29/08/2024 | Press release | Distributed by Public on 30/08/2024 00:41
Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Selected American Shares (Class D) |
$34.72 | 0.65%* |
* |
Annualized.
|
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/24 | 1 Year | 5 Years | 10 Years |
Selected American Shares (Class D) | 28.35% | 12.49% | 10.17% |
S&P 500® Index | 24.56% | 15.03% | 12.85% |
Fund net assets as of 06/30/24 (in billions) | $1.8 |
Total number of portfolio holdings as of 06/30/24 | 43 |
Portfolio turnover rate for the period | 9% |
Total advisory fees paid for the period (in millions) | $4.9 |
Financials | 36.38% |
Information Technology | 15.00% |
Communication Services | 14.36% |
Health Care | 13.42% |
Consumer Discretionary | 11.56% |
Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Selected American Shares (Class S) |
$51.75 | 0.97%* |
* |
Annualized.
|
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/24 | 1 Year | 5 Years | 10 Years |
Selected American Shares (Class S) | 27.94% | 12.13% | 9.82% |
S&P 500® Index | 24.56% | 15.03% | 12.85% |
Fund net assets as of 06/30/24 (in billions) | $1.8 |
Total number of portfolio holdings as of 06/30/24 | 43 |
Portfolio turnover rate for the period | 9% |
Total advisory fees paid for the period (in millions) | $4.9 |
Financials | 36.38% |
Information Technology | 15.00% |
Communication Services | 14.36% |
Health Care | 13.42% |
Consumer Discretionary | 11.56% |
ITEM 2. CODE OF ETHICS
Not Applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not Applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6. INVESTMENTS
(a) The complete Schedule of Investments is included in Item 7 of this Form N-CSR.
(b) Not Applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END INVESTMENT COMPANIES
ITEM 7. Financial Statements and Financial Highlights for Open-End Investment
Companies:
|
|
Schedule of Investments:
|
|
Selected American Shares
|
2
|
Selected International Fund
|
4
|
Statements of Assets and Liabilities
|
5
|
Statements of Operations
|
6
|
Statements of Changes in Net Assets
|
7
|
Notes to Financial Statements
|
9
|
Financial Highlights
|
16
|
Director Approval of Advisory Agreements
|
18
|
|
Shares
|
Value
(Note 1)
|
COMMON STOCK - (99.20%)
|
||
COMMUNICATION SERVICES - (14.36%)
|
||
Media & Entertainment - (14.36%)
|
||
Alphabet Inc., Class A
|
396,430
|
$72,209,724
|
ASAC II L.P. *(a)(b)(c)
|
1,174,606
|
1,309,920
|
IAC Inc. *
|
284,670
|
13,336,790
|
Liberty TripAdvisor Holdings, Inc.,
Series A *
|
38,223
|
17,965
|
Meta Platforms, Inc., Class A
|
341,968
|
172,427,105
|
Total Communication Services
|
259,301,504
|
|
CONSUMER DISCRETIONARY - (11.56%)
|
||
Consumer Discretionary Distribution & Retail - (8.70%)
|
||
Amazon.com, Inc. *
|
555,970
|
107,441,202
|
Coupang, Inc., Class A (South Korea) *
|
696,519
|
14,592,073
|
JD.com, Inc., Class A, ADR (China)
|
335,551
|
8,670,638
|
Naspers Ltd. - N (South Africa)
|
19,282
|
3,780,591
|
Prosus N.V., Class N (Netherlands)
|
638,752
|
22,752,227
|
|
157,236,731
|
|
Consumer Services - (2.86%)
|
||
MGM Resorts International *
|
1,161,540
|
51,618,838
|
Total Consumer Discretionary
|
208,855,569
|
|
CONSUMER STAPLES - (1.49%)
|
||
Food, Beverage & Tobacco - (1.49%)
|
||
Darling Ingredients Inc. *
|
250,930
|
9,221,677
|
Tyson Foods, Inc., Class A
|
308,150
|
17,607,691
|
Total Consumer Staples
|
26,829,368
|
|
ENERGY - (0.35%)
|
||
ConocoPhillips
|
54,290
|
6,209,690
|
Total Energy
|
6,209,690
|
|
FINANCIALS - (36.38%)
|
||
Banks - (14.47%)
|
||
Danske Bank A/S (Denmark)
|
1,691,000
|
50,385,919
|
DBS Group Holdings Ltd. (Singapore)
|
1,871,632
|
49,399,491
|
JPMorgan Chase & Co.
|
147,956
|
29,925,580
|
U.S. Bancorp
|
1,139,430
|
45,235,371
|
Wells Fargo & Co.
|
1,456,740
|
86,515,789
|
|
261,462,150
|
|
Financial Services - (16.86%)
|
||
Capital Markets - (2.21%)
|
||
Bank of New York Mellon Corp.
|
665,655
|
39,866,078
|
Consumer Finance - (6.45%)
|
||
Capital One Financial Corp.
|
841,235
|
116,468,986
|
Financial Services - (8.20%)
|
||
Berkshire Hathaway Inc., Class A *
|
242
|
148,162,322
|
|
304,497,386
|
|
Insurance - (5.05%)
|
||
Life & Health Insurance - (1.78%)
|
||
AIA Group Ltd. (Hong Kong)
|
2,422,380
|
16,440,686
|
Ping An Insurance (Group) Co. of China, Ltd.
- H (China)
|
3,464,600
|
15,705,731
|
|
32,146,417
|
|
Property & Casualty Insurance - (3.27%)
|
||
Chubb Ltd.
|
118,831
|
30,311,412
|
Markel Group Inc. *
|
18,278
|
28,799,913
|
|
59,111,325
|
|
|
91,257,742
|
|
Total Financials
|
657,217,278
|
|
Shares
|
Value
(Note 1)
|
COMMON STOCK - (CONTINUED)
|
||
HEALTH CARE - (13.42%)
|
||
Health Care Equipment & Services - (9.92%)
|
||
Cigna Group
|
144,350
|
$47,717,780
|
Humana Inc.
|
223,510
|
83,514,511
|
Quest Diagnostics Inc.
|
182,690
|
25,006,607
|
Solventum Corp. *
|
432,910
|
22,892,281
|
|
179,131,179
|
|
Pharmaceuticals, Biotechnology & Life Sciences - (3.50%)
|
||
Viatris Inc.
|
5,954,260
|
63,293,784
|
Total Health Care
|
242,424,963
|
|
INDUSTRIALS - (4.13%)
|
||
Capital Goods - (3.02%)
|
||
AGCO Corp.
|
125,960
|
12,328,965
|
Orascom Construction PLC (United Arab
Emirates)
|
346,251
|
1,852,443
|
Owens Corning
|
232,000
|
40,303,040
|
|
54,484,448
|
|
Transportation - (1.11%)
|
||
DiDi Global Inc., Class A, ADS (China) *
|
4,864,750
|
20,140,065
|
Total Industrials
|
74,624,513
|
|
INFORMATION TECHNOLOGY - (15.00%)
|
||
Semiconductors & Semiconductor Equipment - (11.61%)
|
||
Applied Materials, Inc.
|
472,970
|
111,616,190
|
Intel Corp.
|
1,256,640
|
38,918,141
|
Texas Instruments Inc.
|
303,973
|
59,131,868
|
|
209,666,199
|
|
Software & Services - (1.44%)
|
||
Microsoft Corp.
|
58,460
|
26,128,697
|
Technology Hardware & Equipment - (1.95%)
|
||
Samsung Electronics Co., Ltd. (South Korea)
|
594,620
|
35,206,342
|
Total Information Technology
|
271,001,238
|
|
MATERIALS - (2.51%)
|
||
Teck Resources Ltd., Class B (Canada)
|
947,280
|
45,374,712
|
Total Materials
|
45,374,712
|
|
TOTAL COMMON STOCK -
(Identified cost $961,075,633)
|
1,791,838,835
|
|
Principal
|
Value
(Note 1)
|
SHORT-TERM INVESTMENTS - (0.79%)
|
||
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.31%, 07/01/24 (d)
|
$6,297,000
|
$6,297,000
|
StoneX Financial Inc. Joint Repurchase
Agreement, 5.31%, 07/01/24 (e)
|
8,001,000
|
8,001,000
|
TOTAL SHORT-TERM INVESTMENTS -
(Identified cost $14,298,000)
|
14,298,000
|
|
Total Investments - (99.99%) -
(Identified cost $975,373,633)
|
1,806,136,835
|
|
Other Assets Less Liabilities - (0.01%)
|
212,782
|
|
Net Assets - (100.00%)
|
$1,806,349,617
|
ADR:
|
American Depositary Receipt
|
ADS:
|
American Depositary Share
|
*
|
Non-income producing security.
|
(a)
|
Restricted Security - See Note 6 of the Notes to Financial Statements.
|
(b)
|
The value of this security was determined using significant unobservable
inputs. See Note 1 of the Notes to Financial Statements.
|
(c)
|
Limited partnership units.
|
(d)
|
Dated 06/28/24, repurchase value of $6,299,786 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.00%-
7.50%, 07/01/36-06/01/54, total market value $6,422,940).
|
(e)
|
Dated 06/28/24, repurchase value of $8,004,540 (collateralized
by: U.S. Government agency mortgages and obligation in a pooled cash
account, 1.02%-7.50%, 09/15/24-03/20/73, total market value
$8,161,020).
|
|
Shares
|
Value
(Note 1)
|
COMMON STOCK - (98.64%)
|
||
COMMUNICATION SERVICES - (3.04%)
|
||
Media & Entertainment - (3.04%)
|
||
Baidu, Inc., Class A, ADR (China) *
|
4,167
|
$360,362
|
Sea Limited, Class A, ADR (Singapore) *
|
15,110
|
1,079,156
|
Total Communication Services
|
1,439,518
|
|
CONSUMER DISCRETIONARY - (28.55%)
|
||
Consumer Discretionary Distribution & Retail - (15.68%)
|
||
Alibaba Group Holding Ltd., ADR (China)
|
12,510
|
900,720
|
Coupang, Inc., Class A (South Korea) *
|
23,640
|
495,258
|
JD.com, Inc., Class A, ADR (China)
|
50,645
|
1,308,667
|
Naspers Ltd. - N (South Africa)
|
12,884
|
2,526,146
|
Prosus N.V., Class N (Netherlands)
|
61,435
|
2,188,303
|
|
7,419,094
|
|
Consumer Durables & Apparel - (3.94%)
|
||
Fila Holdings Corp. (South Korea)
|
64,009
|
1,864,701
|
Consumer Services - (8.93%)
|
||
Delivery Hero SE (Germany) *
|
33,530
|
795,383
|
Meituan, Class B (China) *
|
241,087
|
3,429,965
|
|
4,225,348
|
|
Total Consumer Discretionary
|
13,509,143
|
|
ENERGY - (2.54%)
|
||
Tourmaline Oil Corp. (Canada)
|
26,480
|
1,201,041
|
Total Energy
|
1,201,041
|
|
FINANCIALS - (39.51%)
|
||
Banks - (23.08%)
|
||
Danske Bank A/S (Denmark)
|
181,192
|
5,398,891
|
DBS Group Holdings Ltd. (Singapore)
|
149,382
|
3,942,759
|
DNB Bank ASA (Norway)
|
66,434
|
1,304,787
|
Metro Bank Holdings PLC (United Kingdom) *
|
584,816
|
273,159
|
|
10,919,596
|
|
Financial Services - (6.64%)
|
||
Capital Markets - (6.64%)
|
||
Julius Baer Group Ltd. (Switzerland)
|
42,800
|
2,391,408
|
Noah Holdings Ltd., Class A, ADS (China)
|
77,774
|
750,519
|
|
3,141,927
|
|
Insurance - (9.79%)
|
||
Life & Health Insurance - (9.79%)
|
||
AIA Group Ltd. (Hong Kong)
|
318,740
|
2,163,288
|
Ping An Insurance (Group) Co. of China, Ltd. -
H (China)
|
545,130
|
2,471,184
|
|
4,634,472
|
|
Total Financials
|
18,695,995
|
|
INDUSTRIALS - (8.56%)
|
||
Capital Goods - (3.68%)
|
||
ITOCHU Corp. (Japan)
|
35,700
|
1,742,730
|
Transportation - (4.88%)
|
||
DiDi Global Inc., Class A, ADS (China) *
|
557,630
|
2,308,588
|
Total Industrials
|
4,051,318
|
|
Shares
|
Value
(Note 1)
|
COMMON STOCK - (CONTINUED)
|
||
INFORMATION TECHNOLOGY - (8.73%)
|
||
Semiconductors & Semiconductor Equipment - (1.07%)
|
||
Tokyo Electron Ltd. (Japan)
|
2,330
|
$505,420
|
Technology Hardware & Equipment - (7.66%)
|
||
Hollysys Automation Technologies Ltd.
(China) *
|
14,130
|
305,773
|
Samsung Electronics Co., Ltd. (South Korea)
|
56,050
|
3,318,616
|
|
3,624,389
|
|
Total Information Technology
|
4,129,809
|
|
MATERIALS - (4.40%)
|
||
Teck Resources Ltd., Class B (Canada)
|
43,470
|
2,082,213
|
Total Materials
|
2,082,213
|
|
REAL ESTATE - (3.31%)
|
||
Real Estate Management & Development - (3.31%)
|
||
KE Holdings Inc., Class A, ADR (China)
|
110,610
|
1,565,132
|
Total Real Estate
|
1,565,132
|
|
TOTAL COMMON STOCK -
(Identified cost $43,561,645)
|
46,674,169
|
|
Principal
|
Value
(Note 1)
|
SHORT-TERM INVESTMENTS - (1.04%)
|
||
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.31%, 07/01/24 (a)
|
$218,000
|
$218,000
|
StoneX Financial Inc. Joint Repurchase
Agreement, 5.31%, 07/01/24 (b)
|
277,000
|
277,000
|
TOTAL SHORT-TERM INVESTMENTS -
(Identified cost $495,000)
|
495,000
|
|
Total Investments - (99.68%) -
(Identified cost $44,056,645)
|
47,169,169
|
|
Other Assets Less Liabilities - (0.32%)
|
150,052
|
|
Net Assets - (100.00%)
|
$47,319,221
|
ADR:
|
American Depositary Receipt
|
ADS:
|
American Depositary Share
|
*
|
Non-income producing security.
|
(a)
|
Dated 06/28/24, repurchase value of $218,096 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 4.00%-
5.50%, 08/20/48-03/20/53, total market value $222,360).
|
(b)
|
Dated 06/28/24, repurchase value of $277,123 (collateralized
by: U.S. Government agency mortgages and obligation in a pooled cash
account, 1.02%-7.50%, 09/15/24-03/20/73, total market value $282,540).
|
|
Selected
American Shares
|
Selected
International Fund
|
|
||
ASSETS:
|
||
Investments in securities, at value* (see accompanying Schedule of
Investments)
|
$1,806,136,835
|
$47,169,169
|
Cash
|
73,972
|
5,647
|
Receivables:
|
||
Capital stock sold
|
58,685
|
14,162
|
Dividends and interest
|
2,068,495
|
281,485
|
Prepaid expenses
|
28,804
|
984
|
Due from Adviser
|
-
|
10,990
|
Total assets
|
1,808,366,791
|
47,482,437
|
|
||
LIABILITIES:
|
||
Payables:
|
||
Capital stock redeemed
|
722,931
|
34,359
|
Investment securities purchased
|
-
|
71,811
|
Accrued custodian fees
|
169,500
|
21,200
|
Accrued distribution service fees
|
101,733
|
1,222
|
Accrued investment advisory fees
|
853,671
|
23,378
|
Accrued transfer agent fees
|
155,741
|
8,862
|
Other accrued expenses
|
13,598
|
2,384
|
Total liabilities
|
2,017,174
|
163,216
|
|
||
NET ASSETS
|
$1,806,349,617
|
$47,319,221
|
|
||
NET ASSETS CONSIST OF:
|
||
Par value of shares of capital stock
|
$54,907,119
|
$1,068,830
|
|
||
Additional paid-in capital
|
813,615,791
|
43,737,572
|
|
||
Distributable earnings
|
937,826,707
|
2,512,819
|
Net Assets
|
$1,806,349,617
|
$47,319,221
|
|
||
*Including:
|
||
Cost of investments
|
$975,373,633
|
$44,056,645
|
|
||
CLASS S SHARES:
|
||
Net assets
|
$467,068,020
|
$3,889,030
|
Shares outstanding
|
11,383,658
|
353,483
|
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
$41.03
|
$11.00
|
|
||
CLASS D SHARES:
|
||
Net assets
|
$1,339,281,597
|
$43,430,191
|
Shares outstanding
|
32,542,037
|
3,921,838
|
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
$41.16
|
$11.07
|
|
Selected
American Shares
|
Selected
International Fund
|
INVESTMENT INCOME:
|
||
Income:
|
||
Dividends*
|
$15,764,202
|
$863,672
|
Interest
|
453,482
|
15,930
|
Total income
|
16,217,684
|
879,602
|
|
||
Expenses:
|
||
Investment advisory fees (Note 3)
|
4,872,652
|
128,330
|
Custodian fees
|
194,771
|
23,746
|
Transfer agent fees:
|
||
Class S
|
260,014
|
11,678
|
Class D
|
287,691
|
16,014
|
Audit fees
|
37,677
|
13,623
|
Legal fees
|
21,340
|
4,549
|
Reports to shareholders
|
24,000
|
1,927
|
Directors' fees and expenses
|
177,774
|
6,562
|
Registration and filing fees
|
27,000
|
21,870
|
Miscellaneous
|
47,465
|
10,957
|
Distribution service fees (Note 3):
|
||
Class S
|
571,500
|
5,189
|
Total expenses
|
6,521,884
|
244,445
|
Reimbursement/waiver of expenses by Adviser (Note 3):
|
||
Class S
|
-
|
(14,735
)
|
Class D
|
-
|
(47,506
)
|
Net expenses
|
6,521,884
|
182,204
|
Net investment income
|
9,695,800
|
697,398
|
|
||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
|
||
Net realized gain (loss) from:
|
||
Investment transactions
|
177,551,677
|
3,119,023
|
Foreign currency transactions
|
(15,228
)
|
(2,483
)
|
Net realized gain
|
177,536,449
|
3,116,540
|
Net increase (decrease) in unrealized appreciation
|
55,161,975
|
(660,204
)
|
Net realized and unrealized gain on investments and foreign
currency transactions
|
232,698,424
|
2,456,336
|
Net increase in net assets resulting from operations
|
$242,394,224
|
$3,153,734
|
|
||
|
||
*Net of foreign taxes withheld of
|
$429,550
|
$109,294
|
|
Selected
American Shares
|
Selected
International Fund
|
|
||
OPERATIONS:
|
||
Net investment income
|
$9,695,800
|
$697,398
|
|
||
Net realized gain from investments and foreign currency transactions
|
177,536,449
|
3,116,540
|
|
||
Net increase (decrease) in unrealized appreciation on investments and foreign
currency transactions
|
55,161,975
|
(660,204
)
|
Net increase in net assets resulting from operations
|
242,394,224
|
3,153,734
|
|
||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
|
||
Class S
|
(29,417,473
)
|
-
|
Class D
|
(85,865,401
)
|
-
|
|
||
CAPITAL SHARE TRANSACTIONS:
|
||
Net increase (decrease) in net assets resulting from capital share transactions
(Note 4):
|
||
Class S
|
(553,686
)
|
(1,293,080
)
|
Class D
|
4,558,322
|
(1,716,379
)
|
|
||
Total increase in net assets
|
131,115,986
|
144,275
|
|
||
NET ASSETS:
|
||
Beginning of period
|
1,675,233,631
|
47,174,946
|
End of period
|
$1,806,349,617
|
$47,319,221
|
|
Selected
American Shares
|
Selected
International Fund
|
|
||
OPERATIONS:
|
||
Net investment income
|
$17,047,701
|
$863,510
|
|
||
Net realized gain (loss) from investments and foreign currency transactions
|
144,836,441
|
(2,806,281
)
|
|
||
Net change in unrealized appreciation (depreciation) on investments and
foreign currency transactions
|
273,170,789
|
3,754,492
|
Net increase in net assets resulting from operations
|
435,054,931
|
1,811,721
|
|
||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
|
||
Class S
|
(33,046,093
)
|
(75,225
)
|
Class D
|
(95,923,689
)
|
(741,655
)
|
|
||
CAPITAL SHARE TRANSACTIONS:
|
||
Net decrease in net assets resulting from capital share transactions (Note 4):
|
||
Class S
|
(28,257,211
)
|
(479,369
)
|
Class D
|
(6,026,608
)
|
(910,516
)
|
|
||
Total increase (decrease) in net assets
|
271,801,330
|
(395,044
)
|
|
||
NET ASSETS:
|
||
Beginning of year
|
1,403,432,301
|
47,569,990
|
End of year
|
$1,675,233,631
|
$47,174,946
|
|
Investments in Securities at Value
|
|
|
Selected
American Shares
|
Selected
International Fund
|
Valuation Inputs
|
||
Level 1 - Quoted Prices:
|
||
Common Stock:
|
||
Communication Services
|
$257,991,584
|
$1,439,518
|
Consumer Discretionary
|
208,855,569
|
13,509,143
|
Consumer Staples
|
26,829,368
|
-
|
Energy
|
6,209,690
|
1,201,041
|
Financials
|
657,217,278
|
18,695,995
|
Health Care
|
242,424,963
|
-
|
Industrials
|
74,624,513
|
4,051,318
|
Information Technology
|
271,001,238
|
4,129,809
|
Materials
|
45,374,712
|
2,082,213
|
Real Estate
|
-
|
1,565,132
|
Total Level 1
|
1,790,528,915
|
46,674,169
|
Level 2 - Other Significant Observable Inputs:
|
||
Short-Term Investments
|
14,298,000
|
495,000
|
Total Level 2
|
14,298,000
|
495,000
|
Level 3 - Significant Unobservable Inputs:
|
||
Common Stock:
|
||
Communication Services
|
1,309,920
|
-
|
Total Level 3
|
1,309,920
|
-
|
Total Investments
|
$1,806,136,835
|
$47,169,169
|
|
Beginning
Balance at
January 1,
2024
|
Cost of
Purchases
|
Proceeds
from Sales
|
Net Change in
Unrealized
Appreciation
(Depreciation)
|
Net Realized
Gain (Loss)
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Ending
Balance at
June 30,
2024
|
Selected American
Shares
|
||||||||
Investments in
Securities:
|
||||||||
Common
Stock
|
$1,236,272
|
$-
|
$-
|
$73,648
|
$-
|
$-
|
$-
|
$1,309,920
|
Total Level 3
|
$1,236,272
|
$-
|
$-
|
$73,648
|
$-
|
$-
|
$-
|
$1,309,920
|
|
Fair Value at
June 30, 2024
|
Valuation
Technique
|
Unobservable
Input
|
Amount
|
Impact to
Valuation from
an Increase in Input
|
Selected American Shares
|
|
|
|
|
|
Investments in Securities:
|
|
|
|
|
|
Common Stock
|
$1,309,920
|
Discounted Cash Flow
|
Annualized Yield
|
6.370%
|
Decrease
|
Total Level 3
|
$1,309,920
|
|
|
|
|
|
Capital Loss
Carryforwards
|
|
Selected
International Fund
|
Character
|
|
Short-term
|
$-
|
Long-term
|
2,929,866
|
Total
|
$2,929,866
|
|
Selected
American Shares
|
Selected
International Fund
|
Cost
|
$979,428,028
|
$45,669,428
|
|
||
Unrealized appreciation
|
933,233,116
|
8,474,613
|
Unrealized depreciation
|
(106,524,309
)
|
(6,974,872
)
|
Net unrealized appreciation
|
$826,708,807
|
$1,499,741
|
|
Selected
American Shares
|
Selected
International
Fund
|
Cost of purchases
|
$158,914,630
|
$6,324,181
|
Proceeds from sales
|
253,221,564
|
7,919,818
|
|
Selected International
Fund
|
|
34%
|
|
|
Six months ended June 30, 2024 (Unaudited)
|
|||
|
|
Sold
|
Reinvestment of
Distributions
|
Redeemed
|
Net Increase
(Decrease)
|
Selected American Shares
|
|||||
Shares:
|
Class S
|
104,187
|
721,794
|
(823,476
)
|
2,505
|
|
Class D
|
286,512
|
1,970,383
|
(2,078,436
)
|
178,459
|
Value:
|
Class S
|
$4,286,700
|
$29,153,250
|
$(33,993,636
)
|
$(553,686
)
|
|
Class D
|
11,879,615
|
79,820,224
|
(87,141,517
)
|
4,558,322
|
Selected International Fund
|
|||||
Shares:
|
Class S
|
6,717
|
-
|
(133,591
)
|
(126,874
)
|
|
Class D
|
11,687
|
-
|
(176,353
)
|
(164,666
)
|
Value:
|
Class S
|
$69,634
|
$-
|
$(1,362,714
)
|
$(1,293,080
)
|
|
Class D
|
127,663
|
-
|
(1,844,042
)
|
(1,716,379
)
|
|
|
Year ended December 31, 2023
|
|||
|
|
Sold
|
Reinvestment of
Distributions
|
Redeemed*
|
Net Decrease
|
Selected American Shares
|
|||||
Shares:
|
Class S
|
156,302
|
912,052
|
(1,875,121
)
|
(806,767
)
|
|
Class D
|
551,315
|
2,490,828
|
(3,237,802
)
|
(195,659
)
|
Value:
|
Class S
|
$5,584,988
|
$32,631,329
|
$(66,473,528
)
|
$(28,257,211
)
|
|
Class D
|
19,522,331
|
89,369,327
|
(114,918,266
)
|
(6,026,608
)
|
Selected International Fund
|
|||||
Shares:
|
Class S
|
39,861
|
7,608
|
(96,719
)
|
(49,250
)
|
|
Class D
|
67,395
|
73,065
|
(225,272
)
|
(84,812
)
|
Value:
|
Class S
|
$432,834
|
$74,259
|
$(986,462
)
|
$(479,369
)
|
|
Class D
|
701,470
|
716,770
|
(2,328,756
)
|
(910,516
)
|
*
|
Selected International Fund: net of short-term trading fees amounting to $10 for Class S.
|
Fund
|
Security
|
Initial
Acquisition
Date
|
Units
|
Cost per
Unit
|
Valuation per
Unit as of
June 30, 2024
|
Selected American Shares
|
ASAC II L.P.
|
10/10/13
|
1,174,606
|
$1.0000
|
$1.1152
|
|
|
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:
|
|
|
|
|
Six months ended June 30, 2024e
|
$38.22
|
$0.18
|
$5.36
|
$5.54
|
Year ended December 31, 2023
|
$31.31
|
$0.31
|
$9.55
|
$9.86
|
Year ended December 31, 2022
|
$42.34
|
$0.25
|
$(8.82)
|
$(8.57)
|
Year ended December 31, 2021
|
$40.41
|
$0.08
|
$7.16
|
$7.24
|
Year ended December 31, 2020
|
$37.22
|
$0.14
|
$4.17
|
$4.31
|
Year ended December 31, 2019
|
$29.94
|
$0.19
|
$8.97
|
$9.16
|
Selected American Shares Class D:
|
|
|
|
|
Six months ended June 30, 2024e
|
$38.32
|
$0.24
|
$5.40
|
$5.64
|
Year ended December 31, 2023
|
$31.38
|
$0.42
|
$9.58
|
$10.00
|
Year ended December 31, 2022
|
$42.45
|
$0.37
|
$(8.87)
|
$(8.50)
|
Year ended December 31, 2021
|
$40.50
|
$0.23
|
$7.18
|
$7.41
|
Year ended December 31, 2020
|
$37.29
|
$0.24
|
$4.20
|
$4.44
|
Year ended December 31, 2019
|
$29.99
|
$0.30
|
$8.99
|
$9.29
|
Selected International Fund Class S:
|
|
|
|
|
Six months ended June 30, 2024e
|
$10.28
|
$0.14
|
$0.58
|
$0.72
|
Year ended December 31, 2023
|
$10.07
|
$0.17
|
$0.20
|
$0.37
|
Year ended December 31, 2022
|
$11.52
|
$0.13
|
$(1.28)
|
$(1.15)
|
Year ended December 31, 2021
|
$14.92
|
$0.06
|
$(3.33)
|
$(3.27)
|
Year ended December 31, 2020
|
$12.56
|
$(0.03)
|
$2.64
|
$2.61
|
Year ended December 31, 2019
|
$10.45
|
$0.04
|
$2.77
|
$2.81
|
Selected International Fund Class D:
|
|
|
|
|
Six months ended June 30, 2024e
|
$10.34
|
$0.16
|
$0.57
|
$0.73
|
Year ended December 31, 2023
|
$10.13
|
$0.19
|
$0.21
|
$0.40
|
Year ended December 31, 2022
|
$11.58
|
$0.16
|
$(1.28)
|
$(1.12)
|
Year ended December 31, 2021
|
$15.00
|
$0.09
|
$(3.34)
|
$(3.25)
|
Year ended December 31, 2020
|
$12.62
|
$(0.01)
|
$2.66
|
$2.65
|
Year ended December 31, 2019
|
$10.50
|
$0.06
|
$2.80
|
$2.86
|
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.
Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one year.
|
c
|
The ratios in this column reflect the impact, if any, of certain reimbursements and/or waivers from the Adviser.
|
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 Returnb
|
Net Assets,
End of Period
(in millions)
|
Gross
Expense
Ratio
|
Net Expense
Ratioc
|
Net
Investment
Income
(Loss) Ratio
|
Portfolio
Turnoverd
|
|
|
|
|
|
|
|
|
|
|
|
$(0.15)
|
$(2.58)
|
$-
|
$(2.73)
|
$41.03
|
14.59%
|
$467
|
0.97%f
|
0.97%f
|
0.86%f
|
9%
|
$(0.33)
|
$(2.62)
|
$-
|
$(2.95)
|
$38.22
|
32.33%
|
$435
|
0.99%
|
0.99%
|
0.87%
|
9%
|
$(0.29)
|
$(2.17)
|
$-
|
$(2.46)
|
$31.31
|
(20.27)%
|
$382
|
0.99%
|
0.99%
|
0.72%
|
8%
|
$(0.07)
|
$(5.24)
|
$-
|
$(5.31)
|
$42.34
|
17.72%
|
$560
|
0.98%
|
0.98%
|
0.18%
|
20%
|
$(0.15)
|
$(0.97)
|
$-
|
$(1.12)
|
$40.41
|
11.61%
|
$553
|
0.98%
|
0.98%
|
0.39%
|
12%
|
$(0.41)
|
$(1.47)
|
$-
|
$(1.88)
|
$37.22
|
31.15%
|
$656
|
0.98%
|
0.98%
|
0.56%
|
11%
|
|
|
|
|
|
|
|
|
|
|
|
$(0.22)
|
$(2.58)
|
$-
|
$(2.80)
|
$41.16
|
14.81%
|
$1,339
|
0.65%f
|
0.65%f
|
1.18%f
|
9%
|
$(0.44)
|
$(2.62)
|
$-
|
$(3.06)
|
$38.32
|
32.76%
|
$1,240
|
0.67%
|
0.67%
|
1.19%
|
9%
|
$(0.40)
|
$(2.17)
|
$-
|
$(2.57)
|
$31.38
|
(20.04)%
|
$1,022
|
0.67%
|
0.67%
|
1.04%
|
8%
|
$(0.22)
|
$(5.24)
|
$-
|
$(5.46)
|
$42.45
|
18.10%
|
$1,422
|
0.67%
|
0.67%
|
0.49%
|
20%
|
$(0.26)
|
$(0.97)
|
$-
|
$(1.23)
|
$40.50
|
11.95%
|
$1,282
|
0.67%
|
0.67%
|
0.70%
|
12%
|
$(0.52)
|
$(1.47)
|
$-
|
$(1.99)
|
$37.29
|
31.57%
|
$1,264
|
0.66%
|
0.66%
|
0.88%
|
11%
|
|
|
|
|
|
|
|
|
|
|
|
$-
|
$-
|
$-
|
$-
|
$11.00
|
7.00%
|
$4
|
1.72%f
|
1.01%f
|
2.76%f
|
14%
|
$(0.16)
|
$-
|
$-
|
$(0.16)
|
$10.28
|
3.74%
|
$5
|
1.64%
|
1.05%
|
1.59%
|
9%
|
$(0.04)
|
$(0.26)
|
$-
|
$(0.30)
|
$10.07
|
(10.01)%
|
$5
|
1.70%
|
1.05%
|
1.32%
|
5%
|
$(0.13)
|
$-
|
$-
|
$(0.13)
|
$11.52
|
(21.94)%
|
$7
|
1.37%
|
1.05%
|
0.39%
|
22%
|
$(0.03)
|
$(0.22)
|
$-
|
$(0.25)
|
$14.92
|
20.77%
|
$14
|
1.44%
|
1.11%
|
(0.28)%
|
23%
|
$(0.34)
|
$(0.36)
|
$-
|
$(0.70)
|
$12.56
|
27.15%
|
$7
|
1.50%
|
1.15%
|
0.27%
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
$-
|
$-
|
$-
|
$-
|
$11.07
|
7.06%
|
$43
|
0.98%f
|
0.76%f
|
3.01%f
|
14%
|
$(0.19)
|
$-
|
$-
|
$(0.19)
|
$10.34
|
4.00%
|
$42
|
0.97%
|
0.80%
|
1.84%
|
9%
|
$(0.07)
|
$(0.26)
|
$-
|
$(0.33)
|
$10.13
|
(9.74)%
|
$42
|
1.00%
|
0.80%
|
1.57%
|
5%
|
$(0.17)
|
$-
|
$-
|
$(0.17)
|
$11.58
|
(21.72)%
|
$53
|
0.90%
|
0.80%
|
0.64%
|
22%
|
$(0.05)
|
$(0.22)
|
$-
|
$(0.27)
|
$15.00
|
21.08%
|
$70
|
0.89%
|
0.87%
|
(0.04)%
|
23%
|
$(0.38)
|
$(0.36)
|
$-
|
$(0.74)
|
$12.62
|
27.45%
|
$61
|
0.90%
|
0.90%
|
0.52%
|
9%
|
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.
|
e
|
Unaudited.
|
f
|
Annualized.
|
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not Applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not Applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not Applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no changes to the procedure by which shareholders may recommend nominees to the Registrant's Board of Directors.
ITEM 16. CONTROLS AND PROCEDURES
(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), that such controls and procedures are effective as of a date within 90 days of the filing date of this report.
(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not Applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
Not Applicable.
ITEM 19. EXHIBITS
(a) (1) Not Applicable.
(a) (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SELECTED AMERICAN SHARES, INC. | |
|
|
By |
/s/ Kenneth C. Eich Kenneth C. Eich Principal Executive Officer |
|
|
Date: | August 21, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By |
/s/ Kenneth C. Eich Kenneth C. Eich Principal Executive Officer |
|
|
Date: | August 21, 2024 |
By |
/s/ Douglas A. Haines Douglas A. Haines Principal Financial Officer and Principal Accounting Officer |
|
|
Date: | August 21, 2024 |