STONEX REPO REPO

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC.	September 30, 2022 (Unaudited)

						Shares/Units		Value
COMMON STOCK – (99.36%)
	COMMUNICATION SERVICES – (12.18%)
		Media & Entertainment – (12.18%)
				Alphabet Inc., Class A *			597,680	$	57,168,092
				Alphabet Inc., Class C *			369,500		35,527,425
				ASAC II L.P. *(a)(b)			1,174,606		1,151,114
				IAC/InterActiveCorp *			181,160		10,032,641
				Liberty TripAdvisor Holdings, Inc., Series A *			43,893		47,843
				Meta Platforms, Inc., Class A *			415,528		56,378,839
				Vimeo, Inc. *			201,128		804,512
					Total Communication Services				161,110,466
	CONSUMER DISCRETIONARY – (9.45%)
		Retailing – (9.45%)
				Amazon.com, Inc. *			584,520		66,050,760
				Coupang, Inc., Class A (South Korea)*			799,679		13,330,649
				JD.com, Inc., Class A, ADR (China)			513,001		25,803,950
				Naspers Ltd. - N (South Africa)			21,542		2,671,715
				Prosus N.V., Class N (Netherlands)			329,309		17,132,826
					Total Consumer Discretionary				124,989,900
	CONSUMER STAPLES – (1.37%)
		Food, Beverage & Tobacco – (1.37%)
				Darling Ingredients Inc. *			273,580		18,097,317
					Total Consumer Staples				18,097,317
	FINANCIALS – (48.17%)
		Banks – (21.98%)
				Danske Bank A/S (Denmark)			1,559,360		19,408,825
				DBS Group Holdings Ltd. (Singapore)			2,302,884		53,273,443
				JPMorgan Chase & Co.			454,956		47,542,902
				U.S. Bancorp			1,308,200		52,746,624
				Wells Fargo & Co.			2,928,620		117,789,096
									290,760,890
		Diversified Financials – (20.03%)
			Capital Markets – (3.88%)
				Bank of New York Mellon Corp.			1,333,525		51,367,383
			Consumer Finance – (7.51%)
				American Express Co.			76,228		10,283,919
				Capital One Financial Corp.			965,835		89,021,012
									99,304,931
			Diversified Financial Services – (8.64%)
				Berkshire Hathaway Inc., Class A *			281		114,218,070
									264,890,384
		Insurance – (6.16%)
			Life & Health Insurance – (3.49%)
				AIA Group Ltd. (Hong Kong)			3,405,480		28,353,696
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)			3,575,000		17,834,940
									46,188,636
			Property & Casualty Insurance – (2.67%)
				Chubb Ltd.			136,431		24,814,070
				Loews Corp.			81,754		4,074,620

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	September 30, 2022 (Unaudited)

							Shares		Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Property & Casualty Insurance – (Continued)
				Markel Corp. *				5,868	$	6,362,203
										35,250,893
										81,439,529
						Total Financials				637,090,803
	HEALTH CARE – (10.10%)
		Health Care Equipment & Services – (7.23%)
				Cigna Corp.				273,680		75,937,990
				Quest Diagnostics Inc.				159,870		19,614,450
										95,552,440
		Pharmaceuticals, Biotechnology & Life Sciences – (2.87%)
				Viatris Inc.				4,458,130		37,983,267
						Total Health Care				133,535,707
	INDUSTRIALS – (2.21%)
		Capital Goods – (1.51%)
				Orascom Construction PLC (United Arab Emirates)				346,251		1,174,235
				Owens Corning				239,590		18,834,170
										20,008,405
		Transportation – (0.70%)
				DiDi Global Inc., Class A, ADS (China)*				5,057,450		9,290,535
						Total Industrials				29,298,940
	INFORMATION TECHNOLOGY – (13.69%)
		Semiconductors & Semiconductor Equipment – (11.59%)
				Applied Materials, Inc.				889,120		72,845,601
				Intel Corp.				1,024,170		26,392,861
				Texas Instruments Inc.				349,023		54,021,780
										153,260,242
		Software & Services – (1.18%)
				Microsoft Corp.				67,130		15,634,577
		Technology Hardware & Equipment – (0.92%)
				Samsung Electronics Co., Ltd. (South Korea)				333,620		12,250,274
						Total Information Technology				181,145,093
	MATERIALS – (2.19%)
				Teck Resources Ltd., Class B (Canada)				952,970		28,979,818
						Total Materials				28,979,818
					TOTAL COMMON STOCK – (Identified cost $927,911,783)					1,314,248,044

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	September 30, 2022 (Unaudited)

Principal

Value

SHORT-TERM INVESTMENTS – (0.68%)

StoneX Financial Inc. Joint Repurchase Agreement, 3.03%, 10/03/22,

dated 09/30/22, repurchase value of $5,155,301 (collateralized by: U.S.

Government agency mortgages and obligations in a pooled cash

account, 0.00%-9.00%, 11/01/22-09/20/70, total market value

$5,257,080)

5,154,000

Truist Securities, Inc. Joint Repurchase Agreement, 3.02%, 10/03/22,

dated 09/30/22, repurchase value of $3,830,964 (collateralized by: U.S.

Government agency mortgages in a pooled cash account, 2.50%-5.00%,

01/01/33-06/01/52, total market value $3,906,600)

3,830,000

TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,984,000)

8,984,000

Total Investments – (100.04%) – (Identified cost $936,895,783)

1,323,232,044

Liabilities Less Other Assets – (0.04%)

(588,875)

Net Assets – (100.00%)

1,322,643,169

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 $1,151,114 or 0.09% of the Fund's net assets as of September 30, 2022.

(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.

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC.	September 30, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (97.26%)
	COMMUNICATION SERVICES – (3.79%)
		Media & Entertainment – (3.79%)
				Baidu, Inc., Class A, ADR (China)*			9,027	$	1,060,582
				iQIYI, Inc., Class A, ADR (China)*			160,740		435,606
					Total Communication Services				1,496,188
	CONSUMER DISCRETIONARY – (28.73%)
		Consumer Durables & Apparel – (3.56%)
				Fila Holdings Corp. (South Korea)			64,809		1,402,088
		Retailing – (25.17%)
				Alibaba Group Holding Ltd., ADR (China)*			17,210		1,376,628
				Coupang, Inc., Class A (South Korea)*			23,940		399,080
				Delivery Hero SE (Germany)*			14,300		522,338
				JD.com, Inc., Class A, ADR (China)			56,115		2,822,584
				Meituan, Class B (China)*			99,687		2,095,066
				Naspers Ltd. - N (South Africa)			13,044		1,617,763
				Prosus N.V., Class N (Netherlands)			21,014		1,093,287
									9,926,746
					Total Consumer Discretionary				11,328,834
	FINANCIALS – (45.02%)
		Banks – (27.29%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			86,360		2,803,246
				Danske Bank A/S (Denmark)			241,572		3,006,765
				DBS Group Holdings Ltd. (Singapore)			154,620		3,576,880
				DNB Bank ASA (Norway)			78,894		1,251,894
				Metro Bank PLC (United Kingdom)*			138,430		122,491
									10,761,276
		Diversified Financials – (5.78%)
			Capital Markets – (5.78%)
				Julius Baer Group Ltd. (Switzerland)			43,340		1,891,316
				Noah Holdings Ltd., Class A, ADS (China)*			29,384		388,163
									2,279,479
		Insurance – (11.95%)
			Life & Health Insurance – (11.95%)
				AIA Group Ltd. (Hong Kong)			322,740		2,687,102
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)			406,000		2,025,450
									4,712,552
					Total Financials				17,753,307
	INDUSTRIALS – (2.53%)
		Commercial & Professional Services – (0.54%)
				China Index Holdings Ltd., Class A, ADR (China)*			237,202		213,482
		Transportation – (1.99%)
				DiDi Global Inc., Class A, ADS (China)*			425,740		782,084
					Total Industrials				995,566
	INFORMATION TECHNOLOGY – (13.84%)
		Semiconductors & Semiconductor Equipment – (3.13%)
				Tokyo Electron Ltd. (Japan)			5,010		1,234,438
		Technology Hardware & Equipment – (10.71%)
				Hollysys Automation Technologies Ltd. (China)			125,060		2,138,526

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	September 30, 2022 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (CONTINUED)
		Technology Hardware & Equipment – (Continued)
				Samsung Electronics Co., Ltd. (South Korea)							56,750	$	2,083,817
													4,222,343
								Total Information Technology					5,456,781
	MATERIALS – (3.35%)
				Teck Resources Ltd., Class B (Canada)							43,470		1,321,923
								Total Materials					1,321,923
						TOTAL COMMON STOCK – (Identified cost $46,981,139)							38,352,599
SHORT-TERM INVESTMENTS – (2.41%)
				StoneX Financial Inc. Joint Repurchase Agreement, 3.03%, 10/30/22, dated 09/30/22, repurchase value of $546,138 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 11/01/22-09/20/70, total market value $556,920)						$	546,000		546,000
				Truist Securities, Inc. Joint Repurchase Agreement, 3.02%, 10/03/22, dated 09/30/22, repurchase value of $406,102 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%, 06/01/34-04/01/52, total market value $414,120)							406,000		406,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $952,000)							952,000
					Total Investments – (99.67%) – (Identified cost $47,933,139)								39,304,599
					Other Assets Less Liabilities – (0.33%)								130,634
							Net Assets – (100.00%)					$	39,435,233

	ADR: American Depositary Receipt

	ADS: American Depositary Share

	*		Non-income producing security.

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.

SELECTED FUNDS	Notes to Schedule of Investments
	September 30, 2022 (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 Pricing Committee. 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 for the security was readily available. Fair value determinations are subject to review 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 investments purchased within 60 days to maturity are valued at amortized cost, which approximates market value.

The Adviser's 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.

SELECTED FUNDS	Notes to Schedule of Investments – (Continued)
	September 30, 2022 (Unaudited)

Fair Value Measurements – (Continued)

The following is a summary of the inputs used as of September 30, 2022 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	$	159,959,352	$	1,496,188
Consumer Discretionary		105,185,359		4,598,292
Consumer Staples		18,097,317		–
Financials		518,219,899		3,191,409
Health Care		133,535,707		–
Industrials		28,124,705		995,566
Information Technology		168,894,819		2,138,526
Materials		28,979,818		1,321,923
Total Level 1		1,160,996,976		13,741,904
Level 2 – Other Significant Observable Inputs:
Common Stock:*
Consumer Discretionary		19,804,541		6,730,542
Financials		118,870,904		14,561,898
Industrials		1,174,235		–
Information Technology		12,250,274		3,318,255
Short-Term Investments		8,984,000		952,000
Total Level 2		161,083,954		25,562,695
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services		1,151,114		–
Total Level 3		1,151,114		–
Total Investments	$	1,323,232,044	$	39,304,599

*Includes certain securities trading primarily outside the U.S. whose value the Funds 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 nine months ended September 30, 2022. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at September 30, 2022 was $(42,403) for Selected American Shares. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges.

	Beginning Balance at January 1, 2022		Cost of Purchases		Proceeds from Sales		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Transfers into Level 3		Transfers out of Level 3			Ending Balance at September 30, 2022
Selected American Shares
Investments in Securities:
Common Stock	$	1,193,517	$	–	$	–	$	(42,403)	$	–	$	–	$	–	$	1,151,114
Preferred Stock		13,875,000		–		(18,500,072)		4,625,000		72		–		–		–
Total Level 3	$	15,068,517	$	–	$	(18,500,072)	$	4,582,597	$	72	$	–	$	–	$	1,151,114

SELECTED FUNDS	Notes to Schedule of Investments – (Continued)
	September 30, 2022 (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
	September 30, 2022		Technique	Input	Amount	an Increase in Input
Selected American Shares
Investments in Securities:
Common Stock	$	1,151,114	Discounted Cash Flow	Annualized Yield	4.185%	Decrease

Total Level 3	$	1,151,114

The significant unobservable input listed in the above table is used in the fair value measurement of common stock, and if changed, would affect the fair value of the Fund’s investments. 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 September 30, 2022, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Selected		Selected
	American Shares		International Fund
Cost	$	940,678,818	$	49,583,147
Unrealized appreciation		540,297,489		4,604,029
Unrealized depreciation		(157,744,263)		(14,882,577)
Net unrealized appreciation (depreciation)	$	382,553,226	$	(10,278,548)