 with an ex-dividend date of June 28, 2017 and a payable date of June 29, 2017.

As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Capital gains result from the appreciation of companies in the portfolio. The funds’ long-term investment approach means that this appreciation may have occurred over an extended period of time. Virtually all of the gains are long term and generally subject to lower tax rates than short-term gains or dividend income. Thus, for longtime shareholders in search of yield, capital gains distributions tend to be more tax efficient than interest or dividend income.

Selected American Shares 2017 Semiannual Distribution Information
(updated as of 6/29/17)

Share Class Record Date Ex-Date Payable Date Income Per Share Short Term Gain Per Share Long Term Gain Per Share Reinvestment Price
S 6/27/2017 6/28/2017 6/29/2017 $0.11 $0.15 $0.95 $37.74
D 6/27/2017 6/28/2017 6/29/2017 $0.171 $0.15 $0.95 $37.79


This information on 2017 distributions is intended for existing shareholders.  Shareholders should not use this information for tax reporting purposes.  Form 1099 will be sent in early 2018 for all tax reporting. Carefully consider the Fund’s investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information.

Selected Funds 800.243.1575
Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ  85756