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Selected Daily Government Fund
A series
of Selected Capital Preservation Trust
Class / Ticker: S
(SDGXX)
, D
(SGDXX)
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SUMMARY
PROSPECTUS
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April 30,
2012
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Before you invest, you may want to review Selected Daily Government Fund statutory prospectus and statement of
additional information, which contain more information about the Fund and its risks. You can find the Fund’s statutory prospectus and other information about the Fund at no cost online at www.selectedfunds.com/applications_and_prospectuses or
by calling 1-800-243-1575, or by sending an e-mail request to slinvestor.services@dsaco.com. The current statutory prospectus and statement of additional information, dated April 30, 2012, as further amended or supplemented, and the most recent
shareholder report, dated December 31, 2011, are incorporated by reference into this summary prospectus and may be obtained, free of charge, in the same manner as the statutory prospectus.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any
representation to the contrary is a criminal offense.
Investment Objective
Selected Daily
Government Fund’s investment objective is to provide as high a level of current income as possible from the type of short-term investments in which it invests, consistent with prudent investment management, stability of principal and
maintenance of liquidity.
Fees and Expenses of Selected Daily Government Fund
These tables describe the fees and expenses that you may pay if you buy and hold shares of Selected Daily Government Fund.
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Shareholder Fees
(fees paid directly from your
investment)
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Class S shares
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Class D shares
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Maximum sales charge (load) imposed on purchases
(as a percentage of offering
price)
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None
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None
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Maximum deferred sales charge (load) imposed on redemptions
(as a percentage of the lesser of the net asset value of the
shares redeemed or the total cost of such shares.)
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None
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None
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Maximum sales charge (load) imposed on reinvested dividends
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the
value of your investment)
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Class S shares
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Class D shares
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Management Fees
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0.30%
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0.30%
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Distribution and/or service (12b-1) Fees
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0.25%
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0.00%
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Other Expenses
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0.78%
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0.37%
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Total Annual Operating Expenses
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1.33%
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0.67%
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Less Fee Waiver or Expense Reimbursement
(1)
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1.25%
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0.59%
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Net Expenses
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0.08%
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0.08%
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(1)
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The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses such that net investment income will not be less than
zero until May 1, 2013. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may recapture from the assets of the Fund any of the operating expenses it has reimbursed (but not any of the management
fees which it has waived) until the end of the third calendar year after the end of the calendar year in which such reimbursement occurs, subject to certain limitations. This recapture could negatively affect the Fund's future yield.
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Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
This Example assumes that you invest $10,000 in Selected Daily Government Fund for the time periods indicated. This Example also assumes that your
investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class S shares
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$135
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$421
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$729
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$1,601
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Class D shares
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$ 68
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$214
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$373
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$ 835
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S
UMMARY
P
ROSPECTUS
Ÿ
A
PRIL
30, 2012
Ÿ
S
ELECTED
D
AILY
G
OVERNMENT
F
UND
Ÿ
1
OF
4
Principal Investment Strategies
The Fund is a money market fund that seeks to preserve the value of your investment at $1.00 per share. There can be no guarantee that the Fund will be successful in maintaining a $1.00 share price.
Selected Daily Government Fund invests exclusively in U.S. Treasury securities, U.S. Government agency securities, U.S. Government agency
mortgage securities (collectively “U.S. Government Securities”), and repurchase agreements collateralized by U.S. Government Securities. The Fund seeks to maintain liquidity and preserve capital by carefully monitoring the maturity of its
investments. The Fund’s portfolio maintains a dollar-weighted average maturity of sixty days or less.
Principal Risks of Investing in
Selected Daily Government Fund
The principal risks of investing in the Fund are:
Variable Current Income risk.
The income which the Fund pays to investors is not stable.
Interest Rate Sensitivity risk.
Interest rates may have a powerful influence on the value of fixed income securities.
Changes in Debt Rating risk.
If a rating agency gives a fixed income security or its issuer a low rating, the value of the security will decline
because investors will demand a higher rate of return.
Fees and Expenses risk.
The Fund may not earn enough through income to offset
the operating expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return which a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low return environment, or
a bear market, increases the risk that a shareholder may lose money.
Your investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.
Performance Results
The bar
chart below provides some indication of the risks of investing in Selected Daily Government Fund by showing how the Fund’s investment results have varied from year to year. The Fund’s past performance is not necessarily an indication of
how the Fund will perform in the future. Updated information on the Fund’s results can be obtained by visiting
www.selectedfunds.com
or by calling 1-800-243-1575.
Selected Daily Government Fund Annual Total Returns for Class S Shares
for the years ended December 31
Highest/Lowest quarterly results during this time period were:
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Highest
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1.15% December 31, 2006
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Lowest
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0.00% March 31, 2011
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Total return for the three months ended March 31, 2012 (not annualized) was 0.04%.
Selected Daily Government Fund Average Annual Total Returns
for the periods ended December 31, 2011
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Past 1 Year
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Past 5 Years
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Past 10 Years
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Class S shares
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0.08%
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1.37%
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1.63%
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Class D shares
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0.08%
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1.52%
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2.04%
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*
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*
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Class D shares were first offered to the public on May 3, 2004. The return presented is for the life of the class.
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Selected Daily Government Fund Yield, Class S Shares
as of December 31, 2011
You can obtain Selected Daily Government Fund’s most recent 7-day SEC Yield by calling Investor Services toll-free at
1-800-243-1575, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time.
S
UMMARY
P
ROSPECTUS
Ÿ
A
PRIL
30, 2012
Ÿ
S
ELECTED
D
AILY
G
OVERNMENT
F
UND
Ÿ
2
OF
4
Management
Investment Adviser
Davis Selected Advisers, L.P. serves as Selected Daily Government
Fund’s investment adviser.
Sub-Adviser
Davis Selected Advisers-NY, Inc., a wholly owned subsidiary of the Adviser, serves as the Fund’s sub-adviser.
Portfolio Manager
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Portfolio Manager
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Experience with this Fund
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Primary Title with Investment Adviser or Sub-Adviser
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Creston King
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Since August 1999
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Vice President, Davis Selected Advisers-NY
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Purchase and Sale of Fund Shares
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Class S shares
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Class D shares
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Minimum Initial Investment
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$
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1,000
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$
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10,000
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(1)
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Minimum Additional Investment
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$
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25
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$
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25
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(1)
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Class D shares may not be available for purchase through some financial intermediaries.
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You may sell (redeem) shares each day the New York Stock Exchange is open. Your transaction may be placed through your dealer or financial adviser, by
writing to Selected Funds c/o State Street Bank and Trust Company, P.O. Box 8243, Boston, MA 02266-8243, telephoning 1-800-243-1575 or accessing Selected Funds’ website (www.selectedfunds.com).
Tax Information
Distributions (if any)
may be taxed as ordinary income or capital gains by federal, state and local authorities. Generally, the Fund does not distribute capital gains. Redemptions, including exchanges, will not normally result in a capital gain or loss for federal or
state income tax purposes.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase Selected Daily Government Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related
companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another
investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Investment Company Act File No. 811-5240
S
UMMARY
P
ROSPECTUS
Ÿ
A
PRIL
30, 2012
Ÿ
S
ELECTED
D
AILY
G
OVERNMENT
F
UND
Ÿ
3
OF
4
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Davis Selected Advisers, L.P.
2949 East Elvira Road, Suite 101
Tucson, AZ 85756
800-243-1575
selectedfunds.com
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