Manager Commentaries

Portfolio Managers discuss the markets, top holdings and investment results.

Fund	Manager Commentary
Selected American Shares	Manager Commentary - Annual Review 2025
Selected International Fund	Manager Commentary - Annual Review 2025

Before investing in the Selected Funds, you should carefully consider the investment objectives, risks, charges, and expenses of the Funds. The prospectus and summary prospectus contains this and other information about the Funds. You can obtain performance information and a current prospectus and summary prospectus by visiting selectedfunds.com or calling 800.243.1575. Please read the prospectus or summary prospectus carefully before investing or sending money. Investing involves risks including possible loss of principal.

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

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

How Selected American Shares is Benefiting in this Transitioning Market

Manager Commentaries

Mastering the Mental Game of Investing