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Selected American Shares is one of the nation's premier equity funds. The Fund seeks many of the best of America's companies that may offer superior opportunities for long-term capital appreciation. The goal of Selected American Shares is to create wealth for shareholders over time. The fund focuses on common stocks issued by America's larger companies, with market capitalizations of $10 billion or more.

As of December 31, 2005, the Davis family, employees and directors have more than $2 billion of their own money invested side by side with shareholders in the various mutual funds managed by the firm. They remain the largest group of shareholders in their investment product, which ensures that the interests are closely aligned with those of their clients.

 Davis Advisors has a history of delivering strong and consistent investment results through full-market cycles. Since Davis Advisors began management of Selected American Shares in May 1993, the Fund has outperformed the S&P 500 Index. 

Selected American Shares Fund seeks growth of capital and income. The fund normally invests at least 80 percent of assets in securities of U.S. companies, including common stocks, convertibles, fixed-income securities, and short-term instruments. It invests the majority of assets in equity securities issued by large companies with market capitalization of at least $10 billion.

 The company special shares seek capital growth. The fund normally invests at least 65 percent of assets in common stocks, to select investments, management seeks growing companies that are expanding into new markets, introducing new products, and reducing costs. It may also invest up to 30 percent of assets in debt rated below investment-grade. The fund may invest up to 25 percent of assets in foreign securities. 

The Fund finished up 8.45 percent, outpacing the Russell 3000's return of 6.12 percent. Financials, consumer discretionary and health care contributed most to the Fund's overall results. They think good stewards need to think about limiting the frictional costs that invariably reduce shareholders' returns such as fund expenses, transaction costs and, for many, taxes. Selected Special Shares' Class S shares have a total expense ratio of 17 percent, which compares favorably with the average domestic equity mutual fund's expense ratio of 1.43 percent. 

The company has have been able to create superior long-term investment results, despite the inevitable and expected fact that other investments may have outperformed the Fund in any particular year.  

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