This audio is authorized for use by existing shareholders. A current prospectus must accompany or precede this piece if it is distributed to prospective shareholders. You should carefully consider the Fund's investment objectives, risks, fees and expenses before investing. Read the prospectus carefully before you invest or send money.

This audio includes candid statements and observations regarding investment strategies and economic and market conditions; however, there is no guarantee that these statements, opinions or forecasts will prove to be correct. These comments may also include the expression of opinions that are speculative in nature and should not be relied on as statements of fact.

There is no guarantee that compounding or dollar cost averaging will have a positive impact on a shareholders account. Past performance is not a guarantee of future results. Equity markets are volatile and an investor may lose money.

Clipper Fund's investment objective is long-term capital growth and capital preservation. There can be no assurance that the Fund will achieve its objectives. The Fund invests primarily in equity securities issued by large companies with market capitalizations of at least $10 billion. Some important risks of an investment in the Fund are: market risk: the market value of shares of common stock can change rapidly and unpredictably; company risk: the market value of a common stock varies with the success or failure of the company issuing the stock; focused portfolio risk: concentrating a fund's portfolio in a select limited number of securities can increase the volatility of the portfolio; financial services risk: investing a significant portion of assets in the financial services sector may cause a fund to be more volatile as securities within the financial services sector are more prone to regulatory action in the financial services industry, more sensitive to interest rate fluctuations, and are the target of increased competition; and foreign country risk: companies operating, incorporated, or principally traded in foreign countries may have more fluctuation as 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. As of June 30, 2009, Clipper Fund had approximately 14.9% of assets invested in foreign companies. See the prospectus for a complete listing of the principal risks.

Broker-dealers and other financial intermediaries may charge Davis Advisors substantial fees for selling its products and providing continuing support to clients and shareholders. For example, broker-dealers and other financial intermediaries may charge: sales commissions; distribution and service fees; and record-keeping fees. In addition, payments or reimbursements may be requested for: marketing support concerning Davis Advisors' products; placement on a list of offered products; access to sales meetings, sales representatives and management representatives; and participation in conferences or seminars, sales or training programs for invited registered representatives and other employees, client and investor events and other dealer-sponsored events. Financial advisors should not consider Davis Advisors' payment(s) to a financial intermediary as a basis for recommending Davis Advisors.

Over the last five years, the high and low turnover ratio for Clipper Fund was 63% and 7%, respectively.

A bear market is defined as the Dow Jones Industrial Average being down more than 15% from a previous high.

While Shelby Cullom Davis' success, who invested $100,000 in 1947 and compounded it into over $800 million by the time of his death in 1994, forms the basis of the Davis investment discipline, this was an extraordinary achievement and other investors may not enjoy the same success.

In this audio, a study was cited that examined the percentage of top quartile large cap equity managers whose performance fell into the bottom half, quartile or decile for at least one rolling three-year period from January 1, 1998--December 31, 2007. From January 1, 1999—December 31, 2008, 163 managers from eVestment Alliance's large cap universe whose 10 year average annualized performance ranked in the top quartile were examined. 97% fell into the bottom half; 77% fell into the bottom quartile; and 44% fell into the bottom decile. The source is Davis Advisors. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average is a price-weighted average of 30 actively traded blue chip stocks. The Dow Jones is calculated by adding the closing prices of the component stocks and using a divisor that is adjusted for splits and stock dividends equal to 10% or more of the market value of an issue as well as substitutions and mergers. The average is quoted in points, not in dollars.

Shares of the Fund are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.

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