# EDGAR Filing Document

**Accession Number:** 0001316506
**File Stem:** 0001145549-25-054245
**Filing Date:** 2025-8
**Character Count:** 14882
**Document Hash:** 92e10116eb97d04752c4d464f74223e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-054245.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001145549-25-054245

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clipper Funds Trust
- **CENTRAL INDEX KEY:** 0001316506

**ORGANIZATION NAME:**
- **EIN:** 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:** 251261090

**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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $1209085995.06

**Total Liabilities:** $837358.51

**Net Assets:** $1208248636.55

**Cash Not Reported:** $844886.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000031492 | -1.04%               | 4.15%                | 6.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $30597126.84             | $-42823101.33                              |
| Month 2  | $32898269.34             | $10820050.53                               |
| Month 3  | $1773245.97              | $68942781.26                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| US BANCORP                   | US BANCORP                                       | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |   1420850 | NS      | $64293462.50  | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC       | UNITEDHEALTH GROUP INC COMMON STOCK USD.01       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     73910 | NS      | $23057702.70  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| VIATRIS INC                  | VIATRIS INC COMMON STOCK                         | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |   3314190 | NS      | $29595716.70  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO + CO             | WELLS FARGO + CO                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    423613 | NS      | $33939873.56  | 2.81%             |  |  |  | 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      | $408983.03    | 0.03%             |  |  |  | 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        |   3280000 | NS      | $20937280.48  | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| NASPERS LTD N SHS            | NASPERS LTD N SHS COMMON STOCK ZAR.02            | CUSIP: BN0VX8908<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |     92160 | NS      | $28755156.35  | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Repo                  | Nomura Repo REPO - 01Jul25                       | CUSIP: ARP19B8Y6<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | RA               | USGA              | US        |   3567000 | PA      | $3567000.00   | 0.30%             | 2025-07-01      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| STONEX REPO                  | STONEX REPO REPO - 01Jul25                       | CUSIP: ARP19B8Z3<br>LEI: 549300LNKU6K5TJCRG93 | Long             | RA               | USGA              | US        |   5980000 | PA      | $5980000.00   | 0.49%             | 2025-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AGCO CORP                    | AGCO CORP COMMON STOCK USD.01                    | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |    116310 | NS      | $11998539.60  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC CL A            | ALPHABET INC CL A                                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    343017 | NS      | $60449885.91  | 5.00%             |  |  |  | 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        |    536670 | NS      | $21670734.60  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TOURMALINE OIL CORP          | TOURMALINE OIL CORP COMMON STOCK                 | CUSIP: 89156V957<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |    553770 | NS      | $26717597.94  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIP.COM GROUP LTD ADR       | TRIP.COM GROUP LTD ADR ADR USD.01                | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | US        |    166040 | NS      | $9736585.60   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TYSON FOODS INC CL A         | TYSON FOODS INC CL A COMMON STOCK USD.1          | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    683590 | NS      | $38240024.60  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC               | AMAZON.COM INC                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    198982 | NS      | $43654660.98  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS INC        | APPLIED MATERIALS INC                            | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    382947 | NS      | $70106107.29  | 5.80%             |  |  |  | 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        |    154616 | NS      | $14087063.76  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC CL A  | BERKSHIRE HATHAWAY INC CL A                      | CUSIP: 084670108<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |       100 | NS      | $72880000.00  | 6.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA GROUP                  | CIGNA CORP COMMON STOCK USD.01                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     38660 | NS      | $12780222.80  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP              | CVS HEALTH CORP COMMON STOCK USD.01              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    781360 | NS      | $53898212.80  | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| COTERRA ENERGY INC           | COTERRA ENERGY INC COMMON STOCK USD.1            | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    772420 | NS      | $19604019.60  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP   | CAPITAL ONE FINANCIAL CORP                       | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    548044 | NS      | $116601841.44 | 9.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS               | CONOCOPHILLIPS COMMON STOCK USD.01               | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    159800 | NS      | $14340452.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DIDI GLOBAL INC              | DIDI GLOBAL INC ADR USD.00002                    | CUSIP: 23292E108<br>LEI: 8368006Y2DHY77ADSY31 | Long             | EC               | CORP              | US        |   2168852 | NS      | $10627374.80  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC CLASS A   | META PLATFORMS INC CLASS A                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    154829 | NS      | $114277736.61 | 9.46%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC                   | HUMANA INC                                       | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    154410 | NS      | $37750156.80  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DANSKE BANK A/S              | DANSKE BANK A/S                                  | CUSIP: 458882909<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |    658821 | NS      | $26908753.76  | 2.23%             |  |  |  | No            |                  2 | On Loan: No      |
| MGM RESORTS INTERNATIONAL    | MGM RESORTS INTERNATIONAL COMMON STOCK USD.01    | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |   1818810 | NS      | $62548875.90  | 5.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MARKEL GROUP INC             | MARKEL CORP                                      | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |     42257 | NS      | $84402441.52  | 6.99%             |  |  |  | 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        |    450750 | NS      | $19932887.88  | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| OWENS CORNING                | OWENS CORNING COMMON STOCK USD.001               | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     78250 | NS      | $10760940.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| RESTAURANT BRANDS INTERN     | RESTAURANT BRANDS INTERN COMMON STOCK            | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | CA        |    293600 | NS      | $19462744.00  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLVENTUM CORP               | SOLVENTUM CORP COMMON STOCK                      | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |    295500 | NS      | $22410720.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-24

**Name of Applicant:** Clipper Funds Trust

**Signature:** Doug A. Haines

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

**Title:** Treasurer