Fund Overview

  • Seeks high-conviction, best-of-breed businesses outside the U.S.
  • Benchmark-agnostic. Seeks to outperform the index, not mirror it
  • Low expected turnover and a strategic, long term time horizon
  • Traditional benefits of ETFs: Low cost, tax efficient, intra-day liquidity and transparent ETFs are subject to commission costs each time a buy or sell is executed. Depending on the amount of trading activity, the low costs of ETFs may be outweighed by commissions and related trading costs.

Returns

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -2.67% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. -2.28% -- -- --
MSCI ACWI ex-U.S. Index The MSCI ACWI® (All Country World Index) ex U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in an index. -1.00% -- -- --
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -2.67% -- -- --
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -1.58% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 3/1/18 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -3.00% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. -2.78% -- -- --
MSCI ACWI ex-U.S. Index The MSCI ACWI® (All Country World Index) ex U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in an index. -3.31% -- -- --
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -3.00% -- -- --
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -1.77% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 3/1/18 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 0.11% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 0.53% -- -- --
MSCI ACWI ex-U.S. Index The MSCI ACWI® (All Country World Index) ex U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in an index. -1.46% -- -- --
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 0.11% -- -- --
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 0.07% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 3/1/18 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -0.42% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. -0.35% -- -- --
MSCI ACWI ex-U.S. Index The MSCI ACWI® (All Country World Index) ex U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in an index. 0.87% -- -- --
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -0.42% -- -- --
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -0.25% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 3/1/18 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -1.42% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. -0.78% -- -- --
MSCI ACWI ex-U.S. Index The MSCI ACWI® (All Country World Index) ex U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in an index. -0.71% -- -- --
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -1.42% -- -- --
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -0.84% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 3/1/18 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -2.67% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. -2.28% -- -- --
MSCI ACWI ex-U.S. Index The MSCI ACWI® (All Country World Index) ex U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in an index. -1.00% -- -- --
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -2.67% -- -- --
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -1.58% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 3/1/18 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -3.00% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. -2.78% -- -- --
MSCI ACWI ex-U.S. Index The MSCI ACWI® (All Country World Index) ex U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in an index. -3.31% -- -- --
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -3.00% -- -- --
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -1.77% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 3/1/18 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 0.11% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 0.53% -- -- --
MSCI ACWI ex-U.S. Index The MSCI ACWI® (All Country World Index) ex U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in an index. -1.46% -- -- --
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 0.11% -- -- --
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 0.07% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 3/1/18 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -0.42% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. -0.35% -- -- --
MSCI ACWI ex-U.S. Index The MSCI ACWI® (All Country World Index) ex U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in an index. 0.87% -- -- --
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -0.42% -- -- --
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -0.25% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 3/1/18 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -1.42% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. -0.78% -- -- --
MSCI ACWI ex-U.S. Index The MSCI ACWI® (All Country World Index) ex U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in an index. -0.71% -- -- --
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -1.42% -- -- --
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -0.84% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 3/1/18 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

Historical Prices as of 8/16/18

Prices

Regions as of 8/15/18

DINT (%) MSCI ACWI ex-U.S. Index (%)
Emerging Markets 52.6% 24.6%
Developed Ex US 47.4% 75.3%

Top Countries as of 8/15/18

Name
China
Switzerland
France
United Kingdom
Canada
South Africa
Singapore
Norway
India
Bermuda
Brazil
Germany

Top Sectors as of 8/15/18 The Fund generally uses the Global Industry Classification Standard (“GICS”) to determine industry classification. GICS presents industry classification as a series of levels. Allocations shown are at the sector level. For purposes of measuring concentration, the Fund generally classifies companies at the “industry group” or “industry” level. See the Fund’s SAI for additional information. Data is provided by an external service provider and, in limited instances, the classifications may vary from the classifications assigned by Davis Advisors. Industry classification weightings are subject to change.

DINT (%) MSCI ACWI ex-U.S. Index (%)
Industrials 23.8% 11.7%
Consumer Discretionary 21.1% 11.0%
Financials 19.9% 22.1%
Information Technology 15.7% 11.7%
Energy 8.2% 7.3%
Health Care 8.2% 8.4%
Materials 3.2% 8.0%

Holdings as of 8/15/18

Name Ticker Weighting (%) Country
Alibaba Group Holding Ltd., ADR BABA 6.93% China
Naspers Ltd. - N NPN SJ 5.70% South Africa
Safran S.A. SAF FP 5.62% France
Hollysys Automation Technologies Ltd. HOLI 5.10% China
Ferguson PLC FERG LN 4.76% United Kingdom
New Oriental Education & Tech ADR EDU 4.69% China
JD.com Inc., Class A, ADR JD 4.65% China
Encana Corp. ECA 4.54% Canada
DBS Group Holdings Ltd. DBS SP 4.03% Singapore
DNB ASA DNB NO 3.81% Norway
Name Ticker Weighting (%) Shares Market Value ($) Country CUSIP SEDOL
Alibaba Group Holding Ltd., ADR BABA 6.93 20,256 3,440,076 China 01609W102 BP41ZD1
Naspers Ltd. - N NPN SJ 5.70 13,470 2,825,428 South Africa 6622691
Safran S.A. SAF FP 5.62 23,049 2,790,107 France B058TZ6
Hollysys Automation Technologies Ltd. HOLI 5.10 121,833 2,528,035 China G45667105 B0JCH50
Ferguson PLC FERG LN 4.76 30,534 2,362,692 United Kingdom BFYFZP5
New Oriental Education & Tech ADR EDU 4.69 28,322 2,326,369 China 647581107 B1CN1G6
JD.com Inc., Class A, ADR JD 4.65 71,292 2,307,009 China 47215P106 BMM27D9
Encana Corp. ECA 4.54 178,090 2,252,839 Canada 292505104 2793182
DBS Group Holdings Ltd. DBS SP 4.03 109,210 1,996,861 Singapore 6175203
DNB ASA DNB NO 3.81 96,340 1,889,556 Norway 4263304
Schneider Electric SE SU FP 3.66 23,925 1,817,489 France 4834108
Tarena International, Inc.,Class A, ADR TEDU 3.13 179,300 1,552,738 China 876108101 BKXNG07
InterGlobe Aviation Ltd. INDIGO IN 3.12 103,215 1,549,739 India BYYZ7D0
Seven Generations Energy Ltd., Class A VII CN 3.07 134,424 1,523,615 Canada BRK0MM4
Bank of N.T. Butterfield & Son Ltd. NTB 3.04 28,930 1,507,542 Bermuda G0772R208 BD8FF02
LafargeHolcim Ltd. LHN FP 2.95 29,975 1,462,285 Switzerland BZ3DNX4
Shire PLC, ADR SHPG 2.93 8,635 1,453,530 United Kingdom 82481R106 B39JBM7
Sul America S.A. SULA11 BZ 2.77 242,600 1,372,351 Brazil B27WYK0
Novartis AG - ADR NVS 2.40 14,520 1,188,172 Switzerland 66987V109 2620105
Roche Holding AG - Genusschein ROG SE 2.30 4,785 1,142,841 Switzerland 7110388
Julius Baer Group Ltd. BAER SE 1.95 18,044 966,730 Switzerland B4R2R50
Noah Holdings Ltd., ADS NOAH 1.88 22,921 933,114 China 65487X102 B5MDP39
Ctrip.com International, Ltd., ADR CTRP 1.48 19,140 733,062 China 22943F100 2208987
Baidu, Inc., Class A, ADR BIDU 1.42 3,300 704,451 China 056752108 B0FXT17
ZTO Express Cayman, Inc., Class A, ADR ZTO 1.42 37,951 703,612 China 98980A105 BYYDFN0
CAR Inc. 699 HK 1.39 843,670 688,912 China BQQP9S1
Fang Holdings Ltd., Class A, ADR SFUN 1.20 220,884 596,387 China 30711Y102 BYQ7J61
Brenntag AG BNR GR 1.13 9,625 559,081 Germany B4YVF56
Yirendai Ltd., ADR YRD 1.02 37,388 505,860 China 98585L100 BYPHX26
Meggitt PLC MGGT LN 1.01 74,379 500,467 United Kingdom 0575809
Cash Component 6.90 0 0
Total   100.00          

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Premium/Discount Shares are generally bought and sold on an exchange at market prices and the price paid may be more (a “premium”) or less than NAV (a “discount”). For this reason an investor may pay more or less than NAV when they buy shares, and they may receive more or less than NAV when they sell shares. The premium/discount information provided represents past performance and cannot be used to predict future results. of Market Price The price used to calculate market return is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange, on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. to NAV

Days at specific premium or discount ranges
Days at specific premium or discount ranges

Fund Details as of 8/15/18

Inception Date 3/1/18
Ticker DINT
Objective Long-term growth of capital
Expense Ratio (gross/net) Davis Selected Advisers, L.P. has contractually agreed to waive fees and/or reimburse the Funds’ expenses to the extent necessary to cap total annual fund operating expenses as shown until March 1, 2019. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to that date, without the consent of the Board of Trustees. 0.86%/0.75%
Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 30
Investment Manager Davis Selected Advisers,L.P.
Total Net Assets ($M) 49.606
Asset Class Equity
Exchange NASDAQ
CUSIP 23908L405
IOV / Intraday Ticker DINTIV
Custodian State Street Bank and Trust Company
Performance Benchmark MSCI ACWI ex-U.S. Index
Shares Outstanding 2,750,000
Dividend Frequency Annually
Options Available N
Daily Volume 16,904
30 Day Avg. Volume Average Daily Volume (ADV) on primary exchange may differ from ADV reported by other sources, which may publish an aggregated ADV from all exchanges on which the ETF trades. 17,757
Premium/Discount 0.42

Portfolio Statistics as of 6/30/18

Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 32
Forward P/E Forward price to earnings (forward P/E) is a measure of the price-to-earnings (P/E) ratio using forecasted earnings for the P/E calculation. 11.2
P/B Price/Book (P/B) Ratio is the weighted average of the P/B ratios of the stocks in a portfolio. The P/B ratio of a stock is calculated by dividing the current price of the stock by the company's per share book value. 3.4
Weighted Avg. Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. 71.0
Historical 5 Year EPS Growth This figure represents the annualized rate of net-income-per-share growth over the trailing five-year period for the stocks held by the Fund. 22.7

52 Week High/Low as of 8/15/18

NAV Market Price
52 Week High 20.34 20.62
52 Week Low 18.04 17.84