UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-00051

SELECTED AMERICAN SHARES, INC.

(Exact name of registrant as specified in charter)

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(Address of principal executive offices)

Ryan M. Charles

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2020

Date of reporting period: June 30, 2020

____________________

ITEM 1. REPORT TO STOCKHOLDERS

SELECTED FUNDS

Table of Contents

Shareholder Letter	2
Management’s Discussion of Fund Performance:
Selected American Shares	3
Selected International Fund	5
Fund Overview:
Selected American Shares	7
Selected International Fund	8
Expense Example	9
Schedule of Investments:
Selected American Shares	10
Selected International Fund	13
Statements of Assets and Liabilities	15
Statements of Operations	16
Statements of Changes in Net Assets	17
Notes to Financial Statements	19
Financial Highlights	27
Director Approval of Advisory Agreements	29
Liquidity Risk Management Program	32
Privacy Notice and Householding	33
Directors and Officers	34

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.

Quarterly Schedule of Investments

The Funds file their complete schedule of investments with the SEC on Form N-CSR (as of the end of the second and fourth quarters) and on Form N-PORT Part F (as of the end of the first and third quarters). The Funds’ Forms N-CSR (Annual and Semi-Annual Reports) and N-PORT Part F are 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. A list of the Funds’ quarter-end holdings is also available at www.selectedfunds.com on or about the 15^th day following each quarter end and remains available on the website until the list is updated for the subsequent quarter.

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 7, 2020

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, 2020 (the “period”). The Fund’s Class S and D shares delivered total returns of (11.61)% and (11.48)%, respectively, versus a (3.08)% return for the S&P 500^®. All of the sectors, but two, within the S&P 500^® reported negative performance during the period. The sectors¹ within the S&P 500^® that reported the strongest performance were Information Technology (up 16%), Consumer Discretionary (up 7%), and Communication Services (down less than 1%). The sectors that reported the weakest performance were Energy (down 35%), Financials (down 21%), and Industrials (down 15%).

Detractors from Performance

The Fund’s holdings in the Financials sector were the most significant detractor² from performance. This was due to weaker stock selection (down 29%, compared with down 21%) and a higher average weighting in this weak performing sector (36%, versus 13%). Wells Fargo³ (down 51%), Capital One (down 39%), and JPMorgan Chase (down 31%) were the top three detractors, respectively. Additional detractors from the Financials sector included Berkshire Hathaway (down 21%), Bank of New York Mellon (down 22%), and American Express (down 23%).

The Fund’s Energy holdings were another key detractor during the period. The Fund had a very small average weighting in Energy, 2% during the period. However, the weak performance of these holdings made this position a notable detractor (down 56%, versus down 35% for the S&P 500^®). Apache (down 52%) and Magnolia Oil & Gas (down 60%) were key detractors from Fund performance. The Fund liquidated all of its positions in Energy securities during the period.

The Fund’s Information Technology holdings performed positively during the period, however they significantly underperformed those of the S&P 500^® (up 3%, versus up 16%). The Fund’s relative performance also suffered due to the Fund’s significant underweight position in the top performing sector (13% average weighting, compared with 24% for the S&P 500^®).

Raytheon Technologies (down 29%), an Industrials holding formed from the United Technologies and Raytheon merger in April 2020, was an additional detractor from performance due to the pre-merger performance of top ten holding, United Technologies. Didi Chuxing (down 23%), another Industrials holding, was also among the top detractors.

Contributors to Performance

The Fund’s Consumer Discretionary holdings remained a strong contributor to performance. The Fund benefited from its strong stock selection (up 23%, versus up 7%) and overweight position (17% average weighting, when compared with 10%) relative to the S&P 500^®. Amazon (up 49%), the second largest holding at the end of the period, representing approximately 9% of net assets, was the top contributor for the period. Prosus (up 24%), New Oriental Education & Technology (up 7%), and Naspers (up 11%) were all additional contributors from this sector.

The Fund also benefited from its position in the Communication Services sector. Alphabet, which is the parent company of Google, was up 6% and Facebook was up 11%. Alphabet was the largest holding at the end of the period, representing approximately 11% of net assets.

The Fund’s Information Technology position aided absolute performance. Microsoft (up 30%) and Intel (up 1%) were among the top contributors.

Quest Diagnostics (up 8%), a Health Care holding, and Carrier Global (up 32%), an Industrials holding spun off from the aforementioned United Technologies at time of the merger, were also key contributors to performance.

The Fund had a weighting of 17% in foreign securities at the end of the period. These foreign securities outperformed the Fund’s U.S. holdings (down 6%, compared to down 13%).

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: stock market risk, common stock risk, financial services risk, foreign country risk, headline risk, large-capitalization companies risk, manager risk, depositary receipts risk, emerging market risk, fees and expenses risk, foreign currency risk, and mid- and small-capitalization companies 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, 2020, 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, 2020, 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, 2010

Average Annual Total Return for periods ended June 30, 2020

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	(1.29)%	6.52%	10.05%	N/A	0.99%	0.99%
Class D	(0.96)%	6.87%	10.42%	6.88%	0.67%	0.67%
Standard & Poor’s 500^®Index	7.51%	10.72%	13.98%	8.74%

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

The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Fund performance changes over time and current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For most recent month-end performance information, please call Selected Funds Investor Services at 1-800-243-1575 or visit the Fund’s website at www.selectedfunds.com.

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, 2020 (the “period”). The Fund’s Class S and D shares delivered a total return of (5.02)% and (4.91)%, respectively, versus a (11.00)% return for the MSCI. The sectors¹ within the MSCI that reported the strongest performance were Health Care (up 6%), Information Technology (up 3%), and Communication Services (up 1%). The sectors that reported the weakest performance were Energy (down 32%), Financials (down 23%), and Real Estate (down 22%).

Contributors to Performance

The Fund’s holdings in the Consumer Discretionary sector were the most important contributor² to performanceon both an absolute and a relative basis. The Fund benefited primarily from its strong stock selection (up 22%, versus down 9% for the MSCI). The Fund had an average weighting of 38% of net assets in this sector during the period. The largest position in this sector was in the Retailing industry group with an average weighting of approximately 26% of net assets. JD.com³ (up 71%), Meituan Dianping (up 70%), New Oriental Education & Technology(up 7%), Prosus (up 24%), Naspers (up 11%), and Tarena (up 13%) were all among the top contributors. New Oriental Education & Technology is the largest holding, representing approximately 11% of net assets at the end of the period. The Fund no longer owns Tarena.

Other contributors came from the Communication Services sector. These contributors included 58.com (down 17%) and iQIYI (up 10%). While 58.com was down during the period, a number of opportune purchases in March and June, and subsequent performance of these shares, made this holding a top contributor.

The Fund ended the period with approximately 6% of net assets in repurchase agreements. Given the down market, the Fund benefited from its position in repurchase agreements.

The remaining contributors were stock specific including Schneider Electric (up 12%) and Sul America (down 3%). While Sul America was down during the period held, the Fund started liquidating its entire position after performance of this holding peaked in early January.

The Fund had an average weighting during the period of 49% of net assets in Chinese securities. These securities returned 6%, compared to 4% for the MSCI’s Chinese securities, making them a positive contributor on both an absolute and a relative basis.

Detractors from Performance

The Fund’s Financial holdings, down 23%, hindered absolute performance. Half of the top ten detractors during the period came from the Financial sector. They included Bank of N.T. Butterfield (down 32%), DBS Group (down 20%), Danske Bank (down 18%), Noah Holdings (down 28%), and Julius Baer (down 17%).

The Fund’s Information Technology position was a key detractor when compared to the MSCI. The Fund’s Information Technology holdings were down 19%, while those of the MSCI were up 3%. The Fund’s performance also suffered as it maintained only a very small position, 5% compared to 10% for MSCI, in this top performing sector.

Energy (down 72%, versus down 32% for the MSCI) continued to be a detractor. Seven Generations Energy (down 70%) was the top detractor during the period. The Fund has since liquidated its entire Energy position.

A number of detractors came from the Industrials sector. They included Didi Chuxing (down 23%), InterGlobe Aviation (down 30%), and China Index Holdings (down 41%). The Fund no longer owns InterGlobe Aviation.

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: stock market risk, common stock risk, foreign country risk, headline risk, depositary receipts risk, foreign currency risk, exposure to industry or sector risk, emerging market risk, large-capitalization companies risk, manager risk, fees and expenses risk, and mid- and small-capitalization companies 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, 2010

Average Annual Total Return for periods ended June 30, 2020

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	2.53%	3.27%	5.98%	N/A	1.55%	1.15%
Class D	2.70%	3.63%	6.45%	4.04%	0.93%	0.93%
MSCI ACWI^® ex USA	(4.80)%	2.26%	4.97%	5.24%

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.

SELECTED FUNDS	Fund Overview
SELECTED AMERICAN SHARES, INC.	June 30, 2020 (Unaudited)

Portfolio Composition		Industry Weightings
(% of Fund’s 06/30/20 Net Assets)		(% of 06/30/20 Stock Holdings)

			Fund	S&P 500^®
Common Stock (U.S.)	81.33%	Diversified Financials	17.63%	4.51%
Common Stock (Foreign)	14.07%	Media & Entertainment	17.25%	8.78%
Preferred Stock (Foreign)	3.02%	Retailing	14.23%	7.92%
Short-Term Investments	1.63%	Information Technology	14.20%	27.46%
Other Assets & Liabilities	(0.05)%	Banks	12.26%	3.64%
	100.00%	Capital Goods	8.94%	5.51%
		Insurance	4.40%	1.93%
		Health Care	4.03%	14.63%
		Transportation	3.07%	1.73%
		Consumer Services	2.88%	1.55%
		Telecommunication Services	0.65%	2.00%
		Consumer Durables & Apparel	0.30%	1.02%
		Automobiles & Components	0.16%	0.33%
		Food, Beverage & Tobacco	–	3.51%
		Utilities	–	3.07%
		Real Estate	–	2.84%
		Other	–	9.57%
			100.00%	100.00%

Top 10 Long-Term Holdings
(% of Fund’s 06/30/20 Net Assets)

Alphabet Inc.*	Media & Entertainment	11.16%
Amazon.com, Inc.	Retailing	8.95%
Applied Materials, Inc.	Semiconductors & Semiconductor Equipment	6.48%
Facebook, Inc., Class A	Media & Entertainment	5.73%
Berkshire Hathaway Inc., Class A	Diversified Financial Services	5.60%
Capital One Financial Corp.	Consumer Finance	4.79%
JPMorgan Chase & Co.	Banks	4.06%
Raytheon Technologies Corp.	Capital Goods	3.69%
Carrier Global Corp.	Capital Goods	3.65%
Bank of New York Mellon Corp.	Capital Markets	3.61%


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

SELECTED FUNDS	Fund Overview
SELECTED INTERNATIONAL FUND, INC.	June 30, 2020 (Unaudited)

Portfolio Composition		Industry Weightings
(% of Fund’s 06/30/20 Net Assets)		(% of 06/30/20 Stock Holdings)

			Fund	MSCI ACWI^®EX USA
Common Stock (Foreign)	86.15%	Retailing	29.41%	5.08%
Preferred Stock (Foreign)	7.66%	Banks	16.33%	10.33%
Short-Term Investments	6.20%	Consumer Services	11.35%	1.39%
Other Assets & Liabilities	(0.01)%	Capital Goods	10.10%	7.42%
	100.00%	Media & Entertainment	8.59%	3.84%
		Transportation	8.17%	2.46%
		Information Technology	4.65%	11.00%
		Diversified Financials	4.17%	3.14%
		Insurance	4.14%	4.66%
		Consumer Durables & Apparel	2.23%	3.10%
		Commercial & Professional Services	0.86%	1.50%
		Health Care	–	10.67%
		Materials	–	7.58%
		Food, Beverage & Tobacco	–	5.67%
		Energy	–	4.81%
		Other	–	17.35%
			100.00%	100.00%

Country Diversification		Top 10 Long-Term Holdings
(% of 06/30/20 Stock Holdings)		(% of Fund’s 06/30/20 Net Assets)

China	53.40%	New Oriental Education & Technology Group, Inc., ADR	10.65%
Singapore	6.42%	Alibaba Group Holding Ltd., ADR	6.60%
South Africa	6.12%	JD.com, Inc., Class A, ADR	6.16%
France	5.29%	Meituan Dianping, Class B	5.96%
United Kingdom	5.11%	Didi Chuxing Joint Co., Series A, Pfd.	5.95%
Norway	5.01%	Naspers Ltd. - N	5.74%
Netherlands	4.20%	58.com, Inc., Class A, ADR	5.04%
Hong Kong	4.14%	Schneider Electric SE	4.96%
Denmark	3.92%	DNB ASA	4.70%
Switzerland	2.52%	Ferguson PLC	4.51%
Bermuda	2.51%
South Korea	1.36%
	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, 2020.

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*
	(01/01/20)	(06/30/20)	(01/01/20-06/30/20)
Selected American Shares
Class S (annualized expense ratio 0.99%**)
Actual	$1,000.00	$883.93	$4.64
Hypothetical	$1,000.00	$1,019.94	$4.97
Class D (annualized expense ratio 0.67%**)
Actual	$1,000.00	$885.22	$3.14
Hypothetical	$1,000.00	$1,021.53	$3.37
Selected International Fund
Class S (annualized expense ratio 1.15%**)
Actual	$1,000.00	$949.84	$5.58
Hypothetical	$1,000.00	$1,019.14	$5.77
Class D (annualized expense ratio 0.93%**)
Actual	$1,000.00	950.87	$4.51
Hypothetical	$1,000.00	$1,020.24	$4.67

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 182/366 (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, 2020 (Unaudited)

						Shares/Units		Value (Note 1)
COMMON STOCK – (95.40%)
	COMMUNICATION SERVICES – (17.62%)
		Media & Entertainment – (16.98%)
				Alphabet Inc., Class A *			45,904	$	65,094,167
				Alphabet Inc., Class C *			78,385		110,805,820
				ASAC II L.P. *(a)(b)			1,174,606		1,197,041
				Facebook, Inc., Class A *			397,708		90,307,555
				Liberty TripAdvisor Holdings, Inc., Series A *			51,383		109,446
									267,514,029
		Telecommunication Services – (0.64%)
				Liberty Global plc, Series C *			470,660		10,123,897
					Total Communication Services				277,637,926
	CONSUMER DISCRETIONARY – (17.29%)
		Automobiles & Components – (0.16%)
				Adient plc *			152,925		2,511,029
		Consumer Durables & Apparel – (0.29%)
				Hunter Douglas N.V. (Netherlands)*			85,610		4,571,685
		Consumer Services – (2.84%)
				New Oriental Education & Technology Group, Inc., ADR (China)*			342,940		44,661,076
		Retailing – (14.00%)
				Alibaba Group Holding Ltd., ADR (China)*			201,047		43,365,838
				Amazon.com, Inc. *			51,106		140,992,255
				Naspers Ltd. - N (South Africa)			64,700		11,890,585
				Prosus N.V., Class N (Netherlands)*			261,120		24,346,153
									220,594,831
					Total Consumer Discretionary				272,338,621
	FINANCIALS – (33.75%)
		Banks – (12.06%)
				Danske Bank A/S (Denmark)*			1,054,000		14,090,343
				DBS Group Holdings Ltd. (Singapore)			1,410,600		21,225,045
				JPMorgan Chase & Co.			680,186		63,978,295
				U.S. Bancorp			966,430		35,583,953
				Wells Fargo & Co.			2,156,420		55,204,352
									190,081,988
		Diversified Financials – (17.35%)
			Capital Markets – (3.61%)
				Bank of New York Mellon Corp.			1,470,795		56,846,227
			Consumer Finance – (8.14%)
				American Express Co.			554,768		52,813,913
				Capital One Financial Corp.			1,205,795		75,470,709
									128,284,622
			Diversified Financial Services – (5.60%)
				Berkshire Hathaway Inc., Class A *			330		88,209,000
									273,339,849
		Insurance – (4.34%)
			Life & Health Insurance – (2.19%)
				AIA Group Ltd. (Hong Kong)			3,680,280		34,438,590
			Property & Casualty Insurance – (2.15%)
				Chubb Ltd.			159,691		20,220,074

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	June 30, 2020 (Unaudited)

							Shares		Value (Note 1)
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Property & Casualty Insurance – (Continued)
				Loews Corp.				212,754	$	7,295,335
				Markel Corp. *				6,878		6,349,563
										33,864,972
										68,303,562
						Total Financials				531,725,399
	HEALTH CARE – (3.97%)
		Health Care Equipment & Services – (3.97%)
				CVS Health Corp.				317,773		20,645,712
				Quest Diagnostics Inc.				367,620		41,893,975
						Total Health Care				62,539,687
	INDUSTRIALS – (8.80%)
		Capital Goods – (8.80%)
				Carrier Global Corp.				2,588,150		57,508,693
				Ferguson PLC (United Kingdom)				259,446		21,214,000
				Orascom Construction PLC (United Arab Emirates)				354,345		1,857,325
				Raytheon Technologies Corp.				942,658		58,086,586
						Total Industrials				138,666,604
	INFORMATION TECHNOLOGY – (13.97%)
		Semiconductors & Semiconductor Equipment – (12.69%)
				Applied Materials, Inc.				1,688,380		102,062,571
				Intel Corp.				768,400		45,973,372
				Texas Instruments Inc.				408,533		51,871,435
										199,907,378
		Software & Services – (1.28%)
				Microsoft Corp.				99,530		20,255,350
						Total Information Technology				220,162,728
					TOTAL COMMON STOCK – (Identified cost $867,847,686)					1,503,070,965
PREFERRED STOCK – (3.02%)
	INDUSTRIALS – (3.02%)
		Transportation – (3.02%)
				Didi Chuxing Joint Co., Series A (China)*(a)(b)				1,161,716		40,741,380
				Didi Chuxing Joint Co., Series B (China)*(a)(b)				195,204		6,845,804
						Total Industrials				47,587,184
					TOTAL PREFERRED STOCK – (Identified cost $42,180,624)					47,587,184

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	June 30, 2020 (Unaudited)

						Principal			Value (Note 1)
SHORT-TERM INVESTMENTS – (1.63%)
			INTL FCStone Financial Inc. Joint Repurchase Agreement, 0.10%, 07/01/20, dated 06/30/20, repurchase value of $25,689,071 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 07/02/20-06/01/51, total market value $26,202,780)				$	25,689,000	$	25,689,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $25,689,000)					25,689,000
				Total Investments – (100.05%) – (Identified cost $935,717,310)						1,576,347,149
				Liabilities Less Other Assets – (0.05%)						(838,830)
					Net Assets – (100.00%)				$	1,575,508,319

	ADR: American Depositary Receipt

	*	Non-income producing security.

	(a)	Restricted Security – See Note 6 of the Notes to Financial Statements.

	(b)	The value of this security was determined using significant unobservable inputs. See Note 1 of the Notes to Financial Statements.

See Notes to Financial Statements

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC.	June 30, 2020 (Unaudited)

						Shares		Value (Note 1)
COMMON STOCK – (86.15%)
	COMMUNICATION SERVICES – (8.06%)
		Media & Entertainment – (8.06%)
				58.com, Inc., Class A, ADR (China)*			58,616	$	3,161,747
				Baidu, Inc., Class A, ADR (China)*			2,627		314,951
				Fang Holdings Ltd., Class A, ADR (China)*			4,070		46,115
				iQIYI, Inc., Class A, ADR (China)*			66,140		1,533,787
					Total Communication Services				5,056,600
	CONSUMER DISCRETIONARY – (40.33%)
		Consumer Durables & Apparel – (2.09%)
				Fila Holdings Corp. (South Korea)			27,200		802,668
				Hunter Douglas N.V. (Netherlands)*			9,565		510,783
									1,313,451
		Consumer Services – (10.65%)
				New Oriental Education & Technology Group, Inc., ADR (China)*			51,306		6,681,580
		Retailing – (27.59%)
				Alibaba Group Holding Ltd., ADR (China)*			19,200		4,141,440
				JD.com, Inc., Class A, ADR (China)*			64,185		3,862,653
				Meituan Dianping, Class B (China)*			167,387		3,740,490
				Naspers Ltd. - N (South Africa)			19,604		3,602,829
				Prosus N.V., Class N (Netherlands)*			21,014		1,959,291
									17,306,703
					Total Consumer Discretionary				25,301,734
	FINANCIALS – (23.12%)
		Banks – (15.32%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			60,570		1,477,302
				Danske Bank A/S (Denmark)*			172,370		2,304,319
				DBS Group Holdings Ltd. (Singapore)			179,470		2,700,453
				DNB ASA (Norway)			221,000		2,949,795
				Metro Bank PLC (United Kingdom)*			138,430		179,517
									9,611,386
		Diversified Financials – (3.91%)
			Capital Markets – (3.56%)
				Julius Baer Group Ltd. (Switzerland)			35,310		1,482,934
				Noah Holdings Ltd., ADS (China)*			29,384		748,411
									2,231,345
			Consumer Finance – (0.35%)
				Yiren Digital Ltd., ADR (China)*			53,220		219,799
									2,451,144
		Insurance – (3.89%)
			Life & Health Insurance – (3.89%)
				AIA Group Ltd. (Hong Kong)			260,540		2,438,029
					Total Financials				14,500,559
	INDUSTRIALS – (10.28%)
		Capital Goods – (9.47%)
				Ferguson PLC (United Kingdom)			34,602		2,829,286
				Schneider Electric SE (France)			27,974		3,111,733
									5,941,019

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	June 30, 2020 (Unaudited)

Shares/Principal

Value
(Note 1)

COMMON STOCK – (CONTINUED)

INDUSTRIALS – (CONTINUED)

Commercial & Professional Services – (0.81%)

China Index Holdings Ltd., ADR (China)*

237,202

507,612

Total Industrials

6,448,631

INFORMATION TECHNOLOGY – (4.36%)

Technology Hardware & Equipment – (4.36%)

Hollysys Automation Technologies Ltd. (China)

205,510

2,733,283

Total Information Technology

2,733,283

TOTAL COMMON STOCK – (Identified cost $45,255,736)

54,040,807

PREFERRED STOCK – (7.66%)

INDUSTRIALS – (7.66%)

Transportation – (7.66%)

Didi Chuxing Joint Co., Series A (China)*(a)(b)

106,435

3,732,676

Grab Holdings Inc., Series G (Singapore)*(a)(b)

214,779

1,073,895

Total Industrials

4,806,571

TOTAL PREFERRED STOCK – (Identified cost $4,143,934)

4,806,571

SHORT-TERM INVESTMENTS – (6.20%)

INTL FCStone Financial Inc. Joint Repurchase Agreement, 0.10%,

07/01/20, dated 06/30/20, repurchase value of $3,893,011 (collateralized

by: U.S. Government agency mortgages and obligations in a pooled

cash account, 0.00%-9.00%, 07/02/20-06/01/51, total market value

$3,970,860)

3,893,000

TOTAL SHORT-TERM INVESTMENTS – (Identified cost $3,893,000)

3,893,000

Total Investments – (100.01%) – (Identified cost $53,292,670)

62,740,378

Liabilities Less Other Assets – (0.01%)

(9,387)

Net Assets – (100.00%)

62,730,991

ADR: American Depositary Receipt

ADS: American Depositary Share

Non-income producing security.

(a)

Restricted Security – See Note 6 of the Notes to Financial Statements.

(b)

The value of this security was determined using significant unobservable inputs. See Note 1 of the Notes to Financial Statements.

See Notes to Financial Statements

SELECTED FUNDS	Statements of Assets and Liabilities
	At June 30, 2020 (Unaudited)

	Selected American Shares		Selected International Fund
ASSETS:
Investments in securities at value* (see accompanying Schedules of Investments)	$	1,576,347,149	$	62,740,378
Cash		435,841		373
Receivables:
Capital stock sold		206,897		15,875
Dividends and interest		899,681		47,304
Investment securities sold		17,422		2,112
Prepaid expenses		28,830		1,099
Due from Adviser		–		1,795
Total assets		1,577,935,820		62,808,936
LIABILITIES:
Payables:
Capital stock redeemed		1,217,164		10,619
Accrued custodian fees		94,550		18,246
Accrued distribution service fees		122,367		1,768
Accrued investment advisory fees		812,913		31,402
Accrued transfer agent fees		175,026		10,456
Other accrued expenses		5,481		5,454
Total liabilities		2,427,501		77,945
NET ASSETS	$	1,575,508,319	$	62,730,991
NET ASSETS CONSIST OF:
Par value of shares of capital stock	$	59,720,506	$	1,307,855
Additional paid-in capital		920,692,189		53,279,284
Distributable earnings		595,095,624		8,143,852
Net Assets	$	1,575,508,319	$	62,730,991
CLASS S SHARES:
Net assets	$	486,072,441	$	6,283,657
Shares outstanding		14,773,228		526,907
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)	$	32.90	$	11.93
CLASS D SHARES:
Net assets	$	1,089,435,878	$	56,447,334
Shares outstanding		33,003,177		4,704,512
Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding)	$	33.01	$	12.00

*Including:
Cost of investments	$	935,717,310	$	53,292,670

See Notes to Financial Statements

SELECTED FUNDS	Statements of Operations
	For the six months ended June 30, 2020 (Unaudited)

				Selected American Shares		Selected International Fund
INVESTMENT INCOME:
Income:
	Dividends*		$	12,531,584	$	259,351
	Interest			35,973		13,876
		Total income		12,567,557		273,227
Expenses:
Investment advisory fees (Note 3)				4,479,822		166,559
Custodian fees				138,829		25,713
Transfer agent fees:
	Class S			335,410		14,126
	Class D			316,275		24,621
Audit fees				32,430		11,750
Legal fees				18,481		4,042
Reports to shareholders				37,500		1,751
Directors’ fees and expenses				210,424		10,823
Registration and filing fees				30,000		22,002
Miscellaneous				46,342		10,976
Distribution service fees (Note 3):
	Class S			684,327		7,574
Total expenses				6,329,840		299,937
Reimbursement of expenses by Adviser (Note 3):
	Class S			–		(12,233)
		Net expenses		6,329,840		287,704
Net investment income (loss)				6,237,717		(14,477)

REALIZED & UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss from:
	Investment transactions			(58,125,993)		(1,001,346)
	Foreign currency transactions			(720)		(15,038)
Net realized loss				(58,126,713)		(1,016,384)
Net decrease in unrealized appreciation**				(168,898,419)		(2,369,779)
		Net realized and unrealized loss on investments and foreign currency transactions		(227,025,132)		(3,386,163)
Net decrease in net assets resulting from operations			$	(220,787,415)	$	(3,400,640)

*Net of foreign taxes withheld of			$	–	$	13,669

**Net of deferred foreign taxes of				–		(22,615)

See Notes to Financial Statements

SELECTED FUNDS	Statements of Changes in Net Assets
	For the six months ended June 30, 2020 (Unaudited)

			Selected American Shares		Selected International Fund
OPERATIONS:
Net investment income (loss)		$	6,237,717	$	(14,477)
Net realized loss from investments and foreign currency transactions			(58,126,713)		(1,016,384)
Net decrease in unrealized appreciation on investments and foreign currency transactions			(168,898,419)		(2,369,779)
	Net decrease in net assets resulting from operations		(220,787,415)		(3,400,640)
CAPITAL SHARE TRANSACTIONS:
Net decrease in net assets resulting from capital share transactions (Note 4):
	Class S		(94,538,639)		(115,384)
	Class D		(28,897,777)		(1,672,124)
	Total decrease in net assets		(344,223,831)		(5,188,148)

NET ASSETS:
Beginning of period			1,919,732,150		67,919,139
End of period		$	1,575,508,319	$	62,730,991

See Notes to Financial Statements

SELECTED FUNDS	Statements of Changes in Net Assets
	For the year ended December 31, 2019

			Selected American Shares		Selected International Fund
OPERATIONS:
Net investment income		$	13,995,447	$	307,807
Net realized gain from investments and foreign currency transactions			59,018,211		2,669,716
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions			425,325,411		12,127,311
	Net increase in net assets resulting from operations		498,339,069		15,104,834
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
	Class S		(35,420,180)		(364,280)
	Class D		(65,853,541)		(3,343,778)
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from capital share transactions (Note 4):
	Class S		(146,988,536)		(3,383,524)
	Class D		(11,254,421)		3,593,438
	Total increase in net assets		238,822,391		11,606,690
NET ASSETS:
Beginning of year			1,680,909,759		56,312,449
End of year		$	1,919,732,150	$	67,919,139

See Notes to Financial Statements

SELECTED FUNDS	Notes to Financial Statements
	June 30, 2020 (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’s investment objective is to achieve capital growth. The Fund principally invests 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.

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.

Eligible Class S shares can be converted to Class D shares upon request. Class D shares offer lower expenses for shareholders who have chosen not to use an intermediary, but instead invest directly with the Selected Funds. These conversions are non-taxable events. On August 1, 2019, all qualifying shareholder accounts were automatically converted from Class S to Class D shares unless the shareholder objected to the conversion.

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, 2020 (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, 2020 in valuing each Fund’s investments carried at value:

	Investments in Securities at Value
	Selected		Selected
	American Shares		International Fund
Valuation Inputs
Level 1 – Quoted Prices:
Common Stock:
Communication Services	$	276,440,885	$	5,056,600
Consumer Discretionary		231,530,198		14,685,673
Financials		461,971,421		2,445,512
Health Care		62,539,687		–
Industrials		115,595,279		507,612
Information Technology		220,162,728		2,733,283
Total Level 1		1,368,240,198		25,428,680
Level 2 – Other Significant Observable Inputs:
Common Stock*:
Consumer Discretionary		40,808,423		10,616,061
Financials		69,753,978		12,055,047
Industrials		23,071,325		5,941,019
Short-term securities		25,689,000		3,893,000
Total Level 2		159,322,726		32,505,127
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services		1,197,041		–
Preferred Stock:
Industrials		47,587,184		4,806,571
Total Level 3		48,784,225		4,806,571
Total Investments	$	1,576,347,149	$	62,740,378

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

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	June 30, 2020 (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, 2020. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at June 30, 2020 was $(14,641,867) and $(1,264,433) for Selected American Shares and Selected International Fund, respectively. There were no transfers of investments into or out of Level 3 of the fair value hierarchy during the period. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) are included in the related amounts on investments in the Statements of Operations.

	Beginning Balance January 1, 2020		Cost of Purchases		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Proceeds from Sales		Ending Balance June 30, 2020
Selected American Shares
Investments in Securities:
Common Stock	$	1,224,879	$	–	$	(27,838)	$	–	$	–	$	1,197,041
Preferred Stock		62,201,213		–		(14,614,029)		–		–		47,587,184
Total Level 3	$	63,426,092	$	–	$	(14,641,867)	$	–	$	–	$	48,784,225
Selected International Fund
Investments in Securities:
Preferred Stock	$	6,071,004	$	–	$	(1,264,433)	$	–	$	–	$	4,806,571
Total Level 3	$	6,071,004	$	–	$	(1,264,433)	$	–	$	–	$	4,806,571

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

	Fair Value at June 30, 2020		Valuation Technique	Unobservable Input(s)	Amount	Impact to Valuation from an Increase in Input
Selected American Shares
Investments in Securities:
Common Stock	$	1,197,041	Discounted Cash Flow	Annualized Yield	1.266%	Decrease

Preferred Stock		47,587,184	Market Approach	Adjusted Transaction Price	$35.07	Increase
Total Level 3	$	48,784,225
Selected International Fund
Investments in Securities:
Preferred Stock	$	3,732,676	Market Approach	Adjusted Transaction Price	$35.07	Increase

Preferred Stock		1,073,895	Market Approach	Adjusted Transaction Price	$5.00	Increase
Total Level 3	$	4,806,571

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

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	June 30, 2020 (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 on the date of valuation using exchange rates determined as of the close of trading on the Exchange. The cost basis of such assets and liabilities is determined based upon historical exchange rates. Income and expenses are translated at average exchange rates in effect as accrued or incurred.

Foreign Currency - The Funds may enter into forward purchases or sales of foreign currencies to hedge certain foreign currency denominated assets and liabilities against declines in market value relative to the U.S. Dollar. Forward currency contracts are marked-to-market daily and the change in market value is recorded by the Funds as an unrealized gain or loss. When the forward currency contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the forward currency contract at the time it was opened and value at the time it was closed. Investments in forward currency contracts may expose the Funds to risks resulting from unanticipated movements in foreign currency exchange rates or failure of the counter-party to the agreement to perform in accordance with the terms of the contract. There were no forward contracts entered into by the Funds.

Reported net realized foreign exchange gains or losses arise from the sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books, and the U.S. Dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investments in securities at fiscal period 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, 2020, 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 2016.

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

At June 30, 2020, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Selected		Selected
	American Shares		International Fund
Cost	$	937,059,441	$	54,941,754
Unrealized appreciation		706,142,519		15,831,441
Unrealized depreciation		(66,854,811)		(8,032,817)
Net unrealized appreciation	$	639,287,708	$	7,798,624

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	June 30, 2020 (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 [collectively “Distributable earnings (losses)”] may differ for financial statement and tax purposes primarily due to differing treatments of wash sales, foreign currency transactions, 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 Funds in which the amounts are invested.

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	June 30, 2020 (Unaudited)

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, 2020 were as follows:

	Selected American Shares		Selected International Fund
Cost of purchases	$	70,760,855	$	9,516,584
Proceeds from sales		200,668,558		12,086,722

NOTE 3 - FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES)

Davis Selected Advisers-NY, Inc. (“DSA-NY”), a wholly-owned subsidiary of the Adviser, acts as sub-adviser to the Funds. DSA-NY performs research and portfolio management services for the Funds under a Sub-Advisory Agreement with the Adviser. The Funds pay no fees directly to DSA-NY.

All officers of the Funds (including Interested Directors) hold positions as executive officers with the Adviser or its affiliates.

As of June 30, 2020, related shareholders with greater than 20% of outstanding shares were as follows:

Selected American Shares		Selected International Fund
n/a		24%

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

Investment Advisory Fees and Reimbursement of Expenses - Advisory fees are paid monthly to the Adviser. The annual rate for Selected American Shares is 0.55% of the average net assets for the first $3 billion, 0.54% on the next $1 billion, 0.53% on the next $1 billion, 0.52% on the next $1 billion, 0.51% on the next $1 billion, 0.50% on the next $3 billion, and 0.485% of the average net assets in excess of $10 billion. Advisory fees paid during the six months ended June 30, 2020 approximated 0.55% of the average net assets for Selected American Shares. The fixed annual rate for Selected International Fund is 0.55% of the average net assets. The Adviser is contractually committed to waive fees and/or reimburse Selected International Fund’s expenses to the extent necessary to cap total annual Fund operating expenses (Class S shares, 1.15%), until May 1, 2021. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to that date without the consent of the Board of Directors. During the six months ended June 30, 2020, such reimbursements for Class S shares amounted to $12,233, and are not subject to future recoupment.

Transfer Agent and Accounting Fees - DST Asset Manager Solutions, Inc. is the Funds’ primary transfer agent. The Adviser is also paid for certain transfer agent services. The fees paid to the Adviser during the six months ended June 30, 2020 were $77,541 and $6,801 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, 2020, Selected American Shares and Selected International Fund incurred distribution service fees totaling $684,327 and $7,574, respectively.

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

SELECTED FUNDS	Notes to Financial Statements – (Continued)
	June 30, 2020 (Unaudited)

NOTE 4 - CAPITAL STOCK

At June 30, 2020, 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, 2020 (Unaudited)
		Sold			Reinvestment of Distributions		Redeemed*			Net Decrease
Selected American Shares
Shares: Class S		355,753			–		(3,205,734)	^		(2,849,981)
Class D		1,713,574	^		–		(2,603,698)			(890,124)
Value: Class S	$	10,004,847		$	–	$	(104,543,486)	^	$	(94,538,639)
Class D		55,395,117	^		–		(84,292,894)			(28,897,777)

Selected International Fund
Shares: Class S		10,133			–		(19,494)			(9,361)
Class D		31,480			–		(175,557)			(144,077)
Value: Class S	$	107,247			–	$	(222,631)			(115,384)
Class D		357,480			–		(2,029,604)			(1,672,124)

* Selected International Fund: net of redemption fees amounting to $253 for Class D.

^Includes Class S to Class D conversions as disclosed in Note 1 of the Notes to Financial Statements.

	Year ended December 31, 2019
		Sold			Reinvestment of Distributions		Redeemed*			Net Increase (Decrease)
Selected American Shares
Shares: Class S		730,234			1,009,686		(6,014,518)	^		(4,274,598)
Class D		2,972,827	^		1,741,789		(5,012,818)			(298,202)
Value: Class S	$	25,845,798		$	34,940,532	$	(207,774,866)	^	$	(146,988,536)
Class D		102,158,430	^		60,591,717		(174,004,568)			(11,254,421)

Selected International Fund
Shares: Class S		7,757			29,589		(317,021)	^		(279,675)
Class D		310,929	^		269,078		(282,891)			297,116
Value: Class S	$	93,659		$	356,542	$	(3,833,725)	^	$	(3,383,524)
Class D		3,772,872	^		3,258,524		(3,437,958)			3,593,438

* Selected International Fund: net of redemption fees amounting to $110 for Class S.

^Includes Class S to Class D conversions as disclosed in Note 1 of the Notes to Financial Statements.

NOTE 5 - 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, 2020, 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, 2020 (Unaudited)

NOTE 6 - 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 $48,784,225 or 3.10% of the Fund’s net assets as of June 30, 2020. The aggregate value of restricted securities in Selected International Fund amounted to $4,806,571 or 7.66% of the Fund’s net assets as of June 30, 2020. 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, 2020

Selected American Shares	ASAC II L.P.	10/10/13	1,174,606	$	1.00	$	1.0191

	Didi Chuxing Joint Co., Series A, Pfd.	07/27/15	1,161,716	$	27.7507	$	35.07

	Didi Chuxing Joint Co., Series B, Pfd.	05/16/17	195,204	$	50.9321	$	35.07

Selected International Fund	Didi Chuxing Joint Co., Series A, Pfd.	07/27/15	106,435	$	27.7507	$	35.07

	Grab Holdings Inc., Series G, Pfd.	08/02/17	214,779	$	5.5419	$	5.00

NOTE 7 - SIGNIFICANT EVENT

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

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 (Loss)^a	Net Realized and Unrealized Gains (Losses)	Total from Investment Operations
Selected American Shares Class S:
Six months ended June 30, 2020^e	$37.22	$0.09	$(4.41)	$(4.32)
Year ended December 31, 2019	$29.94	$0.19	$8.97	$9.16
Year ended December 31, 2018	$40.53	$0.20	$(5.35)	$(5.15)
Year ended December 31, 2017	$35.76	$0.15	$7.46	$7.61
Year ended December 31, 2016	$36.93	$0.13	$4.06	$4.19
Year ended December 31, 2015	$43.16	$0.20	$1.37	$1.57
Selected American Shares Class D:
Six months ended June 30, 2020^e	$37.29	$0.14	$(4.42)	$(4.28)
Year ended December 31, 2019	$29.99	$0.30	$8.99	$9.29
Year ended December 31, 2018	$40.59	$0.33	$(5.36)	$(5.03)
Year ended December 31, 2017	$35.80	$0.28	$7.47	$7.75
Year ended December 31, 2016	$36.97	$0.25	$4.06	$4.31
Year ended December 31, 2015	$43.13	$0.36	$1.36	$1.72
Selected International Fund Class S:
Six months ended June 30, 2020^e	$12.56	$(0.01)	$(0.62)	$(0.63)
Year ended December 31, 2019	$10.45	$0.04	$2.77	$2.81
Year ended December 31, 2018	$14.44	$0.04	$(3.23)	$(3.19)
Year ended December 31, 2017	$10.45	$(0.03)	$4.02	$3.99
Year ended December 31, 2016	$10.48	$(0.01)	$(0.02)	$(0.03)
Year ended December 31, 2015	$11.12	$0.04	$(0.11)	$(0.07)
Selected International Fund Class D:
Six months ended June 30, 2020^e	$12.62	$–^g	$(0.62)	$(0.62)
Year ended December 31, 2019	$10.50	$0.06	$2.80	$2.86
Year ended December 31, 2018	$14.53	$0.09	$(3.26)	$(3.17)
Year ended December 31, 2017	$10.50	$0.05	$4.03	$4.08
Year ended December 31, 2016	$10.53	$0.04	$(0.03)	$0.01
Year ended December 31, 2015	$11.17	$0.09	$(0.10)	$(0.01)

^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 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

$–	$–	$–	$–	$32.90	(11.61)%	$486	0.99%^f	0.99%^f	0.55%^f	4%
$(0.41)	$(1.47)	$–	$(1.88)	$37.22	31.15%	$656	0.98%	0.98%	0.56%	11%
$(0.19)	$(5.25)	$–	$(5.44)	$29.94	(14.00)%	$656	0.97%	0.97%	0.52%	24%
$(0.15)	$(2.69)	$–	$(2.84)	$40.53	21.77%	$911	0.97%	0.97%	0.39%	13%
$(0.27)	$(5.09)	$–	$(5.36)	$35.76	12.50%	$993	0.97%	0.97%	0.39%	19%
$(0.28)	$(7.52)	$–	$(7.80)	$36.93	3.59%	$1,181	0.95%	0.95%	0.50%	27%

$–	$–	$–	$–	$33.01	(11.48)%	$1,089	0.67%^f	0.67%^f	0.87%^f	4%
$(0.52)	$(1.47)	$–	$(1.99)	$37.29	31.57%	$1,264	0.66%	0.66%	0.88%	11%
$(0.32)	$(5.25)	$–	$(5.57)	$29.99	(13.71)%	$1,025	0.65%	0.65%	0.84%	24%
$(0.27)	$(2.69)	$–	$(2.96)	$40.59	22.18%	$1,344	0.65%	0.65%	0.71%	13%
$(0.39)	$(5.09)	$–	$(5.48)	$35.80	12.83%	$1,391	0.65%	0.64%	0.72%	19%
$(0.36)	$(7.52)	$–	$(7.88)	$36.97	3.96%	$2,131	0.61%	0.61%	0.84%	27%

$–	$–	$–	$–	$11.93	(5.02)%	$6	1.55%^f	1.15%^f	(0.25)%^f	17%
$(0.34)	$(0.36)	$–	$(0.70)	$12.56	27.15%	$7	1.50%	1.15%	0.27%	9%
$(0.01)	$(0.79)	$–	$(0.80)	$10.45	(22.27)%	$9	1.31%	1.26%	0.30%	31%
$–^g	$–	$–	$–^g	$14.44	38.22%	$34	1.28%	1.25%	(0.07)%	12%
$–	$–	$–	$–	$10.45	(0.29)%	$8	1.51%	1.30%	(0.09)%	49%
$(0.04)	$(0.53)	$–	$(0.57)	$10.48	(0.70)%	$9	1.41%	1.30%	0.28%	43%

$–	$–	$–	$–	$12.00	(4.91)%	$56	0.93%^f	0.93%^f	(0.03)%^f	17%
$(0.38)	$(0.36)	$–	$(0.74)	$12.62	27.45%	$61	0.90%	0.90%	0.52%	9%
$(0.07)	$(0.79)	$–	$(0.86)	$10.50	(22.05)%	$48	0.89%	0.89%	0.67%	31%
$(0.05)	$–	$–	$(0.05)	$14.53	38.90%	$69	0.87%	0.87%	0.31%	12%
$(0.04)	$–	$–	$(0.04)	$10.50	0.10%	$52	0.87%	0.83%	0.38%	49%
$(0.10)	$(0.53)	$–	$(0.63)	$10.53	(0.20)%	$74	0.83%	0.83%	0.75%	43%

^e	Unaudited.

^f	Annualized.

^g	Less than $0.005 per share.

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, held in April 2020. As part of this process, Davis Advisors provided the Independent Directors with material (including recent investment performance 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 which 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 interests 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 considerations 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.

In aggregate, Davis Advisors, employees of Davis Advisors, and the Davis family have made significant investments in the Funds. The Independent Directors considered that these investments tend to align Davis Advisors’, Davis Advisors’ employees, and the Davis family’s interests with other shareholders, as they face the same risks, pay the same fees, and are motivated to achieve satisfactory long-term returns.

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’ (a) efforts to minimize transaction costs by generally having a long- term time horizon and low portfolio turnover; (b) focus on tax efficiency; (c) record of generally producing satisfactory results over longer-term periods; (d) efforts towards fostering healthy investor behavior by, among other things, providing informative and substantial educational material; and (e) efforts to promote shareholder interests by actively speaking out on corporate governance issues.

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

The Independent Directors reviewed the management fee schedule for each Fund, the profitability of each Fund to Davis Advisors, the extent to which economies of scale might be realized if the Funds’ net assets increase, and 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 Funds, 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’ advised and sub-advised clients, private account clients, and managed money/wrap clients. To the extent sub-advised, private account, or managed money/wrap fees were lower than fees paid by the Funds, the Independent Directors noted that the range of services provided to the Funds is 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 any differences between the fee rates for the Funds and Davis Advisors’ other lines of business.

Selected American Shares

The Independent Directors noted that Selected American Shares’ Class S shares underperformed its benchmark, the Standard & Poor’s 500^® Index (“S&P 500^®”), over the one-, three-, five-, ten-, and fifteen-year periods and since Davis Advisors took over the daily management of the Fund on May 1, 1993, all periods ended March 31, 2020.

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’s Class D shares outperformed the Performance Universe Average and the Lipper Index over the one-year time period and underperformed both over the two-, three-, four-, five-, and ten-year time periods, all periods ended December 31, 2019.

The Independent Directors also reviewed the Fund’s Class S shares 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 11 out of 23 rolling five-year time periods and outperformed the Lipper Large-Cap Core category in 13 out of 23 rolling five-year time periods, all periods ended December 31 for each year from 1997 through 2019. The Fund outperformed both the S&P 500^® and the Lipper Large-Cap Core category in 10 out of 18 rolling ten-year time periods, all periods ended December 31 for each year from 2002 through 2019.

SELECTED FUNDS

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

Selected American Shares – (Continued)

The Independent Directors considered Selected American Shares’ management fee and total expense ratio. They observed that the Fund’s Class D shares current management fee was reasonable and below the average and median of its expense group, as determined by Broadridge. 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-, five-, ten-year, and since inception periods, and underperformed over the fifteen-year period, all periods ended March 31, 2020.

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. The Fund’s Class D shares outperformed the Performance Universe Average and the Lipper Index over the one-, four-, and five-year time periods; underperformed both over the two- and ten-year time periods; outperformed the Lipper Index over the three-year time period; and underperformed the Performance Universe Average over the three-year time period; all periods ended December 31, 2019.

The Independent Directors also reviewed the Fund’s Class S shares performance versus both the MSCI ACWI^® ex USA and the Lipper International Multi-Cap Growth category when measured over each rolling five-year time frame since its investment strategy change in 2011. The Fund outperformed the MSCI ACWI^® ex USA in 4 out of 4 rolling five-year time periods and outperformed the Lipper International Multi-Cap Growth category in 3 out of 4 rolling five-year time periods, all periods ended December 31 for each year from 2016 through 2019.

The Independent Directors considered Selected International Fund’s management fee and total expense ratio. They observed that the Fund’s Class D shares’ current contractual management fee was reasonable and below the average and median of its expense group, as determined by Broadridge. The Independent Directors also noted that the Adviser has capped expenses of Class S shares through May 1, 2021, 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 is in the best interests of each Fund and their shareholders. The Independent Directors and the full Board of Directors therefore voted to continue the Advisory Agreements.

SELECTED FUNDS

Liquidity Risk Management Program

Following is a description of the operation and effectiveness of the Liquidity Risk Management Program (“LRMP”) that was adopted by the Board of Directors (the “Board”) in accordance with Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Liquidity Rule is meant to promote effective liquidity risk management practices in order to reduce the likelihood that a fund would be unable to meet its redemption obligations.

The Board has appointed Davis Selected Advisers, L.P. (the “Adviser”) to serve as the Administrator of the LRMP, subject to the supervision of the Board. The Adviser has engaged a third party to perform certain functions, including the production of liquidity classification model information.

The Adviser monitors the adequacy and effectiveness of the implementation of the LRMP on an ongoing basis. This monitoring includes a review of the Funds’ liquidity risk based on a variety of factors including the Funds’ (1) investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, and (4) borrowing arrangements and other funding sources. The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires a fund that does not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the funds’ net assets in highly liquid investments (highly liquid investment minimum or HLIM). The LRMP includes provisions and safeguards that are reasonably designed to comply with the 15% limit on illiquid investments and the Funds are currently classified as Funds that primarily hold highly liquid investments. The LRMP includes the classification, no less than monthly, of the Funds’ investments into one of four liquidity classifications as provided for in the Liquidity Rule.

At a recent meeting of the Funds’ Board of Directors, the Adviser provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the LRMP from the inception of the LRMP through March 31, 2020. The report concluded that the LRMP has been implemented and is operating effectively and is reasonably designed to assess and manage the Funds’ liquidity risk. There can be no guarantee that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Funds, including liquidity risks presented by the Funds’ investment portfolio, is found in the Funds’ Prospectus and Statement of Additional Information.

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. After turning 75, each Director will be annually reviewed by the Independent Directors, and a majority of the Independent Directors (with such Director abstaining) may request such Director’s resignation as of the last business day of the year. Subject to further exceptions and exemptions that may be granted by the Independent Directors, Directors must retire from the Board and cease being a Director at the close of business on the last day of the calendar year in which the Director attains age 80.

Name, Date of Birth,

Position(s) Held with Funds,

Length of Service

Principal Occupation(s) During Past Five Years

Number of

Portfolios

Overseen

Other Directorships

Independent Directors


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

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

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

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

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

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

Interested Directors*


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

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

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

Officers

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

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

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

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

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

Randi J. Roessler (born 06/26/81, Selected Funds officer since 2018). Vice President and Chief Compliance Officer of Selected Funds (consisting of two portfolios), Davis Funds (consisting of 13 portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of four portfolios); Vice President and Chief Compliance Officer, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.

SELECTED FUNDS

Investment Adviser

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

Distributor

Davis Distributors, LLC

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

Custodian

State Street Bank and Trust Co.

c/o The Selected Funds

One Lincoln Street

Boston, Massachusetts 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

c/o The Selected Funds

P.O. Box 219662

Kansas City, Missouri 64121-9662

Overnight Address:

430 West 7th Street, Suite 219662

Kansas City, Missouri 64105-1407

Legal Counsel

Greenberg Traurig, LLP

77 West Wacker Drive, Suite 3100

Chicago, Illinois 60601

Independent Registered Public Accounting Firm

KPMG LLP

1225 17th Street, Suite 800

Denver, Colorado 80202

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

ITEM 2. CODE OF ETHICS

Not Applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The registrant’s board of directors has determined that independent trustee Katherine MacWilliams qualifies as the “audit committee financial expert”, as defined in Item 3 of form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not Applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not Applicable

ITEM 6. SCHEDULE OF INVESTMENTS

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

(b)	Not Applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not Applicable

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not Applicable

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS

Not Applicable

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no changes to the procedure by which shareholders may recommend nominees to the registrant’s Board of Trustees.

ITEM 11. CONTROLS AND PROCUDURES

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2 (c) under the Investment Company Act of 1940, as amended) are effective as of a date within 90 days of the filing date of this report.

(b)

There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not Applicable.

ITEM 13. EXHIBITS

(a)(1)	Not Applicable

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

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SELECTED AMERICAN SHARES, INC.

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

Date: August 19, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date: August 19, 2020

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

Date: August 19, 2020

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 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