SELECTED FUNDS

Table of Contents

Shareholder Letter	2
Management's Discussion of Fund Performance:
Selected American Shares	3
Selected International Fund	5
Fund Overview:
Selected American Shares	7
Selected International Fund	9
Expense Example	11
Schedule of Investments:
Selected American Shares	12
Selected International Fund	15
Statements of Assets and Liabilities	18
Statements of Operations	19
Statements of Changes in Net Assets	20
Notes to Financial Statements	22
Financial Highlights	31
Report of Independent Registered Public Accounting Firm	33
Federal Income Tax Information	34
Privacy Notice and Householding	35
Directors and Officers	36

This Annual Report is authorized for use by existing shareholders. Prospective shareholders must receive a current Selected Funds prospectus, which contains more information about investment strategies, risks, fees, and expenses. Please read the prospectus carefully before investing or sending money.

Shares of the Selected Funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.

Portfolio Proxy Voting Policies and Procedures

The Funds have adopted Portfolio Proxy Voting Policies and Procedures under which the Funds vote proxies relating to securities held by the Funds. A description of the Funds' Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Funds toll-free at 1-800-243-1575, (ii) on the Funds' website at www.selectedfunds.com, and (iii) on the SEC's website at www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting record for the 12 months ended June 30^th, no later than August 31^st of each year. The Funds' Form N-PX filing is available (i) without charge, upon request, by calling the Funds toll-free at 1-800-243-1575, (ii) on the Funds' website at www.selectedfunds.com, and (iii) on the SEC's website at www.sec.gov.

Form N-Q

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds' Form N-Q is available without charge, upon request, by calling 1-800-243-1575, on the Funds' website at www.selectedfunds.com, and on the SEC's website at www.sec.gov. The Funds' Form N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

SELECTED FUNDS

Shareholder Letter

Dear Fellow Shareholder,

As stewards of our customers' savings, the management team and Directors of the Selected Funds recognize the importance of candid, thorough, and regular communication with our shareholders. In our Annual and Semi-Annual Reports, we include all of the required quantitative information, such as audited financial statements, detailed footnotes, performance reports, fund holdings, and performance attribution. Also included is a list of positions opened and closed.

In addition, we produce a Manager Commentary for each Fund, which is published semi-annually. In this commentary, we give a more qualitative perspective on fund performance, discuss our thoughts on individual holdings, and share our investment outlook. You may obtain a copy of the current Manager Commentary either on the Funds' website at www.selectedfunds.com, or by calling 1-800-243-1575.

We thank you for your continued trust. We will do our best to earn it in the years ahead.

Sincerely,


James J. McMonagle	Christopher C. Davis	Danton G. Goei
Chairman	President & Portfolio Manager	Portfolio Manager


February 2, 2018

SELECTED FUNDS	Management's Discussion of Fund Performance
SELECTED AMERICAN SHARES, INC.

Performance Overview

Selected American Shares performed in-line with the Standard & Poor's 500^® Index ("S&P 500^®") for the twelve-month period ended December 31, 2017 (the "period"). The Fund's Class S and D shares delivered a total return of 21.77% and 22.18%, respectively, versus a 21.83% return for the S&P 500^®. Only two sectors¹ within the S&P 500^® reported negative performance, Telecommunication Services and Energy (both down 1%). The third-weakest, but still positive, performing sector was Real Estate (up 11%). The sectors within the S&P 500^® that reported the strongest performance were Information Technology (up 39%), Materials (up 24%), and Financials (up 23%).

Detractors from Performance

The Fund's holdings in the Energy sector were the most significant detractor² from performance. When compared to the S&P 500^®, the Fund suffered from an overweight position (average weighting of 10%, versus 6%) and lower returns on its holdings (down 8%, compared to down 1%) in a weak performing sector. Apache³(down 32%) was the top detractor for the period. EQT (down 12%), which the Fund no longer owns, was also a key detractor.

The Information Technology sector was a key detractor on a relative basis. The Fund suffered primarily as a result of its underweight position in the strongest performing sector during the period (15% average weighting, versus 22%). Alibaba (down 7%), a new holding that was purchased during the fourth quarter of 2017, was the second largest detractor during the period.

The Fund's Industrials holdings hindered performance when compared to the S&P 500^®(up 20%, compared to up 21%). Johnson Controls (down 5%) was a key detractor.

Additional securities which hindered the Fund's performance included Valeant Pharmaceuticals (down 34%) from the Health Care sector and Liberty TripAdvisor (down 37%) and Delphi Technologies (down 7%) from the Consumer Discretionary sector. The Fund no longer owns Valeant Pharmaceuticals.

Given the strong market over the period, the Fund's 3% average weighting in Cash & Equivalents hindered performance.

Contributors to Performance

The Fund's holdings in the Consumer Discretionary sector made the most significant contribution to performance when compared to the S&P 500^® and were also a top contributor on an absolute basis (up 39%, compared to up 23%). Amazon (up 56%), the Fund's second-largest holding, was the Fund's top overall contributor for the period.

While the Fund's Financials sector holdings performed in-line with those of the S&P 500^® (both up 23%), the Fund benefited from its significant overweight position in Financials (30%, versus 15%). Five of the Fund's top ten contributors for the period were from the Financials sector, and these included American Express (up 36%), JPMorgan Chase (up 27%), Berkshire Hathaway (up 22%), Capital One Financial (up 16%), and Wells Fargo (up 13%). Each of these was also a top holding of the Fund.

Information Technology was an important contributor on an absolute basis (up 38%), and individual securities which helped performance included Alphabet (up 35%), the Fund's largest holding, Facebook (up 53%), and Texas Instruments (up 47%).

The Fund's Health Care holdings helped performance (up 35%, compared to up 22% for the S&P 500^®). Aetna (up 47%) was among the top contributors for the period.

Compared to the S&P 500^®, the Fund benefited from a significant underweight position in Consumer Staples (2%, compared to 9%) and Telecommunication Services (0%, compared to 2%).

Selected American Shares' investment objective is to achieve both capital growth and income. In the current market environment, we expect that income will be low. There can be no assurance that the Fund will achieve its objective. Selected American Shares' principal risks are: common stock risk, depositary receipts risk, emerging market risk, fees and expenses risk, financial services risk, foreign country risk, foreign currency risk, headline risk, large-capitalization companies risk, manager risk, mid- and small-capitalization companies risk, and stock market risk. See the prospectus for a full description of each risk.

Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended December 31, 2017, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, December 31, 2017, unless otherwise noted.

The companies included in the Standard & Poor's 500^® Index are divided into eleven sectors. One or more industry groups make up a sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry group or industry level. See the SAI for additional information regarding the Fund's concentration policy.

²	A company's or sector's contribution to or detraction from the Fund's performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.

This Management Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund's holdings of each company discussed.

SELECTED FUNDS	Management's Discussion of Fund Performance
SELECTED AMERICAN SHARES, INC. – (CONTINUED)

Comparison of a $10,000 investment in Selected American Shares Class S versus the

Standard & Poor's 500^® Index over 10 years for an investment made on December 31, 2007

Average Annual Total Return for periods ended December 31, 2017

Fund & Benchmark Index	1-Year	5-Year	10-Year	Since Class D's Inception (May 3, 2004)	Gross Expense Ratio	Net Expense Ratio
Class S	21.77%	14.82%	6.80%	N/A	0.97%	0.97%
Class D	22.18%	15.20%	7.16%	8.15%	0.65%	0.65%
Standard & Poor's 500^®Index	21.83%	15.79%	8.50%	8.84%

The Standard & Poor's 500^® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations, and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in the Index.

The performance data for Selected American Shares contained in this report represents past performance, assumes that all distributions were reinvested, and should not be considered as an indication of future performance from an investment in the Fund today. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Fund performance changes over time and current performance may be higher or lower than stated. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For more current information please call Selected Funds Investor Services at 1-800-243-1575.

SELECTED FUNDS	Management's Discussion of Fund Performance
SELECTED INTERNATIONAL FUND, INC.

Performance Overview

Selected International Fund outperformed the Morgan Stanley Capital International All Country World Index ex USA ("MSCI") for the twelve-month period ended December 31, 2017 (the "period"). The Fund's Class S and D shares delivered a total return of 38.22% and 38.90%, respectively, versus a 27.19% return for the MSCI. The sectors¹ within the MSCI that reported the strongest performance were Information Technology (up 51%), Materials (up 33%), and Industrials (up 30%). All sectors within the MSCI reported positive performance for the period. The sectors that reported the weakest, yet still positive, performance were Telecommunication Services (up 15%), Energy (up 17%), and Health Care (up 19%).

Contributors to Performance

The Fund's holdings in the Consumer Discretionary sector made the most significant contribution² to performanceon an absolute basis as well as on a relative basis when compared to the MSCI. Returns for the Fund's Consumer Discretionary holdings were up 58%, compared to up 29% for the MSCI. The Fund benefited primarily from strong stock selection in this sector. The top three contributors to performance were Naspers³(up 90%), the Fund's largest holding, TAL Education Group (up 155%), and New Oriental Education & Technology Group (up 124%). Additional contributors from the Consumer Discretionary sector included JD.com (up 63%) and Didi Chuxing (up 33%), the Fund's second largest holding.

The Fund's Industrials sector holdings also helped performance on both an absolute and relative basis. The Fund's Industrials holdings were up about 36%, compared to up 30% for the MSCI. The Fund also benefited from a higher average weighting than the MSCI (17%, compared to 12%). InterGlobe Aviation (up 60%) and Safran (up 44%), both among the top ten holdings, were among the top performing securities for the period.

The Fund benefited from its strong stock selection in both the Information Technology (up 69%, versus up 51% for the MSCI) and Financials (up 49%, compared to up 27% for the MSCI) sectors. Key contributors included Alibaba (up 96%) and Fang Holdings (up 70%) from the Information Technology sector and Noah Holdings (up 111%) from the Financials sector.

The Fund benefited from its significant overweight position in Chinese securities when compared to the MSCI (39% average weighting, versus 7% for the MSCI). At the country level, the Fund's Chinese securities (up 56%) were the largest contributor to performance.

Detractors from Performance

The Fund had an average weighting of 10% of its net assets in Cash & Equivalents, which was primarily a result of strong inflows. Given the strong market during the period, this position was the most significant detractor when compared to the MSCI. At the end of the period, the Fund's position in Cash & Equivalents was 3%.

The Fund's Energy sector holdings were a key detractor from performance relative to the MSCI. The Fund's Energy holdings were up 16%, compared to up 17% for the MSCI. A top detractor for the period was Seven Generations Energy (down 44%), which the Fund sold in December.

The Fund's Health Care sector holdings detracted from relative performance primarily due to poor stock selection. While still positive, the Fund's Health Care sector holdings underperformed those of the MSCI (up 12%, versus up 19%). Valeant Pharmaceuticals (down 17%), which the Fund no longer owns, was a key detractor.

The Materials sector returns, while still positive, hindered the Fund's relative performance (up 27%, compared to up 33% for the MSCI).

While the Consumer Discretionary sector overall was the most significant contributor to the Fund's performance, a number of the top detractors came from this sector including Tarena International (down 16%), the top detractor for the period, Jumei International Holdings (down 40%), and Xiabu Xiabu (down 4%). The Fund no longer owns Jumei International Holdings or Xiabu Xiabu. CAR (down 10%), from the Industrials sector, also detracted from performance.

Selected International Fund's investment objective is capital growth. There can be no assurance that the Fund will achieve its objective. Selected International Fund's principal risks are: common stock risk, depositary receipts risk, emerging market risk, fees and expenses risk, foreign country risk, foreign currency risk, headline risk, large-capitalization companies risk, manager risk, mid- and small-capitalization companies risk, and stock market risk. See the prospectus for a full description of each risk.

The companies included in the Morgan Stanley Capital International All Country World Index ex USA are divided into eleven sectors. One or more industry groups make up a sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry group or industry level. See the SAI for additional information regarding the Fund's concentration policy.

²	A company's or sector's contribution to or detraction from the Fund's performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.

SELECTED FUNDS	Management's Discussion of Fund Performance
SELECTED INTERNATIONAL FUND, INC. – (CONTINUED)

Comparison of a $10,000 investment in Selected International Fund Class S versus the

Morgan Stanley Capital International All Country World Index ex USA (MSCI ACWI^® ex USA)

over 10 years for an investment made on December 31, 2007

Average Annual Total Return for periods ended December 31, 2017

Fund & Benchmark Index	1-Year	5-Year	10-Year	Since Class D's Inception (May 3, 2004)	Gross Expense Ratio	Net Expense Ratio
Class S	38.22%	10.61%	3.24%	N/A	1.28%	1.25%
Class D	38.90%	11.15%	3.76%	5.23%	0.87%	0.87%
MSCI ACWI^® ex USA	27.19%	6.80%	1.84%	6.81%

On May 1, 2011, the Fund changed its name from Selected Special Shares to Selected International Fund and changed its investment strategy from investing primarily in domestic equity securities to investing primarily in foreign equity securities. Performance prior to that date is unlikely to be relevant to future performance.

The Fund's performance benefited from IPO purchases in 2010 and 2014. After purchase, the IPOs rapidly increased in value. The Adviser purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences.

The MSCI ACWI^® ex USA is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in the Index.

The performance data for Selected International Fund contained in this report represents past performance, assumes that all distributions were reinvested, and should not be considered as an indication of future performance from an investment in the Fund today. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Fund performance changes over time and current performance may be higher or lower than stated. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For more current information please call Selected Funds Investor Services at 1-800-243-1575.

SELECTED FUNDS	Fund Overview
SELECTED AMERICAN SHARES, INC.	December 31, 2017

Portfolio Composition		Industry Weightings
(% of Fund's 12/31/17 Net Assets)		(% of 12/31/17 Stock Holdings)

			Fund	S&P 500^®
Common Stock (U.S.)	79.05%	Diversified Financials	18.29%	5.55%
Common Stock (Foreign)	15.42%	Information Technology	18.14%	23.76%
Preferred Stock (Foreign)	3.06%	Retailing	12.08%	5.73%
Short-Term Investments	2.50%	Banks	11.37%	6.59%
Other Assets & Liabilities	(0.03)%	Capital Goods	10.78%	7.46%
	100.00%	Energy	9.29%	6.07%
		Materials	4.89%	3.00%
		Health Care	3.81%	13.84%
		Media	3.45%	2.76%
		Automobiles & Components	3.39%	0.66%
		Insurance	2.15%	2.65%
		Transportation	1.79%	2.21%
		Consumer Durables & Apparel	0.57%	1.18%
		Food, Beverage & Tobacco	–	4.57%
		Utilities	–	2.93%
		Other	–	11.04%
			100.00%	100.00%

Top 10 Long-Term Holdings
(% of Fund's 12/31/17 Net Assets)

Alphabet Inc. *	Software & Services	8.07%
Amazon.com, Inc.	Retailing	7.37%
Wells Fargo & Co.	Banks	5.92%
Berkshire Hathaway Inc., Class A	Diversified Financial Services	5.73%
JPMorgan Chase & Co.	Banks	5.17%
Bank of New York Mellon Corp.	Capital Markets	4.69%
Capital One Financial Corp.	Consumer Finance	4.11%
United Technologies Corp.	Capital Goods	3.69%
Apache Corp.	Energy	3.60%
American Express Co.	Consumer Finance	3.31%

*Alphabet Inc. holding includes Class A and Class C.

SELECTED FUNDS	Fund Overview
SELECTED AMERICAN SHARES, INC. – (CONTINUED)	December 31, 2017

New Positions Added (01/01/17-12/31/17)

(Highlighted positions are those greater than 1.80% of the Fund's 12/31/17 net assets)

Security	Industry	Date of 1^st Purchase	% of Fund's 12/31/17 Net Assets
Alibaba Group Holding Ltd., ADR	Software & Services	11/17/17	2.22%
Didi Chuxing Joint Co., Series B, Pfd.	Retailing	05/16/17	0.44%
FedEx Corp.	Transportation	03/29/17	1.75%
Ferguson PLC	Capital Goods	10/18/17	1.93%
Naspers Ltd. - N	Media	11/17/17	1.85%

Positions Closed (01/01/17-12/31/17)

(Gains and losses greater than $25,000,000 are highlighted)

Security	Industry	Date of Final Sale		Realized Gain (Loss)
CarMax, Inc.	Retailing	11/22/17	$	24,532,972
Costco Wholesale Corp.	Food & Staples Retailing	11/28/17		39,868,982
Ecolab Inc.	Materials	11/28/17		15,101,097
EQT Corp.	Energy	03/17/17		(5,990,025)
Fairfax Financial Holdings Ltd.	Multi-line Insurance	10/23/17		1,013,354
Monsanto Co.	Materials	05/25/17		13,125,718
Praxair, Inc.	Materials	12/18/17		5,147,146
UnitedHealth Group Inc.	Health Care Equipment & Services	10/27/17		37,878,675
Valeant Pharmaceuticals International, Inc.	Pharmaceuticals, Biotechnology & Life Sciences	04/07/17		(63,478,335)
Visa Inc., Class A	Diversified Financial Services	11/21/17		38,299,294
Wesco Aircraft Holdings, Inc.	Capital Goods	02/02/17		(455,555)

SELECTED FUNDS	Fund Overview
SELECTED INTERNATIONAL FUND, INC.	December 31, 2017

Portfolio Composition		Industry Weightings
(% of Fund's 12/31/17 Net Assets)		(% of 12/31/17 Stock Holdings)

			Fund	MSCI ACWI^® EX USA
Common Stock (Foreign)	90.99%	Information Technology	14.65%	11.50%
Preferred Stock (Foreign)	6.43%	Capital Goods	13.84%	8.02%
Short-Term Investments	2.72%	Retailing	13.74%	1.47%
Other Assets & Liabilities	(0.14)%	Consumer Services	10.94%	1.37%
	100.00%	Materials	8.39%	8.01%
		Transportation	7.61%	2.65%
		Media	7.49%	1.43%
		Diversified Financials	6.91%	3.35%
		Energy	6.00%	6.75%
		Health Care	4.54%	7.64%
		Insurance	4.14%	5.22%
		Consumer Durables & Apparel	1.75%	2.57%
		Banks	–	14.60%
		Food, Beverage & Tobacco	–	5.69%
		Automobiles & Components	–	4.48%
		Telecommunication Services	–	4.04%
		Other	–	11.21%
			100.00%	100.00%

Country Diversification		Top 10 Long-Term Holdings
(% of 12/31/17 Stock Holdings)		(% of Fund's 12/31/17 Net Assets)

China	45.41%	Naspers Ltd. - N	7.30%
Switzerland	8.29%	Didi Chuxing Joint Co., Series A, Pfd.	5.27%
France	8.15%	Alibaba Group Holding Ltd., ADR	5.26%
South Africa	7.49%	Encana Corp.	4.71%
Brazil	6.37%	New Oriental Education & Technology Group, Inc., ADR	4.50%
Canada	6.00%	Hollysys Automation Technologies Ltd.	4.44%
United Kingdom	5.10%	Sul America S.A.	4.03%
India	3.89%	Safran S.A.	3.96%
Netherlands	3.71%	InterGlobe Aviation Ltd.	3.79%
Germany	3.63%	JD.com Inc., Class A, ADR	3.77%
Singapore	1.19%
Belgium	0.77%
	100.00%

SELECTED FUNDS	Fund Overview
SELECTED INTERNATIONAL FUND, INC. – (CONTINUED)	December 31, 2017

New Positions Added (01/01/17-12/31/17)

(Highlighted positions are those greater than 3.00% of the Fund's 12/31/17 net assets)

Security	Industry	Date of 1^st Purchase	% of Fund's 12/31/17 Net Assets
Akzo Nobel N.V.	Materials	02/24/17	1.91%
Ferguson PLC	Capital Goods	10/10/17	3.58%
Grab Inc., Series G, Pfd.	Retailing	08/02/17	1.16%
Hollysys Automation Technologies Ltd.	Technology Hardware & Equipment	01/18/17	4.44%
Tarena International, Inc., Class A, ADR	Consumer Services	06/05/17	3.56%

Positions Closed (01/01/17-12/31/17)

(Gains and losses greater than $200,000 are highlighted)

Security	Industry	Date of Final Sale		Realized Gain (Loss)
Grupo Televisa S.A.B., ADR	Media	08/14/17	$	219,116
Internet Plus Holdings Ltd., Series A-10, Pfd.	Retailing	08/10/17		547,789
IWG PLC	Commercial & Professional Services	04/12/17		(48,106)
Jumei International Holding Ltd., Class A, ADR	Retailing	12/15/17		(77,205)
Novus Holdings Ltd.	Commercial & Professional Services	11/29/17		246
Seven Generations Energy Ltd., Class A	Energy	12/15/17		(9,975)
Valeant Pharmaceuticals International, Inc.	Pharmaceuticals, Biotechnology & Life Sciences	05/09/17		(3,781,022)
Xiabu Xiabu Catering Management Co., Ltd.	Consumer Services	03/20/17		15,657
YY Inc., Class A, ADR	Software & Services	02/17/17		84,067

SELECTED FUNDS

Expense Example

As a shareholder of each Fund, you incur ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. As a shareholder of Selected International Fund, you may also incur transaction costs, which consist of redemption fees. The Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for each class is for the six-month period ended December 31, 2017.

Actual Expenses

The information represented in the row entitled "Actual" provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. An annual maintenance fee of $15, charged on retirement plan accounts per Social Security Number, is not included in the Expense Example. This fee will be waived for accounts sharing the same Social Security Number if the accounts total at least $50,000 at Selected Funds. If this fee was included, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower, by this amount.

Hypothetical Example for Comparison Purposes

The information represented in the row entitled "Hypothetical" provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. An annual maintenance fee of $15, charged on retirement plan accounts per Social Security Number, is not included in the Expense Example. This fee will be waived for accounts sharing the same Social Security Number if the accounts total at least $50,000 at Selected Funds. If this fee was included, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower, by this amount.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the information in the row entitled "Hypothetical" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	(07/01/17)	(12/31/17)	(07/01/17-12/31/17)
Selected American Shares
Class S (annualized expense ratio 0.97%**)
Actual	$1,000.00	$1,119.77	$5.18
Hypothetical	$1,000.00	$1,020.32	$4.94
Class D (annualized expense ratio 0.64%**)
Actual	$1,000.00	$1,121.59	$3.42
Hypothetical	$1,000.00	$1,021.98	$3.26
Selected International Fund
Class S (annualized expense ratio 1.22%**)
Actual	$1,000.00	$1,140.03	$6.58
Hypothetical	$1,000.00	$1,019.06	$6.21
Class D (annualized expense ratio 0.85%**)
Actual	$1,000.00	$1,143.00	$4.59
Hypothetical	$1,000.00	$1,020.92	$4.33

Hypothetical assumes 5% annual return before expenses.

*Expenses are equal to each Class's annualized operating expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

**The expense ratios reflect the impact, if any, of certain reimbursements from the Adviser.

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC.	December 31, 2017

						Shares		Value (Note 1)
COMMON STOCK – (94.47%)
	CONSUMER DISCRETIONARY – (15.94%)
		Automobiles & Components – (3.31%)
				Adient PLC			659,585	$	51,909,340
				Aptiv PLC			221,551		18,794,171
				Delphi Technologies PLC			73,851		3,874,962
									74,578,473
		Consumer Durables & Apparel – (0.55%)
				Hunter Douglas N.V. (Netherlands)			143,842		12,495,424
		Media – (3.36%)
				Liberty Global PLC, Series C *			912,780		30,888,475
				Liberty Latin America Ltd., Class C *			159,559		3,173,629
				Naspers Ltd. - N (South Africa)			149,989		41,835,687
									75,897,791
		Retailing – (8.72%)
				Amazon.com, Inc. *			142,236		166,340,735
				Liberty Expedia Holdings, Inc., Series A *			50,190		2,224,923
				Liberty Interactive Corp., Liberty Ventures, Series A *			75,196		4,078,631
				Liberty Interactive Corp., QVC Group, Series A *			245,535		5,995,964
				Liberty TripAdvisor Holdings Inc., Series A *			69,563		655,631
				Priceline Group Inc. *			9,962		17,311,366
									196,607,250
					Total Consumer Discretionary				359,578,938
	ENERGY – (9.06%)
				Apache Corp.			1,923,647		81,216,376
				Cabot Oil & Gas Corp.			1,265,412		36,190,783
				Encana Corp. (Canada)			4,728,943		63,036,810
				Occidental Petroleum Corp.			326,490		24,049,254
					Total Energy				204,493,223
	FINANCIALS – (31.02%)
		Banks – (11.09%)
				JPMorgan Chase & Co.			1,090,856		116,656,141
				Wells Fargo & Co.			2,199,620		133,450,945
									250,107,086
		Diversified Financials – (17.84%)
			Capital Markets – (4.69%)
				Bank of New York Mellon Corp.			1,965,635		105,869,101
			Consumer Finance – (7.42%)
				American Express Co.			751,088		74,590,550
				Capital One Financial Corp.			931,595		92,768,230
									167,358,780
			Diversified Financial Services – (5.73%)
				Berkshire Hathaway Inc., Class A *			434		129,158,404
									402,386,285
		Insurance – (2.09%)
			Multi-line Insurance – (0.95%)
				Loews Corp.			427,374		21,381,521
			Property & Casualty Insurance – (1.14%)
				Chubb Ltd.			104,501		15,270,731

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	December 31, 2017

							Shares/Units		Value (Note 1)
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Property & Casualty Insurance – (Continued)
				Markel Corp. *				9,318	$	10,614,414
										25,885,145
										47,266,666
						Total Financials				699,760,037
	HEALTH CARE – (3.72%)
		Health Care Equipment & Services – (3.72%)
				Aetna Inc.				310,397		55,992,515
				Express Scripts Holding Co. *				373,854		27,904,463
						Total Health Care				83,896,978
	INDUSTRIALS – (12.26%)
		Capital Goods – (10.51%)
				Ferguson PLC (United Kingdom)				603,913		43,459,414
				Johnson Controls International PLC				1,518,132		57,856,011
				Orascom Construction Ltd. (United Arab Emirates)*				578,768		4,630,144
				Safran S.A. (France)				465,474		47,980,619
				United Technologies Corp.				652,660		83,259,836
										237,186,024
		Transportation – (1.75%)
				FedEx Corp.				157,902		39,402,865
						Total Industrials				276,588,889
	INFORMATION TECHNOLOGY – (17.70%)
		Semiconductors & Semiconductor Equipment – (2.52%)
				Texas Instruments Inc.				543,043		56,715,411
		Software & Services – (15.18%)
				Alibaba Group Holding Ltd., ADR (China)*				290,277		50,052,463
				Alphabet Inc., Class A *				69,254		72,952,164
				Alphabet Inc., Class C *				104,310		109,149,984
				ASAC II L.P. *(a)(b)				1,174,606		1,129,149
				CommerceHub, Inc., Series A *				12,506		275,007
				CommerceHub, Inc., Series C *				25,110		517,015
				Facebook Inc., Class A *				343,968		60,696,593
				Fang Holdings Ltd., Class A, ADR (China)*				862,340		4,811,857
				Microsoft Corp.				319,310		27,313,777
				Oracle Corp.				330,005		15,602,636
										342,500,645
						Total Information Technology				399,216,056
	MATERIALS – (4.77%)
				Axalta Coating Systems Ltd. *				868,127		28,092,590
				LafargeHolcim Ltd. (Switzerland)				1,023,939		57,792,050
				OCI N.V. (Netherlands)*				858,480		21,661,880
						Total Materials				107,546,520
					TOTAL COMMON STOCK – (Identified cost $1,253,177,441)					2,131,080,641

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	December 31, 2017

								Shares/Principal			Value (Note 1)
PREFERRED STOCK – (3.06%)
	CONSUMER DISCRETIONARY – (3.06%)
		Retailing – (3.06%)
				Didi Chuxing Joint Co., Series A (China)*(a)(b)						1,161,716	$	59,168,635
				Didi Chuxing Joint Co., Series B (China)*(a)(b)						195,204		9,942,150
							Total Consumer Discretionary					69,110,785
						TOTAL PREFERRED STOCK – (Identified cost $42,180,623)						69,110,785
SHORT-TERM INVESTMENTS – (2.50%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 1.33%, 01/02/18, dated 12/29/17, repurchase value of $10,211,509 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 0.00%-10.00%, 01/25/18-11/01/47, total market value $10,414,200)					$	10,210,000		10,210,000
				Mizuho Securities USA Inc. Joint Repurchase Agreement, 1.36%, 01/02/18, dated 12/29/17, repurchase value of $1,602,242 (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.75%-1.625%, 03/31/18-06/30/20, total market value $1,634,040)						1,602,000		1,602,000
				Nomura Securities International, Inc. Joint Repurchase Agreement, 1.42%, 01/02/18, dated 12/29/17, repurchase value of $32,270,091 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.924-5.50%, 12/01/21-12/01/47, total market value $32,910,300)						32,265,000		32,265,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 1.43%, 01/02/18, dated 12/29/17, repurchase value of $12,254,947 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 1.25%-5.50%, 06/01/18-12/01/47, total market value $12,498,060)						12,253,000		12,253,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $56,330,000)						56,330,000
					Total Investments – (100.03%) – (Identified cost $1,351,688,064)							2,256,521,426
					Liabilities Less Other Assets – (0.03%)							(693,937)
						Net Assets – (100.00%)					$	2,255,827,489

	ADR: American Depositary Receipt

	*		Non-income producing security.

	(a)		Restricted Security – See Note 7 of the Notes to Financial Statements.

	(b)		The value of this security was determined using significant unobservable inputs. See Note 1 of the Notes to Financial Statements.

See Notes to Financial Statements

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC.	December 31, 2017

						Shares/Units		Value (Note 1)
COMMON STOCK – (90.99%)
	CONSUMER DISCRETIONARY – (26.61%)
		Consumer Durables & Apparel – (1.70%)
				Hunter Douglas N.V. (Netherlands)			20,122	$	1,747,980
		Consumer Services – (10.66%)
				New Oriental Education & Technology Group, Inc., ADR (China)			49,226		4,627,244
				TAL Education Group, Class A, ADR (China)			89,678		2,664,333
				Tarena International, Inc., Class A, ADR (China)			244,430		3,664,006
									10,955,583
		Media – (7.30%)
				Naspers Ltd. - N (South Africa)			26,904		7,504,199
		Retailing – (6.95%)
				Ctrip.com International, Ltd., ADR (China)*			33,027		1,456,491
				JD.com Inc., Class A, ADR (China)*			93,495		3,872,563
				Vipshop Holdings Ltd., Class A, ADR (China)*			155,437		1,821,721
									7,150,775
					Total Consumer Discretionary				27,358,537
	ENERGY – (5.85%)
				Encana Corp. (Canada)			363,435		4,844,589
				Paramount Resources Ltd., Class A (Canada)*			75,550		1,167,208
					Total Energy				6,011,797
	FINANCIALS – (10.76%)
		Diversified Financials – (6.73%)
			Capital Markets – (5.63%)
				B3 S.A. - Brasil, Bolsa, Balcao (Brazil)			324,520		2,228,623
				Noah Holdings Ltd., ADS (China)*			76,844		3,556,340
									5,784,963
			Diversified Financial Services – (1.10%)
				Groupe Bruxelles Lambert S.A. (Belgium)			7,170		774,177
				Pargesa Holding S.A., Bearer Shares (Switzerland)			4,131		358,222
									1,132,399
									6,917,362
		Insurance – (4.03%)
				Multi-line Insurance – (4.03%)
				Sul America S.A. (Brazil)			737,297		4,147,588
					Total Financials				11,064,950
	HEALTH CARE – (4.43%)
		Pharmaceuticals, Biotechnology & Life Sciences – (4.43%)
				Novartis AG, ADR (Switzerland)			28,000		2,350,880
				Roche Holding AG - Genusschein (Switzerland)			8,700		2,200,780
					Total Health Care				4,551,660
	INDUSTRIALS – (20.90%)
		Capital Goods – (13.48%)
				Brenntag AG (Germany)			18,184		1,151,339
				Ferguson PLC (United Kingdom)			51,175		3,682,709
				Meggitt PLC (United Kingdom)			219,017		1,425,894
				Safran S.A. (France)			39,531		4,074,818
				Schneider Electric SE (France)			41,554		3,532,976
									13,867,736

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	December 31, 2017

						Shares/Principal			Value (Note 1)
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (CONTINUED)
		Transportation – (7.42%)
			CAR Inc. (China)*					1,747,241	$	1,531,912
			InterGlobe Aviation Ltd. (India)					206,757		3,896,889
			ZTO Express (Cayman) Inc., Class A, ADR (China)*					138,678		2,198,046
										7,626,847
					Total Industrials					21,494,583
	INFORMATION TECHNOLOGY – (14.27%)
		Software & Services – (9.83%)
			58.com Inc., Class A, ADR (China)*					2,346		167,903
			Alibaba Group Holding Ltd., ADR (China)*					31,370		5,409,129
			Baidu, Inc., Class A, ADR (China)*					5,817		1,362,400
			Fang Holdings Ltd., Class A, ADR (China)*					568,291		3,171,064
										10,110,496
		Technology Hardware & Equipment – (4.44%)
			Hollysys Automation Technologies Ltd. (China)					205,100		4,567,577
					Total Information Technology					14,678,073
	MATERIALS – (8.17%)
			Air Liquide S.A. (France)					4,446		560,392
			Akzo Nobel N.V. (Netherlands)					22,447		1,966,649
			LafargeHolcim Ltd. (Switzerland)					60,093		3,391,704
			Linde AG (Germany)					10,622		2,480,775
					Total Materials					8,399,520
				TOTAL COMMON STOCK – (Identified cost $71,050,166)						93,559,120
PREFERRED STOCK – (6.43%)
	CONSUMER DISCRETIONARY – (6.43%)
		Retailing – (6.43%)
			Didi Chuxing Joint Co., Series A (China)*(a)(b)					106,435		5,420,958
			Grab Inc., Series G (Singapore)*(a)(b)					214,779		1,190,286
					Total Consumer Discretionary					6,611,244
				TOTAL PREFERRED STOCK – (Identified cost $4,143,934)						6,611,244
SHORT-TERM INVESTMENTS – (2.72%)
			INTL FCStone Financial Inc. Joint Repurchase Agreement, 1.33%, 01/02/18, dated 12/29/17, repurchase value of $507,075 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 0.00%-10.00%, 01/25/18-11/01/47, total market value $517,140)				$	507,000		507,000
			Mizuho Securities USA Inc. Joint Repurchase Agreement, 1.36%, 01/02/18, dated 12/29/17, repurchase value of $79,012 (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.75%-1.625%, 03/31/18-06/30/20, total market value $80,580)					79,000		79,000
			Nomura Securities International, Inc. Joint Repurchase Agreement, 1.42%, 01/02/18, dated 12/29/17, repurchase value of $1,602,253 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 0.75%-4.50%, 08/15/19-04/01/47, total market value $1,634,040)					1,602,000		1,602,000

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	December 31, 2017

						Principal			Value (Note 1)
SHORT-TERM INVESTMENTS – (CONTINUED)
			SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 1.43%, 01/02/18, dated 12/29/17, repurchase value of $608,097 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.60%-4.50%, 07/01/25-12/01/47, total market value $620,160)				$	608,000	$	608,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $2,796,000)					2,796,000
				Total Investments – (100.14%) – (Identified cost $77,990,100)						102,966,364
				Liabilities Less Other Assets – (0.14%)						(143,066)
					Net Assets – (100.00%)				$	102,823,298

	ADR: American Depositary Receipt

	ADS: American Depositary Share

	*	Non-income producing security.

	(a)	Restricted Security – See Note 7 of the Notes to Financial Statements.

	(b)	The value of this security was determined using significant unobservable inputs. See Note 1 of the Notes to Financial Statements.

See Notes to Financial Statements

SELECTED FUNDS	Statements of Assets and Liabilities
	At December 31, 2017

				Selected American Shares		Selected International Fund
ASSETS:
Investments in securities at value* (see accompanying Schedules of Investments)			$	2,256,521,426	$	102,966,364
Cash				657		370
Receivables:
	Capital stock sold			3,473,920		57,388
	Dividends and interest			847,671		75,564
Prepaid expenses				76,691		3,842
		Total assets		2,260,920,365		103,103,528
LIABILITIES:
Payables:
	Capital stock redeemed			3,406,122		159,653
	Deferred foreign taxes			–		9,791
Accrued custodian fees				72,242		22,560
Accrued distribution service fees				201,284		7,641
Accrued investment advisory fees				1,135,465		48,729
Accrued transfer agent fees				238,002		16,501
Other accrued expenses				39,761		15,355
		Total liabilities		5,092,876		280,230
NET ASSETS			$	2,255,827,489	$	102,823,298
NET ASSETS CONSIST OF:
Par value of shares of capital stock			$	69,511,736	$	1,772,854
Additional paid-in capital				1,182,982,253		79,975,370
Distributions in excess of net investment income				(1,527,107)		(25,493)
Accumulated net realized gains (losses) from investments				100,027,245		(3,866,978)
Net unrealized appreciation on investments and foreign currency transactions**				904,833,362		24,967,545
		Net Assets	$	2,255,827,489	$	102,823,298

CLASS S SHARES:
Net assets	$	911,461,594	$	33,716,937
Shares outstanding		22,488,962		2,334,603
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)	$	40.53	$	14.44
CLASS D SHARES:
Net assets	$	1,344,365,895	$	69,106,361
Shares outstanding		33,120,427		4,756,811
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)	$	40.59	$	14.53

*Including:
	Cost of investments	$	1,351,688,064	$	77,990,100

**Net of deferred foreign taxes of			–		9,791

See Notes to Financial Statements

SELECTED FUNDS	Statements of Operations
	For the year ended December 31, 2017

				Selected American Shares		Selected International Fund
INVESTMENT INCOME:
Income:
Dividends*			$	31,114,869	$	890,888
Interest				488,803		89,699
Net securities lending fees				3,497		11,022
		Total income		31,607,169		991,609
Expenses:
Investment advisory fees (Note 3)				12,755,967		462,848
Custodian fees				324,633		82,444
Transfer agent fees:
	Class S			1,070,337		53,796
	Class D			645,762		40,983
Audit fees				62,334		22,619
Legal fees				36,341		7,407
Reports to shareholders				111,588		4,414
Directors' fees and expenses				454,326		18,190
Registration and filing fees				54,990		54,036
Miscellaneous				114,260		20,605
Distribution service fees (Note 3):
	Class S			2,260,319		58,076
Total expenses				17,890,857		825,418
Reimbursement of expenses by Adviser (Note 3)				–		(7,139)
		Net expenses		17,890,857		818,279
Net investment income				13,716,312		173,330
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
	Investment transactions			282,606,311		(1,870,728)
	Foreign currency transactions			(205,223)		(24,308)
Net realized gain (loss)				282,401,088		(1,895,036)
Net change in unrealized appreciation (depreciation)**				167,396,203		27,154,903
		Net realized and unrealized gain on investments and foreign currency transactions		449,797,291		25,259,867
Net increase in net assets resulting from operations			$	463,513,603	$	25,433,197

*Net of foreign taxes withheld of			$	175,259	$	79,000

**Net of deferred foreign taxes of				–		9,791

See Notes to Financial Statements

SELECTED FUNDS	Statements of Changes in Net Assets
	For the year ended December 31, 2017

			Selected American Shares		Selected International Fund
OPERATIONS:
Net investment income		$	13,716,312	$	173,330
Net realized gain (loss) from investments and foreign currency transactions			282,401,088		(1,895,036)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions			167,396,203		27,154,903
	Net increase in net assets resulting from operations		463,513,603		25,433,197
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
	Class S		(3,398,563)		(9,523)
	Class D		(9,745,383)		(245,809)
Realized gains from investment transactions:
	Class S		(59,977,241)		–
	Class D		(95,463,152)		–
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from capital share transactions (Note 4):
	Class S		(197,211,527)		19,411,760
	Class D		(226,279,028)		(2,203,170)
	Total increase (decrease) in net assets		(128,561,291)		42,386,455
NET ASSETS:
Beginning of year			2,384,388,780		60,436,843
End of year*		$	2,255,827,489	$	102,823,298

*Including distributions in excess of net investment income		$	(1,527,107)	$	(25,493)

See Notes to Financial Statements

SELECTED FUNDS	Statements of Changes in Net Assets
	For the year ended December 31, 2016

			Selected American Shares		Selected International Fund
OPERATIONS:
Net investment income		$	15,358,219	$	246,945
Net realized gain from investments and foreign currency transactions			520,971,013		6,763,723
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions			(279,746,874)		(4,922,644)
	Net increase in net assets resulting from operations		256,582,358		2,088,024
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
	Class S		(7,542,381)		–
	Class D		(15,057,441)		(205,383)
Realized gains from investment transactions:
	Class S		(141,827,218)		–
	Class D		(199,916,750)		–
CAPITAL SHARE TRANSACTIONS:
Net decrease in net assets resulting from capital share transactions (Note 4):
	Class S		(153,378,575)		(642,518)
	Class D		(666,677,813)		(23,997,153)
	Total decrease in net assets		(927,817,820)		(22,757,030)
NET ASSETS:
Beginning of year			3,312,206,600		83,193,873
End of year*		$	2,384,388,780	$	60,436,843

*Including distributions in excess of net investment income		$	(1,434,118)	$	(26,857)

See Notes to Financial Statements

SELECTED FUNDS	Notes to Financial Statements
	December 31, 2017

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Selected Funds ("Funds") consist of Selected American Shares, Inc. (a Maryland corporation) ("Selected American Shares") and Selected International Fund, Inc. (a Maryland corporation) ("Selected International Fund"). The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, open-end management investment companies. The Funds follow the reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Selected American Shares' investment objective is to achieve both capital growth and income. The Fund principally invests in common stocks issued by large companies with market capitalizations of at least $10 billion.

Selected International Fund was formerly known as Selected Special Shares. Effective May 1, 2011, Selected International Fund modified its investment strategy to invest principally in common stocks issued by foreign companies, including companies in developed or emerging markets. The Fund may invest in large, medium, or small companies without regard to market capitalization and maintains its investment objective to achieve capital growth.

An investment in the Funds, as with any mutual fund, includes risks that vary depending upon the Funds' investment objectives and policies. There is no assurance that the investment objective of any fund will be achieved. Each Fund's return and net asset value will fluctuate.

Class S and Class D shares are sold at net asset value. Income, expenses (other than those attributable to a specific class), and gains and losses are allocated daily to each class of shares based on the relative proportion of net assets represented by each class. Operating expenses directly attributable to a specific class are charged against the operations of that class. All classes have identical rights with respect to voting (exclusive of each class' distribution arrangement), liquidation, and distributions. Selected International Fund assesses a 2% fee on the proceeds of Fund shares that are redeemed (either by selling or exchanging into Selected American Shares) within 30 days of their purchase. The fee, which is retained by the Fund, is accounted for as an addition to paid-in capital. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

Security Valuation - The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange ("Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds' assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what Davis Selected Advisers, L.P. ("Adviser"), the Funds' investment adviser, identifies as a significant event occurring before the Funds' assets are valued, but after the close of their respective exchanges will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Funds' Pricing Committee and Board of Directors. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser's portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Adviser may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer's industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation of the security was readily available. Fair value determinations are subject to review, approval, and ratification by the Funds' Board of Directors at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Fair valuation methods used by the Funds may include, but are not limited to, valuing securities initially at cost (excluding commissions) and subsequently adjusting the value due to: additional transactions by the issuer, changes in company specific fundamentals and changes in the value of similar securities. Values may be further adjusted for any discounts related to security-specific resale restrictions.

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2017

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)

Security Valuation - (Continued)

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value.

The Funds' valuation procedures are reviewed and subject to approval by the Board of Directors. There have been no significant changes to the fair valuation procedures during the period.

Fair Value Measurements - Fair value is defined as the price that the Funds would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the Funds' investments. These inputs are summarized in the three broad levels listed below.

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 –	significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security.

The following is a summary of the inputs used as of December 31, 2017 in valuing each Fund's investments carried at value:

	Investments in Securities at Value
	Selected		Selected
	American Shares		International Fund
Valuation inputs
Level 1 – Quoted Prices:
Equity securities:
Consumer Discretionary	$	359,578,938	$	27,358,537
Energy		204,493,223		6,011,797
Financials		699,760,037		11,064,950
Health Care		83,896,978		4,551,660
Industrials		276,588,889		21,494,583
Information Technology		398,086,907		14,678,073
Materials		107,546,520		8,399,520
Total Level 1		2,129,951,492		93,559,120
Level 2 – Other Significant Observable Inputs:
Short-term securities		56,330,000		2,796,000
Total Level 2		56,330,000		2,796,000
Level 3 – Significant Unobservable Inputs:
Equity securities:
Consumer Discretionary		69,110,785		6,611,244
Information Technology		1,129,149		–
Total Level 3		70,239,934		6,611,244
Total Investments	$	2,256,521,426	$	102,966,364

There were no transfers of investments between Level 1 and Level 2 of the fair value hierarchy during the year ended December 31, 2017.

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2017

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)

Fair Value Measurements - (Continued)

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the year ended December 31, 2017:

	Selected American Shares		Selected International Fund
Investment Securities:
Beginning balance	$	45,524,675	$	6,371,621
Cost of purchases		9,942,150		1,190,286
Proceeds from sales		–		(2,455,493)
Net realized gain		–		547,789
Net change in unrealized appreciation (depreciation)		14,773,109		957,041
Ending balance	$	70,239,934	$	6,611,244

Net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at December 31, 2017 and included in the change in net assets for the year	$	14,773,109	$	1,352,257

There were no transfers of investments into or out of Level 3 of the fair value hierarchy during the period. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) are included in the related amounts on investments in the Statements of Operations.

The following table is a summary of those assets in which significant unobservable inputs (Level 3) were used by the Adviser in determining fair value. Note that these amounts exclude any valuations provided by a pricing service or broker.

Assets Table

Fund

Investments

at Value

Fair Value at

December 31, 2017

Valuation Technique

Unobservable

Input(s)

Amount(s)

Impact to

Valuation from an

Increase in Input

Selected

American

Common Stock

1,129,149

Discounted Cash Flow

Annualized Yield

2.792%

Decrease

Preferred Stock

69,110,785

Market Approach

Transaction Price

$50.9321

Increase

70,239,934

Selected

International

Fund

Preferred Stock

5,420,958

Market Approach

Transaction Price

$50.9321

Increase

Preferred Stock

1,190,286

Market Approach

Transaction Price

$5.54191

Increase

6,611,244

The significant unobservable inputs listed in the above table are used in the fair value measurement of equity securities, and if changed, would affect the fair value of the Funds' investments. The transaction price inputs are attributable to private securities and include assumptions made from private transactions. The "Impact to Valuation" represents the change in fair value measurement resulting from an increase in the corresponding input. A decrease in the input would have the opposite effect.

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2017

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)

Master Repurchase Agreements - The Funds, along with other affiliated funds, may transfer uninvested cash balances into one or more master repurchase agreement accounts. These balances are invested in one or more repurchase agreements, secured by U.S. Government securities. A custodian bank holds securities pledged as collateral for repurchase agreements until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings.

Currency Translation - The market values of all assets and liabilities denominated in foreign currencies are recorded in the financial statements after translation to the U.S. Dollar based upon the mean between the bid and offered quotations of the currencies against U.S. Dollars on the date of valuation. The cost basis of such assets and liabilities is determined based upon historical exchange rates. Income and expenses are translated at average exchange rates in effect as accrued or incurred.

Foreign Currency - The Funds may enter into forward purchases or sales of foreign currencies to hedge certain foreign currency denominated assets and liabilities against declines in market value relative to the U.S. Dollar. Forward currency contracts are marked-to-market daily and the change in market value is recorded by the Funds as an unrealized gain or loss. When the forward currency contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the forward currency contract at the time it was opened and value at the time it was closed. Investments in forward currency contracts may expose the Funds to risks resulting from unanticipated movements in foreign currency exchange rates or failure of the counter-party to the agreement to perform in accordance with the terms of the contract. There were no forward contracts entered into by the Funds.

Reported net realized foreign exchange gains or losses arise from the sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books, and the U.S. Dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. The Funds include foreign currency gains and losses realized on the sales of investments together with market gains and losses on such investments in the Statements of Operations.

Federal Income Taxes - It is each Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies, and to distribute substantially all of its taxable income, including any net realized gains on investments not offset by loss carryovers, to shareholders. Therefore, no provision for federal income or excise tax is required. The Adviser analyzed the Funds' tax positions taken on federal and state income tax returns for all open tax years and concluded that as of December 31, 2017, no provision for income tax is required in the Funds' financial statements related to these tax positions. The Funds' federal and state (Arizona) income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. The earliest tax year that remains subject to examination by these jurisdictions is 2014.

Capital losses will be carried forward to future years if not offset by gains. At December 31, 2017, Selected International Fund had available for federal income tax purposes unused capital loss carryforwards as follows:

	Capital Loss Carryforwards (No expiration)
Short-term	$	–
Long-term		2,326,641
Total	$	2,326,641

Additionally, based on the Funds' understanding of the tax rules and rates related to income, gains, and transactions for the foreign jurisdictions in which they invest, the Funds will provide for foreign taxes, and where appropriate, deferred foreign taxes.

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2017

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)

Federal Income Taxes - (Continued)

At December 31, 2017, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Selected		Selected
	American Shares		International Fund
Cost	$	1,361,154,509	$	79,530,434
Unrealized appreciation		948,623,841		25,588,677
Unrealized depreciation		(53,256,924)		(2,152,747)
Net unrealized appreciation	$	895,366,917	$	23,435,930

Securities Transactions and Related Investment Income - Securities transactions are accounted for on the trade date (date the order to buy or sell is executed) with realized gain or loss on the sale of securities being determined based upon identified cost. Dividend income is recorded on the ex-dividend date. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned.

Dividends and Distributions to Shareholders - Dividends and distributions to shareholders are recorded on the ex-dividend date. Net investment income (loss), net realized gains (losses), and net unrealized appreciation (depreciation) on investments may differ for financial statement and tax purposes primarily due to differing treatments of wash sales, foreign currency transactions, in-kind redemptions, equalization accounting for tax purposes, corporate actions, partnership income, deferred compensation, and passive foreign investment company shares. The character of dividends and distributions made during the fiscal year from net investment income and net realized securities gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which income or realized gain was recorded by the Funds. The Funds adjust certain components of capital to reflect permanent differences between financial statement amounts and net income and realized gains/losses determined in accordance with income tax rules. The Funds' net assets have not been affected by these reclassifications. During the year ended December 31, 2017, amounts have been reclassified to reflect increases (decreases) as follows:

	Selected American Shares		Selected International Fund

Undistributed net investment income (loss)	$	(665,355)	$	83,366
Accumulated net realized gains (losses) from investments and foreign currency transactions		(69,492,404)		(78,371)
Additional paid-in capital		70,157,759		(4,995)

The tax character of distributions paid during the years ended December 31, 2017 and 2016 was as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Selected American Shares
2017	$	21,942,828	$	146,641,511	$	–	$	168,584,339
2016		24,872,439		339,471,351		–		364,343,790
Selected International Fund
2017	$	255,332	$	–	$	–	$	255,332
2016		205,383		–		–		205,383

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2017

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)

Dividends and Distributions to Shareholders - (Continued)

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

	Selected American Shares		Selected International Fund
Undistributed net investment income	$	365,041		–
Undistributed long-term capital gain		109,493,688		–
Accumulated net realized losses from investments and foreign currency transactions		–		(2,326,641)
Net unrealized appreciation on investmentsand foreign currency transactions *		895,366,917		23,427,210
Total	$	1,005,225,646		21,100,569

*Net of deferred foreign taxes of		–		9,791

Indemnification - Under the Funds' organizational documents, their officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, some of the Funds' contracts with their service providers contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

Use of Estimates in Financial Statements - In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.

Directors Fees and Expenses - The Funds set up a Rabbi Trust to provide for the deferred compensation plan for Independent Directors that enables them to elect to defer receipt of all or a portion of annual fees they are entitled to receive. The value of an eligible Director's account is based upon years of service and fees paid to each Director during the years of service. The amount paid to the Director by the Trust under the plan will be determined based upon the performance of the Funds in which the amounts are invested.

NOTE 2 - PURCHASES AND SALES OF SECURITIES

The cost of purchases and proceeds from sales of investment securities (excluding short-term securities) during the year ended December 31, 2017 were as follows:

	Selected American Shares		Selected International Fund
Cost of purchases	$	284,934,107	$	28,021,422
Proceeds from sales		833,546,439		9,187,623

NOTE 3 - FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES)

Davis Selected Advisers-NY, Inc. ("DSA-NY"), a wholly-owned subsidiary of the Adviser, acts as sub-adviser to the Funds. DSA-NY performs research and portfolio management services for the Funds under a Sub-Advisory Agreement with the Adviser. The Funds pay no fees directly to DSA-NY.

All officers of the Funds (including Interested Directors) hold positions as executive officers with the Adviser or its affiliates.

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2017

NOTE 3 - FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES) – (CONTINUED)

Investment Advisory Fees and Reimbursement of Expenses - Advisory fees are paid monthly to the Adviser. The annual rate for Selected American Shares is 0.55% of the average net assets for the first $3 billion, 0.54% on the next $1 billion, 0.53% on the next $1 billion, 0.52% on the next $1 billion, 0.51% on the next $1 billion, 0.50% on the next $3 billion, and 0.485% of the average net assets in excess of $10 billion. Advisory fees paid during the year ended December 31, 2017 approximated 0.55% of the average net assets for Selected American Shares. The fixed annual rate for Selected International Fund is 0.55% of the average net assets. The Adviser is contractually committed to reimburse Selected International Fund's expenses to the extent necessary to cap total annual Fund operating expenses at 1.30% for Class S shares. During the year ended December 31, 2017, such reimbursements for Class S shares amounted to $7,139, and are not subject to future recoupment.

Transfer Agent and Accounting Fees - DST Asset Manager Solutions, Inc. (formerly Boston Financial Data Services, Inc.) is the Funds' primary transfer agent. The Adviser is also paid for certain transfer agent services. The fee paid to the Adviser during the year ended December 31, 2017 was $169,796 and $14,567 for Selected American Shares and Selected International Fund, respectively. State Street Bank and Trust Company ("State Street Bank") is the Funds' primary accounting provider. Fees for such services are included in the custodian fees as State Street Bank also serves as the Funds' custodian.

Distribution Service Fees - For services under the distribution agreement, the Funds' Class S shares pay an annual fee of 0.25% of average daily net assets. During the year ended December 31, 2017, Selected American Shares and Selected International Fund incurred distribution service fees totaling $2,260,319 and $58,076, respectively.

There are no distribution service fees for the Funds' Class D shares.

NOTE 4 - CAPITAL STOCK

At December 31, 2017, there were 600 million shares of capital stock of Selected American Shares ($1.25 par value per share) and 50 million shares of capital stock of Selected International Fund ($0.25 par value per share) authorized. Transactions in capital stock were as follows:

	Year ended December 31, 2017
		Sold		Reinvestment of Distributions		Redeemed*			Net Increase (Decrease)
Selected American Shares
Shares: Class S		364,073		1,611,408		(7,268,015)			(5,292,534)
Class D		1,644,628		2,493,544		(9,871,561)	^†		(5,733,389)
Value: Class S	$	13,884,366	$	62,574,615	$	(273,670,508)		$	(197,211,527)
Class D		62,491,861		97,000,829		(385,771,718)	^†		(226,279,028)

Selected International Fund
Shares: Class S		2,123,750		686		(596,472)			1,527,964
Class D		862,075		16,209		(1,073,754)			(195,470)
Value: Class S	$	27,445,309	$	9,482	$	(8,043,031)		$	19,411,760
Class D		11,510,777		225,301		(13,939,248)			(2,203,170)

* Selected International Fund: net of redemption fees amounting to $3,946 and $1,184 for Class S and Class D, respectively.

^† Includes redemptions as a result of in-kind transfers of securities (see Note 8 of the Notes to Financial Statements).

	Year ended December 31, 2016
		Sold		Reinvestment of Distributions		Redeemed*			Net Decrease
Selected American Shares
Shares: Class S		807,510		4,322,342		(9,328,611)			(4,198,759)
Class D		2,123,146		5,893,152		(26,814,523)	^†		(18,798,225)
Value: Class S	$	28,327,656	$	147,786,518	$	(329,492,749)		$	(153,378,575)
Class D		75,721,201		201,653,626		(944,052,640)	^†		(666,677,813)

Selected International Fund
Shares: Class S		42,142		–		(103,606)			(61,464)
Class D		699,045		16,252		(2,802,242)	^†		(2,086,945)
Value: Class S	$	439,795	$	–	$	(1,082,313)		$	(642,518)
Class D		7,043,120		172,759		(31,213,032)	^†		(23,997,153)

* Selected International Fund: net of redemption fees amounting to $2 for Class S.

^† Includes redemptions as a result of in-kind transfers of securities (see Note 8 of the Notes to Financial Statements).

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2017

NOTE 5 - BANK BORROWINGS

Each Fund may borrow up to 5% of its assets from a bank to purchase portfolio securities, or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. Each Fund has entered into an agreement, which enables it to participate with certain other funds managed by the Adviser in an unsecured line of credit with a bank, which permits borrowings of up to $50 million, collectively. Interest is charged based on its borrowings, at a rate equal to the higher of the Federal Funds Rate or the one month LIBOR Rate, plus 1.25%. The Funds had no borrowings during the year ended December 31, 2017.

NOTE 6 - SECURITIES LOANED

The Funds have entered into a securities lending arrangement with State Street Bank. Under the terms of the agreement, the Funds receive fee income from lending transactions; in exchange for such fees, State Street Bank is authorized to loan securities on behalf of the Funds, against receipt of collateral at least equal to the value of the securities loaned. As of December 31, 2017, the Funds did not have any securities on loan. The Funds bear the risk of any deficiency in the amount of the collateral available for return to a borrower due to a loss in an approved investment.

NOTE 7 - RESTRICTED SECURITIES

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 Board of Directors. The aggregate value of restricted securities in Selected American Shares amounted to $70,239,934 or 3.11% of the Fund's net assets as of December 31, 2017. The aggregate value of restricted securities in Selected International Fund amounted to $6,611,244 or 6.43% of the Fund's net assets as of December 31, 2017. Information regarding restricted securities is as follows:

Fund	Security	Initial Acquisition Date	Units/Shares	Cost per Unit/ Share			Valuation per Unit/ Share as of December 31, 2017

Selected American Shares	ASAC II L.P.	10/10/13	1,174,606	$	1.00	$		0.9613

	Didi Chuxing Joint Co., Series A, Pfd.	07/27/15	1,161,716	$	27.7507	$		50.9321

	Didi Chuxing Joint Co., Series B, Pfd.	05/16/17	195,204	$	50.9321	$		50.9321

Selected International Fund	Didi Chuxing Joint Co., Series A, Pfd.	07/27/15	106,435	$	27.7507	$		50.9321

	Grab Inc., Series G, Pfd.	08/02/17	214,779	$	5.5419	$		5.5419

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2017

NOTE 8 - IN-KIND REDEMPTIONS

In accordance with guidelines described in the Funds' prospectus, the Funds may distribute portfolio securities rather than cash as payment for redemption of fund shares (in-kind redemption). For financial reporting purposes, the Funds recognize a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from accumulated net realized gains (losses) from investments to additional paid-in capital on the Statements of Assets and Liabilities.

During the year ended December 31, 2017, Selected American Shares' Class D shareholders (including related parties) redeemed 3,021,433 shares in exchange for portfolio securities valued at $121,700,735. The Fund realized a gain of $57,762,648.

During the year ended December 31, 2016, Selected American Shares' Class D shareholders (including related parties) redeemed 17,355,942 shares in exchange for portfolio securities valued at $609,708,427, and Selected International Fund's Class D shareholders (including related parties) redeemed 1,722,913 shares in exchange for portfolio securities valued at $19,451,684. The Funds realized a gain of $234,526,620 and $4,733,292, respectively.

SELECTED FUNDS

The following financial information represents selected data for each share of capital stock outstanding throughout each period:

		Income (Loss) from Investment Operations
	Net Asset Value, Beginning of Period	Net Investment Income^a	Net Realized and Unrealized Gains (Losses)	Total from Investment Operations
Selected American Shares Class S:
Year ended December 31, 2017	$35.76	$0.15	$7.46	$7.61
Year ended December 31, 2016	$36.93	$0.13	$4.06	$4.19
Year ended December 31, 2015	$43.16	$0.20	$1.37	$1.57
Year ended December 31, 2014	$50.29	$0.24	$2.54	$2.78
Year ended December 31, 2013	$41.71	$0.23	$13.11	$13.34
Selected American Shares Class D:
Year ended December 31, 2017	$35.80	$0.28	$7.47	$7.75
Year ended December 31, 2016	$36.97	$0.25	$4.06	$4.31
Year ended December 31, 2015	$43.13	$0.36	$1.36	$1.72
Year ended December 31, 2014	$50.26	$0.39	$2.56	$2.95
Year ended December 31, 2013	$41.68	$0.39	$13.11	$13.50
Selected International Fund Class S:
Year ended December 31, 2017	$10.45	$(0.03)	$4.02	$3.99
Year ended December 31, 2016	$10.48	$(0.01)	$(0.02)	$(0.03)
Year ended December 31, 2015	$11.12	$0.04	$(0.11)	$(0.07)
Year ended December 31, 2014	$11.21	$0.03	$(0.10)	$(0.07)
Year ended December 31, 2013	$9.24	$0.04	$1.97	$2.01
Selected International Fund Class D:
Year ended December 31, 2017	$10.50	$0.05	$4.03	$4.08
Year ended December 31, 2016	$10.53	$0.04	$(0.03)	$0.01
Year ended December 31, 2015	$11.17	$0.09	$(0.10)	$(0.01)
Year ended December 31, 2014	$11.27	$0.08	$(0.11)	$(0.03)
Year ended December 31, 2013	$9.28	$0.10	$1.99	$2.09

^a	Per share calculations were based on average shares outstanding for the period.

^b	Assumes hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period.

^c	The ratios in this column reflect the impact, if any, of certain reimbursements.

^d	The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation.

Financial Highlights

Dividends and Distributions							Ratios to Average Net Assets
Dividends from Net Investment Income	Distributions from Realized Gains	Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return^b	Net Assets, End of Period (in millions)	Gross Expense Ratio	Net Expense Ratio^c	Net Investment Income (Loss) Ratio	Portfolio Turnover^d

$(0.15)	$(2.69)	$–	$(2.84)	$40.53	21.77%	$911	0.97%	0.97%	0.39%	13%
$(0.27)	$(5.09)	$–	$(5.36)	$35.76	12.50%	$993	0.97%	0.97%	0.39%	19%
$(0.28)	$(7.52)	$–	$(7.80)	$36.93	3.59%	$1,181	0.95%	0.95%	0.50%	27%
$(0.23)	$(9.68)	$–	$(9.91)	$43.16	5.60%	$1,571	0.94%	0.94%	0.47%	26%
$(0.27)	$(4.49)	$–	$(4.76)	$50.29	33.16%	$2,067	0.94%	0.94%	0.49%	12%

$(0.27)	$(2.69)	$–	$(2.96)	$40.59	22.18%	$1,344	0.65%	0.65%	0.71%	13%
$(0.39)	$(5.09)	$–	$(5.48)	$35.80	12.83%	$1,391	0.65%	0.64%	0.72%	19%
$(0.36)	$(7.52)	$–	$(7.88)	$36.97	3.96%	$2,131	0.61%	0.61%	0.84%	27%
$(0.40)	$(9.68)	$–	$(10.08)	$43.13	5.96%	$3,674	0.60%	0.60%	0.81%	26%
$(0.43)	$(4.49)	$–	$(4.92)	$50.26	33.62%	$3,946	0.61%	0.61%	0.82%	12%

$–^e	$–	$–	$–^e	$14.44	38.22%	$34	1.28%	1.25%	(0.07)%	12%
$–	$–	$–	$–	$10.45	(0.29)%	$8	1.51%	1.30%	(0.09)%	49%
$(0.04)	$(0.53)	$–	$(0.57)	$10.48	(0.70)%	$9	1.41%	1.30%	0.28%	43%
$(0.02)	$–	$–	$(0.02)	$11.12	(0.66)%^f	$11	1.38%	1.30%	0.23%	49%
$(0.04)	$–	$–	$(0.04)	$11.21	21.78%	$11	1.44%	1.40%	0.39%	16%

$(0.05)	$–	$–	$(0.05)	$14.53	38.90%	$69	0.87%	0.87%	0.31%	12%
$(0.04)	$–	$–	$(0.04)	$10.50	0.10%	$52	0.87%	0.83%	0.38%	49%
$(0.10)	$(0.53)	$–	$(0.63)	$10.53	(0.20)%	$74	0.83%	0.83%	0.75%	43%
$(0.07)	$–	$–	$(0.07)	$11.17	(0.26)%^f	$89	0.83%	0.83%	0.70%	49%
$(0.10)	$–	$–	$(0.10)	$11.27	22.56%	$66	0.83%	0.83%	0.96%	16%

^e	Less than $0.005 per share.

^f	Selected International Fund's performance benefited from IPO purchases in 2014, adding approximately 2% to the Fund's total return. After purchase, the IPOs rapidly increased in value. The Adviser purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences. Such performance may not continue in the future.

See Notes to Financial Statements

SELECTED FUNDS

Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Directors

Selected American Shares, Inc. and Selected International Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Selected American Shares, Inc. and Selected International Fund, Inc. (the "Funds"), including the schedules of investments, as of December 31, 2017, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the "financial statements") and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have served as the auditor of one or more Selected Funds investment companies since 1998.

Denver, Colorado

February 16, 2018

SELECTED FUNDS

Federal Income Tax Information (Unaudited)

In early 2018, shareholders received information regarding all dividends and distributions paid to them by the Funds during the calendar year 2017. Regulations of the U.S. Treasury Department require the Funds to report this information to the Internal Revenue Service.

The information and distributions reported herein may differ from the information reported as distributions taxable to certain shareholders for the calendar year 2017 with their 2017 Form 1099-DIV.

The information is presented to assist shareholders in reporting dividends and distributions received from the Funds to the Internal Revenue Service. Because of the complexity of the federal regulations that may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax adviser for specific guidance.

Each Fund designates the following amounts distributed during the calendar year ended December 31, 2017, if any, as dividends eligible for the corporate dividends-received deduction, qualified dividend income, and long-term capital gain distributions.

		Selected American Shares		Selected International Fund
Income dividends	$	21,942,828	$	255,332
Income qualifying for corporate dividends-received deduction	$	21,035,583	$	–
		96%		–
Qualified dividend income	$	21,942,828	$	255,332
Qualified dividend income		100%		100%
Long-term capital gain distributions*	$	146,641,511	$	–

*Selected American Shares designated long-term capital gain distributions in the amount of $159,036,622. The Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of long-term capital gain.

Pursuant to Section 853 of the Internal Revenue Code, Selected International Fund elected to pass through to its shareholders foreign taxes paid during the year ended December 31, 2017. The Fund did not derive any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes. Information regarding foreign taxes paid and foreign sourced income is detailed below.

		Selected International Fund
Foreign taxes paid	$	72,293
Foreign sourced income	$	969,888
% of income dividend derived from foreign sourced income		100%

SELECTED FUNDS

Privacy Notice and Householding

Privacy Notice

While you generally will be dealing with a broker-dealer or other financial adviser, we may collect information about you from your account application and other forms that you may deliver to us. We use this information to process your requests and transactions; for example, to provide you with additional information about our Funds, to open an account for you, or to process a transaction. In order to service your account and execute your transactions, we may provide your personal information to firms that assist us in servicing your account, such as our transfer agent. We may also provide your name and address to one of our agents for the purpose of mailing to you your account statement and other information about our products and services. We may also gather information through the use of "cookies" when you visit our website. These files help us to recognize repeat visitors and allow easy access to and use of the website. We require these outside firms and agents to protect the confidentiality of your information and to use the information only for the purpose for which the disclosure is made. We do not provide customer names and addresses to outside firms, organizations, or individuals except in furtherance of our business relationship with you or as otherwise allowed by law.

We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

Householding

To avoid sending duplicate copies of materials to households, the Funds will mail only one copy of each prospectus, Annual and Semi-Annual Report to shareholders having the same last name and address on the Funds' records. The consolidation of these mailings, called householding, benefits the Funds through reduced mailing expense. If you do not want the mailing of these documents to be combined with those to other members of your household, please contact the Selected Funds by phone at 1-800-243-1575. Individual copies of current prospectuses and reports will be sent to you within 30 days after the Funds receive your request to stop householding.

SELECTED FUNDS

Directors and Officers

For the purpose of their service as directors to the Selected Funds, the business address for each of the directors is 2949 E. Elvira Road, Suite 101, Tucson, AZ 85756. Each Director serves until retirement, resignation, death, or removal. Directors must retire from the Board of Directors and cease being a Director at the close of business on the last day of the calendar year in which the Director attains age 78.

Name
(birthdate)

Position(s)
Held With
Funds

Term of

Office and

Length of
Time

Served

Principal Occupation(s) During

Past Five Years

Number of
Portfolios
Overseen

Other Directorships

Independent Directors


Francisco L. Borges (11/17/51)	Director	Director since 2006	Chairman and Managing Partner, Landmark Partners, LLC (private equity firm) since March 1999.	3	Trustee, John S. and James L. Knight Foundation; Trustee, Connecticut Public Broadcasting Network; Chairman/Director, Assured Guaranty Ltd. (financial guaranty insurance business); Director, Leucadia National Corporation (holding company); Trustee, Millbrook School; Trustee, Clipper Funds Trust (consisting of one portfolio).

Lawrence E. Harris (09/16/56)	Director	Director since 2015	Fred V. Keenan Chair in Finance of the Marshall School of Business, University of Southern California, Los Angeles, CA.	3	Director, Interactive Brokers Group, Inc.; Trustee, Clipper Funds Trust (consisting of one portfolio).

Steven N. Kearsley (09/29/41)	Director	Director since 2015	Private Investor, Real Estate Development; Owner, Old Peak Tree Farm.	3	Trustee, Clipper Funds Trust (consisting of one portfolio).

Katherine L. MacWilliams (01/19/56)	Director	Director since 1997	Retired; Chief Financial Officer, Caridian BCT, Inc. (medical device company) 2008-2012.	3	Trustee, Clipper Funds Trust (consisting of one portfolio).

James J. McMonagle (10/01/44)	Director/ Chairman	Director since 1990/ Chairman since 1997	Of Counsel to Vorys, Sater, Seymour and Pease LLP (law firm) since 2002.	3	Director, Owens Corning (producer of residential and commercial building materials); Chairman/Trustee, Clipper Funds Trust (consisting of one portfolio).

Richard O'Brien (09/12/45)	Director	Director since 1996	Retired; Corporate Economist, HP Inc.	3	Trustee, Clipper Funds Trust (consisting of one portfolio).

SELECTED FUNDS

Directors and Officers – (Continued)

Name
(birthdate)

Position(s)
Held With
Funds

Term of

Office and

Length of
Time

Served

Principal Occupation(s) During

Past Five Years

Number of
Portfolios
Overseen

Other Directorships

Interested Directors*


Andrew A. Davis (06/25/63)	Director	Director since 1998	President or Vice President of each Selected Fund, Clipper Fund, and Davis Fund; President, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.	16	Director, Davis Funds (consisting of 13 portfolios); Trustee, Clipper Funds Trust (consisting of one portfolio).

Christopher C. Davis (07/13/65)	Director	Director since 1998	President or Vice President of each Selected Fund, Davis Fund, Clipper Fund, and Davis Fundamental ETF; Chairman, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser, including sole member of the Adviser's general partner, Davis Investments, LLC.	16	Director, Davis Funds (consisting of 13 portfolios); Trustee, Clipper Funds Trust (consisting of one portfolio); Director, Graham Holdings Co. (educational and media company).

* Andrew A. Davis and Christopher C. Davis own partnership units (directly, indirectly, or both) of the Adviser and are considered to be "interested persons" of the Funds as defined in the Investment Company Act of 1940. Andrew A. Davis and Christopher C. Davis are brothers.

Officers

Christopher C. Davis (born 07/13/65, Selected Funds officer since 1998). See description in the section on Interested Directors.

Andrew A. Davis (born 06/25/63, Selected Funds officer since 1998). See description in the section on Interested Directors.

Kenneth C. Eich (born 08/14/53, Selected Funds officer since 1997). Executive Vice President and Principal Executive Officer of Selected Funds (consisting of two portfolios), Davis Funds (consisting of 13 portfolios), and Clipper Funds Trust (consisting of one portfolio); Trustee/Chairman, Executive Vice President, and Principal Executive Officer of Davis Fundamental ETF Trust (consisting of three portfolios); Chief Operating Officer, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

Douglas A. Haines (born 03/04/71, Selected Funds officer since 2004). Vice President, Treasurer, Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer of Selected Funds (consisting of two portfolios), Davis Funds (consisting of 13 portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of three portfolios); Vice President and Director of Fund Accounting, Davis Selected Advisers, L.P.

Randi J. Roessler (born 06/26/81, Selected Funds officer since 2018). Vice President and Chief Compliance Officer of Selected Funds (consisting of two portfolios), Davis Funds (consisting of 13 portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of three portfolios); Vice President and Chief Compliance Officer, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

Ryan M. Charles (born 07/25/78, Selected Funds officer since 2014). Vice President and Secretary of Selected Funds (consisting of two portfolios), Davis Funds (consisting of 13 portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of three portfolios); Vice President, Chief Legal Officer, and Secretary, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

SELECTED FUNDS

Investment Adviser

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

Distributor

Davis Distributors, LLC

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

Custodian

State Street Bank and Trust Co.

c/o The Selected Funds

One Lincoln Street

Boston, Massachusetts 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

c/o The Selected Funds

P.O. Box 8243

Boston, Massachusetts 02266-8243

Overnight Address:

30 Dan Road

Canton, Massachusetts 02021-2809

Counsel

Greenberg Traurig, LLP

77 West Wacker Drive, Suite 3100

Chicago, Illinois 60601

Independent Registered Public Accounting Firm

KPMG LLP

1225 Seventeenth Street, Suite 800

Denver, Colorado 80202

For more information about the Selected Funds including management fee, charges, and expenses, see the current prospectus, which must precede or accompany this report. The Funds' Statement of Additional Information contains additional information about the Funds' Directors and is available without charge upon request by calling 1-800-243-1575 or on the Funds' website at www.selectedfunds.com. Quarterly Fact Sheets are available on the Funds' website at www.selectedfunds.com.

ITEM 2. CODE OF ETHICS

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the code of ethics is filed as an exhibit to this form N-CSR.

No waivers were granted to this code of ethics during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The registrant's board of directors has determined that independent trustee Katherine MacWilliams qualifies as the "audit committee financial expert", as defined in Item 3 of form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a)	Audit Fees. The aggregate Audit Fees billed by KPMP LLP ("KPMG") for professional services rendered for the audits of the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal year ends December 31, 2017 and December 31, 2016 were $22,619 and $21,738, respectively.

(b)	Audit-Related Fees. The aggregate Audit-Related Fees billed by KPMG for services rendered for assurance and related services that are not reasonably related to the performance of the audit or review of the fund financial statements, but not reported as Audit Fees for fiscal year ends December 31, 2017 and December 31, 2016 were $0 and $0, respectively.

(c)	Tax Fees. The aggregate Tax Fees billed by KPMG for professional services rendered for tax compliance, tax advice and tax planning for the fiscal year ends December 31, 2017 and December 31, 2016 were $8,186 and $7,567, respectively. Fees included in the Tax Fee category comprise all services performed by professional staff in the independent accountant's tax division except those services related to the audit. These services include preparation of tax returns, tax advice related to mergers and a review of the fund income and capital gain distributions.

(d)	All Other Fees. The aggregate Other Fees billed by KPMG for all other non-audit services rendered to the fund for the fiscal year ends December 31, 2017 and December 31, 2016 were $0 and $0, respectively.

(e)(1)	Audit Committee Pre-Approval Policies and Procedures. The fund Audit Committee must pre-approve all audit and non-audit services provided by the independent accountant relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law. The fund Audit Committee has adopted a policy whereby audit and non-audit services performed by the fund independent accountant require pre-approval in advance at regularly scheduled Audit Committee meetings. If such a service is required between regularly scheduled Audit Committee meetings, pre-approval may be authorized by the Audit Committee Chairperson with ratification at the next scheduled audit committee meeting.

(e)(2)	No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-1 of Regulation S-X.

(f)	Not applicable

(g)	The Funds' independent accountant did not provide any services to the investment advisor or any affiliate for the fiscal years ended December 31, 2017 and December 31, 2016. The fund has not paid any fees for non-audit not previously disclosed in items 4 (b) – (d).

(h)	The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. No such services were rendered.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not Applicable

ITEM 6. SCHEDULE OF INVESTMENTS

Not Applicable. The complete Schedule of Investments is included in Item 1 of this form N-CSR

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not Applicable

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not Applicable

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS

Not Applicable

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no changes to the procedure by which shareholders may recommend nominees to the registrant's Board of Trustees.

ITEM 11. CONTROLS AND PROCUDURES

(a)	The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940, as amended) are effective as of a date within 90 days of the filing date of this report.

(b)	There have been no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls.

ITEM 12. EXHIBITS

(a)(1)	The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed as an exhibit to this form N-CSR.

(a)(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached.

(a)(3)	Not applicable

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SELECTED INTERNATIONAL FUND, INC.

By	/s/ Kenneth C. Eich
	Kenneth C. Eich
	Principal Executive Officer

Date: February 16, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Kenneth C. Eich
	Kenneth C. Eich
	Principal Executive Officer

Date: February 16, 2018

By	/s/ Douglas A. Haines
	Douglas A. Haines
	Principal Financial Officer and Principal Accounting Officer

Date: February 16, 2018

1.	I have reviewed this report on Form N-CSR of Selected International Fund, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Principal Executive Officer:	Kenneth Eich

Principal Financial Officer:	Douglas Haines

Principal Accounting Officer:	Douglas Haines