Selected Funds Distributions

2025 Estimated Semi-Annual Distributions

This information on 2025 estimated semiannual distributions is intended for existing shareholders.

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. 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.

  • Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.
  • Estimated distributions can change prior to the record date depending on current market conditions. The estimates below do not include ordinary income distributions the fund may be making.

Selected American Shares as of 05/27/25

Share Class Record Date Ex-Date Payable Date Estimated Short-term Capital Gain Estimated Long-term Capital Gain
Class S 6/24/25 6/25/25 6/26/25 - 3.50
Class D 6/24/25 6/25/25 6/26/25 - 3.50

All estimates are subject to significant changes based on a number of factors, including but not limited to changes in the number of shares outstanding, fund-level tax adjustments, changes in income that may occur prior to record date, reclassification, and other factors. These factors may also result in some Funds, which currently show no estimated dividends or capital gain distributions, to make distributions at year-end.

The final per share amounts will be based on the actual number of shares outstanding on the record date, which may differ from the number of shares outstanding when these estimates were prepared.

This notice contains forward-looking statements with respect to the estimated June 2025 capital gain distributions for the Selected Funds. Readers are cautioned not to place undue reliance on these forward-looking statement. Selected Funds do not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after this date to reflect the occurrence of any unanticipated events.

Actual results may vary in a materially positive or negative manner. Forecasts and declared distributions are subject to contingencies outside of Selected Funds’ control.

The chart is intended to provide information about the potential tax characterization of the Funds’ distributions. It is not intended as tax advice. The tax consequences of Fund distributions vary by individual taxpayer. You should consult your tax professional or financial advisor for more information regarding your tax situation. To receive a distribution, you must be a registered shareholder of the Fund on the indicated record date(s). Distributions are paid to shareholders on the payment date(s).

Investing in the Selected Funds involves risk including possible loss of principal. See the prospectus for a complete description of the principal risks.

Investors should consider the investment objectives, risks, charges, and expenses of the Funds carefully before investing. A prospectus, containing this and other information is available by calling 1-800-243-1575. Investors should read the prospectus carefully before investing.

Davis Distributors, LLC 2949 East Elvira Road, Suite 101, Tucson, AZ 85756 800-243-1575, selectedfunds.com

2024 Distributions

This information on 2024 distributions is intended for existing shareholders

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

Capital gains result from appreciation in the portfolio. The funds' long-term investment approach means that this appreciation may have occurred over an extended period of time. The majority of the gains are long-term and generally subject to lower tax rates than short-term gains or dividend income.

Selected American Shares as of 02/11/25

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Short-term Capital Gain Long-term Capital Gain Reinvestment Price
Class S 6/13/24 6/14/24 6/17/24 94.60% .15 - .075 2.50 40.39
12/12/24 12/13/24 12/16/24 94.60% .1992 - - 4.65 38.81
Class D 6/13/24 6/14/24 6/17/24 94.60% .217 - .075 2.50 40.51
12/12/24 12/13/24 12/16/24 94.60% .267 - - 4.65 38.94

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2024 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2024 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

Selected International Fund as of 02/11/25

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Foreign Tax Credit Short-term Capital Gain Long-term Capital Gain Reinvestment Price
Class S 12/12/24 12/13/24 12/16/24 87.55% .38044 - .04244 - .31 12.35
Class D 12/12/24 12/13/24 12/16/24 87.55% .41170 - .0429 - .31 12.42

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2024 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2024 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.