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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24F-2
Read instructions at end of form before preparing form.
Please print or type.
1. Name and address of issuer: Clipper Fund, Inc.
Suite 800, 9601 Wilshire Boulevard
Beverly Hills, CA 90210
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2. Name of each series or class of funds for which this notice is filed:
Shares of Beneficial Interest
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3. Investment Company Act File Number: 2-88543
Securities Act File Number: 811-3931
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4. Last day of fiscal year for which this notice is filed: December 31, 1995
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5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold after
the close of the fiscal year but before termination of the issuer's 24f-2
declaration:
[ ]
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6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see Instruction A.6):
N/A
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7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to rule 24f-
2 in a prior fiscal year, but which remained unsold at the beginning of the
fiscal year:
342,480 shares $18,038,422
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8. Number and amount of securities registered during the fiscal year other than
pursuant to rule 24f-2:
-0-
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9. Number and aggregate sale price of securities sold during the fiscal year:
2,335,012 shares $134,055,134
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10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
1,992,532 shares $116,016,712
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11. Number and aggregate sale price of securities issued during the fiscal year
in connection with dividend reinvestment plans, if applicable (see
Instruction B.7):
549,018 shares $33,270,494
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12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during
the fiscal year in reliance on rule 24f-2
(from Item 10): $116,016,712
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(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from Item 11,
if applicable): + 33,270,494
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(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable): - 92,320,215
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(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to rule 24e-2 (if applicable): + 0
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(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2
[line {i), plus line (ii), less line (iii), plus
line {iv)] (if applicable): $ 56,966,991
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(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law or
regulation (see Instruction C.6): x 1/2900
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(vii) Fee due [line (i) or line (v) multiplied by
line (vi)]: $ 19,644
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Instruction: Issuers should complete lines (ii), (iii), (iv), and {v) only if
the form is being filed within 60 days after the close of the
issuer's fiscal year. See Instruction C.3.
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13. Check box if fees are being remitted to the Commission's lockbox depository
as described in section 3a of the Commission's Rules of Informal and Other
Procedures (17 CFR 202.3a).
[X]
Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository:
February 27, 1996
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SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By (Signature and Title)*
Michael C. Sandler
Vice President
Date: January 30, 1996
* Please print the name and title of the signing officer below the signature.
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CLIPPER FUND, INC.
OFFICER'S CERTIFICATE
ISSUED REGARDING THE FISCAL YEAR ENDED DECEMBER 31, 1995
The undersigned officer of Clipper Fund, Inc. (the "Company"), in
connection with the opinion to be rendered by Heller, Ehrman, White & McAuliffe
as required by Rule 24f-2(b)(1) promulgated under the Investment Company Act of
1940, as amended, in connection with the Company's filing of a Rule 24f-2 Notice
with the Securities and Exchange Commission, hereby certifies to Heller, Ehrman,
White & McAuliffe that:
1. The undersigned is the Secretary/Treasurer of the Company and is
authorized to execute this certificate on behalf of the company;
2. The undersigned has furnished you with a true and complete copy of the
Company's Articles of Incorporation, and all amendments thereto, and such
Articles of Incorporation have been in effect throughout the Company's fiscal
year ended December 31, 1995 (the "Fiscal Year");
3. The undersigned has furnished you with a true and complete copy of the
Company's By-laws, and all amendments thereto, and such By-laws have been in
effect throughout the Fiscal Year;
4. The undersigned has furnished you with true and complete copies of the
Prospectus and Statement of Additional Information effective during
the Fiscal Year, each dated April 30, 1995;
5. The resolutions adopted by the Board of Directors of the Company
authorizing the issuance of 200,000,000 shares of the Company's capital
stock remain in full force and effect;
6. 342,480 shares had been registered under the Securities Act of 1933
other than pursuant to Rule 24f-2 in a prior fiscal year, but remained
unsold at the beginning of the Fiscal Year. A total of 2,335,012 shares
were sold during the Fiscal Year. A total of 1,992,532 shares of the
Company's capital stock (the "Shares") were sold by the Company during
the Fiscal Year, all of which were sold in reliance upon Rule 24f-2
and in accordance with the requirements of the Company's Form N1-A
Registration Statement filed under the Securities Act of 1933, as
amended, and the Investment Company Act of 1940, as amended, as that
Registration Statement was amended and in effect throughout the Fiscal
Year;
7. The total number of Shares issued and sold during the period is
correctly reflected in the Company's Rule 24f-2 Notice for the Fiscal
Year;
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8. At no time during the Fiscal Year did the number of issued and
outstanding Shares exceed 200,000,000;
9. All sales of the Company's Shares effected during the Fiscal Year were
sold at the public offering price described in the Company's then-
current Prospectus, such sales were made for cash equal in amount to
the net asset value of such Shares on the dates they were issued, and
such cash was actually received by the Company;
10. At no time during the Fiscal Year was the right of Company shareholders
to redeem their shares suspended.
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Michael Kromm
Secretary/Treasurer
Clipper Fund, Inc.
Dated: February 7, 1996