Selected International Fund Class S NPORTP Selected International Fund (Sep 2019 report)

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC.	September 30, 2019 (Unaudited)

						Shares/Units		Value
COMMON STOCK – (95.79%)
	COMMUNICATION SERVICES – (14.24%)
		Media & Entertainment – (14.04%)
				Alphabet Inc., Class A *			48,494	$	59,217,963
				Alphabet Inc., Class C *			84,000		102,396,000
				ASAC II L.P. *(a)(b)			1,174,606		1,217,126
				Facebook, Inc., Class A *			429,458		76,477,881
				Liberty Global plc, Series C *			497,120		11,826,485
				Liberty Latin America Ltd., Class C *			124,489		2,128,139
				Liberty TripAdvisor Holdings, Inc., Series A *			54,263		510,615
									253,774,209
		Telecommunication Services – (0.20%)
				GCI Liberty, Inc., Class A *			58,656		3,640,778
					Total Communication Services				257,414,987
	CONSUMER DISCRETIONARY – (15.92%)
		Automobiles & Components – (0.81%)
				Adient plc *			635,395		14,588,669
		Consumer Durables & Apparel – (0.38%)
				Hunter Douglas N.V. (Netherlands)			105,750		6,869,630
		Consumer Services – (4.07%)
				New Oriental Education & Technology Group, Inc., ADR (China)*			664,690		73,621,064
		Retailing – (10.66%)
				Alibaba Group Holding Ltd., ADR (China)*			302,737		50,626,708
				Amazon.com, Inc. *			54,716		94,982,052
				Booking Holdings Inc. *			7,907		15,518,357
				Expedia Group, Inc.			14,360		1,930,128
				Naspers Ltd. - N (South Africa)			122,400		18,548,308
				Prosus N.V., Class N (Netherlands)*			122,400		8,985,158
				Qurate Retail, Inc., Series A *			191,545		1,975,787
									192,566,498
					Total Consumer Discretionary				287,645,861
	ENERGY – (4.55%)
				Apache Corp.			1,980,967		50,712,755
				Encana Corp. (Canada)			2,934,503		13,498,714
				Magnolia Oil & Gas Corp., Class A *			1,617,443		17,953,617
					Total Energy				82,165,086
	FINANCIALS – (38.43%)
		Banks – (14.74%)
				Danske Bank A/S (Denmark)			1,054,000		14,676,095
				DBS Group Holdings Ltd. (Singapore)			1,410,600		25,514,597
				JPMorgan Chase & Co.			718,386		84,546,848
				U.S. Bancorp			578,290		32,002,569
				Wells Fargo & Co.			2,172,230		109,567,281
									266,307,390
		Diversified Financials – (19.15%)
			Capital Markets – (3.89%)
				Bank of New York Mellon Corp.			1,553,465		70,232,153
			Consumer Finance – (9.17%)
				American Express Co.			585,958		69,307,112

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	September 30, 2019 (Unaudited)

							Shares		Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Diversified Financials – (Continued)
			Consumer Finance – (Continued)
				Capital One Financial Corp.				1,060,155	$	96,452,902
										165,760,014
			Diversified Financial Services – (6.09%)
				Berkshire Hathaway Inc., Class A *				353		110,076,696
										346,068,863
		Insurance – (4.54%)
			Life & Health Insurance – (1.92%)
				AIA Group Ltd. (Hong Kong)				3,680,280		34,771,009
			Property & Casualty Insurance – (2.62%)
				Chubb Ltd.				168,671		27,230,246
				Loews Corp.				224,704		11,567,762
				Markel Corp. *				7,258		8,578,230
										47,376,238
										82,147,247
						Total Financials				694,523,500
	HEALTH CARE – (3.43%)
		Health Care Equipment & Services – (3.43%)
				CVS Health Corp.				335,643		21,169,004
				Quest Diagnostics Inc.				381,110		40,790,203
						Total Health Care				61,959,207
	INDUSTRIALS – (7.09%)
		Capital Goods – (7.09%)
				Ferguson PLC (United Kingdom)				444,916		32,516,429
				Orascom Construction PLC (United Arab Emirates)				524,614		3,200,146
				United Technologies Corp.				677,440		92,484,109
						Total Industrials				128,200,684
	INFORMATION TECHNOLOGY – (12.13%)
		Semiconductors & Semiconductor Equipment – (9.83%)
				Applied Materials, Inc.				1,783,280		88,985,672
				Intel Corp.				638,000		32,876,140
				Texas Instruments Inc.				431,493		55,766,155
										177,627,967
		Software & Services – (2.30%)
				Microsoft Corp.				205,900		28,626,277
				Oracle Corp.				234,115		12,883,349
										41,509,626
						Total Information Technology				219,137,593
					TOTAL COMMON STOCK – (Identified cost $1,109,906,589)					1,731,046,918

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	September 30, 2019 (Unaudited)

								Shares/Principal			Value
PREFERRED STOCK – (3.82%)
	INDUSTRIALS – (3.82%)
		Transportation – (3.82%)
				Didi Chuxing Joint Co., Series A (China)*(a)(b)						1,161,716	$	59,168,635
				Didi Chuxing Joint Co., Series B (China)*(a)(b)						195,204		9,942,150
							Total Industrials					69,110,785
						TOTAL PREFERRED STOCK – (Identified cost $42,180,623)						69,110,785
SHORT-TERM INVESTMENTS – (0.79%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 2.55%, 10/01/19, dated 09/30/19, repurchase value of $6,375,452 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-4.50%, 10/29/19-11/01/38, total market value $6,502,500)					$	6,375,000		6,375,000
				Nomura Securities International, Inc. Joint Repurchase Agreement, 2.38%, 10/01/19, dated 09/30/19, repurchase value of $1,494,099 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-4.50%, 10/01/48-04/20/49, total market value $1,523,880)						1,494,000		1,494,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 2.45%, 10/01/19, dated 09/30/19, repurchase value of $6,375,434 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-5.00%, 10/01/42-10/01/49, total market value $6,502,500)						6,375,000		6,375,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $14,244,000)						14,244,000
					Total Investments – (100.40%) – (Identified cost $1,166,331,212)							1,814,401,703
					Liabilities Less Other Assets – (0.40%)							(7,258,729)
						Net Assets – (100.00%)					$	1,807,142,974

	ADR: American Depositary Receipt

	*		Non-income producing security.

	(a)		Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Board of Directors. The aggregate value of restricted securities amounted to $70,327,911 or 3.89% of the Fund's net assets as of September 30, 2019.

	(b)		The value of this security was determined using significant unobservable inputs.

Please refer to “Notes to Schedule of Investments” on page 7 for the Fund’s policy regarding valuation of investments.

For information regarding the Fund’s other significant accounting policies, please refer to the Fund’s most recent Semi-Annual or Annual Shareholder Report.

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC.	September 30, 2019 (Unaudited)

						Shares/Units		Value
COMMON STOCK – (86.73%)
	COMMUNICATION SERVICES – (2.39%)
		Media & Entertainment – (2.39%)
				58.com Inc., Class A, ADR (China)*			1,566	$	77,220
				Baidu, Inc., Class A, ADR (China)*			2,627		269,951
				Fang Holdings Ltd., Class A, ADR (China)*			40,702		90,358
				iQIYI, Inc., Class A, ADR (China)*			66,140		1,066,838
					Total Communication Services				1,504,367
	CONSUMER DISCRETIONARY – (33.38%)
		Consumer Durables & Apparel – (1.23%)
				Hunter Douglas N.V. (Netherlands)			11,944		775,895
		Consumer Services – (9.72%)
				New Oriental Education & Technology Group, Inc., ADR (China)*			53,966		5,977,274
				Tarena International, Inc., Class A, ADR (China)*			133,470		132,135
									6,109,409
		Retailing – (22.43%)
				Alibaba Group Holding Ltd., ADR (China)*			26,810		4,483,436
				JD.com, Inc., Class A, ADR (China)*			112,355		3,169,535
				Meituan Dianping, Class B (China)*			167,387		1,710,668
				Naspers Ltd. - N (South Africa)			21,014		3,184,429
				Prosus N.V., Class N (Netherlands)*			21,014		1,542,599
									14,090,667
					Total Consumer Discretionary				20,975,971
	ENERGY – (3.76%)
				Encana Corp. (Canada)			281,785		1,296,211
				Seven Generations Energy Ltd., Class A (Canada)*			167,560		1,064,917
					Total Energy				2,361,128
	FINANCIALS – (21.41%)
		Banks – (11.43%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			60,570		1,795,295
				Danske Bank A/S (Denmark)			58,340		812,337
				DBS Group Holdings Ltd. (Singapore)			140,770		2,546,214
				DNB ASA (Norway)			95,600		1,683,940
				Metro Bank PLC (United Kingdom)*			138,430		340,413
									7,178,199
		Diversified Financials – (3.51%)
			Capital Markets – (2.92%)
				Julius Baer Group Ltd. (Switzerland)			21,980		973,855
				Noah Holdings Ltd., ADS (China)*			29,384		858,013
									1,831,868
			Consumer Finance – (0.59%)
				Yiren Digital Ltd., ADR (China)*			53,220		373,604
									2,205,472
		Insurance – (6.47%)
			Life & Health Insurance – (1.92%)
				AIA Group Ltd. (Hong Kong)			127,540		1,204,988
			Multi-line Insurance – (4.55%)
				Sul America S.A. (Brazil)			249,137		2,860,763
									4,065,751
					Total Financials				13,449,422

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	September 30, 2019 (Unaudited)

						Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (20.82%)
		Capital Goods – (12.98%)
			Brenntag AG (Germany)					12,244	$	592,534
			Ferguson PLC (United Kingdom)					46,842		3,423,420
			Safran S.A. (France)					10,701		1,684,801
			Schneider Electric SE (France)					27,974		2,454,467
										8,155,222
		Commercial & Professional Services – (1.47%)
			China Index Holdings Ltd., ADR (China)*					237,202		925,088
		Transportation – (6.37%)
			Azul S.A., ADR (Brazil)*					15,000		537,300
			InterGlobe Aviation Ltd. (India)					130,267		3,461,315
										3,998,615
					Total Industrials					13,078,925
	INFORMATION TECHNOLOGY – (4.97%)
		Technology Hardware & Equipment – (4.97%)
			Hollysys Automation Technologies Ltd. (China)					205,510		3,121,697
					Total Information Technology					3,121,697
				TOTAL COMMON STOCK – (Identified cost $51,481,273)						54,491,510
PREFERRED STOCK – (10.74%)
	INDUSTRIALS – (10.74%)
		Transportation – (10.74%)
			Didi Chuxing Joint Co., Series A (China)*(a)(b)					106,435		5,420,958
			Grab Holdings Inc., Series G (Singapore)*(a)(b)					214,779		1,323,662
					Total Industrials					6,744,620
				TOTAL PREFERRED STOCK – (Identified cost $4,143,934)						6,744,620
SHORT-TERM INVESTMENTS – (2.55%)
			INTL FCStone Financial Inc. Joint Repurchase Agreement, 2.55%, 10/01/19, dated 09/30/19, repurchase value of $718,051 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-4.50%, 10/29/19-11/01/38, total market value $732,360)				$	718,000		718,000
			Nomura Securities International, Inc. Joint Repurchase Agreement, 2.38%, 10/01/19, dated 09/30/19, repurchase value of $169,011 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-4.50%, 10/01/48-02/15/52, total market value $172,380)					169,000		169,000
			SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 2.45%, 10/01/19, dated 09/30/19, repurchase value of $718,049 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-3.50%, 02/01/43-10/01/49, total market value $732,360)					718,000		718,000
				TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,605,000)						1,605,000

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	September 30, 2019 (Unaudited)

			Total Investments – (100.02%) – (Identified cost $57,230,207)		$	62,841,130
			Liabilities Less Other Assets – (0.02%)			(13,679)
				Net Assets – (100.00%)	$	62,827,451

	ADR: American Depositary Receipt

	ADS: American Depositary Share

	*	Non-income producing security.

	(a)	Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Board of Directors. The aggregate value of restricted securities amounted to $6,744,620 or 10.74% of the Fund's net assets as of September 30, 2019.

	(b)	The value of this security was determined using significant unobservable inputs.

Please refer to “Notes to Schedule of Investments” on page 7 for the Fund’s policy regarding valuation of investments.

For information regarding the Fund’s other significant accounting policies, please refer to the Fund’s most recent Semi-Annual or Annual Shareholder Report.

SELECTED FUNDS	Notes to Schedule of Investments
	September 30, 2019 (Unaudited)

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

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

The Funds’ valuation procedures are reviewed and subject to approval by the Board of Directors. There have been no significant changes to the fair valuation procedures during the period.

Fair Value Measurements - Fair value is defined as the price that the Funds would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the Funds’ investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment

speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security.

SELECTED FUNDS	Notes to Schedule of Investments – (Continued)
	September 30, 2019 (Unaudited)

Fair Value Measurements – (Continued)

The following is a summary of the inputs used as of September 30, 2019 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	$	256,197,861	$	1,504,367
Consumer Discretionary		287,645,861		20,975,971
Energy		82,165,086		2,361,128
Financials		694,523,500		13,449,422
Health Care		61,959,207		–
Industrials		128,200,684		13,078,925
Information Technology		219,137,593		3,121,697
Materials		–		–
Total Level 1		1,729,829,792		54,491,510
Level 2 – Other Significant Observable Inputs:
Short-term securities		14,244,000		1,605,000
Total Level 2		14,244,000		1,605,000
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services		1,217,126		–
Preferred Stock:
Industrials		69,110,785		6,744,620
Total Level 3		70,327,911		6,744,620
Total Investments	$	1,814,401,703	$	62,841,130

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the nine months ended September 30, 2019. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at September 30, 2019 was $6,083,189 and $471,731 for Selected American Shares and Selected International Fund, respectively. There were no transfers of investments into or out of Level 3 of the fair value hierarchy during the period. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges.

	Beginning Balance January 1, 2019		Cost of Purchases		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Proceeds from Sales		Ending Balance September 30, 2019
Selected American Shares
Investments in Securities:
Common Stock	$	1,147,942	$	–	$	69,184	$	–	$	–	$	1,217,126
Preferred Stock		63,096,780		–		6,014,005		–		–		69,110,785
Total Level 3	$	64,244,722	$	–	$	6,083,189	$	–	$	–	$	70,327,911
Selected International Fund
Investments in Securities:
Preferred Stock	$	6,272,889	$	–	$	471,731	$	–	$	–	$	6,744,620
Total Level 3	$	6,272,889	$	–	$	471,731	$	–	$	–	$	6,744,620

SELECTED FUNDS	Notes to Schedule of Investments – (Continued)
	September 30, 2019 (Unaudited)

Fair Value Measurements – (Continued)

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

	Fair Value at		Valuation	Unobservable		Impact to Valuation from
	September 30, 2019		Technique	Input(s)	Amount	an Increase in Input
Selected American Shares
Investments in Securities:
Common Stock	$	1,217,126	Discounted Cash Flow	Annualized Yield	2.792%	Decrease

Preferred Stock		69,110,785	Market Approach	Transaction Price	$50.9321	Increase
Total Level 3	$	70,327,911
Selected International Fund
Investments in Securities:
Preferred Stock	$	5,420,958	Market Approach	Transaction Price	$50.9321	Increase

Preferred Stock		1,323,662	Market Approach	Transaction Price	$6.1629	Increase
Total Level 3	$	6,744,620

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

Federal Income Taxes

At September 30, 2019, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Selected		Selected
	American Shares		International Fund
Cost	$	1,166,947,462	$	57,276,309
Unrealized appreciation		772,132,988		14,543,341
Unrealized depreciation		(124,678,747)		(8,978,520)
Net unrealized appreciation	$	647,454,241	$	5,564,821

Selected International Fund Class S (SLSSX) NPORT-PSelected International Fund (Sep 2019 report)