TRUIST REPO REPO

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC.	March 31, 2023 (Unaudited)

						Shares/Units		Value
COMMON STOCK – (99.29%)
	COMMUNICATION SERVICES – (16.32%)
		Media & Entertainment – (16.32%)
				Alphabet Inc., Class A *			567,820	$	58,899,969
				Alphabet Inc., Class C *			351,030		36,507,120
				ASAC II L.P. *(a)(b)			1,174,606		1,143,009
				IAC Inc. *			172,100		8,880,360
				Liberty TripAdvisor Holdings, Inc., Series A *			41,693		35,814
				Meta Platforms, Inc., Class A *			626,928		132,871,120
					Total Communication Services				238,337,392
	CONSUMER DISCRETIONARY – (8.78%)
		Consumer Discretionary Distribution & Retail – (8.78%)
				Amazon.com, Inc. *			695,520		71,840,261
				Coupang, Inc., Class A (South Korea)*			759,719		12,155,504
				JD.com, Inc., Class A, ADR (China)			363,721		15,963,714
				Naspers Ltd. - N (South Africa)			20,462		3,791,491
				Prosus N.V., Class N (Netherlands)			312,849		24,497,329
					Total Consumer Discretionary				128,248,299
	CONSUMER STAPLES – (1.09%)
		Food, Beverage & Tobacco – (1.09%)
				Darling Ingredients Inc. *			271,870		15,877,208
					Total Consumer Staples				15,877,208
	FINANCIALS – (45.22%)
		Banks – (19.65%)
				Danske Bank A/S (Denmark)*			1,771,930		35,649,084
				DBS Group Holdings Ltd. (Singapore)			1,855,784		46,138,012
				JPMorgan Chase & Co.			432,226		56,323,370
				U.S. Bancorp			1,242,820		44,803,661
				Wells Fargo & Co.			2,782,270		104,001,253
									286,915,380
		Financial Services – (19.28%)
			Capital Markets – (3.94%)
				Bank of New York Mellon Corp.			1,266,895		57,567,709
			Consumer Finance – (6.86%)
				American Express Co.			72,408		11,943,699
				Capital One Financial Corp.			917,575		88,234,012
									100,177,711
			Financial Services – (8.48%)
				Berkshire Hathaway Inc., Class A *			266		123,849,600
									281,595,020
		Insurance – (6.29%)
			Life & Health Insurance – (3.77%)
				AIA Group Ltd. (Hong Kong)			3,116,780		32,686,779
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)			3,464,600		22,413,233
									55,100,012
			Property & Casualty Insurance – (2.52%)
				Chubb Ltd.			129,611		25,167,864
				Loews Corp.			77,664		4,506,065

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	March 31, 2023 (Unaudited)

							Shares		Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Property & Casualty Insurance – (Continued)
				Markel Corp. *				5,578	$	7,125,393
										36,799,322
										91,899,334
						Total Financials				660,409,734
	HEALTH CARE – (6.75%)
		Health Care Equipment & Services – (3.81%)
				Cigna Group				157,450		40,233,198
				Quest Diagnostics Inc.				109,320		15,466,594
										55,699,792
		Pharmaceuticals, Biotechnology & Life Sciences – (2.94%)
				Viatris Inc.				4,458,130		42,887,211
						Total Health Care				98,587,003
	INDUSTRIALS – (2.91%)
		Capital Goods – (1.64%)
				Orascom Construction PLC (United Arab Emirates)				346,251		1,074,050
				Owens Corning				239,590		22,952,722
										24,026,772
		Transportation – (1.27%)
				DiDi Global Inc., Class A, ADS (China)*				4,864,750		18,486,050
						Total Industrials				42,512,822
	INFORMATION TECHNOLOGY – (15.84%)
		Semiconductors & Semiconductor Equipment – (13.51%)
				Applied Materials, Inc.				844,700		103,754,501
				Intel Corp.				972,990		31,787,583
				Texas Instruments Inc.				331,563		61,674,034
										197,216,118
		Software & Services – (1.26%)
				Microsoft Corp.				63,770		18,384,891
		Technology Hardware & Equipment – (1.07%)
				Samsung Electronics Co., Ltd. (South Korea)				316,960		15,673,975
						Total Information Technology				231,274,984
	MATERIALS – (2.38%)
				Teck Resources Ltd., Class B (Canada)				952,970		34,783,405
						Total Materials				34,783,405
					TOTAL COMMON STOCK – (Identified cost $871,763,654)					1,450,030,847

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	March 31, 2023 (Unaudited)

Principal

Value

SHORT-TERM INVESTMENTS – (0.73%)

StoneX Financial Inc. Joint Repurchase Agreement, 4.81%, 04/03/23,

dated 03/31/23, repurchase value of $6,007,407 (collateralized by: U.S.

Government agency mortgages and obligations in a pooled cash

account, 0.00%-8.274%, 04/18/23-04/15/58, total market value

$6,125,100)

6,005,000

Truist Securities, Inc. Joint Repurchase Agreement, 4.81%, 04/03/23,

dated 03/31/23, repurchase value of $4,698,883 (collateralized by: U.S.

Government agency mortgages in a pooled cash account, 2.50%-5.50%,

05/01/26-02/01/53, total market value $4,790,940)

4,697,000

TOTAL SHORT-TERM INVESTMENTS – (Identified cost $10,702,000)

10,702,000

Total Investments – (100.02%) – (Identified cost $882,465,654)

1,460,732,847

Liabilities Less Other Assets – (0.02%)

(254,679)

Net Assets – (100.00%)

1,460,478,168

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 $1,143,009 or 0.08% of the Fund's net assets as of March 31, 2023

(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.	March 31, 2023 (Unaudited)

						Shares		Value
COMMON STOCK – (98.16%)
	COMMUNICATION SERVICES – (5.50%)
		Media & Entertainment – (5.50%)
				Baidu, Inc., Class A, ADR (China)*			12,847	$	1,938,869
				iQIYI, Inc., Class A, ADR (China)*			98,440		716,643
					Total Communication Services				2,655,512
	CONSUMER DISCRETIONARY – (26.23%)
		Consumer Discretionary Distribution & Retail – (16.50%)
				Alibaba Group Holding Ltd., ADR (China)*			12,670		1,294,621
				Coupang, Inc., Class A (South Korea)*			23,940		383,040
				JD.com, Inc., Class A, ADR (China)			50,965		2,236,854
				Naspers Ltd. - N (South Africa)			13,044		2,416,978
				Prosus N.V., Class N (Netherlands)			21,014		1,645,480
									7,976,973
		Consumer Durables & Apparel – (3.77%)
				Fila Holdings Corp. (South Korea)			64,809		1,821,901
		Consumer Services – (5.96%)
				Delivery Hero SE (Germany)*			14,300		487,843
				Meituan, Class B (China)*			131,787		2,390,908
									2,878,751
					Total Consumer Discretionary				12,677,625
	FINANCIALS – (45.71%)
		Banks – (26.14%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			86,360		2,331,720
				Danske Bank A/S (Denmark)*			241,572		4,860,136
				DBS Group Holdings Ltd. (Singapore)			154,620		3,844,122
				DNB Bank ASA (Norway)			78,894		1,411,866
				Metro Bank PLC (United Kingdom)*			138,430		181,482
									12,629,326
		Financial Services – (7.13%)
			Capital Markets – (7.13%)
				Julius Baer Group Ltd. (Switzerland)			43,340		2,960,488
				Noah Holdings Ltd., Class A, ADS (China)*			29,384		486,305
									3,446,793
		Insurance – (12.44%)
			Life & Health Insurance – (12.44%)
				AIA Group Ltd. (Hong Kong)			322,740		3,384,689
				Ping An Insurance (Group) Co. of China, Ltd. - H (China)			406,000		2,626,500
									6,011,189
					Total Financials				22,087,308
	INDUSTRIALS – (3.35%)
		Transportation – (3.35%)
				DiDi Global Inc., Class A, ADS (China)*			425,740		1,617,812
					Total Industrials				1,617,812
	INFORMATION TECHNOLOGY – (14.09%)
		Semiconductors & Semiconductor Equipment – (3.80%)
				Tokyo Electron Ltd. (Japan)			15,030		1,836,155
		Technology Hardware & Equipment – (10.29%)
				Hollysys Automation Technologies Ltd. (China)			125,060		2,167,290

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	March 31, 2023 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (CONTINUED)
		Technology Hardware & Equipment – (Continued)
				Samsung Electronics Co., Ltd. (South Korea)							56,750	$	2,806,342
													4,973,632
								Total Information Technology					6,809,787
	MATERIALS – (3.28%)
				Teck Resources Ltd., Class B (Canada)							43,470		1,586,655
								Total Materials					1,586,655
						TOTAL COMMON STOCK – (Identified cost $45,677,514)							47,434,699
SHORT-TERM INVESTMENTS – (1.56%)
				StoneX Financial Inc. Joint Repurchase Agreement, 4.81%, 04/03/23, dated 03/31/23, repurchase value of $425,170 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.274%, 04/18/23-04/15/58, total market value $433,500)						$	425,000		425,000
				Truist Securities, Inc. Joint Repurchase Agreement, 4.81%, 04/03/23, dated 03/31/23, repurchase value of $332,133 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-5.50%, 10/01/27-06/01/52, total market value $338,640)							332,000		332,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $757,000)							757,000
					Total Investments – (99.72%) – (Identified cost $46,434,514)								48,191,699
					Other Assets Less Liabilities – (0.28%)								133,420
							Net Assets – (100.00%)					$	48,325,119

	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
	March 31, 2023 (Unaudited)

Security Valuation - The Funds’ Board of Directors has designated Davis Selected Advisers, L.P. (“Adviser”), the Funds’ investment adviser, as the valuation designee for the Funds. The Adviser has established a Pricing Committee to carry out the day-to-day valuation activities for the Funds. The Funds calculate the net asset value of its 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 the 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 Pricing Committee 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.

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

On a quarterly basis, the Board of Directors receives reports of valuation actions taken by the Pricing Committee. On at least an annual basis, the Board of Directors receives an assessment of the adequacy and effectiveness of the Adviser’s process for determining the fair value of the Funds’ investments.

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)
	March 31, 2023 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of March 31, 2023 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	$	237,194,383	$	2,655,512
Consumer Discretionary		99,959,479		3,914,515
Consumer Staples		15,877,208		–
Financials		523,522,626		2,818,025
Health Care		98,587,003		–
Industrials		42,512,822		1,617,812
Information Technology		215,601,009		2,167,290
Materials		34,783,405		1,586,655
Total Level 1		1,268,037,935		14,759,809
Level 2 – Other Significant Observable Inputs:
Common Stock:*
Consumer Discretionary		28,288,820		8,763,110
Financials		136,887,108		19,269,283
Information Technology		15,673,975		4,642,497
Short-Term Investments		10,702,000		757,000
Total Level 2		191,551,903		33,431,890
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services		1,143,009		–
Total Level 3		1,143,009		–
Total Investments	$	1,460,732,847	$	48,191,699

*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, 2023. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at March 31, 2023 was $0 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, 2023		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 March 31, 2023
Selected American Shares
Investments in Securities:
Common Stock	$	1,143,009	$	–	$	–	$	–	$	–	$	–	$	–	$	1,143,009
Total Level 3	$	1,143,009	$	–	$	–	$	–	$	–	$	–	$	–	$	1,143,009

SELECTED FUNDS	Notes to Schedule of Investments – (Continued)
	March 31, 2023 (Unaudited)

Security Valuation – (Continued)

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, 2023		Technique	Input	Amount	an Increase in Input
Selected American Shares
Investments in Securities:
Common Stock	$	1,143,009	Discounted Cash Flow	Annualized Yield	5.406%	Decrease

Total Level 3	$	1,143,009

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 March 31, 2023, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Selected		Selected
	American Shares		International Fund
Cost	$	886,303,965	$	47,902,417
Unrealized appreciation		671,742,778		7,132,515
Unrealized depreciation		(97,313,896)		(6,843,233)
Net unrealized appreciation	$	574,428,882	$	289,282