This 10-1 share split means that every one share of Clipper Fund will be converted into ten shares of Clipper Fund. 

While the number of shares owned increases after a share split, the split itself does not change your investment value as the net asset value per share will be 1/10th of the prior net asset value per share. 

There are no tax consequences to you as a result of this change. 

The share split will not impact any Clipper Fund identifiers (i.e. ticker, CUSIP).

Listed below for the Clipper Fund are the ticker, CUSIP, share split ratio, record date, and effective date.

Fund CUSIP Ticker Split ratio
(new to old)
Record Date Effective Date
Clipper Fund 188850101 CFIMX 10:1 May 9, 2025 May 12, 2025

The share split applies to all shareholders of record on the close of business on May 9, 2025. Below is an example of how a 10:1 share split works. 

Please note that this is just an example, and not representative of the share price of Clipper Fund, your number of shares, or the value of your investment.

Example Share Price Number of Shares Total Value
Before 10-for-1 split $500 100 $50,000
After 10-for-1 split $50 1,000 $50,000

For questions, please contact Clipper Funds’ Investor Services department at 1-800-432-2504.

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