STONEX REPO REPO

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC.	September 30, 2021 (Unaudited)

						Shares/Units		Value
COMMON STOCK – (98.77%)
	COMMUNICATION SERVICES – (14.43%)
		Media & Entertainment – (13.79%)
				Alphabet Inc., Class A *			32,284	$	86,311,920
				Alphabet Inc., Class C *			19,955		53,186,261
				ASAC II L.P. *(a)(b)			1,174,606		1,201,386
				Facebook, Inc., Class A *			294,838		100,065,069
				IAC/InterActiveCorp *			195,700		25,497,753
				Liberty TripAdvisor Holdings, Inc., Series A *			47,423		146,537
				Vimeo, Inc. *			317,718		9,331,378
									275,740,304
		Telecommunication Services – (0.64%)
				Liberty Global plc, Series C *			434,380		12,796,835
					Total Communication Services				288,537,139
	CONSUMER DISCRETIONARY – (10.32%)
		Retailing – (10.32%)
				Amazon.com, Inc. *			30,406		99,884,926
				Coupang, Inc., Class A (South Korea)*			498,789		13,891,274
				JD.com, Inc., Class A, ADR (China)*			685,000		49,484,400
				Naspers Ltd. - N (South Africa)			23,292		3,849,695
				Prosus N.V., Class N (Netherlands)			340,289		27,237,067
				Vroom, Inc. *			544,420		12,015,349
					Total Consumer Discretionary				206,362,711
	CONSUMER STAPLES – (1.01%)
		Food & Staples Retailing – (0.03%)
				Missfresh Ltd., Class B, ADS (China)*			136,340		594,442
		Food, Beverage & Tobacco – (0.98%)
				Darling Ingredients Inc. *			273,580		19,670,402
					Total Consumer Staples				20,264,844
	FINANCIALS – (47.38%)
		Banks – (19.77%)
				Danske Bank A/S (Denmark)			1,559,360		26,269,165
				DBS Group Holdings Ltd. (Singapore)			2,422,884		53,687,740
				JPMorgan Chase & Co.			491,466		80,448,070
				U.S. Bancorp			1,413,200		84,000,608
				Wells Fargo & Co.			3,251,000		150,878,910
									395,284,493
		Diversified Financials – (22.09%)
			Capital Markets – (3.74%)
				Bank of New York Mellon Corp.			1,440,555		74,678,371
			Consumer Finance – (12.10%)
				American Express Co.			430,738		72,161,537
				Capital One Financial Corp.			1,048,245		169,784,243
									241,945,780
			Diversified Financial Services – (6.25%)
				Berkshire Hathaway Inc., Class A *			304		125,059,213
									441,683,364
		Insurance – (5.52%)
			Life & Health Insurance – (3.34%)
				AIA Group Ltd. (Hong Kong)			3,680,280		42,339,413

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	September 30, 2021 (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	$	24,450,756
										66,790,169
			Property & Casualty Insurance – (2.18%)
				Chubb Ltd.				147,381		25,567,656
				Loews Corp.				196,354		10,589,371
				Markel Corp. *				6,338		7,574,734
										43,731,761
										110,521,930
						Total Financials				947,489,787
	HEALTH CARE – (8.31%)
		Health Care Equipment & Services – (5.91%)
				Cigna Corp.				281,220		56,288,995
				CVS Health Corp.				293,283		24,887,995
				Quest Diagnostics Inc.				255,080		37,065,675
										118,242,665
		Pharmaceuticals, Biotechnology & Life Sciences – (2.40%)
				Viatris Inc.				3,536,730		47,922,692
						Total Health Care				166,165,357
	INDUSTRIALS – (2.54%)
		Capital Goods – (0.53%)
				Orascom Construction PLC (United Arab Emirates)				348,651		1,481,767
				Raytheon Technologies Corp.				105,488		9,067,748
										10,549,515
		Transportation – (2.01%)
				DiDi Global Inc., Class A, ADS (China)*(a)				5,427,680		40,167,546
						Total Industrials				50,717,061
	INFORMATION TECHNOLOGY – (14.48%)
		Semiconductors & Semiconductor Equipment – (13.19%)
				Applied Materials, Inc.				1,032,100		132,862,233
				Intel Corp.				1,095,460		58,366,109
				Texas Instruments Inc.				377,053		72,473,357
										263,701,699
		Software & Services – (1.29%)
				Microsoft Corp.				91,850		25,894,352
						Total Information Technology				289,596,051
	MATERIALS – (0.30%)
				Teck Resources Ltd., Class B (Canada)				241,790		6,022,989
						Total Materials				6,022,989
					TOTAL COMMON STOCK – (Identified cost $990,677,151)					1,975,155,939

SELECTED FUNDS	Schedule of Investments
SELECTED AMERICAN SHARES, INC. - (CONTINUED)	September 30, 2021 (Unaudited)

									Shares/Principal			Value
PREFERRED STOCK – (0.93%)
	CONSUMER DISCRETIONARY – (0.93%)
		Retailing – (0.93%)
				Chengxin Technology, Inc., Series A-1 (China)*(a)(b)							1,597,009	$	15,970,090
				Full Trillion Development Ltd., Class A (China)*(a)(b)							252,991		2,529,910
								Total Consumer Discretionary					18,500,000
						TOTAL PREFERRED STOCK – (Identified cost $18,500,000)							18,500,000
SHORT-TERM INVESTMENTS – (0.40%)
				Nomura Securities International, Inc. Joint Repurchase Agreement, 0.03%, 10/01/21, dated 09/30/21, repurchase value of $3,881,003 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 0.00%-2.875%, 02/01/27-08/20/51, total market value $3,958,620)						$	3,881,000		3,881,000
				StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 10/01/21, dated 09/30/21, repurchase value of $2,541,004 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 10/15/21-08/20/71, total market value $2,591,820)							2,541,000		2,541,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 10/01/21, dated 09/30/21, repurchase value of $1,552,002 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 2.00%-3.00%, 02/28/23-07/01/51, total market value $1,583,040)							1,552,000		1,552,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $7,974,000)							7,974,000
					Total Investments – (100.10%) – (Identified cost $1,017,151,151)								2,001,629,939
					Liabilities Less Other Assets – (0.10%)								(1,955,335)
							Net Assets – (100.00%)					$	1,999,674,604

	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 $59,868,932 or 2.99% of the Fund's net assets as of September 30, 2021.

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

Please refer to “Notes to Schedule of Investments” on page 6 for the Fund’s policy regarding valuation of investments.

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

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC.	September 30, 2021 (Unaudited)

						Shares		Value
COMMON STOCK – (95.21%)
	COMMUNICATION SERVICES – (4.47%)
		Media & Entertainment – (4.47%)
				Baidu, Inc., Class A, ADR (China)*			9,737	$	1,497,064
				Fang Holdings Ltd., Class A, ADR (China)*			4,070		25,641
				iQIYI, Inc., Class A, ADR (China)*			160,740		1,290,742
				Kuaishou Technology, Class B (China)*			1,020		10,886
					Total Communication Services				2,824,333
	CONSUMER DISCRETIONARY – (30.29%)
		Consumer Durables & Apparel – (3.66%)
				Fila Holdings Corp. (South Korea)			64,809		2,310,802
		Retailing – (26.63%)
				Alibaba Group Holding Ltd., ADR (China)*			19,200		2,842,560
				JD.com, Inc., Class A, ADR (China)*			64,185		4,636,725
				Meituan, Class B (China)*			147,087		4,695,226
				Naspers Ltd. - N (South Africa)			18,044		2,982,307
				Prosus N.V., Class N (Netherlands)			21,014		1,681,981
									16,838,799
					Total Consumer Discretionary				19,149,601
	FINANCIALS – (37.17%)
		Banks – (23.48%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			86,360		3,066,643
				Danske Bank A/S (Denmark)			241,572		4,069,551
				DBS Group Holdings Ltd. (Singapore)			223,820		4,959,540
				DNB Bank ASA (Norway)			112,372		2,554,742
				Metro Bank PLC (United Kingdom)*			138,430		196,189
									14,846,665
		Diversified Financials – (5.43%)
			Capital Markets – (5.43%)
				Julius Baer Group Ltd. (Switzerland)			35,310		2,345,986
				Noah Holdings Ltd., Class A, ADS (China)*			29,384		1,091,028
									3,437,014
		Insurance – (8.26%)
			Life & Health Insurance – (8.26%)
				AIA Group Ltd. (Hong Kong)			322,740		3,712,930
				Ping An Insurance (Group) Co. of China Ltd. - H (China)			220,500		1,508,082
									5,221,012
					Total Financials				23,504,691
	INDUSTRIALS – (5.53%)
		Commercial & Professional Services – (0.55%)
				China Index Holdings Ltd., Class A, ADR (China)*			237,202		346,315
		Transportation – (4.98%)
				DiDi Global Inc., Class A, ADS (China)*(a)			425,740		3,150,689
					Total Industrials				3,497,004
	INFORMATION TECHNOLOGY – (17.46%)
		Semiconductors & Semiconductor Equipment – (5.17%)
				Tokyo Electron Ltd. (Japan)			7,400		3,269,161
		Technology Hardware & Equipment – (12.29%)
				Hollysys Automation Technologies Ltd. (China)			205,510		4,252,002

SELECTED FUNDS	Schedule of Investments
SELECTED INTERNATIONAL FUND, INC. - (CONTINUED)	September 30, 2021 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (CONTINUED)
		Technology Hardware & Equipment – (Continued)
				Samsung Electronics Co., Ltd. (South Korea)							56,750	$	3,518,193
													7,770,195
								Total Information Technology					11,039,356
	MATERIALS – (0.29%)
				Teck Resources Ltd., Class B (Canada)							7,450		185,580
								Total Materials					185,580
						TOTAL COMMON STOCK – (Identified cost $49,587,620)							60,200,565
PREFERRED STOCK – (3.54%)
	INDUSTRIALS – (3.54%)
		Transportation – (3.54%)
				Grab Holdings Inc., Series G (Singapore)*(a)(b)							214,779		2,240,145
						TOTAL PREFERRED STOCK – (Identified cost $1,190,286)							2,240,145
SHORT-TERM INVESTMENTS – (1.18%)
				Nomura Securities International, Inc. Joint Repurchase Agreement, 0.03%, 10/01/21, dated 09/30/21, repurchase value of $363,000 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 1.50%-3.00%, 03/31/23-02/01/51, total market value $370,260)						$	363,000		363,000
				StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 10/01/21, dated 09/30/21, repurchase value of $237,000 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 10/15/21-08/20/71, total market value $241,740)							237,000		237,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 10/01/21, dated 09/30/21, repurchase value of $145,000 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-3.50%, 08/01/36-09/20/51, total market value $147,900)							145,000		145,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $745,000)							745,000
					Total Investments – (99.93%) – (Identified cost $51,522,906)								63,185,710
					Other Assets Less Liabilities – (0.07%)								42,581
							Net Assets – (100.00%)					$	63,228,291

	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 $5,390,834 or 8.53% of the Fund's net assets as of September 30, 2021.

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

Please refer to “Notes to Schedule of Investments” on page 6 for the Fund’s policy regarding valuation of investments.

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

SELECTED FUNDS	Notes to Schedule of Investments
	September 30, 2021 (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 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.

SELECTED FUNDS	Notes to Schedule of Investments – (Continued)
	September 30, 2021 (Unaudited)

Fair Value Measurements – (Continued)

The following is a summary of the inputs used as of September 30, 2021 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	$	287,335,753	$	2,813,447
Consumer Discretionary		175,275,949		7,479,285
Consumer Staples		20,264,844		–
Financials		800,742,713		4,157,671
Health Care		166,165,357		–
Industrials		10,549,515		346,315
Information Technology		289,596,051		4,252,002
Materials		6,022,989		185,580
Total Level 1		1,755,953,171		19,234,300
Level 2 – Other Significant Observable Inputs:
Common Stock:*
Communication Services		–		10,886
Consumer Discretionary		31,086,762		11,670,316
Financials		146,747,074		19,347,020
Industrials		40,167,546		3,150,689
Information Technology		–		6,787,354
Short-Term Investments		7,974,000		745,000
Total Level 2		225,975,382		41,711,265
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services		1,201,386		–
Preferred Stock:
Consumer Discretionary		18,500,000		–
Industrials		–		2,240,145
Total Level 3		19,701,386		2,240,145
Total Investments	$	2,001,629,939	$	63,185,710

*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 nine months ended September 30, 2021. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at September 30, 2021 was $(823)* and $1,052,417* for Selected American Shares and Selected International Fund, respectively. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges.

	Beginning Balance January 1, 2021		Cost of Purchases		Net Change in Unrealized Appreciation (Depreciation)*		Net Realized Gain (Loss)		Transfers into Level 3		Transfers out of Level 3**		Ending Balance September 30, 2021
Selected American Shares
Investments in Securities:
Common Stock	$	1,202,209	$	–	$	(823)	$	–	$	–	$	–	$	1,201,386
Preferred Stock		51,115,177		18,500,000		19,227,556		–		–		(70,342,733)		18,500,000
Total Level 3	$	52,317,386	$	18,500,000	$	19,226,733	$	–	$	–	$	(70,342,733)	$	19,701,386
Selected International Fund
Investments in Securities:
Preferred Stock	$	5,197,134	$	–	$	2,560,601	$	–	$	–	$	(5,517,590)	$	2,240,145
Total Level 3	$	5,197,134	$	–	$	2,560,601	$	–	$	–	$	(5,517,590)	$	2,240,145

* Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on securities still held at September 30, 2021, may be due to investments no longer held or categorized as Level 3 at period end.

** During the period ended September 30, 2021, certain securities fair valued at $70,342,733 and $5,517,590 for Selected American Shares and Selected International Fund, respectively, transferred out of Level 3 because observable market data became available for the securities.

SELECTED FUNDS	Notes to Schedule of Investments – (Continued)
	September 30, 2021 (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, 2021		Technique	Input(s)	Amount	an Increase in Input
Selected American Shares
Investments in Securities:
Common Stock	$	1,201,386	Discounted Cash Flow	Annualized Yield	1.408%	Decrease

Preferred Stock		18,500,000	Market Approach	Transaction Price	$10.00	Increase

Total Level 3	$	19,701,386
Selected International Fund
Investments in Securities:
Preferred Stock	$	2,240,145	Market Approach	Transaction Price Discount for Uncertainty	$13.03 20%	Increase Decrease
Total Level 3	$	2,240,145

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, 2021, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Selected		Selected
	American Shares		International Fund
Cost	$	1,021,002,324	$	53,136,252
Unrealized appreciation		1,026,172,055		14,916,088
Unrealized depreciation		(45,544,440)		(4,866,630)
Net unrealized appreciation	$	980,627,615	$	10,049,458