Clipper Fund

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		As of 6/30/10



	Clipper		S&P 500 Index

1 Year	23.43%		14.43%

3 Year	-13.30%		-9.81%

5 Year	-4.78%		-0.79%

10 Year	3.10%		-1.59%

Since Inception*	10.98%		10.12%

*Clipper Fund Inception Date: 2/29/84

The figures above represent past performance and are not a guarantee of future results. The investment return and principal value will vary so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and currently may be lower or higher than the performance data quoted above. As of the most recent prospectus, the expense ratio for the Clipper Fund was 0.76%. The Fund received a favorable class action settlement from a company that it no longer owns. This settlement had a material impact on the investment performance of the Fund in 2009. This was a one time event that is unlikely to be repeated.

The Fund's total returns include reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions.

Clipper Fund was managed from inception until January 1, 2006 by another Adviser. Davis Selected Advisers, L.P. took over management of the Fund on January 1, 2006.

The S&P 500 Index is an unmanaged, capitalization weighted index of the common stocks of 500 major U.S. corporations. Index returns include dividends and/or interest income and, unlike Fund returns, do not reflect fees or expenses. In addition, unlike the Fund, which periodically maintains a significant cash position, the S&P 500 is fully invested. Investors cannot directly invest in an index.

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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