Selected American Shares, Inc.
Selected Special Shares, Inc.
Selected Capital Preservation Trust
Supplement dated December 1, 1996
to the Prospectus dated May 1, 1996
Effective December 1, 1996, Davis Selected Advisers - NY, Inc.
(DSA-NY) will be a sub-adviser to the Funds (in addition to Bramwell
Capital Management, Inc. with respect to Selected Special Shares, Inc.).
DSA-NY is a wholly-owned subsidiary of Davis Selected Advisers, L.P., the
Funds' Manager. Under a Sub-Advisory Agreement with the Manager,
DSA-NY performs research and portfolio management functions for the
Funds as requested by the Manager. The Agreement was approved by the
Boards of Directors/Trustees of each of the Funds (including a majority of
the directors who are not parties to the Agreement, have no financial
interest in the Agreement and are not "interested persons" (as defined in
the Investment Company Act of 1940) of any party to the Agreement) on
October 25, 1996. Bramwell Capital Management, Inc. continues to be the
principal sub-adviser to Selected Special Shares and Elizabeth Bramwell
continues to be the portfolio manager for that Fund.
The Agreement will be submitted to the shareholders of the Funds
for consideration at a Special Meeting to be held before April, 1996. In
the event that the Agreement is not approved by the shareholders as to any
Fund, the Board of Directors will determine what actions should be taken.
In lieu of a sub-advisory fee, the Manager will pay DSA-NY all
reasonable direct and indirect costs associated with the maintenance of
an office and the performance of the terms of the Agreement. All the fees
paid to DSA-NY will be paid by the Manager and not the Funds. The fees
paid by the Funds will not be affected by the Agreement.
