2016 Estimated Year-End Capital Gains Distribution

This information on 2016 estimated year-end distributions is intended for existing shareholders. Clipper Fund  also paid a semiannual capital gains distribution.

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. All of the gains are long term and generally subject to lower tax rates than short-term gains 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.

For more information about the Clipper Fund, including investment objectives, risks, fees and expenses, see the prospectus.  Read the prospectus carefully before investing or sending money.

2017 Clipper Year-End Capital Gains Estimates (Percentage of 11/30/17 share price)

Record Date Ex-Date Payable Date Estimated Short-Term Capital Gain Estimated Long-Term Capital Gain
Clipper Fund 12/12/2017 12/13/2017 12/14/2017 1% 3% - 4%

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