Clipper Fund as of 05/31/201703/31/2017

    YTD1 1
Annualized N/A 23.54% 10.37% 13.54% 5.56%
  Cumulative 2.92% 23.54% 34.45% 88.68% 71.81%
Annualized N/A 15.40% 10.24% 15.38% 5.05%
  Cumulative 4.61% 15.40% 33.98% 104.51% 63.69%

1Returns less than one year are not annualized.

The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. The total annual operating expense ratio as of the most recent prospectus was 0.72%. The total annual operating expense ratio may vary in future years. Current performance may be higher or lower than the performance quoted. For most recent month-end performance, see the monthly tab above or call 800.432.2504. The Fund received favorable class action settlements from companies which it no longer owns. These settlements had a material impact on the investment performance of the Fund in 2009. This was a one-time event that is unlikely to be repeated.

Consider carefully the Fund’s investment objective, risks, fees, and expenses before investing. The prospectus contains this and other information and can be obtained by clicking here. Read the prospectus carefully before investing or sending money.

Clipper Fund was managed from inception, February 29, 1984, until December 31, 2005 by another Adviser. Davis Selected Advisers, L.P. took over management of the Fund on January 1, 2006.

Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756