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	8
Expense Example	9
Schedule of Investments:
Selected American Shares	10
Selected International Fund	14
Statements of Assets and Liabilities	17
Statements of Operations	18
Statements of Changes in Net Assets	19
Notes to Financial Statements	21
Financial Highlights	29
Director Approval of Advisory Agreements	31
Privacy Notice and Householding	34
Directors and Officers	35

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

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

Portfolio Proxy Voting Policies and Procedures

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

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

Form N-Q

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

SELECTED FUNDS

Shareholder Letter

Dear Fellow Shareholder,

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

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

August 4, 2017

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 six-month period ended June 30, 2017 (the "period"). The Fund's Class S and D shares delivered a total return of 8.75% and 8.94%, respectively, versus a 9.34% return for the S&P 500^®. Only two sectors¹ within the S&P 500^® reported negative performance, Energy (down 13%) and Telecommunication Services (down 11%). The third-weakest, but still positive, performing sector was Real Estate (up 6%). The sectors within the S&P 500^® that reported the strongest performance were Information Technology (up 17%), Health Care (up 16%), and Consumer Discretionary (up 11%).

Detractors from Performance

The Fund's holdings in the Energy sector were the most significant detractor from performance². The Fund's Energy holdings were down about 18%, compared to down 13% for the S&P 500^® sector. When compared to the S&P 500^®, the Fund suffered from an overweight position (average weighting of 11%, versus 7%) in the weakest performing sector of the period. The Fund's top four overall detractors came from the Energy sector, Apache³(down 24%), Encana (down 25%), Occidental Petroleum (down 14%), and EQT (down 12%), respectively. The Fund no longer owns EQT.

When compared to the S&P 500^®, returns from holdings in the Health Care sector also detracted from performance. The Fund's Health Care holdings were up about 12%, compared to up 16% for the S&P 500^® sector. The Fund suffered from an underweight position, versus the S&P 500^® (average weighting of 6%, versus 14%), and due to two weak performers, Express Scripts (down 7%) and Valeant Pharmaceuticals (down 34%). The Fund no longer owns Valeant Pharmaceuticals.

The Fund maintained its large position in Financials (average weighting of 30%, versus 15% for the S&P 500^®). The Fund's Financial holdings slightly underperformed those of the S&P 500^® sector (up 7%, compared to up 8%). Capital One Financial (down 4%) and Fairfax Financial (down 9%) were key detractors.

Additional detractors included Liberty TripAdvisor (down 23%) and CarMax (down 2%), both from the Consumer Discretionary sector.

Contributors to Performance

The Fund's holdings in the Consumer Discretionary sector made the most significant contribution to performance. The Fund's Consumer Discretionary holdings were up about 23%, compared to up 11% for the S&P 500^® sector. Amazon (up 29%), the Fund's second-largest holding, was the Fund's top overall contributor for the period. Didi Chuxing (up 33%) was another strong performer.

Returns from holdings in the Information Technology sector helped performance on an absolute basis. The Fund's Information Technology holdings were up about 18%, compared to up 17% for the S&P 500^® sector. However, when compared to the S&P 500^®, the Fund suffered from an underweight position (average weighting of 14%, versus 21%) in the strongest performing sector of the period. Alphabet (up 18%), the Fund's largest holding, and Facebook (up 31%) were key contributors.

Other contributors to performance came from the Fund's Industrial holdings, which were up about 15%, compared to up 10% for the S&P 500^® sector. Safran (up 28%) and United Technologies (up 13%) were strong performers.

Additional contributors included American Express (up 15%), Bank of New York Mellon (up 9%), and JPMorgan Chase (up 7%), all from the Financials sector, and Aetna (up 23%) from the Health Care sector.

The Fund had approximately 11% of its average net assets invested in foreign securities. As a whole, the Fund's foreign holdings outperformed its domestic holdings (up 10%, versus up 9%).

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 six-month period ended June 30, 2017, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the six-month period, June 30, 2017, unless otherwise noted.

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

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

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

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

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

Standard & Poor's 500^® Index over 10 years for an investment made on June 30, 2007

Average Annual Total Return for periods ended June 30, 2017

Fund & Benchmark Index	1-Year	5-Year	10-Year	Since Class D's Inception (May 3, 2004)	Gross Expense Ratio	Net Expense Ratio
Class S	22.98%	13.51%	5.36%	N/A	0.97%	0.97%
Class D	23.35%	13.89%	5.71%	7.53%	0.65%	0.65%
Standard & Poor's 500^®Index	17.90%	14.63%	7.18%	8.29%

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

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

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

Performance Overview

Selected International Fund outperformed the Morgan Stanley Capital International All Country World Index ex USA ("MSCI") for the six-month period ended June 30, 2017 (the "period"). The Fund's Class S and D shares delivered a total return of 21.24% and 21.52%, respectively, versus a 14.10% return for the MSCI. The sectors¹ within the MSCI that reported the strongest performance were Information Technology (up 30%), Industrials (up 17%), and Consumer Staples (up 17%). Only one sector within the MSCI reported negative performance, Energy (down 3%). The second- and third-weakest, but still positive, performing sectors were Materials (up 10%) and Telecommunication Services (up 11%).

Contributors to Performance

The Fund's holdings in the Consumer Discretionary sector made the most significant contribution to performance². The Fund's Consumer Discretionary holdings were up about 34%, compared to up 13% for the MSCI sector. Six of the top ten contributors for the period came from the Fund's Consumer Discretionary holdings, Didi Chuxing (up 33%)³, the Fund's largest holding; JD.com (up 54%), the Fund's third-largest holding; TAL Education Group (up 75%); Naspers (up 32%), the Fund's second-largest holding; New Oriental Education & Technology Group (up 67%); and Hunter Douglas (up 54%). The Fund's largest industry group position in the Consumer Discretionary sector was in Retailing securities, which had an average weighting of 18%.

Returns from holdings in the Industrials sector also helped performance. The Fund's Industrial holdings were up about 23%, compared to up 17% for the MSCI sector. InterGlobe Aviation (up 49%) and Safran (up 28%) were key contributors.

Additional contributors included Alibaba (up 60%) from the Information Technology sector and Noah Holdings (up 31%) from the Financials sector.

The Fund had a 39% average weighting in Chinese securities. At the country level, the Fund's Chinese holdings (up 30%) made the largest contribution to performance.

Detractors from Performance

The Fund's holdings in the Energy sector were the most significant detractor from performance. The Fund's Energy holdings were down about 17%, compared to down 3% for the MSCI sector. Encana (down 25%) was the top overall detractor for the period. Seven Generations Energy (down 25%) was another weak performer.

When compared to the MSCI, holdings in the Information Technology sector hindered performance due to stock selection and an underweight position (average weighting of 8%, versus 10%) in the strongest performing sector of the period. Hollysys Automation Technologies (down 5%) was a key detractor.

Valeant Pharmaceuticals (down 17%), from the Health Care sector, was the Fund's second overall detractor for the period. The Fund no longer owns Valeant Pharmaceuticals.

The Fund experienced a large amount of inflows during the period and, as a result, the Fund ended with 22% of net assets in cash and equivalents. The average cash and equivalents weighting during the period was 6%, which was a key detractor when compared to the MSCI.

Although the Fund's Consumer Discretionary holdings in total made positive contributions to performance, the Fund had several weak performers in this sector, including Jumei International Holding (down 57%), Xiabu Xiabu (down 4%), and Vipshop Holdings (down 4%). The Fund no longer owns Xiabu Xiabu.

CAR (down 6%), from the Industrials sector, also detracted from performance.

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

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

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

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

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

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

over 10 years for an investment made on June 30, 2007

Average Annual Total Return for periods ended June 30, 2017

Fund & Benchmark Index	1-Year	5-Year	10-Year	Since Class D's Inception (May 3, 2004)	Gross Expense Ratio	Net Expense Ratio
Class S	24.34%	10.60%	1.11%	N/A	1.41%	1.30%
Class D	24.85%	11.15%	1.60%	4.37%	0.90%	0.90%
MSCI ACWI^® ex USA	20.45%	7.22%	1.13%	6.20%

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

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

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

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

SELECTED FUNDS	Fund Overview
SELECTED AMERICAN SHARES, INC.	June 30, 2017 (Unaudited)

Portfolio Composition		Industry Weightings
(% of Fund's 06/30/17 Net Assets)		(% of 06/30/17 Stock Holdings)

			Fund	S&P 500^®
Common Stock (U.S.)	86.69%	Diversified Financials	18.10%	5.26%
Common Stock (Foreign)	8.99%	Information Technology	14.72%	22.25%
Preferred Stock (Foreign)	3.04%	Retailing	12.75%	5.47%
Short-Term Investments	1.41%	Banks	10.70%	6.50%
Other Assets & Liabilities	(0.13)%	Energy	10.00%	6.05%
	100.00%	Capital Goods	8.86%	7.38%
		Materials	7.42%	2.85%
		Health Care	5.72%	14.50%
		Automobiles & Components	3.60%	0.68%
		Insurance	2.42%	2.78%
		Food & Staples Retailing	1.82%	1.88%
		Transportation	1.70%	2.29%
		Media	1.58%	3.05%
		Consumer Durables & Apparel	0.61%	1.26%
		Food, Beverage & Tobacco	–	5.26%
		Other	–	12.54%
			100.00%	100.00%

Top 10 Long-Term Holdings
(% of Fund's 06/30/17 Net Assets)

Alphabet Inc. *	Software & Services	7.81%
Amazon.com, Inc.	Retailing	6.75%
Wells Fargo & Co.	Banks	5.67%
Berkshire Hathaway Inc., Class A	Diversified Financial Services	5.14%
JPMorgan Chase & Co.	Banks	4.89%
Bank of New York Mellon Corp.	Capital Markets	4.79%
Apache Corp.	Energy	4.44%
American Express Co.	Consumer Finance	4.41%
United Technologies Corp.	Capital Goods	3.91%
Didi Chuxing Joint Co., Pfd. **	Retailing	3.04%

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

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

SELECTED FUNDS	Fund Overview
SELECTED INTERNATIONAL FUND, INC.	June 30, 2017 (Unaudited)

Portfolio Composition		Industry Weightings
(% of Fund's 06/30/17 Net Assets)		(% of 06/30/17 Stock Holdings)

			Fund	MSCI ACWI^® EX USA
Common Stock (Foreign)	69.19%	Retailing	18.67%	1.57%
Preferred Stock (Foreign)	8.31%	Information Technology	10.45%	10.76%
Short-Term Investments	22.24%	Capital Goods	10.30%	8.09%
Other Assets & Liabilities	0.26%	Materials	10.00%	7.56%
	100.00%	Consumer Services	8.80%	1.35%
		Media	8.06%	1.48%
		Transportation	8.03%	2.73%
		Diversified Financials	7.13%	3.25%
		Health Care	6.32%	8.14%
		Energy	6.01%	6.29%
		Insurance	3.85%	5.21%
		Consumer Durables & Apparel	2.38%	2.68%
		Banks	–	14.88%
		Food, Beverage & Tobacco	–	5.82%
		Telecommunication Services	–	4.40%
		Automobiles & Components	–	4.18%
		Other	–	11.61%
			100.00%	100.00%

Country Diversification		Top 10 Long-Term Holdings
(% of 06/30/17 Stock Holdings)		(% of Fund's 06/30/17 Net Assets)

China	45.00%	Didi Chuxing Joint Co., Series A, Pfd.	5.83%
Switzerland	10.58%	Naspers Ltd. - N	4.64%
France	9.13%	JD.com Inc., Class A, ADR	3.62%
Brazil	6.53%	Encana Corp.	3.44%
Canada	6.01%	Schneider Electric SE	3.43%
South Africa	5.98%	Safran S.A.	3.11%
Netherlands	5.06%	InterGlobe Aviation Ltd.	3.10%
India	4.01%	Sul America S.A.	2.98%
Germany	3.53%	LafargeHolcim Ltd.	2.96%
Mexico	2.08%	New Oriental Education & Technology Group, Inc., ADR	2.87%
United Kingdom	1.13%
Belgium	0.96%
	100.00%

SELECTED FUNDS

Expense Example (Unaudited)

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 June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	(01/01/17)	(06/30/17)	(01/01/17-06/30/17)
Selected American Shares
Class S (annualized expense ratio 0.97%**)
Actual	$1,000.00	$1,087.47	$5.02
Hypothetical	$1,000.00	$1,019.98	$4.86
Class D (annualized expense ratio 0.65%**)
Actual	$1,000.00	$1,089.36	$3.37
Hypothetical	$1,000.00	$1,021.57	$3.26
Selected International Fund
Class S (annualized expense ratio 1.30%**)
Actual	$1,000.00	$1,212.44	$7.13
Hypothetical	$1,000.00	$1,018.35	$6.51
Class D (annualized expense ratio 0.90%**)
Actual	$1,000.00	$1,215.24	$4.94
Hypothetical	$1,000.00	$1,020.33	$4.51

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 181/365 (to reflect the one-half year period).

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

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC.	June 30, 2017 (Unaudited)

						Shares		Value (Note 1)
COMMON STOCK – (95.68%)
	CONSUMER DISCRETIONARY – (15.26%)
		Automobiles & Components – (3.55%)
				Adient PLC			735,080	$	48,059,530
				Delphi Automotive PLC			372,330		32,634,725
									80,694,255
		Consumer Durables & Apparel – (0.60%)
				Hunter Douglas N.V. (Netherlands)			160,358		13,654,044
		Media – (1.56%)
				Liberty Global PLC, LiLAC Class C *			177,842		3,807,597
				Liberty Global PLC, Series C *			1,017,198		31,716,234
									35,523,831
		Retailing – (9.55%)
				Amazon.com, Inc. *			158,510		153,437,680
				CarMax, Inc. *			438,070		27,624,694
				Liberty Expedia Holdings, Inc., Series A *			55,955		3,022,689
				Liberty Interactive Corp., Liberty Ventures, Series A *			83,843		4,384,150
				Liberty Interactive Corp., QVC Group, Series A *			273,598		6,714,095
				Liberty TripAdvisor Holdings Inc., Series A *			77,515		899,174
				Priceline Group Inc. *			11,126		20,811,406
									216,893,888
					Total Consumer Discretionary				346,766,018
	CONSUMER STAPLES – (1.80%)
		Food & Staples Retailing – (1.80%)
				Costco Wholesale Corp.			255,030		40,786,948
					Total Consumer Staples				40,786,948
	ENERGY – (9.87%)
				Apache Corp.			2,105,890		100,935,308
				Cabot Oil & Gas Corp.			1,410,210		35,368,067
				Encana Corp. (Canada)			5,269,893		46,375,058
				Occidental Petroleum Corp.			695,732		41,653,475
					Total Energy				224,331,908
	FINANCIALS – (30.82%)
		Banks – (10.56%)
				JPMorgan Chase & Co.			1,215,666		111,111,873
				Wells Fargo & Co.			2,326,491		128,910,866
									240,022,739
		Diversified Financials – (17.87%)
			Capital Markets – (4.79%)
				Bank of New York Mellon Corp.			2,132,811		108,816,017
			Consumer Finance – (6.81%)
				American Express Co.			1,188,490		100,118,398
				Capital One Financial Corp.			659,299		54,471,283
									154,589,681
			Diversified Financial Services – (6.27%)
				Berkshire Hathaway Inc., Class A *			459		116,907,300
				Visa Inc., Class A			273,176		25,618,445
									142,525,745
									405,931,443

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	June 30, 2017 (Unaudited)

						Shares/Units		Value (Note 1)
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (2.39%)
			Multi-line Insurance – (1.20%)
				Fairfax Financial Holdings Ltd. (Canada)			5,717	$	2,474,603
				Loews Corp.			527,095		24,673,317
									27,147,920
			Property & Casualty Insurance – (1.19%)
				Chubb Ltd.			116,499		16,936,625
				Markel Corp. *			10,385		10,134,306
									27,070,931
									54,218,851
					Total Financials				700,173,033
	HEALTH CARE – (5.65%)
		Health Care Equipment & Services – (5.65%)
				Aetna Inc.			408,040		61,952,713
				Express Scripts Holding Co. *			416,577		26,594,276
				UnitedHealth Group Inc.			214,439		39,761,279
					Total Health Care				128,308,268
	INDUSTRIALS – (10.43%)
		Capital Goods – (8.75%)
				Johnson Controls International PLC			1,346,126		58,368,023
				Orascom Construction Ltd. (United Arab Emirates)*			627,473		4,078,575
				Safran S.A. (France)			518,672		47,534,260
				United Technologies Corp.			727,345		88,816,098
									198,796,956
		Transportation – (1.68%)
				FedEx Corp.			175,940		38,237,040
					Total Industrials				237,033,996
	INFORMATION TECHNOLOGY – (14.53%)
		Semiconductors & Semiconductor Equipment – (2.05%)
				Texas Instruments Inc.			605,195		46,557,651
		Software & Services – (12.48%)
				Alphabet Inc., Class A *			77,179		71,751,773
				Alphabet Inc., Class C *			116,246		105,636,228
				ASAC II L.P. *(a)			1,174,606		1,141,129
				CommerceHub, Inc., Series A *			13,898		242,103
				CommerceHub, Inc., Series C *			27,998		488,285
				Facebook Inc., Class A *			383,298		57,870,332
				Fang Holdings Ltd., Class A, ADR (China)*			960,969		3,565,195
				Microsoft Corp.			355,787		24,524,398
				Oracle Corp.			367,720		18,437,481
									283,656,924
					Total Information Technology				330,214,575

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	June 30, 2017 (Unaudited)

						Shares/Principal			Value (Note 1)
COMMON STOCK – (CONTINUED)
	MATERIALS – (7.32%)
			Axalta Coating Systems Ltd. *					678,920	$	21,752,597
			Ecolab Inc.					145,185		19,273,309
			LafargeHolcim Ltd. (Switzerland)					1,141,028		65,513,108
			OCI N.V. (Netherlands)*					956,776		21,057,897
			Praxair, Inc.					292,481		38,768,357
					Total Materials					166,365,268
				TOTAL COMMON STOCK – (Identified cost $1,308,208,009)						2,173,980,014
PREFERRED STOCK – (3.04%)
	CONSUMER DISCRETIONARY – (3.04%)
		Retailing – (3.04%)
			Didi Chuxing Joint Co., Series A (China)*(a)					1,161,716		59,168,635
			Didi Chuxing Joint Co., Series B (China)*(a)					195,204		9,942,150
					Total Consumer Discretionary					69,110,785
				TOTAL PREFERRED STOCK – (Identified cost $42,180,623)						69,110,785
SHORT-TERM INVESTMENTS – (1.41%)
			INTL FCStone Financial Inc. Joint Repurchase Agreement, 1.08%, 07/03/17, dated 06/30/17, repurchase value of $3,646,328 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-9.00%, 09/15/17-05/01/47, total market value $3,718,920)				$	3,646,000		3,646,000
			Mizuho Securities USA Inc. Joint Repurchase Agreement, 1.10%, 07/03/17, dated 06/30/17, repurchase value of $2,151,197 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.00%, 07/01/46-06/01/47, total market value $2,194,020)					2,151,000		2,151,000
			Nomura Securities International, Inc. Joint Repurchase Agreement, 1.13%, 07/03/17, dated 06/30/17, repurchase value of $21,877,060 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-4.50%, 02/01/27-06/20/47, total market value $22,312,500)					21,875,000		21,875,000
			SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 1.27%, 07/03/17, dated 06/30/17, repurchase value of $4,375,463 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.127%-3.329%, 04/01/25-11/01/44, total market value $4,462,500)					4,375,000		4,375,000
				TOTAL SHORT-TERM INVESTMENTS – (Identified cost $32,047,000)						32,047,000

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	June 30, 2017 (Unaudited)

			Total Investments – (100.13%) – (Identified cost $1,382,435,632) – (b)		$	2,275,137,799
			Liabilities Less Other Assets – (0.13%)			(2,867,504)
				Net Assets – (100.00%)	$	2,272,270,295

	ADR: American Depositary Receipt

	*	Non-income producing security.

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

	(b)	Aggregate cost for federal income tax purposes is $1,392,261,698. At June 30, 2017, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

			Unrealized appreciation		$	965,767,411
			Unrealized depreciation			(82,891,310)
				Net unrealized appreciation	$	882,876,101

See Notes to Financial Statements

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC.	June 30, 2017 (Unaudited)

						Shares/Units		Value (Note 1)
COMMON STOCK – (69.19%)
	CONSUMER DISCRETIONARY – (21.08%)
		Consumer Durables & Apparel – (1.84%)
				Hunter Douglas N.V. (Netherlands)			20,122	$	1,713,333
		Consumer Services – (6.82%)
				New Oriental Education & Technology Group, Inc., ADR (China)*			37,806		2,664,945
				TAL Education Group, Class A, ADR (China)			21,708		2,655,106
				Tarena International, Inc., Class A, ADR (China)			57,130		1,023,198
									6,343,249
		Media – (6.25%)
				Grupo Televisa S.A.B., ADR (Mexico)			61,469		1,498,000
				Naspers Ltd. - N (South Africa)			22,174		4,313,612
									5,811,612
		Retailing – (6.17%)
				Ctrip.com International, Ltd., ADR (China)*			13,367		719,947
				JD.com Inc., Class A, ADR (China)*			85,855		3,367,233
				Jumei International Holding Ltd., Class A, ADR (China)*			4,057		8,641
				Vipshop Holdings Ltd., Class A, ADR (China)*			155,437		1,639,860
									5,735,681
					Total Consumer Discretionary				19,603,875
	ENERGY – (4.66%)
				Encana Corp. (Canada)			363,435		3,198,228
				Paramount Resources Ltd., Class A (Canada)*			75,550		1,112,160
				Seven Generations Energy Ltd., Class A (Canada)*			1,448		24,800
					Total Energy				4,335,188
	FINANCIALS – (8.51%)
		Diversified Financials – (5.53%)
			Capital Markets – (4.45%)
				B3 S.A. - Brasil, Bolsa, Balcao (Brazil)			324,520		1,934,640
				Noah Holdings Ltd., ADS (China)*			76,844		2,201,581
									4,136,221
			Diversified Financial Services – (1.08%)
				Groupe Bruxelles Lambert S.A. (Belgium)			7,170		690,269
				Pargesa Holding S.A., Bearer Shares (Switzerland)			4,131		314,273
									1,004,542
									5,140,763
		Insurance – (2.98%)
				Multi-line Insurance – (2.98%)
				Sul America S.A. (Brazil)			518,698		2,771,274
					Total Financials				7,912,037
	HEALTH CARE – (4.89%)
		Pharmaceuticals, Biotechnology & Life Sciences – (4.89%)
				Novartis AG, ADR (Switzerland)			28,000		2,337,160
				Roche Holding AG - Genusschein (Switzerland)			8,700		2,215,601
					Total Health Care				4,552,761
	INDUSTRIALS – (14.21%)
		Capital Goods – (7.98%)
				Brenntag AG (Germany)			9,184		531,608
				Meggitt PLC (United Kingdom)			130,817		812,555
				Safran S.A. (France)			31,521		2,888,776

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	June 30, 2017 (Unaudited)

						Shares/Principal			Value (Note 1)
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (CONTINUED)
		Capital Goods – (Continued)
			Schneider Electric SE (France)					41,554	$	3,192,694
										7,425,633
		Transportation – (6.23%)
			CAR Inc. (China)*					1,053,241		967,247
			InterGlobe Aviation Ltd. (India)					160,214		2,887,508
			ZTO Express (Cayman) Inc., Class A, ADR (China)*					138,678		1,935,945
										5,790,700
					Total Industrials					13,216,333
	INFORMATION TECHNOLOGY – (8.10%)
		Software & Services – (5.50%)
			58.com Inc., Class A, ADR (China)*					2,346		103,482
			Alibaba Group Holding Ltd., ADR (China)*					17,050		2,402,345
			Baidu, Inc., Class A, ADR (China)*					3,847		688,075
			Fang Holdings Ltd., Class A, ADR (China)*					517,331		1,919,298
										5,113,200
		Technology Hardware & Equipment – (2.60%)
			Hollysys Automation Technologies Ltd. (China)					145,620		2,418,748
					Total Information Technology					7,531,948
	MATERIALS – (7.74%)
			Air Liquide S.A. (France)					4,042		499,513
			Akzo Nobel N.V. (Netherlands)					22,296		1,937,660
			LafargeHolcim Ltd. (Switzerland)					48,003		2,756,134
			Linde AG (Germany)					10,622		2,011,471
					Total Materials					7,204,778
				TOTAL COMMON STOCK – (Identified cost $53,782,113)						64,356,920
PREFERRED STOCK – (8.31%)
	CONSUMER DISCRETIONARY – (8.31%)
		Retailing – (8.31%)
			Didi Chuxing Joint Co., Series A (China)*(a)					106,435		5,420,958
			Internet Plus Holdings Ltd., Series A-10 (China)*(a)					616,958		2,302,919
					Total Consumer Discretionary					7,723,877
				TOTAL PREFERRED STOCK – (Identified cost $4,861,352)						7,723,877
SHORT-TERM INVESTMENTS – (22.24%)
			INTL FCStone Financial Inc. Joint Repurchase Agreement, 1.08%, 07/03/17, dated 06/30/17, repurchase value of $2,354,212 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-9.00%, 09/15/17-05/01/47, total market value $2,401,080)				$	2,354,000		2,354,000
			Mizuho Securities USA Inc. Joint Repurchase Agreement, 1.10%, 07/03/17, dated 06/30/17, repurchase value of $1,389,127 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.00%, 07/01/46-06/01/47, total market value $1,416,780)					1,389,000		1,389,000

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	June 30, 2017 (Unaudited)

						Principal			Value (Note 1)
SHORT-TERM INVESTMENTS – (CONTINUED)
			Nomura Securities International, Inc. Joint Repurchase Agreement, 1.13%, 07/03/17, dated 06/30/17, repurchase value of $14,123,330 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-3.50%, 05/01/46-07/20/46, total market value $14,404,440)				$	14,122,000	$	14,122,000
			SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 1.27%, 07/03/17, dated 06/30/17, repurchase value of $2,824,299 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.284%-6.00%, 08/01/17-07/01/47, total market value $2,880,480)					2,824,000		2,824,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $20,689,000)					20,689,000
				Total Investments – (99.74%) – (Identified cost $79,332,465) – (b)						92,769,797
				Other Assets Less Liabilities – (0.26%)						244,483
					Net Assets – (100.00%)				$	93,014,280

	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)	Aggregate cost for federal income tax purposes is $80,918,266. At June 30, 2017, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

				Unrealized appreciation					$	15,550,564
				Unrealized depreciation						(3,699,033)
					Net unrealized appreciation				$	11,851,531

See Notes to Financial Statements

SELECTED FUNDS	Statements of Assets and Liabilities
	At June 30, 2017 (Unaudited)

				Selected American Shares		Selected International Fund
ASSETS:
Investments in securities at value* (see accompanying Schedules of Investments)			$	2,275,137,799	$	92,769,797
Cash				1,885		1,977
Receivables:
	Capital stock sold			1,406,596		325,668
	Dividends and interest			1,112,175		70,951
	Investment securities sold			5,369,531		–
Prepaid expenses				34,076		1,275
		Total assets		2,283,062,062		93,169,668
LIABILITIES:
Payables:
	Capital stock redeemed			1,526,355		500
	Deferred foreign taxes			–		1,119
	Investment securities purchased			7,608,965		62,089
Accrued custodian fees				76,284		18,879
Accrued distribution service fees				192,876		6,024
Accrued investment advisory fees				1,097,571		42,226
Accrued transfer agent fees				277,229		16,251
Other accrued expenses				12,487		8,300
		Total liabilities		10,791,767		155,388
NET ASSETS			$	2,272,270,295	$	93,014,280
NET ASSETS CONSIST OF:
Par value of shares of capital stock			$	75,324,603	$	1,826,691
Additional paid-in capital				1,292,174,704		82,949,523
Undistributed net investment income (loss)				(644,481)		232,320
Accumulated net realized gains (losses) from investments and foreign currency transactions				12,713,302		(5,431,310)
Net unrealized appreciation on investments and foreign currency transactions**				892,702,167		13,437,056
		Net Assets	$	2,272,270,295	$	93,014,280
CLASS S SHARES:
Net assets			$	887,065,786	$	29,908,754
Shares outstanding				23,543,820		2,361,320
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)			$	37.68	$	12.67
CLASS D SHARES:
Net assets			$	1,385,204,509	$	63,105,526
Shares outstanding				36,715,862		4,945,445
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)			$	37.73	$	12.76
*Including:
	Cost of investments		$	1,382,435,632	$	79,332,465
	Cost and market value of repurchase agreements (if greater than 10% of net assets)			–		20,689,000
**Net of deferred foreign taxes of				–		1,119

See Notes to Financial Statements

SELECTED FUNDS	Statements of Operations
	For the six months ended June 30, 2017 (Unaudited)

				Selected American Shares		Selected International Fund
INVESTMENT INCOME:
Income:
Dividends*			$	18,219,410	$	562,457
Interest				191,141		19,416
Net securities lending fees				3,497		11,022
		Total income		18,414,048		592,895
Expenses:
Investment advisory fees (Note 3)				6,382,392		189,175
Custodian fees				145,264		31,090
Transfer agent fees:
	Class S			550,176		20,077
	Class D			348,398		17,878
Audit fees				31,167		11,310
Legal fees				17,407		3,606
Reports to shareholders				67,499		2,200
Directors' fees and expenses				225,931		8,854
Registration and filing fees				27,502		28,000
Miscellaneous				59,259		13,388
Distribution service fees (Note 3):
	Class S			1,138,899		15,279
Total expenses				8,993,894		340,857
Reimbursement of expenses by Adviser (Note 3)				–		(7,139)
		Net expenses		8,993,894		333,718
Net investment income				9,420,154		259,177
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
	Investment transactions			34,735,839		(3,536,575)
	Foreign currency transactions			(56,358)		(1,164)
Net realized gain (loss)				34,679,481		(3,537,739)
Net change in unrealized appreciation (depreciation)**				155,265,008		15,624,414
		Net realized and unrealized gain on investments and foreign currency transactions		189,944,489		12,086,675
Net increase in net assets resulting from operations			$	199,364,643	$	12,345,852

*Net of foreign taxes withheld of			$	152,751	$	53,795

**Net of deferred foreign taxes of				–		1,119

See Notes to Financial Statements

SELECTED FUNDS	Statements of Changes in Net Assets
	For the six months ended June 30, 2017 (Unaudited)

			Selected American Shares		Selected International Fund
OPERATIONS:
Net investment income		$	9,420,154	$	259,177
Net realized gain (loss) from investments and foreign currency transactions			34,679,481		(3,537,739)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions			155,265,008		15,624,414
	Net increase in net assets resulting from operations		199,364,643		12,345,852
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
	Class S		(2,524,965)		–
	Class D		(6,105,552)		–
Realized gains from investment transactions:
	Class S		(25,249,650)		–
	Class D		(39,275,483)		–
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from capital share transactions (Note 4):
	Class S		(156,178,065)		19,920,197
	Class D		(82,149,413)		311,388
	Total increase (decrease) in net assets		(112,118,485)		32,577,437
NET ASSETS:
Beginning of period			2,384,388,780		60,436,843
End of period*		$	2,272,270,295	$	93,014,280

*Including undistributed net investment income (loss) of		$	(644,481)	$	232,320

See Notes to Financial Statements

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

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

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

See Notes to Financial Statements

SELECTED FUNDS	Notes to Financial Statements
	June 30, 2017 (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	June 30, 2017 (Unaudited)

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 June 30, 2017 in valuing each Fund's investments carried at value:

	Investments in Securities at Value
	Selected		Selected
	American Shares		International Fund
Valuation inputs
Level 1 – Quoted Prices:
Equity securities:
Consumer Discretionary	$	346,766,018	$	19,603,875
Consumer Staples		40,786,948		–
Energy		224,331,908		4,335,188
Financials		700,173,033		7,912,037
Health Care		128,308,268		4,552,761
Industrials		237,033,996		13,216,333
Information Technology		329,073,446		7,531,948
Materials		166,365,268		7,204,778
Total Level 1		2,172,838,885		64,356,920
Level 2 – Other Significant Observable Inputs:
Short-term securities		32,047,000		20,689,000
Total Level 2		32,047,000		20,689,000
Level 3 – Significant Unobservable Inputs:
Equity securities:
Consumer Discretionary		69,110,785		7,723,877
Information Technology		1,141,129		–
Total Level 3		70,251,914		7,723,877
Total Investments	$	2,275,137,799	$	92,769,797

There were no transfers of investments between Level 1 and Level 2 of the fair value hierarchy during the six months ended June 30, 2017.

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	June 30, 2017 (Unaudited)

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 six months ended June 30, 2017:

	Selected American Shares		Selected International Fund
Investment Securities:
Beginning balance	$	45,524,675	$	6,371,621
Cost of purchases		9,942,150		–
Net change in unrealized appreciation (depreciation)		14,785,089		1,352,256
Ending balance	$	70,251,914	$	7,723,877

Net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at June 30, 2017 and included in the change in net assets for the period	$	14,785,089	$	1,352,256

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

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

Assets Table

Fund

Investments at Value

Fair Value at

June 30, 2017

Valuation Technique

Unobservable Input(s)

Amount(s)

Impact to Valuation from an Increase in Input

Selected

American

Common Stock

1,141,129

Discounted Cash Flow

Annualized Yield

2.44%

Decrease

Preferred Stock

69,110,785

Market Approach

Transaction Price

$50.9321

Increase

70,251,914

Selected

International

Fund

Preferred Stock

5,420,958

Market Approach

Transaction Price

$50.9321

Increase

Preferred Stock

2,302,919

Market Approach

Transaction Price

Conversion Price Adjustment

$3.8607

3.32%

Increase

Decrease

7,723,877

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

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	June 30, 2017 (Unaudited)

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.

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 June 30, 2017, no provision for income tax is required in the Funds' financial statements related to these tax positions. The Funds' federal and state (Arizona) income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. The earliest tax year that remains subject to examination by these jurisdictions is 2013.

Capital losses will be carried forward to future years if not offset by gains. At December 31, 2016, Selected International Fund had available for federal income tax purposes unused capital loss carryforwards as follows:

	Capital Loss Carryforwards (No expiration)

Short-term	$	134,003
Long-term		203,716
Total	$	337,719

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

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	June 30, 2017 (Unaudited)

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 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.

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

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

Directors Fees and Expenses - The Funds set up a Rabbi Trust to provide for the deferred compensation plan for Independent Directors that enables them to elect to defer receipt of all or a portion of annual fees they are entitled to receive. The value of an eligible Director's account is based upon years of service and fees paid to each Director during the years of service. The amount paid to the Director by the Trust under the plan will be determined based upon the performance of the Selected 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 six months ended June 30, 2017 were as follows:

	Selected American Shares		Selected International Fund
Cost of purchases	$	94,749,691	$	7,670,012
Proceeds from sales		340,743,071		3,674,893

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	June 30, 2017 (Unaudited)

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.

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 six months ended June 30, 2017 approximated 0.55% of the average net assets for Selected American Shares. The fixed annual rate for Selected International Fund is 0.55% of the average net assets. The Adviser is contractually committed to reimburse Selected International Fund's expenses to the extent necessary to cap total annual Fund operating expenses at 1.30% for Class S shares. During the six months ended June 30, 2017, such reimbursements for Class S shares amounted to $7,139, and are not subject to future recoupment.

Transfer Agent and Accounting Fees - Boston Financial Data Services, Inc. ("BFDS") is the Funds' primary transfer agent. The Adviser is also paid for certain transfer agent services. The fee paid to the Adviser during the six months ended June 30, 2017 was $76,090 and $6,456 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 six months ended June 30, 2017, Selected American Shares and Selected International Fund incurred distribution service fees totaling $1,138,899 and $15,279, respectively.

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

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	June 30, 2017 (Unaudited)

NOTE 4 - CAPITAL STOCK

At June 30, 2017, there were 600 million shares of capital stock of Selected American Shares ($1.25 par value per share) and 50 million shares of capital stock of Selected International Fund ($0.25 par value per share) authorized. Transactions in capital stock were as follows:

	Six months ended June 30, 2017 (Unaudited)
		Sold		Reinvestment of Distributions		Redeemed*		Net Increase (Decrease)
Selected American Shares
Shares: Class S		206,276		726,961		(5,170,913)		(4,237,676)
Class D		834,382		1,101,577		(4,073,913)		(2,137,954)
Value: Class S	$	7,682,678	$	27,435,509	$	(191,296,252)	$	(156,178,065)
Class D		31,254,719		41,628,358		(155,032,490)		(82,149,413)

Selected International Fund
Shares: Class S		1,631,111		–		(76,430)		1,554,681
Class D		284,051		–		(290,887)		(6,836)
Value: Class S	$	20,812,230	$	–	$	(892,033)	$	19,920,197
Class D		3,598,850		–		(3,287,462)		311,388

* Selected International Fund: net of redemption fees amounting to $238 and $1,103 for Class S and Class D, respectively.

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

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

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

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

NOTE 5 - BANK BORROWINGS

Each Fund may borrow up to 5% of its assets from a bank to purchase portfolio securities, or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. Each Fund has entered into an agreement, which enables it to participate with certain other funds managed by the Adviser in an unsecured line of credit with a bank, which permits borrowings of up to $50 million, collectively. Interest is charged based on its borrowings, at a rate equal to the higher of the Federal Funds Rate or the one month LIBOR Rate, plus 1.25%. The Funds had no borrowings during the six months ended June 30, 2017.

NOTE 6 - SECURITIES LOANED

The Funds have entered into a securities lending arrangement with State Street Bank. Under the terms of the agreement, the Funds receive fee income from lending transactions; in exchange for such fees, State Street Bank is authorized to loan securities on behalf of the Funds, against receipt of collateral at least equal to the value of the securities loaned. As of June 30, 2017, the Funds did not have any securities on loan. The Funds bear the risk of any deficiency in the amount of the collateral available for return to a borrower due to a loss in an approved investment.

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	June 30, 2017 (Unaudited)

NOTE 7 - RESTRICTED SECURITIES

Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Board of Directors. The aggregate value of restricted securities in Selected American Shares amounted to $70,251,914 or 3.09% of the Fund's net assets as of June 30, 2017. The aggregate value of restricted securities in Selected International Fund amounted to $7,723,877 or 8.31% of the Fund's net assets as of June 30, 2017. Information regarding restricted securities is as follows:

Fund	Security	Initial Acquisition Date	Units/ Shares	Cost per Unit/ Share			Valuation per Unit/ Share as of June 30, 2017

Selected American Shares	ASAC II L.P.	10/10/13	1,174,606	$	1.00	$		0.9715

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

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

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

	Internet Plus Holdings Ltd., Series A-10, Pfd.	01/29/15	616,958	$	3.0921	$		3.7327

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

SELECTED FUNDS

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

		Income (Loss) from Investment Operations
	Net Asset Value, Beginning of Period	Net Investment Income^a	Net Realized and Unrealized Gains (Losses)	Total from Investment Operations
Selected American Shares Class S:
Six months ended June 30, 2017^e	$35.76	$0.11	$3.02	$3.13
Year ended December 31, 2016	$36.93	$0.13	$4.06	$4.19
Year ended December 31, 2015	$43.16	$0.20	$1.37	$1.57
Year ended December 31, 2014	$50.29	$0.24	$2.54	$2.78
Year ended December 31, 2013	$41.71	$0.23	$13.11	$13.34
Year ended December 31, 2012	$39.47	$0.54	$4.55	$5.09
Selected American Shares Class D:
Six months ended June 30, 2017^e	$35.80	$0.17	$3.03	$3.20
Year ended December 31, 2016	$36.97	$0.25	$4.06	$4.31
Year ended December 31, 2015	$43.13	$0.36	$1.36	$1.72
Year ended December 31, 2014	$50.26	$0.39	$2.56	$2.95
Year ended December 31, 2013	$41.68	$0.39	$13.11	$13.50
Year ended December 31, 2012	$39.44	$0.70	$4.54	$5.24
Selected International Fund Class S:
Six months ended June 30, 2017^e	$10.45	$0.02	$2.20	$2.22
Year ended December 31, 2016	$10.48	$(0.01)	$(0.02)	$(0.03)
Year ended December 31, 2015	$11.12	$0.04	$(0.11)	$(0.07)
Year ended December 31, 2014	$11.21	$0.03	$(0.10)	$(0.07)
Year ended December 31, 2013	$9.24	$0.04	$1.97	$2.01
Year ended December 31, 2012	$7.89	$0.03	$1.41	$1.44
Selected International Fund Class D:
Six months ended June 30, 2017^e	$10.50	$0.05	$2.21	$2.26
Year ended December 31, 2016	$10.53	$0.04	$(0.03)	$0.01
Year ended December 31, 2015	$11.17	$0.09	$(0.10)	$(0.01)
Year ended December 31, 2014	$11.27	$0.08	$(0.11)	$(0.03)
Year ended December 31, 2013	$9.28	$0.10	$1.99	$2.09
Year ended December 31, 2012	$7.93	$0.09	$1.41	$1.50

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. Total returns are not annualized for periods of less than one year.

c	The ratios in this column reflect the impact, if any, of the reduction of expenses paid indirectly and of certain reimbursements.

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

Financial Highlights

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

$(0.11)	$(1.10)	$–	$(1.21)	$37.68	8.75%	$887	0.97%^f	0.97%^f	0.62%^f	4%
$(0.27)	$(5.09)	$–	$(5.36)	$35.76	12.50%	$993	0.97%	0.97%	0.39%	19%
$(0.28)	$(7.52)	$–	$(7.80)	$36.93	3.59%	$1,181	0.95%	0.95%	0.50%	27%
$(0.23)	$(9.68)	$–	$(9.91)	$43.16	5.60%	$1,571	0.94%	0.94%	0.47%	26%
$(0.27)	$(4.49)	$–	$(4.76)	$50.29	33.16%	$2,067	0.94%	0.94%	0.49%	12%
$(0.60)	$(2.25)	$–	$(2.85)	$41.71	12.82%	$1,949	0.95%	0.95%	1.28%	7%

$(0.17)	$(1.10)	$–	$(1.27)	$37.73	8.94%	$1,385	0.65%^f	0.65%^f	0.94%^f	4%
$(0.39)	$(5.09)	$–	$(5.48)	$35.80	12.83%	$1,391	0.65%	0.64%	0.72%	19%
$(0.36)	$(7.52)	$–	$(7.88)	$36.97	3.96%	$2,131	0.61%	0.61%	0.84%	27%
$(0.40)	$(9.68)	$–	$(10.08)	$43.13	5.96%	$3,674	0.60%	0.60%	0.81%	26%
$(0.43)	$(4.49)	$–	$(4.92)	$50.26	33.62%	$3,946	0.61%	0.61%	0.82%	12%
$(0.75)	$(2.25)	$–	$(3.00)	$41.68	13.19%	$3,371	0.61%	0.61%	1.62%	7%

$–	$–	$–	$–	$12.67	21.24%	$30	1.41%^f	1.30%^f	0.42%^f	6%
$–	$–	$–	$–	$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)%^g	$11	1.38%	1.30%	0.23%	49%
$(0.04)	$–	$–	$(0.04)	$11.21	21.78%	$11	1.44%	1.40%	0.39%	16%
$(0.09)	$–	$–	$(0.09)	$9.24	18.29%	$10	1.52%	1.52%	0.39%	6%

$–	$–	$–	$–	$12.76	21.52%	$63	0.90%^f	0.90%^f	0.82%^f	6%
$(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)%^g	$89	0.83%	0.83%	0.70%	49%
$(0.10)	$–	$–	$(0.10)	$11.27	22.56%	$66	0.83%	0.83%	0.96%	16%
$(0.15)	$–	$–	$(0.15)	$9.28	18.90%	$56	0.88%	0.88%	1.03%	6%

e	Unaudited.

f	Annualized.

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

See Notes to Financial Statements

SELECTED FUNDS

Director Approval of Advisory Agreements (Unaudited)

Process of Annual Review

The Board of Directors of Selected Funds oversees the management of each Selected Fund and, as required by law, determines annually whether to approve the continuance of each Selected Fund's advisory agreement with Davis Selected Advisers, L.P. and sub-advisory agreement with Davis Selected Advisers-NY, Inc. (jointly "Davis Advisors" and "Advisory Agreements").

With the assistance of counsel to the Independent Directors, the Independent Directors undertook a comprehensive review process in anticipation of their annual contract review meeting, held in April 2017. As part of this process, Davis Advisors provided the Independent Directors with material (including recent investment performance and expense data) that was responsive to questions submitted to Davis Advisors by the Independent Directors. At this meeting, the Independent Directors reviewed and evaluated all information that they deemed reasonably necessary under the circumstances and were provided guidance by their independent counsel. In reaching their decision, the Independent Directors also took into account information furnished to them throughout the year and otherwise provided to them during their quarterly meetings or through other prior communications. The Independent Directors concluded that they had been supplied with sufficient information and data to analyze the Advisory Agreements and that their questions had been sufficiently answered by Davis Advisors. Upon completion of this review, the Independent Directors found that the terms of the Advisory Agreements were fair and reasonable and that continuation of the Advisory Agreements was in the best interest of Selected American Shares, Selected International Fund, and their shareholders.

Reasons the Independent Directors Approved Continuation of the Advisory Agreements

The Independent Directors' determinations were based upon a comprehensive consideration of all information provided to them, and they did not identify any single item or piece of information as the controlling factor. Each Independent Director did not necessarily attribute the same weight to each factor. The following facts and conclusions were important, but not exclusive, to the Independent Directors' recommendation to renew the Advisory Agreements.

The Independent Directors considered the investment performance of each Fund on an absolute basis, as well as relative to its benchmark and other comparable funds. The Independent Directors not only considered the investment performance of each Fund, but also the full range and quality of services provided by Davis Advisors to each Fund and its shareholders, including whether a Fund:

1.	Achieves satisfactory investment results over the long term, after all costs;

2.	Efficiently and effectively handles shareholder transactions, inquiries, requests, and records, provides quality accounting, legal, and compliance services, and oversees third-party service providers; and

3.	Fosters healthy investor behavior.

Davis Advisors is reimbursed a portion of its costs in providing some, but not all, of these services.

A shareholder's ultimate return is the product of a fund's results as well as the shareholder's behavior, specifically, in selecting when to invest or redeem. The Independent Directors concluded that, through its actions and communications, Davis Advisors has attempted to have a meaningful, positive impact on investor behavior.

Davis Advisors, its affiliates, and members of the Davis family are some of the largest shareholders in the Selected Funds. The Independent Directors considered that this investment tends to align the interests of management with other shareholders, as they face the same risks, pay the same fees, and are motivated to achieve satisfactory long-term returns. In addition, the Independent Directors concluded that significant investments by Davis Advisors and the Davis family have contributed to the economies of scale that have lowered fees and expenses for Selected Funds' shareholders over time.

The Independent Directors noted the importance of reviewing quantitative measures, but recognized that qualitative factors are also important in assessing whether Selected Funds' shareholders are likely to be well served by the renewal of the Advisory Agreements. They noted both the value and shortcomings of purely quantitative measures, including the data provided by independent service providers, and concluded that, while such measures and data may be informative, the judgment of the Independent Directors must take many factors into consideration in representing the shareholders of the Selected Funds, including those listed below. In connection with reviewing comparative performance information, the Independent Directors generally give greater weight to longer-term measurements.

SELECTED FUNDS

Director Approval of Advisory Agreements (Unaudited) – (Continued)

Reasons the Independent Directors Approved Continuation of the Advisory Agreements – (Continued)

The Independent Directors noted that Davis Advisors employs a disciplined, company-specific, research-driven, businesslike, long-term investment philosophy. The Independent Directors considered the quality of Davis Advisors' investment process, as well as the experience, capability, and integrity of its senior management and other personnel.

The Independent Directors recognized Davis Advisors' (i) efforts to minimize transaction costs by generally having a long-term time horizon and low portfolio turnover; (ii) focus on tax efficiency; (iii) record of generally producing satisfactory after-tax results over longer-term periods; (iv) efforts towards fostering healthy investor behavior by, among other things, providing informative and substantial educational material; and (v) efforts to promote shareholder interests by actively speaking out on corporate governance issues.

The Independent Directors assessed (i) comparative fee and expense information for other funds, as selected and analyzed by a nationally recognized independent service provider; (ii) information regarding fees charged by Davis Advisors to other advisory clients, including funds that it sub-advises, and private accounts, as well as the differences in the services provided to such other clients; and (iii) the fee schedules and breakpoints of each Fund, including an assessment of competitive fee schedules and breakpoints, if applicable.

The Independent Directors reviewed (i) the management fee schedule for each Fund; (ii) the profitability of each Fund to Davis Advisors; (iii) the extent to which economies of scale might be realized if the Fund's net assets increase; and (iv) whether the fee schedules should reflect those potential economies of scale, at this time. The Independent Directors considered the nature, quality, and extent of the services being provided to each Fund and the costs incurred by Davis Advisors in providing such services. The Independent Directors considered various potential benefits that Davis Advisors may receive in connection with the services it provides under the Advisory Agreements with the Fund, including a review of portfolio brokerage practices. The Independent Directors noted that Davis Advisors does not use client commissions to pay for publications that are available to the general public or for research reports that are created by parties other than the broker-dealers providing trade execution, clearing and/or settlement services to the Funds.

The Independent Directors compared the fees paid to Davis Advisors by the Selected Funds with those paid by Davis Advisors' sub-advised clients, private account clients, and managed money/wrap clients. To the extent sub-advised or private account fees were lower than fees paid by the Funds, the Independent Directors noted that the range of services provided to the Funds were more extensive, with greater risks associated with operating SEC registered, publicly traded mutual funds. Serving as the primary adviser for mutual funds is more work because of the complex overlay of regulatory, tax, and accounting issues, which are unique to mutual funds. In addition, the operational work required to service shareholders is more extensive because of the significantly greater number of shareholders, and managing trading is more complex because of the more frequent fund flows. With respect to risk, not only has regulation become more complex and burdensome, but the scrutiny of regulators and shareholders has become more intense. The Independent Directors concluded that reasonable justifications existed for the differences between the fee rates for the Selected Funds and Davis Advisors' other lines of business.

Selected American Shares

The Independent Directors noted that Selected American Shares' Class S shares outperformed its benchmark, the Standard & Poor's 500^® Index ("S&P 500^®"), over the one-year time period and since Davis Advisors took over the daily management of the Fund on May 1, 1993, but underperformed the S&P 500^® over the three-, five-, ten-, and fifteen-year time periods, all periods ended March 31, 2017.

Broadridge, an independent service provider, presented a report to the Independent Directors that compared the Fund to all Lipper retail and institutional large-cap core funds (the "Performance Universe Average"), as well as the relevant Lipper Index. The report indicated that the Fund outperformed the Performance Universe Average and the Lipper Index over the one-, two-, and four-year time periods, all periods ended December 31, 2016. The Fund underperformed the Performance Universe Average and the Lipper Index over the five- and ten-year time periods, all periods ended December 31, 2016. During the three-year time period, the Fund outperformed the Performance Universe Average, but underperformed the Lipper Index, period ended December 31, 2016.

The Independent Directors also reviewed the Fund's performance versus both the S&P 500^® and the Lipper Large-Cap Core category when measured over rolling five- and ten-year time frames. The Fund outperformed the S&P 500^® in 10 out of 19 rolling five-year time periods and outperformed the Lipper Large-Cap Core category in 12 out of 19 rolling five-year time

SELECTED FUNDS

Director Approval of Advisory Agreements (Unaudited) – (Continued)

Selected American Shares – (Continued)

periods, all periods ended December 31 for each year from 1998 through 2016. The Fund outperformed the S&P 500^® and the Lipper Large-Cap Core category in 9 out of 14 rolling ten-year time periods, all periods ended December 31 for each year from 2003 through 2016.

The Independent Directors considered Selected American Shares' management fee and total expense ratio. They observed that the Fund's current management fee was reasonable and below the average and median of its peer group, as determined by Broadridge. The Fund's Class S shares total expense ratio was slightly higher than the average and median ratio of its expense peers due to a 25 basis point 12b-1 fee versus an average of 15.0 basis points for the peers; otherwise the total expenses were lower. The Directors noted that Class D shares do not pay any 12b-1 fees.

Selected International Fund

Davis Advisors became the investment adviser to Selected Special Shares on May 1, 1993. Davis Advisors oversaw a sub-adviser from 1993 to May 31, 2001, at which point, Davis Advisors began active daily management of the Fund. On May 1, 2011, the Fund changed its name from Selected Special Shares to Selected International Fund and changed its investment strategy from primarily investing in domestic equity securities to primarily investing in foreign equity securities. While the Independent Directors reviewed all time periods, these changes limit the relevance of long-term comparisons against the Fund's benchmark, the Morgan Stanley Capital International All Country World Index ex USA ("MSCI ACWI^® ex USA").

The Independent Directors noted that Selected International Fund's Class S shares outperformed the MSCI ACWI^® ex USA over the one-, three-, and five-year time periods, all periods ended March 31, 2017. The Independent Directors also noted that the Fund had outperformed its benchmark since 2011, when the change in investment strategy occurred.

Broadridge, an independent service provider, presented a report to the Independent Directors that compared the Fund to all Lipper retail and institutional international multi-cap growth funds (the "Performance Universe Average"), as well as the relevant Lipper Index. During the one-year time period, the Fund outperformed the Performance Universe Average, but underperformed the Lipper Index, period ended December 31, 2016. The Fund outperformed the Performance Universe Average and the Lipper Index over the two-, three-, four-, and five-year time periods, all periods ended December 31, 2016.

The Independent Directors also reviewed the Fund's performance versus both the MSCI ACWI^® ex USA and the Lipper International Multi-Cap Growth category when measured over its first rolling five-year time frame since its investment strategy change in 2011. The Fund outperformed the MSCI ACWI^® ex USA and the Lipper International Multi-Cap Growth category in its first rolling five-year time period, ended December 31, 2016.

The Independent Directors considered Selected International Fund's management fee and total expense ratio. They observed that the Fund's current management fee was reasonable and below the average and median of its peer group, as determined by Broadridge. The Fund's Class S shares total expense ratio was slightly lower than the average, but slightly higher than the median ratios of its expense peers. The Independent Directors also noted that the Adviser has capped expenses of Class S shares through May 1, 2018, and that Class D shares do not pay any 12b-1 fees.

Approval of Advisory Agreements

The Independent Directors concluded that Davis Advisors had provided Selected American Shares, Selected International Fund, and their shareholders a reasonable level of both investment and non-investment services. The Independent Directors further concluded that shareholders have received a significant benefit from Davis Advisors' shareholder-oriented approach, as well as the execution of its investment discipline.

The Independent Directors determined that the advisory fees for Selected American Shares and Selected International Fund were reasonable in light of the nature, quality, and extent of the services being provided to the Funds, the costs incurred by Davis Advisors in providing such service, and in comparison to the range of the average advisory fees of their peer groups, as determined by an independent service provider. The Independent Directors found that the terms of the Advisory Agreements were fair and reasonable and that continuation of the Advisory Agreements was in the best interest of each Fund and its shareholders. The Independent Directors and the full Board of Directors therefore voted to continue the Advisory Agreements.

SELECTED FUNDS

Privacy Notice and Householding

Privacy Notice

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

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

Householding

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

SELECTED FUNDS

Directors and Officers

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

Name
(birthdate)

Position(s)
Held With
Funds

Term of

Office and

Length of
Time

Served

Principal Occupation(s) During

Past Five Years

Number of
Portfolios
Overseen

Other Directorships

Independent Directors


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

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

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

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

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

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

SELECTED FUNDS

Directors and Officers – (Continued)

Name
(birthdate)

Position(s)
Held With
Funds

Term of

Office and

Length of
Time

Served

Principal Occupation(s) During

Past Five Years

Number of
Portfolios
Overseen

Other Directorships

Interested Directors*


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

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

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

Officers

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

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

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

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

Sharra L. Haynes (born 09/25/66, Selected Funds officer since 1997). Vice President and Chief Compliance Officer of Selected Funds (consisting of two portfolios), Davis Funds (consisting of 13 portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of three portfolios); Vice President and Chief Compliance Officer, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

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

SELECTED FUNDS

Investment Adviser

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

Distributor

Davis Distributors, LLC

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

Custodian

State Street Bank and Trust Co.

c/o The Selected Funds

One Lincoln Street

Boston, Massachusetts 02111

Transfer Agent

Boston Financial Data Services, Inc.

c/o The Selected Funds

P.O. Box 8243

Boston, Massachusetts 02266-8243

Overnight Address:

30 Dan Road

Canton, Massachusetts 02021-2809

Counsel

Greenberg Traurig, LLP

77 West Wacker Drive, Suite 3100

Chicago, Illinois 60601

Independent Registered Public Accounting Firm

KPMG LLP

1225 Seventeenth Street, Suite 800

Denver, Colorado 80202

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

(a)(1)	Not Applicable

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

(a)(3)	Not Applicable

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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