| Selected American SharesClass/Ticker: S (SLASX), D (SLADX) |             |
|------------------------------------------------------------|-------------|
| SUMMARY PROSPECTUS                                         | May 1, 2015 |
| Shareholder Fees (fees paid directly from your investment)                                                                                          | Class S shares | Class D shares |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)                                                                | None           | None           |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | None           | None           |
| Maximum sales charge (Load) imposed on reinvested dividends                                                                                         | None           | None           |
| Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class S shares | Class D shares |
|-----------------------------------------------------------------------------------------------------------------|----------------|----------------|
| Management Fees                                                                                                 | 0.54%          | 0.54%          |
| Distribution and/or service (12b-1) Fees                                                                        | 0.25%          | 0.00%          |
| Other Expenses                                                                                                  | 0.15%          | 0.06%          |
| Total Annual Operating Expenses                                                                                 | 0.94%          | 0.60%          |
|           | 1 Year | 3 Years | 5 Years | 10 Years |
|----------------|--------|---------|---------|----------|
| Class S shares | $96    | $300    | $520    | $1,155   |
| Class D shares | 61     | 192     | 335     | 750      |
| Highest/Lowest quarterly results during this time period were: |
|----------------------------------------------------------------|
| Highest                                                        | 21.04% for the quarter ended June 30, 2009 |
| Lowest                                                         | (24.36)% for the quarter ended December 31, 2008 |
|                                                                            | Past 1 Year | Past 5 Years | Past 10 Years |
|---------------------------------------------------------------------------------|-------------|--------------|---------------|
| Class S shares return before taxes                                         | 5.60%       | 11.30%       | 6.08%         |
| Class S shares return after taxes on distributions                         | 0.72%       | 9.47%        | 5.14%         |
| Class S shares return after taxes on distributions and sale of fund shares | 7.17%       | 9.00%        | 4.90%         |
| Class D shares return before taxes                                              | 5.96%       | 11.67%       | 6.43%         |
| S&P 500 Index reflects no deduction for fees, expenses, or taxes            | 13.69%      | 15.45%       | 7.67%         |
|              | Experience with this Fund | Primary Title with Investment Adviser or Sub-Adviser |
|-------------------|---------------------------|------------------------------------------------------|
| Christopher Davis | Since December 1994       | Chairman, Davis Selected Advisers, L.P.              |
| Danton Goei       | Since January 2014        | Vice President, Davis Selected Advisers-NY, Inc.     |
|                          | Class S shares | Class D shares |
|-------------------------------|----------------|----------------|
| Minimum Initial Investment    | $1,000         | $10,000(1)     |
| Minimum Additional Investment | 25             | 25             |