Clipper Fund
Portfolio holdings sorted by percent of assets as of March 31, 2012

^* Portfolio holdings are subject to change. The holdings above may not represent the entire portfolio. For a complete listing of portfolio holdings review the most recent Annual Report, Semi-Annual report or Form NQ.

Clipper Fund

Clipper Fund
Portfolio holdings sorted by percent of assets as of March 31, 2012

Clipper Fund

Clipper Fund Portfolio holdings sorted by percent of assets as of March 31, 2012

Clipper Fund
Portfolio holdings sorted by percent of assets as of March 31, 2012