# EDGAR Filing Document

**Accession Number:** 0001316506
**File Stem:** 0001145549-23-009688
**Filing Date:** 2023-2
**Character Count:** 13559
**Document Hash:** bb7b5899602f3f3b24730617d3bd5501
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-009688.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001145549-23-009688

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clipper Funds Trust
- **CENTRAL INDEX KEY:** 0001316506
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21758
- **FILM NUMBER:** 23664799

**BUSINESS ADDRESS:**
- **STREET 1:** DAVIS SELECTED ADVISERS, L.P.
- **STREET 2:** 2949 E. ELVIRA ROAD, SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85706
- **BUSINESS PHONE:** 520-434-3778

**MAIL ADDRESS:**
- **STREET 1:** DAVIS SELECTED ADVISERS, L.P.
- **STREET 2:** 2949 E. ELVIRA ROAD, SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85706

## Series and Classes Contracts Data

### Clipper Fund (Series ID: S000011372)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000031492 | Clipper Fund | CFIMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Clipper Funds Trust

- **b. Investment Company Act file number:** 811-21758

- **c. CIK number of Registrant:** 0001316506

- **d. LEI of Registrant:** 254900AYOHWE7WX9SV13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2949 E. Elvira Road

  - **City:** Tucson

  - **State:** AZ

  - **Foreign country:** US

  - **Zip / Postal Code:** 85756

  - **Telephone number:** 520-806-7600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Clipper Fund

- **b. EDGAR series identifier (if any):** S000011372

- **c. LEI of Series:** 254900FA2WKYT36YJT03

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $880957743.60

**Total Liabilities:** $755466.27

**Net Assets:** $880202277.33

**Cash Not Reported:** $415.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000031492 | 5.36%                | 10.00%               | -4.37%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2424689.11              | $41157339.77                               |
| Month 2  | $9930814.04              | $73497599.19                               |
| Month 3  | $-903673.34              | $-39996935.81                              |

### Schedule of Portfolio Investments

| Name                         | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TRUIST REPO                  | TRUIST REPO REPO - 03Jan23                       | CUSIP: ARP0VCU83<br>LEI: N/A                  | Long             | RA               | USGA              | US        |   2817000 | PA      | $2817000.00   | 0.32%             | 2023-01-03      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| STONEX REPO                  | STONEX REPO REPO - 03Jan23                       | CUSIP: ARP0VCU91<br>LEI: N/A                  | Long             | RA               | USGA              | US        |   3191000 | PA      | $3191000.00   | 0.36%             | 2023-01-03      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC CL C            | ALPHABET INC CL C                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    269150 | NS      | $23881679.50  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC CL A            | ALPHABET INC CL A                                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    557680 | NS      | $49204106.40  | 5.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC               | AMAZON.COM INC                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    411700 | NS      | $34582800.00  | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS INC        | APPLIED MATERIALS INC                            | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    280200 | NS      | $27285876.00  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP         | BANK OF AMERICA CORP COMMON STOCK USD.01         | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    449530 | NS      | $14888433.60  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NEW YORK MELLON CORP | BANK OF NEW YORK MELLON CORP                     | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |   1113673 | NS      | $50694394.96  | 5.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC CL A  | BERKSHIRE HATHAWAY INC CL A                      | CUSIP: 084670108<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |       219 | NS      | $102647700.24 | 11.66%            |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA CORP                   | CIGNA CORP COMMON STOCK USD.01                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    124860 | NS      | $41371112.40  | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP   | CAPITAL ONE FINANCIAL CORP                       | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    568873 | NS      | $52882434.08  | 6.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DIDI GLOBAL INC              | DIDI GLOBAL INC ADR USD.00002                    | CUSIP: 23292E108<br>LEI: 8368006Y2DHY77ADSY31 | Long             | EC               | CORP              | US        |   2308722 | NS      | $7341735.96   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC CLASS A   | META PLATFORMS INC CLASS A                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    399720 | NS      | $48102304.80  | 5.46%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORP                   | INTEL CORP                                       | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    705880 | NS      | $18656408.40  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DANSKE BANK A/S              | DANSKE BANK A/S                                  | CUSIP: 458882909<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |    709690 | NS      | $14026665.08  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE + CO          | JPMORGAN CHASE + CO                              | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    176002 | NS      | $23601868.20  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.COM INC ADR               | JD.COM INC ADR ADR USD.00002                     | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |    250870 | NS      | $14081333.10  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MARKEL CORP                  | MARKEL CORP                                      | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |     43547 | NS      | $57372737.03  | 6.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS GROUP HOLDINGS LTD       | DBS GROUP HOLDINGS LTD                           | CUSIP: 617520903<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |   1203200 | NS      | $30470766.01  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LTD N SHS            | NASPERS LTD N SHS COMMON STOCK ZAR.02            | CUSIP: 662269901<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |     95910 | NS      | $15942467.41  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG ELECTRONICS CO LTD   | SAMSUNG ELECTRONICS CO LTD COMMON STOCK KRW100.0 | CUSIP: 677172009<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    201490 | NS      | $8811701.86   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                | OWENS CORNING COMMON STOCK USD.001               | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |    149120 | NS      | $12719936.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INC        | QUEST DIAGNOSTICS INC COMMON STOCK USD.01        | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |    122940 | NS      | $19232733.60  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TECK RESOURCES LTD CLS B     | TECK RESOURCES LTD CLS B COMMON STOCK            | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    549270 | NS      | $20773391.40  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                   | US BANCORP                                       | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    945620 | NS      | $41238488.20  | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| VIATRIS INC                  | VIATRIS INC COMMON STOCK                         | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |   3029340 | NS      | $33716554.20  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO + CO             | WELLS FARGO + CO                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   1793222 | NS      | $74042136.38  | 8.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ASAC II LP UNIT SEALED       | ASAC II LP UNIT SEALED                           | CUSIP: ACI06TW75<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    407313 | NS      | $396356.33    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PING AN INSURANCE GROUP CO H | PING AN INSURANCE GROUP CO H COMMON STOCK CNY1.0 | CUSIP: B01FLR903<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |   3326500 | NS      | $22012020.45  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA GROUP LTD                | AIA GROUP LTD COMMON STOCK                       | CUSIP: B4TX8S909<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   1297270 | NS      | $14426206.82  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Clipper Funds Trust

**Signature:** Doug A. Haines

**Name of Signer:** Doug A. Haines

**Title:** Treasurer