SELECTED DAILY GOVERNMENT FUND AGREEMENT MANAGEMENT FEE WAIVER AND EXPENSE REIMBURSEMENT

Exhibit 23(h)(2)

SELECTED DAILY GOVERNMENT FUND
AGREEMENT

MANAGEMENT FEE WAIVER
AND
EXPENSE REIMBURSEMENT

THIS AGREEMENT is made this 31st day of December 2009, between Selected Capital Preservation Trust, an Ohio Business Trust (“SCPT”) and Xxxxx Selected Advisers, L.P., a limited partnership organized under the laws of Colorado (“DSA”).

RECITALS:

WHEREAS, SCPT is a registered open-end management investment company offering one authorized series, Selected Daily Government Fund (“SDGF”), with two authorized classes of shares (Class S and Class D shares) to the public; and

WHEREAS, DSA serves as the investment adviser for SCPT; and

WHEREAS, both SCPT and DSA agree that, in the current economic conditions, it is desirable to reduce management fees and/or reimburse operating expenses to the extent provided below;

NOW, THEREFORE, the parties hereby agree as follows:

1. Reduction in SDGF Expenses. DSA agrees to waive some or all of its management fees and to reimburse other SDGF expenses such that SDGF’s net investment income will not be less than zero for either Class S or Class D shares.

2. Duration of Agreement. This Agreement shall be effective for an initial period beginning on January 1, 2010 and ending on May 1, 2010. This Agreement shall automatically renew for additional twelve month periods if not terminated, in writing, by either party before May 1^st of each year.

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IN WITNESS WHEREOF, the parties have duly executed this Agreement, all as of the date first written above.

Selected Capital Preservation Trust

By:  

Xxxxxx Xxxx 

Vice President 

Xxxxx Selected Advisers, L.P.
By Xxxxx Investments, LLC (General Partner)

By:  

Xxxxxxx Xxxx 

Chief Operating Officer 

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