SARBANES-OXLEY
CODE OF ETHICS
Davis Funds
Selected Funds
Effective November 1, 2003


I.      Covered Officers/Purpose of the Code

	This Code of Ethics (the "Code") for the investment companies within
each of the Davis Funds (consisting of Davis New York Venture Fund, Inc., Davis
Series, Inc. and Davis Variable Account Fund, Inc.) and the Selected Funds
(consisting of Selected American Shares, Inc., Selected Special Shares, Inc.,
and Selected Capital Preservation Trust) (the Davis Funds and the Selected
Funds are referred to individually as a "Fund" and collectively as the "Funds")
applies to each Fund's Principal Executive Officer, Principal Financial
Officer, Principal Accounting Officer, and Controller, or persons performing
similar functions elected by either the Davis Funds or the Selected Funds (the
"Covered Officers") for the purposes of promoting:

	* honest and ethical conduct, including the ethical handling of actual
	  or apparent conflicts of interest between personal and professional
	  relationships;
	* full, fair, accurate, timely and understandable disclosure in reports
	  and documents that a registrant files with, or submits to, the
	  Securities and Exchange Commission ("SEC") and in other public
	  communications made by the Funds;
	* compliance with applicable laws and governmental rules and
	  regulations;
	* the prompt internal reporting of violations of the Code to an
	  appropriate person or persons identified in the Code; and
	* accountability for adherence to the Code.

	Each Covered Officer should adhere to a high standard of business
ethics and should be sensitive to situations that may give rise to actual as
well as apparent conflicts of interest.

II.     Covered Officers Should Handle Ethically Actual and Apparent Conflicts
	of Interest

	Overview.  A "conflict of interest" occurs when a Covered Officer's
private interest interferes with the interests of, or his or her service to,
the Funds.  For example, a conflict of interest would arise if a Covered
Officer, or a member of the officer's family, receives improper personal
benefits as a result of a position with the Funds.

	Certain conflicts of interest arise out of the relationships between
Covered Officers and the Funds and already are subject to conflict of interest
provisions in the Investment Company Act of 1940 ("Investment Company Act")
and the Investment Advisers Act of 1940 ("Investment Advisers Act").  For
example, Covered Officers may not individually engage in certain transactions
(such as the purchase or sale of securities or other property) with the Funds
because of their status as "affiliated persons" of the Funds.  The Funds' and
the investment adviser's compliance programs and procedures are designed to
prevent, or identify and correct, violations of these provisions.  This Code
does not, and is not intended to, replace these programs and procedures, and
such conflicts fall outside of the parameters of this Code (see Section VI
below).

	Although typically not presenting an opportunity for improper personal
benefit, conflicts may arise from the contractual relationships between the
Funds and the investment adviser (or advisory affiliates) of which the Covered
Officers are also officers or employees.  As a result, this Code recognizes
that the Covered Officers will, in the normal course of their duties, be
involved in establishing policies and implementing decisions that will have
different effects on the adviser and the Funds.  The participation of the
Covered Officers in such activities is inherent in the contractual relationship
between the Funds and the adviser and is consistent with the performance by the
Covered Officers of their duties as officers of the Funds.  Thus, if performed
in conformity with the provisions of the Investment Company Act and the
Investment Advisers Act, such activities will be deemed to have been handled
ethically.  In addition, it is recognized by each Fund's Board of Directors
(each a "Board" and collectively the "Boards") that the Covered Officers may
also be officers or employees of one or more other investment companies covered
by this or other codes.

	Other conflicts of interest are covered by the Code, even if such
conflicts of interest are not subject to provisions in the Investment Company
Act and the Investment Advisers Act.  The following list provides examples of
conflicts of interest under the Code, but Covered Officers should keep in mind
that these examples are not exhaustive.  The overarching principle is that the
personal interest of a Covered Officer should not be placed improperly before
the interest of the Funds.

	Each Covered Officer must:

	(a)     not use his or her personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the
Funds whereby the Covered Officer would benefit personally to the detriment of
the Funds;

	(b)     not cause the Funds to take action, or fail to take action, for
the individual personal benefit of the Covered Officer rather than the benefit
the Funds;

	(c)     not use material non-public knowledge of portfolio transactions
made or contemplated for the Funds to trade personally or cause others to trade
personally in contemplation of the market effect of such transactions;

	There are some conflict of interest situations that should always be
discussed with the Funds' Chief Legal Officer, if material.  Examples of these
conflict of interest situations include:

	* service as a director on the board of any public or private company;

	* the receipt of any gift, gratuity, favor award or other item or
	  benefit having a market value in excess of $100 per person, per year,
	  from or on behalf of any person or entity that does, or seeks to do,
	  business with or on behalf of the Funds.  Business-related
	  entertainment such as meals, tickets to the theater or a sporting
	  event which are infrequent and of a non-lavish nature are excepted
	  from this prohibition;

	* any ownership interest in, or any consulting or employment
	  relationship with, any of the Funds' service providers, other than
	  its investment adviser, principal underwriter or any of their
	  affiliates; and

	* a direct or indirect financial interest in commissions, transaction
	  charges or spreads paid by the Funds for effecting portfolio
	  transactions or for selling or redeeming shares other than an
	  interest arising from the Covered Officer's employment, such as
	  compensation or equity ownership.

III.    Disclosure and Compliance

	(a)     Each Covered Officer should become familiar with the disclosure
requirements generally applicable to the Funds.

	(b)     Each Covered Officer should not knowingly misrepresent, or
cause others to misrepresent, facts about the Funds to others, whether within
or outside the Funds, including to the Funds' directors and auditors, and to
governmental regulators and self-regulatory organizations.

	(c)     Each Covered Officer should, to the extent appropriate within
his or her area of responsibility, consult with other officers and employees of
the Funds and the adviser with the goal of promoting full, fair, accurate,
timely and understandable disclosure in the reports and documents the Funds
file with, or submit to, the SEC and in other public communications made by the
Funds.

	(d)     It is the responsibility of each Covered Officer to promote
compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

	Notwithstanding (a) through (d) above, (i) each Covered Officer is
entitled to rely upon procedures adopted by the Funds and their affiliates
(including their investment adviser, sub-advisers, principal underwriter,
transfer agent and custodian) that are intended to ensure accurate and timely
filing of documents with the SEC or communications with the public, and
(ii) Covered Officers do not have a duty to ensure the Funds' compliance in
areas outside of their span of control (for example, the Principal Financial
Officer shall not have any duties with respect to compliance issues delegated
to the adviser's Legal Department, Compliance Department, Marketing Department,
etc.).

IV.     Reporting and Accountability

	Each Covered Officer must:

	(a)     upon adoption of the Code (or thereafter as applicable, upon
becoming a Covered Officer), affirm in writing to the Boards that he or she has
received, read, and understands the Code;

	(b)     annually thereafter affirm to the Boards that he or she has
complied with the requirements of the Code;

	(c)     report at least annually all affiliations or other
relationships related to conflicts of interest that are included and described
in the Funds' Directors and Officers Questionnaires.

	(d)     not retaliate against any other Covered Officer or any employee
of the Funds or their affiliated persons for reports of potential violations
that are made in good faith; and

	(e)     notify the Funds' Chief Legal Officer promptly if he or she
knows of any violation of this Code.  Failure to do so is itself a violation of
the Code.

V.      Enforcement of Code

	The Funds' Chief Legal Officer is responsible for applying this Code to
specific situations in which questions are presented under it and has the
authority to interpret this Code in any particular situation.  The Chief Legal
Officer is authorized to consult, as appropriate, with the Chairperson of the
Audit Committee, counsel to the Funds and independent legal counsel to the
independent directors (as defined in Rule 0-1(a)(6) of the Investment Company
Act).  However, any approvals or waivers sought by any Covered Officer will be
considered by the Audit Committee of the affected Fund (the "Committee").

	The Funds will follow these procedures in investigating and enforcing
this Code:

	(a)     the Chief Legal Officer will take all appropriate action to
investigate any reported potential violations;

	(b)     if, after such investigation, the Chief Legal Officer believes
that no material violation has occurred, the Chief Legal Officer is not
required to take any further action;

	(c)     any matter that the Chief Legal Officer believes is a material
violation will be reported to the Committee;

	(d)     if the Committee concurs that a material violation has
occurred, it will consider appropriate action, which may include review of, and
appropriate modifications to, applicable policies and procedures; notification
to appropriate personnel of the investment adviser or its board; monetary
sanctions based on making a Fund whole for damage suffered or to deter further
actions; or a recommendation to suspend or dismiss the Covered Officer;

	(e)     the Committee will be responsible for granting waivers, as
appropriate;

	(f)     all waivers shall be accompanied by a written memorandum,
including to whom the waiver was granted, the details of the waiver, the nature
and scope of the waiver, reasoning for the waiver and the date of the waiver;
and

	(g)     any changes to or waivers of this Code will, to the extent
required, be disclosed as provided by SEC rules.

VI.     Other Policies and Procedures

	This Code shall be the sole code of ethics adopted by the Funds for
purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and
forms applicable to registered investment companies thereunder.  Insofar as
other policies or procedures of the Funds, the Funds' adviser, principal
underwriter, or other service providers govern or purport to govern the
behavior or activities of the Covered Officers who are subject to this Code,
they are superseded by this Code to the extent that they overlap or conflict
with the provisions of this Code.  The Funds' and their investment adviser's
and principal underwriter's Code of Ethics under Rule 17j-1 under the
Investment Company Act and the adviser's more detailed policies and procedures
are separate requirements applying to the Covered Officers and others, and are
not part of this Code.

VII.    Amendments

	(a)     This Code was initially adopted by a majority of both Boards
(including a majority of the Independent Directors voting separately).

	(b)     Any material amendments to this Code, other than amendments to
Exhibit A, must be approved or ratified by a majority vote of both Boards,
including a majority of Independent Directors voting separately.

	(c)     A copy of each version of the Code and all waivers under the
Code shall be maintained for at least six (6) years following the end of the
fiscal year in which the amendment or waiver occurred.

VIII.   Confidentiality

	All reports and records prepared or maintained pursuant to this Code
will be considered confidential and shall be maintained and protected
accordingly.  Except as otherwise required by law or this Code, such matters
shall not be disclosed to anyone other than the appropriate Board and its
independent counsel.

VIII.   Filing

	Each Fund shall file a copy of this Code as an exhibit to its annual
report on Form N-CSR, and shall similarly file and report all material,
substantive amendments to this Code.



Exhibit A

Persons Covered by this Code of Ethics as of September 30, 2003

Principal Executive Officer - Kenneth Eich

Principal Financial Officer - Sharra Reed

Principal Accounting Officer - Sharra Reed