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M!9#$'=\5.[.KE+0;=)](
|
Shares
|
Value
|
COMMON STOCK – (99.06%)
|
||
COMMUNICATION SERVICES – (13.92%)
|
||
Media & Entertainment – (13.92%)
|
||
Alphabet Inc., Class A *
|
419,360
|
$54,877,450
|
ASAC II L.P. *(a)(b)(c)
|
1,174,606
|
1,207,260
|
IAC Inc. *
|
284,670
|
14,344,521
|
Liberty TripAdvisor Holdings, Inc.,
Series A *
|
40,433
|
19,772
|
Meta Platforms, Inc., Class A *
|
472,588
|
141,875,643
|
Total Communication Services
|
212,324,646
|
|
CONSUMER DISCRETIONARY – (10.40%)
|
||
Consumer Discretionary Distribution & Retail – (8.25%)
|
||
Amazon.com, Inc. *
|
632,720
|
80,431,366
|
Coupang, Inc., Class A (South Korea) *
|
736,839
|
12,526,263
|
JD.com, Inc., Class A, ADR (China)
|
352,771
|
10,276,219
|
Naspers Ltd. - N (South Africa)
|
19,962
|
3,189,861
|
Prosus N.V., Class N (Netherlands)
|
661,332
|
19,521,478
|
|
|
125,945,187
|
Consumer Services – (2.15%)
|
||
MGM Resorts International *
|
892,120
|
32,794,331
|
Total Consumer Discretionary
|
158,739,518
|
|
CONSUMER STAPLES – (0.91%)
|
||
Food, Beverage & Tobacco – (0.91%)
|
||
Darling Ingredients Inc. *
|
265,460
|
13,857,012
|
Total Consumer Staples
|
13,857,012
|
|
FINANCIALS – (44.43%)
|
||
Banks – (19.43%)
|
||
Danske Bank A/S (Denmark)
|
1,771,930
|
41,281,276
|
DBS Group Holdings Ltd. (Singapore)
|
1,799,884
|
44,292,683
|
JPMorgan Chase & Co.
|
419,196
|
60,791,804
|
U.S. Bancorp
|
1,205,380
|
39,849,863
|
Wells Fargo & Co.
|
2,698,460
|
110,259,075
|
|
|
296,474,701
|
Financial Services – (18.73%)
|
||
Capital Markets – (3.43%)
|
||
Bank of New York Mellon Corp.
|
1,228,725
|
52,405,121
|
Consumer Finance – (6.35%)
|
||
American Express Co.
|
70,228
|
10,477,316
|
Capital One Financial Corp.
|
889,925
|
86,367,221
|
|
|
96,844,537
|
Financial Services – (8.95%)
|
||
Berkshire Hathaway Inc., Class A *
|
257
|
136,589,589
|
|
|
285,839,247
|
Insurance – (6.27%)
|
||
Life & Health Insurance – (2.66%)
|
||
AIA Group Ltd. (Hong Kong)
|
2,547,380
|
20,770,177
|
Ping An Insurance (Group) Co. of China, Ltd.
- H (China)
|
3,464,600
|
19,842,715
|
|
|
40,612,892
|
Property & Casualty Insurance – (3.61%)
|
||
Chubb Ltd.
|
125,701
|
26,168,434
|
Loews Corp.
|
75,324
|
4,768,762
|
Markel Group Inc. *
|
16,348
|
24,072,267
|
|
|
55,009,463
|
|
|
95,622,355
|
Total Financials
|
677,936,303
|
|
Shares
|
Value
|
COMMON STOCK – (CONTINUED)
|
||
HEALTH CARE – (7.59%)
|
||
Health Care Equipment & Services – (3.71%)
|
||
Cigna Group
|
152,700
|
$43,682,889
|
Quest Diagnostics Inc.
|
106,030
|
12,920,816
|
|
|
56,603,705
|
Pharmaceuticals, Biotechnology & Life Sciences – (3.88%)
|
||
Viatris Inc.
|
6,011,130
|
59,269,741
|
Total Health Care
|
115,873,446
|
|
INDUSTRIALS – (4.06%)
|
||
Capital Goods – (3.03%)
|
||
Orascom Construction PLC (United Arab
Emirates)
|
346,251
|
1,580,092
|
Owens Corning
|
327,190
|
44,631,988
|
|
|
46,212,080
|
Transportation – (1.03%)
|
||
DiDi Global Inc., Class A, ADS (China) *
|
4,864,750
|
15,713,143
|
Total Industrials
|
61,925,223
|
|
INFORMATION TECHNOLOGY – (15.06%)
|
||
Semiconductors & Semiconductor Equipment – (12.76%)
|
||
Applied Materials, Inc.
|
819,250
|
113,425,162
|
Intel Corp.
|
847,300
|
30,121,515
|
Texas Instruments Inc.
|
321,573
|
51,133,323
|
|
|
194,680,000
|
Software & Services – (1.28%)
|
||
Microsoft Corp.
|
61,840
|
19,525,980
|
Technology Hardware & Equipment – (1.02%)
|
||
Samsung Electronics Co., Ltd. (South Korea)
|
307,420
|
15,582,873
|
Total Information Technology
|
229,788,853
|
|
MATERIALS – (2.69%)
|
||
Teck Resources Ltd., Class B (Canada)
|
952,970
|
41,063,477
|
Total Materials
|
41,063,477
|
|
TOTAL COMMON STOCK –
(Identified cost $888,738,564)
|
1,511,508,478
|
|
Principal
|
Value
|
SHORT-TERM INVESTMENTS – (0.92%)
|
||
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 10/02/23 (d)
|
$7,514,000
|
$7,514,000
|
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 10/02/23 (e)
|
6,492,000
|
6,492,000
|
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $14,006,000)
|
14,006,000
|
|
Total Investments – (99.98%) –
(Identified cost $902,744,564)
|
1,525,514,478
|
|
Other Assets Less Liabilities – (0.02%)
|
239,604
|
|
Net Assets – (100.00%)
|
$1,525,754,082
|
ADR:
|
American Depositary Receipt
|
ADS:
|
American Depositary Share
|
*
|
Non-income producing security.
|
(a)
|
Restricted securities are not registered under the Securities Act of 1933
and may have contractual restrictions on resale. They are fair valued under
methods approved by the Pricing Committee. The aggregate value of
restricted securities amounted to $1,207,260 or 0.08% of the Fund's net
assets as of September 30, 2023.
|
(b)
|
The value of this security was determined using significant unobservable
inputs.
|
(c)
|
Limited partnership units.
|
(d)
|
Dated 09/29/23, repurchase value of $7,517,319 (collateralized
by: U.S. Government agency mortgages and obligation in a pooled cash
account, 0.00%-4.584%, 12/19/23-02/01/47, total market value
$7,664,280).
|
(e)
|
Dated 09/29/23, repurchase value of $6,494,867 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 1.125%-6.345%, 06/14/24-05/20/73, total market value
$6,621,840).
|
|
Shares
|
Value
|
COMMON STOCK – (98.70%)
|
||
COMMUNICATION SERVICES – (1.24%)
|
||
Media & Entertainment – (1.24%)
|
||
Baidu, Inc., Class A, ADR (China) *
|
4,167
|
$559,837
|
Total Communication Services
|
559,837
|
|
CONSUMER DISCRETIONARY – (24.45%)
|
||
Consumer Discretionary Distribution & Retail – (14.05%)
|
||
Alibaba Group Holding Ltd., ADR (China) *
|
12,510
|
1,085,117
|
Coupang, Inc., Class A (South Korea) *
|
23,640
|
401,880
|
JD.com, Inc., Class A, ADR (China)
|
50,645
|
1,475,289
|
Naspers Ltd. - N (South Africa)
|
12,884
|
2,058,820
|
Prosus N.V., Class N (Netherlands)
|
45,235
|
1,335,266
|
|
|
6,356,372
|
Consumer Durables & Apparel – (3.79%)
|
||
Fila Holdings Corp. (South Korea)
|
64,009
|
1,712,409
|
Consumer Services – (6.61%)
|
||
Delivery Hero SE (Germany) *
|
33,530
|
963,166
|
Meituan, Class B (China) *
|
138,487
|
2,026,652
|
|
|
2,989,818
|
Total Consumer Discretionary
|
11,058,599
|
|
FINANCIALS – (47.12%)
|
||
Banks – (29.38%)
|
||
Bank of N.T. Butterfield & Son Ltd. (Bermuda)
|
85,290
|
2,309,653
|
Danske Bank A/S (Denmark)
|
238,582
|
5,558,329
|
DBS Group Holdings Ltd. (Singapore)
|
152,620
|
3,755,770
|
DNB Bank ASA (Norway)
|
77,924
|
1,570,624
|
Metro Bank Holdings PLC (United Kingdom) *
|
136,720
|
97,418
|
|
|
13,291,794
|
Financial Services – (6.89%)
|
||
Capital Markets – (6.89%)
|
||
Julius Baer Group Ltd. (Switzerland)
|
42,800
|
2,752,180
|
Noah Holdings Ltd., Class A, ADS (China)
|
29,024
|
361,929
|
|
|
3,114,109
|
Insurance – (10.85%)
|
||
Life & Health Insurance – (10.85%)
|
||
AIA Group Ltd. (Hong Kong)
|
318,740
|
2,598,861
|
Ping An Insurance (Group) Co. of China, Ltd. -
H (China)
|
403,500
|
2,310,955
|
|
|
4,909,816
|
Total Financials
|
21,315,719
|
|
INDUSTRIALS – (3.61%)
|
||
Transportation – (3.61%)
|
||
DiDi Global Inc., Class A, ADS (China) *
|
505,800
|
1,633,734
|
Total Industrials
|
1,633,734
|
|
INFORMATION TECHNOLOGY – (16.18%)
|
||
Semiconductors & Semiconductor Equipment – (4.48%)
|
||
Tokyo Electron Ltd. (Japan)
|
14,830
|
2,028,407
|
|
Shares
|
Value
|
COMMON STOCK – (CONTINUED)
|
||
INFORMATION TECHNOLOGY – (CONTINUED)
|
||
Technology Hardware & Equipment – (11.70%)
|
||
Hollysys Automation Technologies Ltd.
(China) *
|
123,510
|
$2,450,439
|
Samsung Electronics Co., Ltd. (South Korea)
|
56,050
|
2,841,129
|
|
|
5,291,568
|
Total Information Technology
|
7,319,975
|
|
MATERIALS – (4.14%)
|
||
Teck Resources Ltd., Class B (Canada)
|
43,470
|
1,873,122
|
Total Materials
|
1,873,122
|
|
REAL ESTATE – (1.96%)
|
||
Real Estate Management & Development – (1.96%)
|
||
KE Holdings Inc., Class A, ADR (China) *
|
57,150
|
886,968
|
Total Real Estate
|
886,968
|
|
TOTAL COMMON STOCK –
(Identified cost $44,082,927)
|
44,647,954
|
|
Principal
|
Value
|
SHORT-TERM INVESTMENTS – (0.95%)
|
||
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 10/02/23 (a)
|
$230,000
|
$230,000
|
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 10/02/23 (b)
|
198,000
|
198,000
|
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $428,000)
|
428,000
|
|
Total Investments – (99.65%) –
(Identified cost $44,510,927)
|
45,075,954
|
|
Other Assets Less Liabilities – (0.35%)
|
160,448
|
|
Net Assets – (100.00%)
|
$45,236,402
|
ADR:
|
American Depositary Receipt
|
ADS:
|
American Depositary Share
|
*
|
Non-income producing security.
|
(a)
|
Dated 09/29/23, repurchase value of $230,102 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 4.25%-
4.50%, 01/01/30-11/01/49, total market value $234,600).
|
(b)
|
Dated 09/29/23, repurchase value of $198,087 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 1.125%-6.345%, 06/14/24-05/20/73, total market value
$201,960).
|
|
Investments in Securities at Value
|
|
|
Selected
American Shares
|
Selected
International Fund
|
Valuation Inputs
|
|
|
Level 1 – Quoted Prices:
|
|
|
Common Stock:
|
|
|
Communication Services
|
$211,117,386
|
$559,837
|
Consumer Discretionary
|
158,739,518
|
11,058,599
|
Consumer Staples
|
13,857,012
|
–
|
Financials
|
677,936,303
|
21,315,719
|
Health Care
|
115,873,446
|
–
|
Industrials
|
61,925,223
|
1,633,734
|
Information Technology
|
229,788,853
|
7,319,975
|
Materials
|
41,063,477
|
1,873,122
|
Real Estate
|
–
|
886,968
|
Total Level 1
|
1,510,301,218
|
44,647,954
|
Level 2 – Other Significant Observable Inputs:
|
|
|
Short-Term Investments
|
14,006,000
|
428,000
|
Total Level 2
|
14,006,000
|
428,000
|
Level 3 – Significant Unobservable Inputs:
|
|
|
Common Stock:
|
|
|
Communication Services
|
1,207,260
|
–
|
Total Level 3
|
1,207,260
|
–
|
Total Investments
|
$1,525,514,478
|
$45,075,954
|
|
Beginning
Balance at
January 1,
2023
|
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
September 30,
2023
|
Selected American
Shares
|
|
|
|
|
|
|
|
|
Investments in
Securities:
|
|
|
|
|
|
|
|
|
Common Stock
|
$1,143,009
|
$–
|
$–
|
$64,251
|
$–
|
$–
|
$–
|
$1,207,260
|
Total Level 3
|
$1,143,009
|
$–
|
$–
|
$64,251
|
$–
|
$–
|
$–
|
$1,207,260
|
|
Fair Value at
September 30, 2023
|
Valuation
Technique
|
Unobservable
Input
|
Amount
|
Impact to
Valuation from
an Increase in Input
|
Selected American Shares
|
|
|
|
|
|
Investments in Securities:
|
|
|
|
|
|
Common Stock
|
$1,207,260
|
Discounted Cash Flow
|
Annualized Yield
|
6.374%
|
Decrease
|
Total Level 3
|
$1,207,260
|
|
|
|
|
|
Selected
American Shares
|
Selected
International Fund
|
Cost
|
$906,589,912
|
$45,962,066
|
|
||
Unrealized appreciation
|
737,419,392
|
6,670,292
|
Unrealized depreciation
|
(118,494,826
)
|
(7,556,404
)
|
Net unrealized appreciation
(depreciation)
|
$618,924,566
|
$(886,112
)
|