SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC.	March 31, 2020 (Unaudited)

						Shares/Units		Value
COMMON STOCK – (94.86%)
	COMMUNICATION SERVICES – (16.50%)
		Media & Entertainment – (16.27%)
				Alphabet Inc., Class A  *			46,234	$	53,721,596
				Alphabet Inc., Class C  *			78,945		91,798,036
				ASAC II L.P.  *(a)(b)			1,174,606		1,248,136
				Facebook, Inc., Class A  *			400,568		66,814,742
				Liberty Global plc, Series C  *			474,050		7,447,326
				Liberty Latin America Ltd., Class C  *			118,709		1,217,954
				Liberty TripAdvisor Holdings, Inc., Series A  *			51,753		93,155
									222,340,945
		Telecommunication Services – (0.23%)
				GCI Liberty, Inc., Class A  *			55,936		3,186,674
					Total Communication Services				225,527,619
	CONSUMER DISCRETIONARY – (16.18%)
		Automobiles & Components – (0.10%)
				Adient plc  *			154,025		1,397,007
		Consumer Durables & Apparel – (0.31%)
				Hunter Douglas N.V.  (Netherlands)			93,550		4,215,792
		Consumer Services – (2.74%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			345,410		37,387,178
		Retailing – (13.03%)
				Alibaba Group Holding Ltd., ADR  (China)*			202,497		39,381,617
				Amazon.com, Inc.  *			51,476		100,363,787
				Booking Holdings Inc.  *			7,527		10,126,224
				Expedia Group, Inc.			13,700		770,899
				Naspers Ltd. - N  (South Africa)			64,700		9,194,800
				Prosus N.V., Class N  (Netherlands)*			261,120		18,283,827
									178,121,154
					Total Consumer Discretionary				221,121,131
	ENERGY – (1.15%)
				Apache Corp.			1,889,047		7,896,217
				Magnolia Oil & Gas Corp., Class A  *			1,571,393		6,285,572
				Ovintiv Inc.			563,032		1,520,186
					Total Energy				15,701,975
	FINANCIALS – (36.63%)
		Banks – (13.68%)
				Danske Bank A/S  (Denmark)*			1,054,000		11,730,385
				DBS Group Holdings Ltd.  (Singapore)			1,410,600		18,405,720
				JPMorgan Chase & Co.			685,076		61,677,392
				U.S. Bancorp			966,430		33,293,514
				Wells Fargo & Co.			2,156,420		61,889,254
									186,996,265
		Diversified Financials – (18.21%)
			Capital Markets – (3.65%)
				Bank of New York Mellon Corp.			1,481,375		49,892,710
			Consumer Finance – (7.95%)
				American Express Co.			558,758		47,835,272

1

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	March 31, 2020 (Unaudited)

							Shares		Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Diversified Financials – (Continued)
			Consumer Finance – (Continued)
				Capital One Financial Corp.				1,205,795	$	60,796,184
										108,631,456
			Diversified Financial Services – (6.61%)
				Berkshire Hathaway Inc., Class A  *				332		90,304,000
										248,828,166
		Insurance – (4.74%)
			Life & Health Insurance – (2.41%)
				AIA Group Ltd.  (Hong Kong)				3,680,280		32,955,559
			Property & Casualty Insurance – (2.33%)
				Chubb Ltd.				160,841		17,964,331
				Loews Corp.				214,284		7,463,512
				Markel Corp.  *				6,928		6,428,422
										31,856,265
										64,811,824
						Total Financials				500,636,255
	HEALTH CARE – (3.56%)
		Health Care Equipment & Services – (3.56%)
				CVS Health Corp.				320,063		18,989,338
				Quest Diagnostics Inc.				370,270		29,732,681
						Total Health Care				48,722,019
	INDUSTRIALS – (7.24%)
		Capital Goods – (7.24%)
				Ferguson PLC  (United Kingdom)				261,316		16,157,810
				Orascom Construction PLC  (United Arab Emirates)				354,345		1,928,480
				Raytheon Co.				89,720		11,766,778
				United Technologies Corp.				733,180		69,160,869
						Total Industrials				99,013,937
	INFORMATION TECHNOLOGY – (13.60%)
		Semiconductors & Semiconductor Equipment – (11.75%)
				Applied Materials, Inc.				1,700,530		77,918,285
				Intel Corp.				768,400		41,585,808
				Texas Instruments Inc.				411,473		41,118,497
										160,622,590
		Software & Services – (1.85%)
				Microsoft Corp.				100,250		15,810,427
				Oracle Corp.				194,075		9,379,645
										25,190,072
						Total Information Technology				185,812,662
					TOTAL COMMON STOCK – (Identified cost $1,015,524,953)					1,296,535,598

2

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	March 31, 2020 (Unaudited)

								Shares/Principal			Value
PREFERRED STOCK – (4.10%)
	INDUSTRIALS – (4.10%)
		Transportation – (4.10%)
				Didi Chuxing Joint Co., Series A  (China)*(a)(b)						1,161,716	$	47,932,402
				Didi Chuxing Joint Co., Series B  (China)*(a)(b)						195,204		8,054,117
							Total Industrials					55,986,519
						TOTAL PREFERRED STOCK – (Identified cost $42,180,623)						55,986,519
SHORT-TERM INVESTMENTS – (1.09%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 0.05%, 04/01/20, dated 03/31/20, repurchase value of $7,945,011 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.073%, 04/30/20-04/01/50, total market value $8,103,900)					$	7,945,000		7,945,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.04%, 04/01/20, dated 03/31/20, repurchase value of $6,886,008 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-4.00%, 05/01/35-02/01/50, total market value $7,023,720)						6,886,000		6,886,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $14,831,000)						14,831,000
					Total Investments – (100.05%) – (Identified cost $1,072,536,576)							1,367,353,117
					Liabilities Less Other Assets – (0.05%)							(615,865)
						Net Assets – (100.00%)					$	1,366,737,252
	ADR: American Depositary Receipt
	*		Non-income producing security.
	(a)		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 amounted to $57,234,655 or 4.19% of the Fund's net assets as of March 31, 2020.
	(b)		The value of this security was determined using significant unobservable inputs.
Please refer to “Notes to Schedule of Investments” on page 6 for the Fund’s policy regarding valuation of investments.
For information regarding the Fund’s other significant accounting policies, please refer to the Fund’s most recent Semi-Annual or Annual Shareholder Report.

3

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC.	March 31, 2020 (Unaudited)

						Shares		Value
COMMON STOCK – (86.29%)
	COMMUNICATION SERVICES – (7.07%)
	Media & Entertainment - (7.07%)
				58.com, Inc., Class A, ADR  (China)*			46,076	$	2,244,823
				Baidu, Inc., Class A, ADR  (China)*			2,627		264,775
				Fang Holdings Ltd., Class A, ADR  (China)*			40,702		54,948
				iQIYI, Inc., Class A, ADR  (China)*			66,140		1,177,292
					Total Communication Services				3,741,838
	CONSUMER DISCRETIONARY – (37.53%)
		Consumer Durables & Apparel – (2.10%)
				Fila Holdings Corp.  (South Korea)			27,200		642,899
				Hunter Douglas N.V.  (Netherlands)			10,395		468,446
									1,111,345
		Consumer Services – (10.48%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			51,306		5,553,361
		Retailing – (24.95%)
				Alibaba Group Holding Ltd., ADR  (China)*			20,530		3,992,674
				JD.com, Inc., Class A, ADR  (China)*			73,215		2,965,208
				Meituan Dianping, Class B  (China)*			167,387		1,995,462
				Naspers Ltd. - N  (South Africa)			19,604		2,786,010
				Prosus N.V., Class N  (Netherlands)*			21,014		1,471,417
									13,210,771
					Total Consumer Discretionary				19,875,477
	ENERGY – (0.87%)
				Seven Generations Energy Ltd., Class A  (Canada)*			417,010		459,295
					Total Energy				459,295
	FINANCIALS – (23.41%)
		Banks – (14.94%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			60,570		1,031,507
				Danske Bank A/S  (Denmark)*			172,370		1,918,374
				DBS Group Holdings Ltd.  (Singapore)			179,470		2,341,752
				DNB ASA  (Norway)			221,000		2,462,146
				Metro Bank PLC  (United Kingdom)*			138,430		155,483
									7,909,262
		Diversified Financials – (4.07%)
			Capital Markets – (3.67%)
				Julius Baer Group Ltd.  (Switzerland)			35,310		1,182,796
				Noah Holdings Ltd., ADS  (China)*			29,384		759,870
									1,942,666
			Consumer Finance – (0.40%)
				Yiren Digital Ltd., ADR  (China)*			53,220		213,412
									2,156,078
		Insurance – (4.40%)
				Life & Health Insurance – (4.40%)
				AIA Group Ltd.  (Hong Kong)			260,540		2,333,040
					Total Financials				12,398,380
	INDUSTRIALS – (12.40%)
		Capital Goods – (8.51%)
				Ferguson PLC  (United Kingdom)			34,602		2,139,527
				Schneider Electric SE  (France)			27,974		2,364,442
									4,503,969

4

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	March 31, 2020 (Unaudited)

								Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (CONTINUED)
		Commercial & Professional Services – (0.60%)
				China Index Holdings Ltd., ADR  (China)*						237,202	$	320,223
		Transportation – (3.29%)
				InterGlobe Aviation Ltd.  (India)						122,557		1,741,174
							Total Industrials					6,565,366
	INFORMATION TECHNOLOGY – (5.01%)
		Technology Hardware & Equipment – (5.01%)
				Hollysys Automation Technologies Ltd.  (China)						205,510		2,651,079
							Total Information Technology					2,651,079
						TOTAL COMMON STOCK – (Identified cost $49,782,491)						45,691,435
PREFERRED STOCK – (10.32%)
	INDUSTRIALS – (10.32%)
		Transportation – (10.32%)
				Didi Chuxing Joint Co., Series A  (China)*(a)(b)						106,435		4,391,508
				Grab Holdings Inc., Series G  (Singapore)*(a)(b)						214,779		1,073,895
							Total Industrials					5,465,403
						TOTAL PREFERRED STOCK – (Identified cost $4,143,934)						5,465,403
SHORT-TERM INVESTMENTS – (2.55%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 0.05%, 04/01/20, dated 03/31/20, repurchase value of $722,001 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.073%, 04/30/20-04/01/50, total market value $736,440)					$	722,000		722,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 0.04%, 04/01/20, dated 03/31/20, repurchase value of $625,001 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.00%, 02/01/50, total market value $637,500)						625,000		625,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,347,000)						1,347,000
					Total Investments – (99.16%) – (Identified cost $55,273,425)							52,503,838
					Other Assets Less Liabilities – (0.84%)							445,659
						Net Assets – (100.00%)					$	52,949,497
	ADR: American Depositary Receipt
	ADS: American Depositary Share
	*		Non-income producing security.
	(a)		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 amounted to $5,465,403 or 10.32% of the Fund's net assets as of March 31, 2020.
	(b)		The value of this security was determined using significant unobservable inputs.
Please refer to “Notes to Schedule of Investments” on page 6 for the Fund’s policy regarding valuation of investments.
For information regarding the Fund’s other significant accounting policies, please refer to the Fund’s most recent Semi-Annual or Annual Shareholder Report.

5

SELECTED FUNDS	Notes to Schedule of Investments
	March 31, 2020 (Unaudited)

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.

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.

6

SELECTED FUNDS	Notes to Schedule of Investments – (Continued)
	March 31, 2020 (Unaudited)

Fair Value Measurements – (Continued)

The following is a summary of the inputs used as of March 31, 2020 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	$	224,279,483	$	3,741,838
Consumer Discretionary		189,426,712		12,511,243
Energy		15,701,975		459,295
Financials		437,544,591		2,004,789
Health Care		48,722,019		–
Industrials		80,927,647		320,223
Information Technology		185,812,662		2,651,079
Total Level 1		1,182,415,089		21,688,467
Level 2 – Other Significant Observable Inputs:
Common Stock*:
Consumer Discretionary		31,694,419		7,364,234
Financials		63,091,664		10,393,591
Industrials		18,086,290		6,245,143
Short-term securities		14,831,000		1,347,000
Total Level 2		127,703,373		25,349,968
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services		1,248,136		–
Preferred Stock:
Industrials		55,986,519		5,465,403
Total Level 3		57,234,655		5,465,403
Total Investments	$	1,367,353,117	$	52,503,838

*Includes certain securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of local trading.

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the three months ended March 31, 2020. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at March 31, 2020 was $(6,191,437) and $(605,601) 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.

	Beginning Balance January 1, 2020		Cost of Purchases		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Proceeds from Sales		Ending Balance March 31, 2020
Selected American Shares
Investments in Securities:
Common Stock	$	1,224,879	$	–	$	23,257	$	–	$	–	$	1,248,136
Preferred Stock		62,201,213		–		(6,214,694)		–		–		55,986,519
Total Level 3	$	63,426,092	$	–	$	(6,191,437)	$	–	$	–	$	57,234,655
Selected International Fund
Investments in Securities:
Preferred Stock	$	6,071,004	$	–	$	(605,601)	$	–	$	–	$	5,465,403
Total Level 3	$	6,071,004	$	–	$	(605,601)	$	–	$	–	$	5,465,403

7

SELECTED FUNDS	Notes to Schedule of Investments – (Continued)
	March 31, 2020 (Unaudited)

            Fair Value Measurements – (Continued)

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
	March 31, 2020		Technique	Input(s)	Amount	an Increase in Input
Selected American Shares
Investments in Securities:
Common Stock	$	1,248,136	Discounted Cash Flow	Annualized Yield	0.9310%	Decrease
Preferred Stock		55,986,519	Market Approach	Adjusted Transaction Price	$41.26	Increase
Total Level 3	$	57,234,655
Selected International Fund
Investments in Securities:
Preferred Stock	$	4,391,508	Market Approach	Adjusted Transaction Price	$41.26	Increase
Preferred Stock		1,073,895	Market Approach	Adjusted Transaction Price	$5.00	Increase
Total Level 3	$	5,465,403

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.

Federal Income Taxes

At March 31, 2020, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Selected		Selected
	American Shares		International Fund
Cost	$	1,074,412,613	$	56,931,708
Unrealized appreciation		520,592,208		9,553,485
Unrealized depreciation		(227,651,704)		(13,981,355)
Net unrealized appreciation (depreciation)	$	292,940,504	$	(4,427,870)

 Significant Event

The rapid and global spread of a highly contagious novel coronavirus respiratory disease, COVID-19, has resulted in extreme volatility in the financial markets and severe losses; reduced liquidity of many instruments; significant disruptions to business operations (including business closures); disruptions to supply chains, consumer demand and employee availability; and widespread uncertainty regarding the duration and long-term effects of this pandemic. Some sectors of the economy and individual issuers have experienced particularly large losses. In addition, the COVID-19 pandemic may result in a sustained economic downturn or a global recession. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a fund’s investments, impair a fund’s ability to satisfy redemption requests, and negatively impact fund performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a fund by its service providers.

8