2018 Estimated Semiannual Capital Gains Distribution

This information on 2018 estimated semiannual distributions is intended for existing shareholders.

As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Capital gains result from the appreciation of companies in the portfolio. The funds’ long-term investment approach means that this appreciation may have occurred over an extended period of time. Virtually all of the gains are long term and generally subject to lower tax rates than short-term gains or dividend income. Thus, for longtime shareholders in search of yield, capital gains distributions tend to be more tax efficient than interest or dividend income.

  • Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.
  • Estimated distributions can change prior to the record date depending on current market conditions. The estimates below do not include ordinary income distributions the fund may be making.

2018 Semiannual Capital Gains

Record Date Ex-Date Payable Date Income Per Share Short Term Gain Per Share Long Term Gain Per Share Reinvestment Price
Clipper Fund 6/26/2018 6/27/2018 6/28/2018 $0.56 $0.105 $4.00 $117.57

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

Davis Distributors, LLC, is the distributor of the Clipper Fund.