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iso4217:USD
Clipper Fund
Investment Objective
<div style="line-height:11.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term capital growth and capital preservation.</span></div>
Fees and Expenses of the Fund
<div style="line-height:11.0pt;margin-top:0.5pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold, and
sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">fees, such as brokerage commissions and other fees to financial intermediaries, which
are not reflected in the tables and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">examples below.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div>
<div style="margin-top:0.0pt;">
<table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;">
<tr style="height:21.13pt;">
<td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:465.51pt;">
<div style="line-height:10.50pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span></div>
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(fees paid directly from your investment)</span></div>
</div>
</td>
<td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:37.49pt;">
<div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-21.74pt;"> </span></div>
</div>
</td>
</tr>
<tr style="height:21.88pt;">
<td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:465.51pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Sales Charge (Load) Imposed on Purchases</span></div>
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of offering price)</span></div>
</div>
</td>
<td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:37.49pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td>
</tr>
<tr style="height:21.75pt;">
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:465.51pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Deferred Sales Charge (Load)</span></div>
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of the lesser of the net asset value of the shares redeemed or the
total cost of such shares)</span></div>
</div>
</td>
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:37.49pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td>
</tr>
<tr style="height:22pt;">
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:465.51pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Redemption Fee</span></div>
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of total redemption proceeds)</span></div>
</div>
</td>
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:37.49pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td>
</tr>
</table>
</div><div style="line-height:0.00pt;text-align:left;"><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div><div style="line-height:0.00pt;margin-top:6.00pt;text-align:left;">
<div style="margin-top:6pt;"> </div>
</div>
<div style="margin-top:0.0pt;">
<table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;">
<tr style="height:21.13pt;">
<td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:461.76pt;">
<div style="line-height:10.50pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span></div>
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(expenses that you pay each year as a percentage of the value of your investment)</span></div>
</div>
</td>
<td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:41.24pt;">
<div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-23.62pt;"> </span></div>
</div>
</td>
</tr>
<tr style="height:10.88pt;">
<td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:461.76pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Management Fees</span></div>
</div>
</td>
<td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:41.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td>
</tr>
<tr style="height:10.75pt;">
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:461.76pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Distribution and/or Service (12b-1) Fees</span></div>
</div>
</td>
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:41.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td>
</tr>
<tr style="height:10.75pt;">
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:461.76pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Other Expenses</span></div>
</div>
</td>
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:41.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.13%</span></div> </div> </td>
</tr>
<tr style="height:11pt;">
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:461.76pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div>
</div>
</td>
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:41.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.68%</span></div> </div> </td>
</tr>
</table>
</div>
<div style="margin-top:0.0pt;">
<table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;">
<tr style="height:21.13pt;">
<td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:465.51pt;">
<div style="line-height:10.50pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span></div>
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(fees paid directly from your investment)</span></div>
</div>
</td>
<td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:37.49pt;">
<div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-21.74pt;"> </span></div>
</div>
</td>
</tr>
<tr style="height:21.88pt;">
<td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:465.51pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Sales Charge (Load) Imposed on Purchases</span></div>
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of offering price)</span></div>
</div>
</td>
<td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:37.49pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td>
</tr>
<tr style="height:21.75pt;">
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:465.51pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Deferred Sales Charge (Load)</span></div>
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of the lesser of the net asset value of the shares redeemed or the
total cost of such shares)</span></div>
</div>
</td>
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:37.49pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td>
</tr>
<tr style="height:22pt;">
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:465.51pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Redemption Fee</span></div>
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of total redemption proceeds)</span></div>
</div>
</td>
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:37.49pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td>
</tr>
</table>
</div><div style="line-height:0.00pt;text-align:left;"><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div><div style="line-height:0.00pt;margin-top:6.00pt;text-align:left;">
<div style="margin-top:6pt;"> </div>
</div>
<div style="margin-top:0.0pt;">
<table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;">
<tr style="height:21.13pt;">
<td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:461.76pt;">
<div style="line-height:10.50pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span></div>
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(expenses that you pay each year as a percentage of the value of your investment)</span></div>
</div>
</td>
<td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:41.24pt;">
<div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-23.62pt;"> </span></div>
</div>
</td>
</tr>
<tr style="height:10.88pt;">
<td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:461.76pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Management Fees</span></div>
</div>
</td>
<td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:41.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td>
</tr>
<tr style="height:10.75pt;">
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:461.76pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Distribution and/or Service (12b-1) Fees</span></div>
</div>
</td>
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:41.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td>
</tr>
<tr style="height:10.75pt;">
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:461.76pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Other Expenses</span></div>
</div>
</td>
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:41.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.13%</span></div> </div> </td>
</tr>
<tr style="height:11pt;">
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:461.76pt;">
<div style="line-height:11.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div>
</div>
</td>
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:41.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.68%</span></div> </div> </td>
</tr>
</table>
</div>
0
0
0
0.0055
0
0.0013
0.0068
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div>
Example.
<div style="margin-top:0.0pt;">
<table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:221.3pt; border-spacing: 0px;">
<tr style="height:11pt;">
<td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:64.25pt;">
<div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div>
</div>
</td>
<td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;">
<div style="line-height:9.50pt;text-align:left;">
<div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div>
</div>
</td>
<td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;">
<div style="line-height:9.50pt;text-align:left;">
<div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div>
</div>
</td>
<td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;">
<div style="line-height:9.50pt;text-align:left;">
<div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div>
</div>
</td>
<td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;">
<div style="line-height:9.50pt;text-align:left;">
<div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div>
</div>
</td>
</tr>
<tr style="height:10pt;">
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:64.25pt;">
<div style="line-height:10.00pt;text-align:left;">
<div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Clipper Fund</span></div>
</div>
</td>
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$69</span></div> </div> </td>
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$218</span></div> </div> </td>
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$379</span></div> </div> </td>
<td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$847</span></div> </div> </td>
</tr>
</table>
</div>
69
218
379
847
Portfolio Turnover
<div style="line-height:11.0pt;margin-top:0.00pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 17% of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span></div>
0.17
Principal Investment Strategies of the Fund
<div style="line-height:11.0pt;margin-top:0.00pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Davis Selected Advisers, L.P. (“Davis Advisors” or the “Adviser”), the Fund’s investment adviser, uses the Davis Investment Discipline to invest the Fund’s portfolio principally in common stocks (including indirect holdings of common stock through Depositary Receipts (as defined below)) issued by large companies with market capitalizations
of at least $10 billion. The Fund is non-diversified and, therefore, is allowed to focus its investments in fewer
companies than a fund that is required to diversify its portfolio. The Fund’s portfolio generally contains between 15 and 35 companies, although the precise number of its investments will vary over time. Historically, the Fund has invested a significant
portion of its assets in financial services </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies and in foreign companies, and may also invest in mid- and small-capitalization
companies.</span></div>
<div style="line-height:11.0pt;margin-top:6.00pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Davis Investment Discipline.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Davis Advisors manages equity funds using the Davis Investment Discipline. Davis
Advisors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">conducts extensive research to try to identify businesses that possess characteristics
that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business
model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading
at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate
management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into
the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently
uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its
analysis to determining the intrinsic value of those companies’ equity securities. Davis Advisors seeks companies whose equity securities can be purchased at a discount from Davis Advisors’ estimate of the company’s intrinsic value based upon fundamental analysis of cash flows, assets and liabilities, and other criteria that Davis Advisors deems to be material on a company-by-company basis. Davis Advisors’ goal is to invest in companies for the long term (ideally, five years or longer, although
this goal may not be met). Davis Advisors considers selling a company’s equity securities if the securities’ market price exceeds Davis Advisors’ estimates of intrinsic value, if the ratio of the risks and rewards of continuing to own the company’s equity securities is no longer attractive, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to raise cash to purchase a more attractive investment opportunity, to satisfy net
redemptions, or for other purposes.</span></div>
</div>
You may lose money by investing in the Fund.
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Stock Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Common Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Common stock represents an ownership position in a company. An adverse event may have a negative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">impact on a company and could result in a decline in the price of its common stock. Common stock is generally subordinate to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an issuer’s other securities, including preferred, convertible, and debt securities.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Financial Services Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Risks of investing in the financial services sector include: (1) systemic risk: factors outside the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">control of a particular financial institution may adversely affect the ability of the financial institution to operate normally or may impair its financial condition; (2) regulatory actions: financial services companies may suffer setbacks if regulators change the rules under which they operate; (3) changes in interest rates: unstable and/or rising interest rates may have a disproportionate effect on companies in the financial services sector; (4) non-diversified loan portfolios: financial services companies may have concentrated portfolios that make them vulnerable to economic conditions that affect an industry; (5) credit: financial services companies may have exposure to investments or agreements that may lead to losses; and (6) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">competition: the financial services sector has become increasingly competitive.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Financial Services Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Risks of investing in the financial services sector include: (1) systemic risk: factors outside the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">control of a particular financial institution may adversely affect the ability of the financial institution to operate normally or may impair its financial condition; (2) regulatory actions: financial services companies may suffer setbacks if regulators change the rules under which they operate; (3) changes in interest rates: unstable and/or rising interest rates may have a disproportionate effect on companies in the financial services sector; (4) non-diversified loan portfolios: financial services companies may have concentrated portfolios that make them vulnerable to economic conditions that affect an industry; (5) credit: financial services companies may have exposure to investments or agreements that may lead to losses; and (6) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">competition: the financial services sector has become increasingly competitive.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Focused Portfolio Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Funds that invest in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the value of the Fund’s total portfolio.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Country Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities of foreign companies (including Depositary Receipts) may be subject to greater risk, as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">foreign economies may not be as strong or diversified, foreign political systems may not be as stable and foreign financial reporting standards may not be as rigorous as they are in the United States. There may also be less information publicly available regarding the non-U.S. issuers and their securities. These securities may be less liquid (and, in some cases, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">illiquid) and could be harder to value than more liquid securities.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Headline Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in a company when the company becomes the center of controversy after receiving </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">adverse media attention concerning its operations, long-term prospects, management, or for other reasons. While Davis Advisors researches companies subject to such contingencies, it cannot be correct every time, and the company’s stock may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">never recover or may become worthless.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with $10 billion or more in market capitalization are considered by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Adviser to be large-capitalization companies. Large-capitalization companies generally experience slower rates of growth in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">earnings per share than do mid- and small-capitalization companies.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Manager Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Poor security selection or focus on securities in a particular sector, category, or group of companies may cause </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the Fund to underperform relevant benchmarks or other funds with a similar investment objective. Even if the Adviser implements the intended investment strategies, the implementation of the strategies may be unsuccessful in achieving the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s investment objective.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Depositary Receipts, consisting of American Depositary Receipts, European Depositary Receipts, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and Global Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer. Depositary Receipts are subject to many of the risks associated with investing directly in foreign securities. Depositary Receipts may trade at a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discount, or a premium, to the underlying security and may be less liquid than the underlying securities listed on an exchange.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fees and Expenses Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may not earn enough through income and capital appreciation to offset the operating </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return that a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low-return environment, or a bear </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market, increases the risk that a shareholder may lose money.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">dollar value of securities denominated in that foreign currency. For example, when the Fund holds a security that is denominated in a foreign currency, a decline of that foreign currency against the U.S. dollar would generally cause the value </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund’s shares to decline.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mid- and Small-Capitalization Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with less than $10 billion in market capitalization are considered </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">by the Adviser to be mid- or small-capitalization companies. Mid- and small-capitalization companies typically have more limited product lines, markets, and financial resources than larger companies and their securities may trade less frequently and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in more limited volume than those of larger, more mature companies.</span></div>
</div>
<div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Corporation or any other government agency.</span></div>
</div>
Performance Results
<div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The following table shows how the Fund’s average annual total returns, for the periods indicated, compare with the S&P 500 Index, a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">results can be obtained by visiting www.clipperfund.com or by calling 1-800-432-2504.</span></div>
<div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;">
<div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">as 401(k) plans or individual retirement accounts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:11.0pt;"> </span></div>
</div>
The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year.
The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
www.clipperfund.com
1-800-432-2504
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Calendar Year Total Returns
<img alt=" " src="clipper.jpg" style="height:142pt;width:315pt;"/>
<div style="margin-top:0.0pt;">
<table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:168pt; border-spacing: 0px;"> <tr style="height:13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:61.91pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-27.96pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:42.85pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Returns</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:63.23pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">Period Ending</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:61.91pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Highest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">17.57%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:63.23pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:61.91pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Lowest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-25.13%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:63.23pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2020</span></div> </div> </td> </tr> <tr style="height:13pt;"> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:61.91pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-1.64%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:63.23pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2026</span></div> </div> </td> </tr> </table>
</div>
Highest
0.1757
2020-06-30
Lowest
-0.2513
2020-03-31
Year-to-Date
-0.0164
2026-03-31
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<table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:22.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:10.00pt;margin-left:0.0pt;"> </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(For the periods ended December 31, 2025)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 10 Years</span></div> </div> </td> </tr> <tr style="height:11.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return before taxes</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11.00pt;margin-left:0.0pt;"> </span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">27.43%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">13.88%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">12.45%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return after taxes on distributions</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11.00pt;margin-left:0.0pt;"> </span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">24.83%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">11.46%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">10.49%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return after taxes on distributions and sale of Fund shares</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11.00pt;margin-left:0.0pt;"> </span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">17.77%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">10.55%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">9.72%</span></div> </div> </td> </tr> <tr style="height:11pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">S&P 500 Index </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">reflects no deduction for fees, expenses or taxes</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">17.88%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">14.42%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">14.81%</span></div> </div> </td> </tr> </table>
</div>
Average Annual Total Returns (For the periods ended December 31, 2025)
0.2743
0.1388
0.1245
0.2483
0.1146
0.1049
0.1777
0.1055
0.0972
0.1788
0.1442
0.1481
0.1562
0.1769
-0.1292
0.2963
0.0996
0.1778
-0.1875
0.3148
0.1949
0.2743
485BPOS
0001316506
false
2025-12-31
Clipper Funds Trust