UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-01533

SELECTED INTERNATIONAL FUND, INC.

(Exact name of registrant as specified in charter)

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(Address of principal executive offices)

Ryan M. Charles

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(Name and address of agent for service)

Registrant’s telephone number, including area code: 520-806-7600

Date of fiscal year end: December 31, 2018

Date of reporting period: December 31, 2018

____________________

ITEM 1. REPORT TO STOCKHOLDERS

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
Statement of Cash Flows:
Selected International Fund	22
Notes to Financial Statements	23
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. Effective March 31, 2019, Form N-PORT Exhibit F will replace Form N-Q.

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 1, 2019

2

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

Performance Overview

Selected American Shares underperformed the Standard & Poor’s 500^® Index (“S&P 500^®”) for the twelve-month period ended December 31, 2018 (the “period”). The Fund’s Class S and D shares delivered a total return of (14.00)% and (13.71)%, respectively, versus a (4.38)% return for the S&P 500^®. The sectors¹ within the S&P 500^® that reported the strongest performance were Health Care (up 6%), Consumer Discretionary (up 5%), and Utilities (up 4%). The sectors within the S&P 500^® that reported the weakest performance were Energy (down 18%), Materials (down 15%), and Industrials (down 13%).

Detractors from Performance

The Fund’s Energy sector holdings were an important absolute detractor² from performance and were the most significant detractor relative to the S&P 500^®. The Fund’s weaker stock selection hindered performance (down 38%, when compared with down 18% for the S&P 500^®) as did its slightly overweight position in this poor performing sector (8% average weighting, versus 6% average weighting for the S&P 500^®). The Fund’s holdings of Apache³ (down 36%) and Encana (down 56%) weakened returns.

The Fund held an average weighting of 33% of its net assets in Financials companies. These holdings weakened absolute performance (down 11%). Wells Fargo (down 22%), the third-largest holding at the end of the period, and Capital One (down 23%) were laggards.

The Fund’s Consumer Discretionary sector holdings produced negative returns (down 10%), while the S&P 500^®’s holdings in this same sector were positive (up 5%). Adient (down 80%) was the top detractor for the period. New Oriental Education & Technology (down 39%), a new purchase during the period, also hindered performance.

The Fund’s Information Technology sector holdings detracted from performance on a relative basis (down 6%, versus down 1% for the S&P 500^®).

During the period, a new sector was launched, Communication Services. Returns on the Fund’s Communication Services securities were down 31%, which included Naspers (down 37% in 2018), Alphabet (down less than 1% in 2018),and Facebook (down 26% in 2018). Alphabet and Facebook were two companies that moved from the Information Technology sector at the time of launch. Alphabet and Facebook returned -13% and -20%, respectively, after their move to Communication Services. The Fund sold Naspers during the period.

The Fund’s holdings in General Electric (down 43%), a new acquisition, and United Technologies (down 15%), each from the Industrials sector, weakened returns.

The Fund had about 20% of total net assets invested in foreign holdings during the period. The foreign holdings underperformed the domestic holdings (down 21%, versus down 12%).

Contributors to Performance

Only two categories benefited the Fund during the period when compared to the S&P 500^®. The Fund had an average weighting of approximately 2% of its net assets in repurchase agreements, which was beneficial to performance. Additionally, when compared to the S&P 500^®, it was helpful that the Fund did not hold any securities in the Consumer Staples sector. Aside from this, each sector of the Fund underperformed the Index and for this reason the following discussion is focused on absolute performance and contributions thereto.

The Fund benefited on an absolute basis from its Health Care and Information Technology holdings. Aetna (up 19%), the second-top contributor, and Express Scripts Holdings (up less than 1%), both from the Health Care sector, and Microsoft (up 21%) from the Information Technology sector, were boosts to the Fund’s performance. As noted above, Alphabet was classified as a Communication Services holding at the end of the period but contributed heavily to Information Technology’s performance by returning 14% while classified in that sector. Aetna merged into CVS Health and Express Scripts Holding was sold during the period.

A number of notable contributors during the period came from the Consumer Discretionary sector, including Amazon (up 28%), the top contributor and fourth-largest holding, Aptiv (up 21%), and Liberty TripAdvisor (up 69%). Safran (up 28%), an Industrials holding, Tencent Holdings (up 25%) from the Communication Services sector, Occidental Petroleum (up 16%) from the Energy sector, and Berkshire Hathaway (up 3%), a Financials holding, also generated strong gains. Tencent Holdings was purchased, while Aptiv, Safran, and Occidental Petroleum were sold during the period. Berkshire Hathaway was the second-largest holding at the end of the period.

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, 2018, 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, 2018, unless otherwise noted.

¹ 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%.

³ 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.

3

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, 2008

Average Annual Total Return for periods ended December 31, 2018

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	(14.00)%	5.20%	10.61%	N/A	0.97%	0.97%
Class D	(13.71)%	5.55%	10.98%	6.49%	0.65%	0.65%
Standard & Poor’s 500® Index	(4.38)%	8.49%	13.11%	7.87%

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 quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results. 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 performance data quoted. 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 recent month-end performance information, please call Selected Funds Investor Services at 1-800-243-1575 or visit the Fund’s website at www.selectedfunds.com.

4

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

Performance Overview

Selected International Fund underperformed the Morgan Stanley Capital International All Country World Index ex USA (“MSCI”) for the twelve-month period ended December 31, 2018 (the “period”). The Fund’s Class S and D shares delivered a total return of (22.27)% and (22.05)%, respectively, versus a (14.20)% return for the MSCI. All sectors¹ within the MSCI reported negative returns. The sectors within the MSCI that reported the strongest performance were Utilities (down less than 1%), Health Care (down 5%), and Energy (down 7%). The sectors that reported the weakest performance were Consumer Discretionary (down 19%), Information Technology (down 19%), and Financials (down 16%).

Detractors from Performance

The Fund’s holdings in the Consumer Discretionary sector were the most substantial detractor² from performance on an absolute basis as well as relative to the MSCI. Stock selection (down 29%, versus down 19%) and a significantly overweight position (27% average weighting, versus 10% average weighting for the MSCI) were primary factors in the Fund’s relative underperformance in this sector. JD.com³ (down 49%) and New Oriental Education & Technology (down 42%) were the top two detractors, respectively. Tarena International (down 58%) and Alibaba (down 21%) also hindered performance.

The Fund’s Energy (down 51%, versus down 7% for the MSCI) and Communication Services holdings (down 38%, versus down 14% for the MSCI) also weakened both absolute and relative performance, due to poorer performing securities. Encana (down 56%), an Energy holding, negatively impacted the Fund’s performance. Communication Services was a new sector launched during the period. Naspers (down 28% in 2018), the second-largest holding at the end of the period, and Fang Holdings (down 74% in 2018), both from Communication Services, were laggards.  Fang Holdings moved from the Information Technology sector at the time of launch, and subsequently returned -45%.

Yirendai (down 74%), a Financials holding purchased during the first half of the period, LafargeHolcim (down 25%), a Materials holding, and Hollysys Automation (down 21%), an Information Technology holding, were all key detractors. Hollysys Automation was the third-largest holding at the end of the period.  As noted above, Fang Holdings was classified as a Communication Services holding at the end of the period but detracted heavily from Information Technology’s performance by returning -54% while classified in that sector.

Contributors to Performance

The Fund’s Industrials holdings were the most substantial contributor to performance relative to the MSCI. While producing negative returns, the Fund’s Industrials holdings outperformed those of the MSCI (down 4%, versus down 15% for the MSCI). Two of the Fund’s Industrials securities, Safran (up 19%) and Azul (up 70%), were among the top contributors. Azul was acquired in the second half of the period.

The Fund’s Health Care holdings produced positive returns and were the most beneficial to its absolute performance (up 26%). Two Health Care holdings, Shire (up 38%) and Novartis (up 4%), were among the top contributors. Shire was purchased and Novartis sold during the period.

The Fund’s Financials sector securities performed better than those of the MSCI (down 13%, compared to down 16%). The Fund also benefited from being underweight in this weak performing sector (17% average weighting, versus 23% for the MSCI). Sul America (up 35%), the top contributor for the period, boosted performance. While Noah Holdings was down 6% for the period, it was a key contributor as the Fund sold a large number of shares for a profit during the period.

Akzo Nobel (up 5%) from the Materials sector helped performance, as did TAL Education (up 36%), Vipshop Holdings (up 36%), and Grab (up 11%) from the Consumer Discretionary sector. Akzo Nobel, TAL Education, and Vipshop Holdings were all sold during the period.

In this weak market, the Fund benefited from having an average weighting of 2% of its net assets in repurchase agreements.

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.

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, 2018, 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, 2018, unless otherwise noted.

¹ 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%.

³
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.

5

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, 2008

Average Annual Total Return for periods ended December 31, 2018

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	(22.27)%	1.11%	6.82%	N/A	1.31%	1.26%
Class D	(22.05)%	1.53%	7.32%	3.10%	0.89%	0.89%
MSCI ACWI® ex USA	(14.20)%	0.68%	6.57%	5.22%

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 quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results. 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 performance data quoted. 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 recent month-end performance information, please call Selected Funds Investor Services at 1-800-243-1575 or visit the Fund’s website at www.selectedfunds.com.

6

SELECTED FUNDS	Fund Overview
SELECTED AMERICAN SHARES, INC.	December 31, 2018

Portfolio Composition		Industry Weightings
(% of Fund’s 12/31/18 Net Assets)		(% of 12/31/18 Stock Holdings)
			Fund	S&P 500®
Common Stock (U.S.)	79.50%	Diversified Financials	20.46%	5.32%
Common Stock (Foreign)	16.25%	Media & Entertainment	15.82%	7.96%
Preferred Stock (Foreign)	3.75%	Banks	15.17%	5.66%
Short-Term Investments	0.50%	Retailing	12.95%	6.44%
Other Assets & Liabilities	– ^	Capital Goods	11.52%	6.45%
	100.00%	Information Technology	7.82%	20.11%
		Energy	5.67%	5.31%
^Less than (0.005)%.		Insurance	2.85%	2.38%
		Materials	2.64%	2.73%
		Consumer Services	2.33%	1.87%
		Health Care	1.42%	15.53%
		Automobiles & Components	0.80%	0.51%
		Consumer Durables & Apparel	0.55%	1.11%
		Food, Beverage & Tobacco	–	4.00%
		Utilities	–	3.34%
		Other	–	11.28%
			100.00%	100.00%

Top 10 Long-Term Holdings
(% of Fund’s 12/31/18 Net Assets)
Alphabet Inc.*	Media & Entertainment	8.95%
Berkshire Hathaway Inc., Class A	Diversified Financial Services	6.93%
Wells Fargo & Co.	Banks	6.03%
Amazon.com, Inc.	Retailing	5.52%
Bank of New York Mellon Corp.	Capital Markets	4.85%
Capital One Financial Corp.	Consumer Finance	4.83%
United Technologies Corp.	Capital Goods	4.61%
JPMorgan Chase & Co.	Banks	4.39%
Facebook, Inc., Class A	Media & Entertainment	3.87%
Didi Chuxing Joint Co., Pfd.**	Retailing	3.75%

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

**Didi Chuxing Joint Co., Pfd. holding includes Series A and Series B.

7

SELECTED FUNDS	Fund Overview
SELECTED AMERICAN SHARES, INC. – (CONTINUED)	December 31, 2018

New Positions Added (01/01/18-12/31/18)

(Highlighted positions are those greater than 2.25% of the Fund’s 12/31/18 net assets)

Security	Industry	Date of 1st Purchase	% of Fund’s 12/31/18 Net Assets
Applied Materials, Inc.	Semiconductors & Semiconductor
	Equipment	07/09/18	2.61%
Danske Bank A/S	Banks	09/26/18	1.24%
DBS Group Holdings Ltd.	Banks	04/09/18	1.66%
General Electric Co.	Capital Goods	07/05/18	2.04%
Magnolia Oil & Gas Corp., Class A	Energy	07/30/18	1.08%
New Oriental Education & Technology
Group, Inc., ADR	Consumer Services	01/24/18	2.32%
Tencent Holdings Ltd.	Media & Entertainment	10/30/18	1.83%
U.S. Bancorp	Banks	06/18/18	1.77%

Positions Closed (01/01/18-12/31/18)

(Gains and losses greater than $10,000,000 are highlighted)

Security	Industry	Date of Final Sale		Realized Gain (Loss)
Aetna Inc.	Health Care Equipment & Services	11/29/18	$	35,924,082
Aptiv PLC	Automobiles & Components	06/12/18		9,715,810
Axalta Coating Systems Ltd.	Materials	06/28/18		2,719,561
Cabot Oil & Gas Corp.	Energy	07/09/18		(12,256,641)
CommerceHub, Inc., Series A	Media & Entertainment	05/22/18		228,348
CommerceHub, Inc., Series C	Media & Entertainment	05/22/18		457,894
Delphi Technologies PLC	Automobiles & Components	01/29/18		1,809,642
Express Scripts Holding Co.	Health Care Equipment & Services	02/14/18		22,580,390
Fang Holdings Ltd., Class A, ADR	Media & Entertainment	05/10/18		(9,102,635)
FedEx Corp.	Transportation	05/21/18		8,568,828
Naspers Ltd. - N	Media & Entertainment	10/31/18		(15,999,130)
Occidental Petroleum Corp.	Energy	07/31/18		3,840,969
Safran S.A.	Capital Goods	11/07/18		30,070,080

8

SELECTED FUNDS	Fund Overview
SELECTED INTERNATIONAL FUND, INC.	December 31, 2018

Portfolio Composition		Industry Weightings
(% of Fund’s 12/31/18 Net Assets)		(% of 12/31/18 Stock Holdings)
			Fund	MSCI ACWI® EX USA
Common Stock (Foreign)	87.14%	Retailing	24.92%	2.51%
Preferred Stock (Foreign)	11.14%	Capital Goods	12.83%	7.68%
Short-Term Investments	1.86%	Banks	12.70%	13.91%
Other Assets & Liabilities	(0.14)%	Media & Entertainment	11.32%	3.56%
	100.00%	Consumer Services	7.15%	1.40%
		Information Technology	7.02%	8.01%
		Insurance	5.24%	5.26%
		Transportation	5.16%	2.66%
		Diversified Financials	4.89%	3.00%
		Energy	3.65%	7.30%
		Materials	3.00%	7.67%
		Consumer Durables & Apparel	1.84%	2.88%
		Health Care	0.28%	8.36%
		Food, Beverage & Tobacco	–	5.57%
		Telecommunication Services	–	4.08%
		Automobiles & Components	–	3.77%
		Other	–	12.38%
			100.00%	100.00%

Country Diversification		Top 10 Long-Term Holdings
(% of 12/31/18 Stock Holdings)		(% of Fund’s 12/31/18 Net Assets)
China	43.60%	Didi Chuxing Joint Co., Series A, Pfd.	8.79%
South Africa	8.11%	Naspers Ltd. - N	7.97%
Singapore	6.81%	Hollysys Automation Technologies Ltd.	6.90%
United Kingdom	6.17%	Alibaba Group Holding Ltd., ADR	6.53%
Brazil	5.99%	Ferguson PLC	5.78%
France	5.99%	New Oriental Education & Technology Group, Inc., ADR	5.25%
Switzerland	4.42%	Sul America S.A.	5.15%
India	4.19%	DBS Group Holdings Ltd.	4.35%
Canada	3.65%	JD.com Inc., Class A, ADR	4.18%
Bermuda	3.43%	InterGlobe Aviation Ltd.	4.12%
Norway	2.76%
Denmark	2.08%
Netherlands	1.84%
Germany	0.96%
	100.00%

9

SELECTED FUNDS	Fund Overview
SELECTED INTERNATIONAL FUND, INC. – (CONTINUED)	December 31, 2018

New Positions Added (01/01/18-12/31/18)

(Highlighted positions are those greater than 2.50% of the Fund’s 12/31/18 net assets)

Security	Industry	Date of 1st Purchase	% of Fund’s 12/31/18 Net Assets
Azul S.A., ADR	Transportation	09/14/18	0.74%
Bank of N.T. Butterfield & Son Ltd.	Banks	01/08/18	3.37%
Danske Bank A/S	Banks	09/18/18	2.05%
DBS Group Holdings Ltd.	Banks	04/06/18	4.35%
DNB ASA	Banks	02/13/18	2.71%
iQIYI, Inc., Class A, ADR	Media & Entertainment	03/29/18	1.75%
Julius Baer Group Ltd.	Capital Markets	05/25/18	1.39%
Mobike Ltd., Series F, Pfd.	Retailing	01/22/18	–
Seven Generations Energy Ltd., Class A	Energy	01/22/18	1.64%
Shire PLC, ADR	Pharmaceuticals, Biotechnology &
	Life Sciences	02/27/18	0.28%
Yirendai Ltd., ADR	Consumer Finance	03/14/18	1.16%

Positions Closed (01/01/18-12/31/18)

(Gains and losses greater than $500,000 are highlighted)

Security	Industry	Date of Final Sale		Realized Gain (Loss)
Air Liquide S.A.	Materials	01/23/18	$	88,630
Akzo Nobel N.V.	Materials	05/02/18		274,146
B3 S.A. - Brasil, Bolsa, Balcao	Capital Markets	05/02/18		1,060,988
Groupe Bruxelles Lambert S.A.	Diversified Financial Services	04/03/18		148,181
Linde AG	Materials	08/13/18		706,019
Meggitt PLC	Capital Goods	08/28/18		(221,483)
Mobike Ltd., Series F, Pfd.	Retailing	04/13/18		(357,798)
Novartis AG, ADR	Pharmaceuticals, Biotechnology &
	Life Sciences	01/23/18		432,754
Paramount Resources Ltd., Class A	Energy	07/10/18		(31,079)
Pargesa Holding S.A., Bearer Shares	Diversified Financial Services	03/29/18		(59,009)
Roche Holding AG - Genusschein	Pharmaceuticals, Biotechnology &
	Life Sciences	03/01/18		4,674
TAL Education Group, Class A, ADR	Consumer Services	06/14/18		2,720,838
Vipshop Holdings Ltd., ADS	Retailing	02/07/18		668,621
ZTO Express (Cayman) Inc., Class A, ADR	Transportation	05/16/18		(159,564)

10

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, 2018.

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*
	(07/01/18)	(12/31/18)	(07/01/18-12/31/18)
Selected American Shares
Class S (annualized expense ratio 0.97%**)
Actual	$1,000.00	$843.92	$4.51
Hypothetical	$1,000.00	$1,020.32	$4.94
Class D (annualized expense ratio 0.65%**)
Actual	$1,000.00	$845.43	$3.02
Hypothetical	$1,000.00	$1,021.93	$3.31
Selected International Fund
Class S (annualized expense ratio 1.26%**)
Actual	$1,000.00	$785.47	$5.67
Hypothetical	$1,000.00	$1,018.85	$6.41
Class D (annualized expense ratio 0.94%**)
Actual	$1,000.00	$786.53	$4.23
Hypothetical	$1,000.00	$1,020.47	$4.79
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.

11

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC.	December 31, 2018

						Shares/Units		Value(Note 1)
COMMON STOCK – (95.75%)
	COMMUNICATION SERVICES – (15.75%)
		Media & Entertainment – (15.75%)
				Alphabet Inc., Class A  *			53,004	$	55,387,060
				Alphabet Inc., Class C  *			91,840		95,110,423
				ASAC II L.P.  *(a)(b)			1,174,606		1,147,942
				Facebook, Inc., Class A  *			496,748		65,118,695
				GCI Liberty, Inc., Class A  *			66,196		2,724,627
				Liberty Global plc, Series C  *			555,880		11,473,363
				Liberty Latin America Ltd., Class C  *			140,489		2,046,925
				Liberty TripAdvisor Holdings, Inc., Series A  *			61,243		973,151
				Tencent Holdings Ltd.  (China)			765,180		30,683,420
					Total Communication Services				264,665,606
	CONSUMER DISCRETIONARY – (12.79%)
		Automobiles & Components – (0.79%)
				Adient plc			882,475		13,290,074
		Consumer Durables & Apparel – (0.54%)
				Hunter Douglas N.V.  (Netherlands)			137,076		9,140,588
		Consumer Services – (2.32%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			710,270		38,929,899
		Retailing – (9.14%)
				Alibaba Group Holding Ltd., ADR  (China)*			290,277		39,788,268
				Amazon.com, Inc.  *			61,736		92,725,620
				Booking Holdings Inc.  *			8,767		15,100,456
				Liberty Expedia Holdings, Inc., Series A  *			44,190		1,728,271
				Qurate Retail, Inc., Series A  *			216,175		4,219,736
									153,562,351
					Total Consumer Discretionary				214,922,912
	ENERGY – (5.64%)
				Apache Corp.			2,194,967		57,617,884
				Encana Corp.  (Canada)			3,311,713		19,141,701
				Magnolia Oil & Gas Corp., Class A  *			1,617,443		18,131,536
					Total Energy				94,891,121
	FINANCIALS – (38.29%)
		Banks – (15.09%)
				Danske Bank A/S  (Denmark)			1,054,000		20,848,707
				DBS Group Holdings Ltd.  (Singapore)			1,604,200		27,883,266
				JPMorgan Chase & Co.			755,166		73,719,305
				U.S. Bancorp			652,630		29,825,191
				Wells Fargo & Co.			2,199,620		101,358,490
									253,634,959
		Diversified Financials – (20.36%)
			Capital Markets – (4.85%)
				Bank of New York Mellon Corp.			1,730,615		81,460,048
			Consumer Finance – (8.58%)
				American Express Co.			661,278		63,033,019
				Capital One Financial Corp.			1,073,525		81,147,755
									144,180,774

12

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	December 31, 2018

							Shares		Value(Note 1)
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Diversified Financials – (Continued)
			Diversified Financial Services – (6.93%)
				Berkshire Hathaway Inc., Class A  *				381	$	116,586,000
										342,226,822
		Insurance – (2.84%)
			Multi-line Insurance – (1.02%)
				Loews Corp.				376,274		17,127,992
			Property & Casualty Insurance – (1.82%)
				Chubb Ltd.				170,801		22,064,073
				Markel Corp.  *				8,188		8,499,554
										30,563,627
										47,691,619
						Total Financials				643,553,400
	HEALTH CARE – (1.42%)
		Health Care Equipment & Services – (1.42%)
				CVS Health Corp.				363,393		23,809,509
						Total Health Care				23,809,509
	INDUSTRIALS – (11.46%)
		Capital Goods – (11.46%)
				Ferguson PLC  (United Kingdom)				618,123		39,526,908
				General Electric Co.				4,527,160		34,270,601
				Johnson Controls International plc				1,291,152		38,282,657
				Orascom Construction PLC  (United Arab Emirates)				531,167		3,187,002
				United Technologies Corp.				727,190		77,431,191
						Total Industrials				192,698,359
	INFORMATION TECHNOLOGY – (7.78%)
		Semiconductors & Semiconductor Equipment – (5.30%)
				Applied Materials, Inc.				1,341,240		43,912,198
				Texas Instruments Inc.				478,113		45,181,678
										89,093,876
		Software & Services – (2.48%)
				Microsoft Corp.				281,130		28,554,374
				Oracle Corp.				290,555		13,118,558
										41,672,932
						Total Information Technology				130,766,808
	MATERIALS – (2.62%)
				LafargeHolcim Ltd.  (Switzerland)				699,309		28,708,181
				OCI N.V.  (Netherlands)*				754,342		15,392,953
						Total Materials				44,101,134
					TOTAL COMMON STOCK – (Identified cost $1,246,123,527)					1,609,408,849

13

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	December 31, 2018

									Shares/Principal			Value(Note 1)
PREFERRED STOCK – (3.75%)
	CONSUMER DISCRETIONARY – (3.75%)
		Retailing – (3.75%)
				Didi Chuxing Joint Co., Series A  (China)*(a)(b)							1,161,716	$	54,019,794
				Didi Chuxing Joint Co., Series B  (China)*(a)(b)							195,204		9,076,986
								Total Consumer Discretionary					63,096,780
						TOTAL PREFERRED STOCK – (Identified cost $42,180,623)							63,096,780
SHORT-TERM INVESTMENTS – (0.50%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 3.05%, 01/02/19, dated 12/31/18, repurchase value of $3,362,570 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-10.25%, 01/15/19-09/20/68, total market value $3,429,240)						$	3,362,000		3,362,000
				Mizuho Securities USA Inc. Joint Repurchase Agreement, 2.90%, 01/02/19, dated 12/31/18, repurchase value of $274,044 (collateralized by: U.S. Government agency obligation in a pooled cash account, 2.625%, 12/31/23, total market value $279,480)							274,000		274,000
				Nomura Securities International, Inc. Joint Repurchase Agreement, 3.00%, 01/02/19, dated 12/31/18, repurchase value of $807,135 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.34%-4.50%, 03/01/24-09/01/25, total market value $823,140)							807,000		807,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 3.21%, 01/02/19, dated 12/31/18, repurchase value of $4,034,719 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.48%-3.69%, 09/01/25-11/01/25, total market value $4,114,680)							4,034,000		4,034,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,477,000)							8,477,000
					Total Investments – (100.00%) – (Identified cost $1,296,781,150)								1,680,982,629
					Liabilities Less Other Assets – (–%)^								(72,870)
							Net Assets – (100.00%)					$	1,680,909,759
	ADR: American Depositary Receipt
	*		Non-income producing security.
	^		Less than (0.005)%.
	(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

14

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC.	December 31, 2018

						Shares/Units		Value(Note 1)
COMMON STOCK – (87.14%)
	COMMUNICATION SERVICES – (11.13%)
		Media & Entertainment – (11.13%)
				58.com Inc., Class A, ADR  (China)*			1,566	$	84,893
				Baidu, Inc., Class A, ADR  (China)*			2,627		416,642
				Fang Holdings Ltd., Class A, ADR  (China)*			203,511		291,020
				iQIYI, Inc., Class A, ADR  (China)*			66,140		983,502
				Naspers Ltd. - N  (South Africa)			22,334		4,489,728
					Total Communication Services				6,265,785
	CONSUMER DISCRETIONARY – (22.18%)
		Consumer Durables & Apparel – (1.81%)
				Hunter Douglas N.V.  (Netherlands)			15,252		1,017,043
		Consumer Services – (7.02%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			53,966		2,957,876
				Tarena International, Inc., Class A, ADR  (China)			158,240		996,912
									3,954,788
		Retailing – (13.35%)
				Alibaba Group Holding Ltd., ADR  (China)*			26,810		3,674,847
				Ctrip.com International, Ltd., ADR  (China)*			22,247		602,004
				JD.com Inc., Class A, ADR  (China)*			112,355		2,351,590
				Meituan Dianping, Class B  (China)*(a)			167,387		891,498
									7,519,939
					Total Consumer Discretionary				12,491,770
	ENERGY – (3.59%)
				Encana Corp.  (Canada)			190,375		1,100,368
				Seven Generations Energy Ltd., Class A  (Canada)*			113,000		922,077
					Total Energy				2,022,445
	FINANCIALS – (22.44%)
		Banks – (12.48%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			60,570		1,898,869
				Danske Bank A/S  (Denmark)			58,340		1,153,998
				DBS Group Holdings Ltd.  (Singapore)			140,770		2,446,782
				DNB ASA  (Norway)			95,600		1,527,455
									7,027,104
		Diversified Financials – (4.81%)
			Capital Markets – (3.65%)
				Julius Baer Group Ltd.  (Switzerland)			21,980		782,907
				Noah Holdings Ltd., ADS  (China)*			29,384		1,272,915
									2,055,822
			Consumer Finance – (1.16%)
				Yirendai Ltd., ADR  (China)			60,690		652,418
									2,708,240
		Insurance – (5.15%)
				Multi-line Insurance – (5.15%)
				Sul America S.A.  (Brazil)			393,337		2,902,519
					Total Financials				12,637,863
	HEALTH CARE – (0.28%)
		Pharmaceuticals, Biotechnology & Life Sciences – (0.28%)
				Shire PLC, ADR  (United Kingdom)			900		156,636
					Total Health Care				156,636

15

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	December 31, 2018

						Shares		Value(Note 1)
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (17.67%)
		Capital Goods – (12.60%)
			Brenntag AG  (Germany)				12,244	$	528,877
			Ferguson PLC  (United Kingdom)				50,942		3,257,571
			Safran S.A.  (France)				11,581		1,398,545
			Schneider Electric SE  (France)				27,974		1,914,098
									7,099,091
		Transportation – (5.07%)
			Azul S.A., ADR  (Brazil)*				15,000		415,350
			CAR Inc.  (China)*				161,511		120,249
			InterGlobe Aviation Ltd.  (India)				138,967		2,318,140
									2,853,739
					Total Industrials				9,952,830
	INFORMATION TECHNOLOGY – (6.90%)
		Technology Hardware & Equipment – (6.90%)
			Hollysys Automation Technologies Ltd.  (China)				221,800		3,883,718
					Total Information Technology				3,883,718
	MATERIALS – (2.95%)
			LafargeHolcim Ltd.  (Switzerland)				40,463		1,661,096
					Total Materials				1,661,096
				TOTAL COMMON STOCK – (Identified cost $51,516,362)					49,072,143
PREFERRED STOCK – (11.14%)
	CONSUMER DISCRETIONARY – (11.14%)
		Retailing – (11.14%)
			Didi Chuxing Joint Co., Series A  (China)*(a)(b)				106,435		4,949,227
			Grab Holdings Inc., Series G  (Singapore)*(a)(b)				214,779		1,323,662
					Total Consumer Discretionary				6,272,889
				TOTAL PREFERRED STOCK – (Identified cost $4,143,934)					6,272,889

16

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	December 31, 2018

							Principal			Value(Note 1)
SHORT-TERM INVESTMENTS – (1.86%)
			INTL FCStone Financial Inc. Joint Repurchase Agreement, 3.05%, 01/02/19, dated 12/31/18, repurchase value of $414,070 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-10.25%, 01/15/19-09/20/68, total market value $422,280)					$	414,000	$	414,000
			Mizuho Securities USA Inc. Joint Repurchase Agreement, 2.90%, 01/02/19, dated 12/31/18, repurchase value of $35,006 (collateralized by: U.S. Government agency obligation in a pooled cash account, 2.625%, 12/31/23, total market value $35,700)						35,000		35,000
			Nomura Securities International, Inc. Joint Repurchase Agreement, 3.00%, 01/02/19, dated 12/31/18, repurchase value of $99,017 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.34%-4.50%, 03/01/24-09/01/47, total market value $100,980)						99,000		99,000
			SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 3.21%, 01/02/19, dated 12/31/18, repurchase value of $497,089 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-5.00%, 11/01/25-08/01/48, total market value $506,940)						497,000		497,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,045,000)						1,045,000
				Total Investments – (100.14%) – (Identified cost $56,705,296)							56,390,032
				Liabilities Less Other Assets – (0.14%)							(77,583)
						Net Assets – (100.00%)				$	56,312,449
	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

17

SELECTED FUNDS	Statements of Assets and Liabilities
	December 31, 2018

				Selected American Shares		Selected International Fund
ASSETS:
Investments in securities at value* (see accompanying Schedules of Investments)			$	1,680,982,629	$	56,390,032
Cash				42,398		2,681
Receivables:
	Capital stock sold			8,540,306		25,075
	Dividends and interest			750,404		35,871
Prepaid expenses				73,931		3,511
Due from Adviser				–		3,800
		Total assets		1,690,389,668		56,460,970
LIABILITIES:
Payables:
	Capital stock redeemed			8,018,815		44,000
Accrued audit fees				22,995		8,227
Accrued custodian fees				149,495		37,049
Accrued distribution service fees				152,902		2,316
Accrued investment advisory fees				859,530		28,394
Accrued transfer agent fees				252,075		19,139
Other accrued expenses				24,097		9,396
		Total liabilities		9,479,909		148,521
NET ASSETS			$	1,680,909,759	$	56,312,449
NET ASSETS CONSIST OF:
Par value of shares of capital stock			$	70,111,638	$	1,341,854
Additional paid-in capital				1,186,866,342		54,822,879
Distributable Earnings				423,931,779		147,716
		Net Assets	$	1,680,909,759	$	56,312,449
CLASS S SHARES:
Net assets			$	655,627,522	$	8,525,041
Shares outstanding				21,897,807		815,943
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)			$	29.94	$	10.45
CLASS D SHARES:
Net assets			$	1,025,282,237	$	47,787,408
Shares outstanding				34,191,503		4,551,473
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)			$	29.99	$	10.50

*Including:
Cost of investments	$	1,296,781,150	$	56,705,296

See Notes to Financial Statements

18

SELECTED FUNDS	Statements of Operations
	For the year ended December 31, 2018

				Selected American Shares		Selected International Fund
INVESTMENT INCOME:
Income:
Dividends*			$	31,281,981	$	1,287,699
Interest				588,671		21,738
		Total income		31,870,652		1,309,437
Expenses:
Investment advisory fees (Note 3)				11,784,309		460,603
Custodian fees				366,883		95,765
Transfer agent fees:
	Class S			1,002,315		50,514
	Class D			599,512		46,020
Audit fees				64,860		23,500
Legal fees				37,150		8,079
Reports to shareholders				92,634		5,249
Directors’ fees and expenses				423,746		20,314
Registration and filing fees				54,137		45,494
Interest expense (Note 5)				–		2,751
Miscellaneous				103,907		19,575
Distribution service fees (Note 3):
	Class S			2,124,796		50,630
Total expenses				16,654,249		828,494
Reimbursement of expenses by Adviser (Note 3)				–		(10,477)
		Net expenses		16,654,249		818,017
Net investment income				15,216,403		491,420
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
	Investment transactions**			233,339,600		8,183,434
	Foreign currency transactions			(29,398)		(15,769)
Net realized gain				233,310,202		8,167,665
Net change in unrealized appreciation (depreciation)***				(520,631,883)		(25,282,535)
		Net realized and unrealized loss on investments and foreign currency transactions		(287,321,681)		(17,114,870)
Net decrease in net assets resulting from operations			$	(272,105,278)	$	(16,623,450)
*Net of foreign taxes withheld of			$	218,190	$	67,178
**Net of foreign taxes of				–		3,218
***Net of deferred foreign taxes of				–		(9,791)

See Notes to Financial Statements

19

SELECTED FUNDS	Statements of Changes in Net Assets
	For the year ended December 31, 2018

			Selected American Shares		Selected International Fund
OPERATIONS:
Net investment income		$	15,216,403	$	491,420
Net realized gain from investments and foreign currency transactions			233,310,202		8,167,665
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions			(520,631,883)		(25,282,535)
	Net decrease in net assets resulting from operations		(272,105,278)		(16,623,450)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
	Class S		(112,615,545)		(633,351)
	Class D		(177,899,601)		(3,670,557)
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from capital share transactions (Note 4):
	Class S		(36,288,708)		(21,869,578)
	Class D		23,991,402		(3,713,913)
	Total decrease in net assets		(574,917,730)		(46,510,849)
NET ASSETS:
Beginning of year			2,255,827,489		102,823,298
End of year		$	1,680,909,759	$	56,312,449

See Notes to Financial Statements

20

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

21

SELECTED FUNDS	Statement of Cash Flows
	For the year ended December 31, 2018

			Selected International Fund
CASH FLOW FROM OPERATING ACTIVITIES:
Net decrease in net assets resulting from operations		$	(16,623,450)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
	Purchase of investment securities		(25,378,990)
	Proceeds from sales of investment securities		53,098,648
	Short-term investment securities, net		1,751,000
	Net realized gain on investment transactions*		(8,186,652)
	Net change in unrealized appreciation (depreciation) on investment transactions**		25,292,326
Change in assets:
	Increase in other assets		(3,469)
	Decrease in receivable for dividends and interest		39,693
Change in liabilities:
	Decrease in other liabilities		(16,056)
Net cash provided by operating activities			29,973,050
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from borrowing			9,329,000
Payments on borrowings			(9,329,000)
Proceeds from shares sold			5,752,769
Payments on shares redeemed			(35,621,103)
Cash distributions paid			(102,405)
Net cash used in financing activities			(29,970,739)
Net increase in cash			2,311
Cash, beginning balance			370
Cash, ending balance		$	2,681
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions		$	4,201,503
Cash paid for interest on borrowings			2,751
*Excluding foreign taxes of			(3,218)
**Excluding deferred foreign taxes of			9,791

See Notes to Financial Statements

22

SELECTED FUNDS	Notes to Financial Statements
	December 31, 2018

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.

23

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2018

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, 2018 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:
Common Stock:
Communication Services	$	263,517,664	$	6,265,785
Consumer Discretionary		214,922,912		11,600,272
Energy		94,891,121		2,022,445
Financials		643,553,400		12,637,863
Health Care		23,809,509		156,636
Industrials		192,698,359		9,952,830
Information Technology		130,766,808		3,883,718
Materials		44,101,134		1,661,096
Total Level 1		1,608,260,907		48,180,645
Level 2 – Other Significant Observable Inputs:
Common Stock:
Consumer Discretionary		–		891,498
Short-term securities		8,477,000		1,045,000
Total Level 2		8,477,000		1,936,498
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services		1,147,942		–
Preferred Stock:
Consumer Discretionary		63,096,780		6,272,889
Total Level 3		64,244,722		6,272,889
Total Investments	$	1,680,982,629	$	56,390,032

24

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2018

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, 2018. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at December 31, 2018 was $(5,995,212) and $(338,355) for Selected American Shares and Selected International Fund, respectively. 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.

	Beginning Balance January 1, 2018		Cost of Purchases		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Proceeds from Sales		Ending Balance December 31, 2018
Selected American Shares
Investments in Securities:
Common Stock	$	1,129,149	$	–	$	18,793	$	–	$	–	$	1,147,942
Preferred Stock		69,110,785		–		(6,014,005)		–		–		63,096,780
Total Level 3	$	70,239,934	$	–	$	(5,995,212)	$	–	$	–	$	64,244,722
Selected International Fund
Investments in Securities:
Preferred Stock	$	6,611,244	$	2,790,012	$	(338,355)	$	(357,798)	$	(2,432,214)	$	6,272,889
Total Level 3	$	6,611,244	$	2,790,012	$	(338,355)	$	(357,798)	$	(2,432,214)	$	6,272,889

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.

	Fair Value at		Valuation	Unobservable		Impact to Valuation from
	December 31, 2018		Technique	Input(s)	Amount(s)	an Increase in Input
Selected American Shares
Investments in Securities:
Common Stock	$	1,147,942	Discounted Cash Flow	Annualized Yield	3.757%	Decrease
Preferred Stock		63,096,780	Market Approach	Transaction Price	$46.50	Increase
Total Level 3	$	64,244,722
Selected International Fund
Investments in Securities:
Preferred Stock	$	4,949,227	Market Approach	Transaction Price	$46.50	Increase
Preferred Stock		1,323,662	Market Approach	Transaction Price	$6.1629	Increase
Total Level 3	$	6,272,889

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 from an Increase in Input” 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.

25

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2018

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, 2018, 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 2015.

During the year ended December 31, 2018, Selected International Fund utilized $2,326,641 of capital loss carryforwards.

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.

At December 31, 2018, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Selected		Selected
	American Shares		International Fund
Cost	$	1,303,697,939	$	56,843,181
Unrealized appreciation		609,349,191		8,378,089
Unrealized depreciation		(232,064,501)		(8,831,238)
Net unrealized appreciation (depreciation)	$	377,284,690	$	(453,149)

26

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2018

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

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 [collectively “Distributable earnings (losses)”] 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, Directors’ 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, 2018, amounts have been reclassified to reflect increases (decreases) as follows:

	Selected American Shares
Distributable earnings	$	(16,781,297)
Paid-in capital		16,781,297

The tax character of distributions paid during the years ended December 31, 2018 and 2017 was as follows:

	Ordinary Income		Long-Term Capital Gain		Total
Selected American Shares
2018	$	14,007,235	$	276,507,911	$	290,515,146
2017		21,942,828		146,641,511		168,584,339
Selected International Fund
2018	$	299,965	$	4,003,943	$	4,303,908
2017		255,332		–		255,332

As of December 31, 2018, the components of distributable earnings (losses) on a tax basis were as follows:

	Selected American Shares		Selected International Fund
Undistributed ordinary income	$	1,455,725	$	472,572
Undistributed long-term capital gain		46,990,683		153,110
Net unrealized appreciation (depreciation) on investments and foreign currency transactions		377,284,690		(452,875)
Total	$	425,731,098	$	172,807

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.

27

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2018

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

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, 2018 were as follows:

	Selected American Shares		Selected International Fund
Cost of purchases	$	492,568,103	$	25,378,990
Proceeds from sales		732,383,283		53,098,648

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.

As of December 31, 2018, related shareholders with greater than 20% of outstanding shares were as follows:

Selected American Shares	Selected International Fund
n/a	21%

Investment activities of this shareholder could have a material impact on the Fund.

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, 2018 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 waive fees and/or reimburse Selected International Fund’s expenses to the extent necessary to cap total annual Fund operating expenses (Class S shares, 1.15%), until May 1, 2020. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to that date without the consent of the Board of Directors. Prior to September 1, 2018 the operating expense cap was 1.30% for Class S shares. During the year ended December 31, 2018, such reimbursements for Class S shares amounted to $10,477, and are not subject to future recoupment.

Transfer Agent and Accounting Fees - DST Asset Manager Solutions, 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, 2018 was $162,485 and $14,121 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, 2018, Selected American Shares and Selected International Fund incurred distribution service fees totaling $2,124,796 and $50,630, respectively.

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

28

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2018

NOTE 4 - CAPITAL STOCK

At December 31, 2018, 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, 2018
		Sold		Reinvestment of Distributions		Redeemed*		Net Increase (Decrease)
Selected American Shares
Shares:   Class S		913,656		3,226,647		(4,731,458)		(591,155)
Class D		1,794,593		4,721,813		(5,445,330)		1,071,076
Value:     Class S	$	31,483,870	$	111,137,308	$	(178,909,886)	$	(36,288,708)
Class D		67,240,804		162,583,791		(205,833,193)		23,991,402
Selected International Fund
Shares:   Class S		299,531		57,201		(1,875,392)		(1,518,660)
Class D		94,874		328,521		(628,733)		(205,338)
Value:     Class S	$	4,402,472	$	620,627	$	(26,892,677)	$	(21,869,578)
Class D		1,317,984		3,580,876		(8,612,773)		(3,713,913)

* Selected International Fund: net of redemption fees amounting to $4,020 and $17 for Class S and Class D, respectively.

	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).

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%. Selected American Shares had no borrowings during the year ended December 31, 2018. Selected International Fund utilized the line of credit for six days during the year ended December 31, 2018, whereby the average daily loan balance was $5,201,833 at an average interest rate of 3.18%. Selected International Fund had gross borrowings and gross repayments of $9,329,000 and had no borrowings outstanding at any month end during the year ended December 31, 2018.

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, 2018, 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.

29

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	December 31, 2018

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 $64,244,722 or 3.82% of the Fund’s net assets as of December 31, 2018. The aggregate value of restricted securities in Selected International Fund amounted to $7,164,387 or 12.72% of the Fund’s net assets as of December 31, 2018. 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, 2018
Selected American Shares	ASAC II L.P.	10/10/13	1,174,606	$	1.00	$	0.9773
	Didi Chuxing Joint Co., Series A, Pfd.	07/27/15	1,161,716	$	27.7507	$	46.50
	Didi Chuxing Joint Co., Series B, Pfd.	05/16/17	195,204	$	50.9321	$	46.50
Selected International Fund	Didi Chuxing Joint Co., Series A, Pfd.	07/27/15	106,435	$	27.7507	$	46.50
	Grab Holdings Inc., Series G, Pfd.	08/02/17	214,779	$	5.5419	$	6.1629
	Meituan Dianping, Class B	09/20/18	167,387	$	5.5891	$	5.3260

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, 2018, there were no in-kind redemptions.

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.

30

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 Incomea	Net Realized and Unrealized Gains (Losses)	Total from Investment Operations
Selected American Shares Class S:
Year ended December 31, 2018	$40.53	$0.20	$(5.35)	$(5.15)
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
Selected American Shares Class D:
Year ended December 31, 2018	$40.59	$0.33	$(5.36)	$(5.03)
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
Selected International Fund Class S:
Year ended December 31, 2018	$14.44	$0.04	$(3.23)	$(3.19)
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)
Selected International Fund Class D:
Year ended December 31, 2018	$14.53	$0.09	$(3.26)	$(3.17)
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)

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.

31

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 Returnb	Net Assets, End of Period (in millions)	Gross Expense Ratio	Net Expense Ratioc	Net Investment Income (Loss) Ratio	Portfolio Turnoverd
$(0.19)	$(5.25)	$–	$(5.44)	$29.94	(14.00)%	$656	0.97%	0.97%	0.52%	24%
$(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%
$(0.32)	$(5.25)	$–	$(5.57)	$29.99	(13.71)%	$1,025	0.65%	0.65%	0.84%	24%
$(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%
$(0.01)	$(0.79)	$–	$(0.80)	$10.45	(22.27)%	$9	1.31%	1.26%	0.30%	31%
$–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%
$(0.07)	$(0.79)	$–	$(0.86)	$10.50	(22.05)%	$48	0.89%	0.89%	0.67%	31%
$(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%

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

32

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, 2018, the related statements of operations for the year then ended, the statement of cash flows for Selected International Fund, Inc. 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, 2018, the results of their operations for the year then ended, the cash flows for Selected International Fund, Inc. 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, 2018, 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 20, 2019

33

SELECTED FUNDS Federal Income Tax Information (Unaudited)

In early 2019, shareholders received information regarding all dividends and distributions paid to them by the Funds during the calendar year 2018. 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 2018 with their 2018 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, 2018, 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	$	14,007,235	$	299,965
Income qualifying for corporate dividends-received deduction	$	14,007,235	$	–
		100%		–
Qualified dividend income	$	14,007,235	$	299,965
		100%		100%
Long-term capital gain distributions*	$	276,507,911	$	4,003,943

*Selected American Shares designated long-term capital gain distributions in the amount of $293,289,208. 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, 2018. 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	$	49,003
Foreign sourced income	$	1,354,877
% of income dividend derived from foreign sourced income		100%

34

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.

35

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. Subject to exceptions and exemptions, which may be granted by the Independent Directors, Directors must retire at the close of business on the last day of the calendar year in which the Director attains age seventy-eight (78).

Name, Date of Birth, Position(s) Held with Funds, Length of Service Principal Occupation(s) During Past Five Years Number of Portfolios Overseen Other Directorships

Independent Directors

Francisco L. Borges      (11/17/51)      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 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 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 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 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 since 1996	Retired; Corporate Economist, HP Inc.	3	Trustee, Clipper Funds Trust (consisting of one portfolio).

Interested Directors*

Andrew A. Davis      (06/25/63)      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 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); Lead Independent Director, Graham Holdings Company (educational and media company); Director, The Coca Cola Company (beverage 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

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

Christopher C. Davis (born 07/13/65, 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 four 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 four 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 four 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 four 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.

36

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 219662

Kansas City, Missouri 64121-9662

Overnight Address:

430 W 7th Street, Suite 219662

Kansas City, Missouri 64105-1407

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, 2018 and December 31, 2017 were $23,500 and $22,619, 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, 2018 and December 31, 2017 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, 2018 and December 31, 2017 were $8,517 and $7,813, 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, 2018 and December 31, 2017 were $3,765 and $6,929, 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, 2018 and December 31, 2017.  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

(a)	Not Applicable.  The complete Schedule of Investments is included in Item 1 of this Form N-CSR
(b)	Not Applicable.

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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not Applicable.

ITEM 13.  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.
(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 20, 2019

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 20, 2019

By	/s/ Douglas A. Haines
	Douglas A. Haines
	Principal Financial Officer and Principal Accounting Officer
Date:  February 20, 2019