Selected International Fund Class S (SLSSX) NPORT-P Selected International Fund (Mar 2022 report)

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC.	March 31, 2022 (Unaudited)

						Shares/Units		Value
COMMON STOCK – (98.37%)
	COMMUNICATION SERVICES – (13.61%)
		Media & Entertainment – (13.02%)
				Alphabet Inc., Class A  *			31,024	$	86,288,602
				Alphabet Inc., Class C  *			19,185		53,583,513
				ASAC II L.P.  *(a)(b)			1,174,606		1,193,517
				IAC/InterActiveCorp  *			188,070		18,859,660
				Liberty TripAdvisor Holdings, Inc., Series A  *			45,573		93,425
				Meta Platforms, Inc., Class A  *			326,178		72,528,940
				Vimeo, Inc.  *			317,718		3,774,490
									236,322,147
		Telecommunication Services – (0.59%)
				Liberty Global plc, Series C  *			417,450		10,816,129
					Total Communication Services				247,138,276
	CONSUMER DISCRETIONARY – (9.84%)
		Retailing – (9.84%)
				Alibaba Group Holding Ltd., ADR  (China)*			162,800		17,712,640
				Amazon.com, Inc.  *			29,226		95,275,298
				Coupang, Inc., Class A  (South Korea)*			799,679		14,138,325
				JD.com, Inc., Class A, ADR  (China)*			513,001		29,687,368
				Naspers Ltd. - N  (South Africa)			22,372		2,526,745
				Prosus N.V., Class N  (Netherlands)			329,309		17,758,914
				Vroom, Inc.  *			544,420		1,448,157
					Total Consumer Discretionary				178,547,447
	CONSUMER STAPLES – (1.22%)
		Food & Staples Retailing – (0.01%)
				Missfresh Ltd., Class B, ADS  (China)*			133,690		120,883
		Food, Beverage & Tobacco – (1.21%)
				Darling Ingredients Inc.  *			273,580		21,990,360
					Total Consumer Staples				22,111,243
	FINANCIALS – (47.47%)
		Banks – (20.52%)
				Danske Bank A/S  (Denmark)			1,559,360		25,940,078
				DBS Group Holdings Ltd.  (Singapore)			2,391,584		62,664,768
				JPMorgan Chase & Co.			472,316		64,386,117
				U.S. Bancorp			1,358,120		72,184,078
				Wells Fargo & Co.			3,040,380		147,336,815
									372,511,856
		Diversified Financials – (20.70%)
			Capital Markets – (3.78%)
				Bank of New York Mellon Corp.			1,384,415		68,708,516
			Consumer Finance – (8.41%)
				American Express Co.			112,628		21,061,436
				Capital One Financial Corp.			1,002,695		131,643,827
									152,705,263
			Diversified Financial Services – (8.51%)
				Berkshire Hathaway Inc., Class A  *			292		154,444,932
									375,858,711
		Insurance – (6.25%)
			Life & Health Insurance – (3.41%)
				AIA Group Ltd.  (Hong Kong)			3,536,680		36,929,579

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SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	March 31, 2022 (Unaudited)

							Shares		Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Life & Health Insurance – (Continued)
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)				3,575,000	$	24,993,055
										61,922,634
			Property & Casualty Insurance – (2.84%)
				Chubb Ltd.				141,641		30,297,010
				Loews Corp.				188,694		12,231,145
				Markel Corp.  *				6,098		8,996,013
										51,524,168
										113,446,802
						Total Financials				861,817,369
	HEALTH CARE – (7.59%)
		Health Care Equipment & Services – (4.92%)
				Cigna Corp.				277,580		66,510,944
				Quest Diagnostics Inc.				165,970		22,714,654
										89,225,598
		Pharmaceuticals, Biotechnology & Life Sciences – (2.67%)
				Viatris Inc.				4,458,130		48,504,455
						Total Health Care				137,730,053
	INDUSTRIALS – (0.80%)
		Capital Goods – (0.08%)
				Orascom Construction PLC  (United Arab Emirates)				346,251		1,454,399
		Transportation – (0.72%)
				DiDi Global Inc., Class A, ADS  (China)*				5,250,460		13,126,150
						Total Industrials				14,580,549
	INFORMATION TECHNOLOGY – (16.48%)
		Semiconductors & Semiconductor Equipment – (14.98%)
				Applied Materials, Inc.				992,350		130,791,730
				Intel Corp.				1,507,360		74,704,761
				Texas Instruments Inc.				362,343		66,482,694
										271,979,185
		Software & Services – (1.50%)
				Microsoft Corp.				88,390		27,251,521
						Total Information Technology				299,230,706
	MATERIALS – (1.36%)
				Teck Resources Ltd., Class B  (Canada)				613,360		24,773,610
						Total Materials				24,773,610
					TOTAL COMMON STOCK – (Identified cost $986,009,909)					1,785,929,253
PREFERRED STOCK – (0.69%)
	CONSUMER DISCRETIONARY – (0.69%)
		Retailing – (0.69%)
				Chengxin Technology, Inc., Series A-1  (China)*(a)(b)				1,597,009		10,779,811
				Full Trillion Development Ltd., Class A  (China)*(a)(b)				252,991		1,707,689
						Total Consumer Discretionary				12,487,500
					TOTAL PREFERRED STOCK – (Identified cost $18,500,000)					12,487,500

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SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	March 31, 2022 (Unaudited)

						Principal			Value
SHORT-TERM INVESTMENTS – (0.91%)
			StoneX Financial Inc. Joint Repurchase Agreement, 0.30%, 04/01/22, dated 03/31/22, repurchase value of $4,481,037 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-6.50%, 10/06/22-03/15/57, total market value $4,570,620)				$	4,481,000	$	4,481,000
			Truist Securities, Inc. Joint Repurchase Agreement, 0.29%, 04/01/22, dated 03/31/22, repurchase value of $12,074,097 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 1.22%-4.50%, 12/01/26-03/01/52, total market value $12,315,480)					12,074,000		12,074,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $16,555,000)					16,555,000
				Total Investments – (99.97%) – (Identified cost $1,021,064,909)						1,814,971,753
				Other Assets Less Liabilities – (0.03%)						539,971
					Net Assets – (100.00%)				$	1,815,511,724
	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 $13,681,017 or 0.75% of the Fund's net assets as of March 31, 2022.
	(b)	The value of this security was determined using significant unobservable inputs.
Please refer to “Notes to Schedule of Investments” on page 6 for the Fund’s policy regarding valuation of investments.
For information regarding the Fund’s other significant accounting policies, please refer to the Fund’s most recent Semi-Annual or Annual Shareholder Report.

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SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC.	March 31, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (98.64%)
	COMMUNICATION SERVICES – (4.12%)
		Media & Entertainment – (4.12%)
				Baidu, Inc., Class A, ADR  (China)*			9,737	$	1,288,205
				Fang Holdings Ltd., Class A, ADR  (China)*			4,070		14,367
				iQIYI, Inc., Class A, ADR  (China)*			160,740		729,760
					Total Communication Services				2,032,332
	CONSUMER DISCRETIONARY – (24.17%)
		Consumer Durables & Apparel – (3.38%)
				Fila Holdings Corp.  (South Korea)			64,809		1,667,503
		Retailing – (20.79%)
				Alibaba Group Holding Ltd., ADR  (China)*			19,200		2,088,960
				Coupang, Inc., Class A  (South Korea)*			23,940		423,259
				JD.com, Inc., Class A, ADR  (China)*			56,115		3,247,375
				Meituan, Class B  (China)*			99,687		1,888,464
				Naspers Ltd. - N  (South Africa)			13,044		1,473,220
				Prosus N.V., Class N  (Netherlands)			21,014		1,133,239
									10,254,517
					Total Consumer Discretionary				11,922,020
	FINANCIALS – (47.10%)
		Banks – (28.12%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			86,360		3,098,597
				Danske Bank A/S  (Denmark)			241,572		4,018,569
				DBS Group Holdings Ltd.  (Singapore)			183,420		4,806,008
				DNB Bank ASA  (Norway)			78,894		1,783,709
				Metro Bank PLC  (United Kingdom)*			138,430		162,131
									13,869,014
		Diversified Financials – (6.39%)
			Capital Markets – (6.39%)
				Julius Baer Group Ltd.  (Switzerland)			42,540		2,462,831
				Noah Holdings Ltd., Class A, ADS  (China)*			29,384		691,406
									3,154,237
		Insurance – (12.59%)
			Life & Health Insurance – (12.59%)
				AIA Group Ltd.  (Hong Kong)			322,740		3,370,011
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)			406,000		2,838,372
									6,208,383
					Total Financials				23,231,634
	INDUSTRIALS – (2.69%)
		Commercial & Professional Services – (0.53%)
				China Index Holdings Ltd., Class A, ADR  (China)*			237,202		260,922
		Transportation – (2.16%)
				DiDi Global Inc., Class A, ADS  (China)*			425,740		1,064,350
					Total Industrials				1,325,272
	INFORMATION TECHNOLOGY – (19.01%)
		Semiconductors & Semiconductor Equipment – (5.77%)
				Tokyo Electron Ltd.  (Japan)			5,540		2,845,128
		Technology Hardware & Equipment – (13.24%)
				Hollysys Automation Technologies Ltd.  (China)*			205,510		3,281,995

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SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	March 31, 2022 (Unaudited)

								Shares		Value
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (CONTINUED)
		Technology Hardware & Equipment – (Continued)
				Samsung Electronics Co., Ltd.  (South Korea)					56,750	$	3,247,403
											6,529,398
							Total Information Technology				9,374,526
	MATERIALS – (1.55%)
				Teck Resources Ltd., Class B  (Canada)					18,940		764,987
							Total Materials				764,987
						TOTAL COMMON STOCK – (Identified cost $49,113,290)					48,650,771
					Total Investments – (98.64%) – (Identified cost $49,113,290)						48,650,771
					Other Assets Less Liabilities – (1.36%)						671,597
						Net Assets – (100.00%)				$	49,322,368
	ADR: American Depositary Receipt
	ADS: American Depositary Share
	*		Non-income producing security.
Please refer to “Notes to Schedule of Investments” on page 6 for the Fund’s policy regarding valuation of investments.
For information regarding the Fund’s other significant accounting policies, please refer to the Fund’s most recent Semi-Annual or Annual Shareholder Report.

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SELECTED FUNDS	Notes to Schedule of Investments
	March 31, 2022 (Unaudited)

Security Valuation - The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange (“Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds’ assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what Davis Selected Advisers, L.P. (“Adviser”), the Funds’ investment adviser, identifies as a significant event occurring before the Funds’ assets are valued, but after the close of their respective exchanges will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the 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 for 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 investments 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.

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SELECTED FUNDS	Notes to Schedule of Investments – (Continued)
	March 31, 2022 (Unaudited)

Fair Value Measurements – (Continued)

The following is a summary of the inputs used as of March 31, 2022 in valuing each Fund’s investments carried at value:

	Investments in Securities at Value
	Selected		Selected
	American Shares		International Fund
Valuation Inputs
Level 1 – Quoted Prices:
Common Stock:
Communication Services	$	245,944,759	$	2,032,332
Consumer Discretionary		158,261,788		5,759,594
Consumer Staples		22,111,243		–
Financials		711,289,889		3,790,003
Health Care		137,730,053		–
Industrials		13,126,150		1,325,272
Information Technology		299,230,706		3,281,995
Materials		24,773,610		764,987
Total Level 1		1,612,468,198		16,954,183
Level 2 – Other Significant Observable Inputs:
Common Stock:*
Consumer Discretionary		20,285,659		6,162,426
Financials		150,527,480		19,441,631
Industrials		1,454,399		–
Information Technology		–		6,092,531
Short-Term Investments		16,555,000		–
Total Level 2		188,822,538		31,696,588
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services		1,193,517		–
Preferred Stock:
Consumer Discretionary		12,487,500		–
Total Level 3		13,681,017		–
Total Investments	$	1,814,971,753	$	48,650,771

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

The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the three months ended March 31, 2022. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at March 31, 2022 was $(1,387,500) for Selected American Shares. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges.

	Beginning Balance January 1, 2022		Cost of Purchases		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Transfers into Level 3		Transfers out of Level 3		Ending Balance March 31, 2022
Selected American Shares
Investments in Securities:
Common Stock	$	1,193,517	$	–	$	–	$	–	$	–	$	–	$	1,193,517
Preferred Stock		13,875,000		–		(1,387,500)		–		–		–		12,487,500
Total Level 3	$	15,068,517	$	–	$	(1,387,500)	$	–	$	–	$	–	$	13,681,017

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SELECTED FUNDS	Notes to Schedule of Investments – (Continued)
	March 31, 2022 (Unaudited)

            Fair Value Measurements – (Continued)

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

	Fair Value at		Valuation	Unobservable		Impact to Valuation from
	March 31, 2022		Technique	Input	Amount	an Increase in Input
Selected American Shares
Investments in Securities:
Common Stock	$	1,193,517	Discounted Cash Flow	Annualized Yield	1.726%	Decrease
Preferred Stock		12,487,500	Market Approach	Adjusted Transaction Price	$6.75	Increase
Total Level 3	$	13,681,017

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 input is attributable to private securities and includes 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 March 31, 2022, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Selected		Selected
	American Shares		International Fund
Cost	$	1,024,853,841	$	50,763,298
Unrealized appreciation		913,970,722		7,688,648
Unrealized depreciation		(123,852,810)		(9,801,175)
Net unrealized appreciation (depreciation)	$	790,117,912	$	(2,112,527)

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