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Bullet Top Five Industry Groups Bullet Portfolio Holdings
Bullet Portfolio Characteristics Bullet Asset Allocation
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Fund Summary
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Objective The Fund seeks to provide long-term growth of capital and capital preservation.
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Asset Class U.S. Equity
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Fund Inception Date 2/29/1984
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Benchmark S&P 500 Index
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Ticker Symbol CFIMX
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CUSIP 188850101
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Total Fund Assets $1,085.38 MM as of 06/30/10
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Fund Material
Bullet Download the prospectus for the Clipper Fund (PDF)
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Top Five Industry Groups
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As of 06/30/10
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Diversified Financials 29.85%
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Insurance 17.33%
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Food & Staples Retailing 14.37%
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Energy 10.39%
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Household & Personal Products 6.98%
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¹ Some GICS allocations have been combined. Following is the criteria for the combinations Insurance: Property/Casualty; Multi-Line; Reinsurance; Insurance Brokers; Life & Health Ins. Diversified Financials: Diversified Financial Services; Consumer Finance; Capital Markets Banks: Commercial Banks; Thrifts & Mortgage Finance Technology: Software & Services; Technology Hardware & Equipment; Semiconductors & Semiconductor Equipment Pharmaceutical & Health Care: Pharmaceuticals & Biotechnology; Health Care Equipment & Services Retail: Automotive Retail; Apparel Retail; Specialty Stores; General Merchandise Stores; Internet Retail; Department Store Media: Advertising; Broadcasting & Cable TV; Movies & Entertainment; Publishing

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Top Ten Holdings*
² Portfolio holdings are subject to change and should not be considered as investment recommendations to buy, sell, or hold any individual securities mentioned.

To view the complete list of portfolio holdings in Acrobat (pdf) format, click the links below:

BulletClipper Fund Monthly Portfolio Holdings (sorted alphabetically)

BulletClipper Fund Quarterly Portfolio Holdings (sorted by percent of assets)

To open an Acrobat document, you must have the Adobe Acrobat Reader software installed on your computer. Click here to download Adobe Acrobat free of charge.

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Portfolio Characteristics
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As of 06/30/10
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P/E Ratio (Trailing 12 Months) 20.07
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P/B Ratio 2.23
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Weighted Average Market Cap ($B) 57.95
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Weighted Median Market Cap ($B) 36.18
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5-Year Historical EPS 8.59
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³ The Trailing P/E Ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months' earnings per share. Portfolio totals are computed using an inverse harmonic methodology.
P/B Ratio is the weighted average of the price/book ratios of the stocks in a fund's portfolio. The P/B ratio of a stock is calculated by dividing the current price of the stock by the company's per share book value. Stocks with negative book values are excluded for this calculation.
5-Year Historical EPS Growth. This market value weighted figure represents the average annualized earnings per share growth for a company over the past five years. The number is calculated by measuring the slope of a least squares curve fit to the logarithm of the reported earnings and is expressed as a percent. Zero and negative observations are excluded from the calculations.

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Asset Allocation
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As of 06/30/10
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Stocks 97.25%
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Cash & Accruals 2.75%
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This material must be accompanied or preceded by a current Clipper Fund Prospectus. Carefully consider the fund's investment strategies, risks, fees and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here or calling 800 432-2504. Davis Distributors, LLC, is the distributor of the Clipper Fund.

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