0001145549-23-016536.txt : 20230315 0001145549-23-016536.hdr.sgml : 20230315 20230315152813 ACCESSION NUMBER: 0001145549-23-016536 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20221231 FILED AS OF DATE: 20230315 DATE AS OF CHANGE: 20230315 EFFECTIVENESS DATE: 20230315 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: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-21758 FILM NUMBER: 23734898 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 0001316506 S000011372 Clipper Fund C000031492 Clipper Fund CFIMX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001316506 XXXXXXXX true false false N-1A S000011372 true Clipper Funds Trust 811-21758 0001316506 254900AYOHWE7WX9SV13 2949 E. Elvira Road Suite 101 Tucson 85756 US-AZ US 5208067600 State Street Bank & Trust Company One Lincoln Street Boston 02111 6177863000 The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder. Davis Selected Advisers, L.P. 2949 E. Elvira Road Suite 101 Tucson 85756 5208067600 The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder. DST Asset Manager Solutions, Inc. 333 W. 11th Street Kansas City 64105 8164351000 The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder. N N N N-1A 1 Y Richard O'Brien N/A N James J. McMonagle N/A N Katherine L. MacWilliams N/A N Steven N. Kearsley N/A N Lawrence E. Harris N/A N Francisco L. Borges N/A N Christopher C. Davis N/A Y Andrew A. Davis N/A Y Michaela McLoughry 005005041 2949 E. Elvira Road Suite 101 Tucson 85756 XXXXXX Y N N N N N Davis Distributors, LLC 8-39258 000007975 2549004BH5WE90V5O389 Y N KPMG LLP 00185 5493003PVCIGA21K0K42 N N N N N N N Clipper Fund S000011372 254900FA2WKYT36YJT03 N 1 0 0 N/A Y N Y N State Street Bank and Trust Company 571474TGEMMWANRLN572 N N N/A 0.000000000000 0.000000000000 Rule 32a-4 (17 CFR 270.32a-4) N N N N Davis Selected Advisers, L.P. 801-31648 000108674 254900Q6I0WAL4QT7252 N Davis Selected Advisers - NY, Inc. 801-53272 000106659 254900M4RZB7I7YSOW55 Y N DST Asset Manager Solutions, Inc. 84-00896 N/A N N Davis Selected Advisers, L.P. 85-0360310 254900Q6I0WAL4QT7252 Y N N Refinitiv US LLC 213800HQORQAP68CJJ04 N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N N State Street Bank & Trust Company 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Skandinaviska Enskilda Banken AB F3JS33DEI6XQ4ZBPTN86 SE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Hongkong Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) BNP Paribas S.A. R0MUWSFPU8MPRO8K5P83 FR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank N.A. E57ODZWZ7FF32TWEFA76 N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Standard Chartered Bank RILFO74KP1CM8P6PCT96 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N DST Asset Manager Solutions, Inc. N/A N N Davis Selected Advisers, L.P. 254900Q6I0WAL4QT7252 Y N N Davis Selected Advisers, L.P. 254900Q6I0WAL4QT7252 Y N N Goldman, Sachs & Co. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 25530.000000000000 BTIG, LLC 008-65473 000122225 549300GTG9PL6WO3EC51 12489.000000000000 Sanford C. Bernstein & Co., LLC 008-52942 000104474 549300I7JYZHT7D5CO04 12281.000000000000 Allen & Company LLC 008-12123 000001042 549300RO3RYDN328JY68 10795.000000000000 CLSA Americas LLC 008-69166 000165533 213800M2DXATWY7JMS07 9813.000000000000 J.P. Morgan Securities, LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 7812.000000000000 Citigroup Global Markets, Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 5845.000000000000 BMO Capital Markets Corp. 008-34344 000016686 RUC0QBLBRPRCU4W1NE59 CA 4907.000000000000 Piper Sandler & Co. 008-15204 000000665 549300GRQCWQ3XGH0H10 4756.000000000000 Jefferies LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 4442.000000000000 119476.000000000000 StoneX Financial Inc. 008-51269 000045993 549300LNKU6K5TJCRG93 1382261000.000000000000 Truist Securities, Inc. 008-17212 000006271 CSVTK36R0PNGXEM7NS14 1408218000.000000000000 2790479000.000000000000 N 996627388.000000000000 N N N N true INTERNAL CONTROL RPT 2 clipper_letter.htm KPMG NCEN LETTER


 
KPMG LLP
 
4200 Wells Fargo Center
 
90 South Seventh Street
 
Minneapolis, MN 55402



Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Trustees
Clipper Funds Trust:

In planning and performing our audit of the financial statements of Clipper Fund (a series of Clipper Funds Trust) (the Fund) as of and for the year ended December 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness as defined above as of December 31, 2022.





 
KPMG LLP, a Delaware limited liability partnership and a member firm of
 
the KPMG global organization of independent member firms affiliated with
 
KPMG International Limited, a private English company limited by guarantee.




This report is intended solely for the information and use of management and the Board of Trustees of Clipper Funds Trust and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.

KPMG LLP


Minneapolis, Minnesota
February 17, 2023




















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