DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF	January 31, 2021 (Unaudited)

						Shares		Value
COMMON STOCK – (98.94%)
	COMMUNICATION SERVICES – (14.33%)
		Media & Entertainment – (14.33%)
				Alphabet Inc., Class C *			17,181	$	31,539,849
				Facebook, Inc., Class A *			53,262		13,759,172
					Total Communication Services				45,299,021
	CONSUMER DISCRETIONARY – (18.81%)
		Consumer Services – (4.38%)
				New Oriental Education & Technology Group, Inc., ADR (China)*			82,680		13,848,900
		Retailing – (14.43%)
				Alibaba Group Holding Ltd., ADR (China)*			56,241		14,275,653
				Amazon.com, Inc. *			8,315		26,659,553
				Naspers Ltd. - N (South Africa)			20,232		4,680,252
									45,615,458
					Total Consumer Discretionary				59,464,358
	FINANCIALS – (45.88%)
		Banks – (17.46%)
				Bank of America Corp.			180,580		5,354,197
				Danske Bank A/S (Denmark)			192,589		3,278,612
				DBS Group Holdings Ltd. (Singapore)			425,960		8,032,434
				JPMorgan Chase & Co.			94,112		12,109,391
				U.S. Bancorp			254,412		10,901,554
				Wells Fargo & Co.			519,476		15,521,943
									55,198,131
		Diversified Financials – (23.39%)
			Capital Markets – (2.52%)
				Bank of New York Mellon Corp.			200,014		7,966,558
			Consumer Finance – (13.31%)
				American Express Co.			95,007		11,045,514
				Capital One Financial Corp.			297,642		31,032,155
									42,077,669
			Diversified Financial Services – (7.56%)
				Berkshire Hathaway Inc., Class B *			104,888		23,900,828
									73,945,055
		Insurance – (5.03%)
			Life & Health Insurance – (2.35%)
				AIA Group Ltd. (Hong Kong)			616,620		7,434,431
			Property & Casualty Insurance – (2.68%)
				Markel Corp. *			8,746		8,479,072
									15,913,503
					Total Financials				145,056,689
	HEALTH CARE – (5.09%)
		Health Care Equipment & Services – (3.12%)
				Cigna Corp.			8,303		1,802,166
				Quest Diagnostics Inc.			62,504		8,072,392
									9,874,558
		Pharmaceuticals, Biotechnology & Life Sciences – (1.97%)
				Viatris Inc. *			366,248		6,222,553
					Total Health Care				16,097,111

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF - (CONTINUED)	January 31, 2021 (Unaudited)

								Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (8.85%)
		Capital Goods – (8.85%)
			Carrier Global Corp.							465,904	$	17,937,304
			Ferguson PLC (United Kingdom)							20,169		2,341,798
			Raytheon Technologies Corp.							115,166		7,685,027
							Total Industrials					27,964,129
	INFORMATION TECHNOLOGY – (5.98%)
		Semiconductors & Semiconductor Equipment – (5.98%)
			Applied Materials, Inc.							99,678		9,636,869
			Intel Corp.							166,870		9,262,954
							Total Information Technology					18,899,823
					TOTAL COMMON STOCK – (Identified cost $229,671,346)							312,781,131
SHORT-TERM INVESTMENTS – (1.27%)
			StoneX Financial Inc. Joint Repurchase Agreement, 0.07%, 02/01/21, dated 01/29/21, repurchase value of $2,990,017 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 02/28/21-12/20/70, total market value $3,049,800)						$	2,990,000		2,990,000
			Truist Securities, Inc. Joint Repurchase Agreement, 0.07%, 02/01/21, dated 01/29/21, repurchase value of $1,036,006 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%, 01/01/51, total market value $1,056,720)							1,036,000		1,036,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $4,026,000)							4,026,000
				Total Investments – (100.21%) – (Identified cost $233,697,346)								316,807,131
				Liabilities Less Other Assets – (0.21%)								(671,832)
						Net Assets – (100.00%)					$	316,135,299

	ADR: American Depositary Receipt

	*	Non-income producing security.

Please refer to "Notes to Schedule of Investments" on page 9 for the Fund's policy regarding valuation of investments.

For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT FINANCIAL ETF	January 31, 2021 (Unaudited)

							Shares		Value
COMMON STOCK – (98.13%)
	FINANCIALS – (98.13%)
		Banks – (44.23%)
			Banks – (43.11%)
				Bank of America Corp.				241,028	$	7,146,480
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)				132,031		4,015,063
				Danske Bank A/S (Denmark)				232,795		3,963,073
				DBS Group Holdings Ltd. (Singapore)				277,603		5,234,829
				DNB ASA (Norway)				320,993		6,249,239
				JPMorgan Chase & Co.				58,581		7,537,617
				M&T Bank Corp.				22,747		3,013,295
				Metro Bank PLC (United Kingdom)*				311,347		503,229
				PNC Financial Services Group, Inc.				54,227		7,782,659
				Truist Financial Corp.				53,519		2,567,842
				U.S. Bancorp				252,705		10,828,409
				Wells Fargo & Co.				264,074		7,890,531
										66,732,266
			Thrifts & Mortgage Finance – (1.12%)
				Rocket Companies, Inc., Class A *				81,078		1,731,826
										68,464,092
		Diversified Financials – (35.58%)
			Capital Markets – (13.30%)
				Bank of New York Mellon Corp.				161,581		6,435,771
				Charles Schwab Corp.				95,051		4,898,929
				Julius Baer Group Ltd. (Switzerland)				125,286		7,580,464
				State Street Corp.				23,871		1,670,970
										20,586,134
			Consumer Finance – (15.83%)
				American Express Co.				74,289		8,636,839
				Capital One Financial Corp.				152,173		15,865,557
										24,502,396
			Diversified Financial Services – (6.45%)
				Berkshire Hathaway Inc., Class B *				43,867		9,995,974
										55,084,504
		Insurance – (18.32%)
			Property & Casualty Insurance – (13.79%)
				Chubb Ltd.				54,402		7,924,739
				Loews Corp.				138,855		6,288,743
				Markel Corp. *				7,367		7,142,159
										21,355,641
			Reinsurance – (4.53%)
				Alleghany Corp.				8,320		4,716,192
				Everest Re Group, Ltd.				7,051		1,488,325
				Greenlight Capital Re, Ltd., Class A *				106,974		803,375
										7,007,892
										28,363,533
						Total Financials				151,912,129
					TOTAL COMMON STOCK – (Identified cost $143,306,390)					151,912,129

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT FINANCIAL ETF - (CONTINUED)	January 31, 2021 (Unaudited)

							Principal			Value
SHORT-TERM INVESTMENTS – (2.13%)
			StoneX Financial Inc. Joint Repurchase Agreement, 0.07%, 02/01/21, dated 01/29/21, repurchase value of $2,446,014 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 02/28/21-12/20/70, total market value $2,494,920)					$	2,446,000	$	2,446,000
			Truist Securities, Inc. Joint Repurchase Agreement, 0.07%, 02/01/21, dated 01/29/21, repurchase value of $848,005 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%-3.00%, 01/01/35-01/01/51, total market value $864,960)						848,000		848,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $3,294,000)						3,294,000
				Total Investments – (100.26%) – (Identified cost $146,600,390)							155,206,129
				Liabilities Less Other Assets – (0.26%)							(407,398)
						Net Assets – (100.00%)				$	154,798,731

	*	Non-income producing security.

Please refer to "Notes to Schedule of Investments" on page 9 for the Fund's policy regarding valuation of investments.

For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF	January 31, 2021 (Unaudited)

						Shares		Value
COMMON STOCK – (98.51%)
	COMMUNICATION SERVICES – (13.07%)
		Media & Entertainment – (13.07%)
				Alphabet Inc., Class C *			11,719	$	21,513,037
				Baidu, Inc., Class A, ADR (China)*			8,487		1,994,615
				Facebook, Inc., Class A *			51,789		13,378,653
				IAC/InterActiveCorp *			36,040		7,566,598
				Kuaishou Technology, Class B (China)*			4,200		62,924
				Liberty Media Corp., Liberty Formula One, Series A *			4,460		161,675
				Liberty Media Corp., Liberty Formula One, Series C *			36,700		1,476,441
					Total Communication Services				46,153,943
	CONSUMER DISCRETIONARY – (29.08%)
		Consumer Services – (6.74%)
				New Oriental Education & Technology Group, Inc., ADR (China)*			142,127		23,806,273
		Retailing – (22.34%)
				Alibaba Group Holding Ltd., ADR (China)*			72,592		18,426,027
				Amazon.com, Inc. *			3,621		11,609,650
				JD.com, Inc., Class A, ADR (China)*			176,034		15,612,456
				Meituan, Class B (China)*			347,040		16,001,798
				Naspers Ltd. - N (South Africa)			64,317		14,878,400
				Quotient Technology Inc. *			270,255		2,394,459
									78,922,790
					Total Consumer Discretionary				102,729,063
	FINANCIALS – (36.19%)
		Banks – (19.01%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			158,221		4,811,501
				Danske Bank A/S (Denmark)			760,523		12,947,050
				DBS Group Holdings Ltd. (Singapore)			832,836		15,704,996
				DNB ASA (Norway)			826,598		16,092,589
				Metro Bank PLC (United Kingdom)*			583,344		942,856
				Wells Fargo & Co.			556,885		16,639,724
									67,138,716
		Diversified Financials – (13.25%)
			Capital Markets – (3.36%)
				Julius Baer Group Ltd. (Switzerland)			121,801		7,369,604
				Noah Holdings Ltd., Class A, ADS (China)*			94,772		4,511,147
									11,880,751
			Consumer Finance – (5.99%)
				Capital One Financial Corp.			199,967		20,848,559
				Yiren Digital Ltd., ADR (China)*			91,189		315,514
									21,164,073
			Diversified Financial Services – (3.90%)
				Berkshire Hathaway Inc., Class B *			60,467		13,778,615
									46,823,439
		Insurance – (3.93%)
			Life & Health Insurance – (3.93%)
				AIA Group Ltd. (Hong Kong)			1,152,390		13,894,074
					Total Financials				127,856,229
	HEALTH CARE – (2.73%)
		Health Care Equipment & Services – (0.83%)
				Cigna Corp.			13,440		2,917,152

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	January 31, 2021 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	HEALTH CARE – (CONTINUED)
		Pharmaceuticals, Biotechnology & Life Sciences – (1.90%)
				Viatris Inc. *							395,761	$	6,723,979
								Total Health Care					9,641,131
	INDUSTRIALS – (6.71%)
		Capital Goods – (6.71%)
				Carrier Global Corp.							277,594		10,687,369
				Ferguson PLC (United Kingdom)							54,418		6,318,407
				Raytheon Technologies Corp.							100,164		6,683,944
								Total Industrials					23,689,720
	INFORMATION TECHNOLOGY – (10.73%)
		Semiconductors & Semiconductor Equipment – (8.30%)
				Applied Materials, Inc.							200,942		19,427,073
				Intel Corp.							178,367		9,901,152
													29,328,225
		Technology Hardware & Equipment – (2.43%)
				Hollysys Automation Technologies Ltd. (China)							616,467		8,581,220
								Total Information Technology					37,909,445
						TOTAL COMMON STOCK – (Identified cost $254,116,257)							347,979,531
SHORT-TERM INVESTMENTS – (2.03%)
				StoneX Financial Inc. Joint Repurchase Agreement, 0.07%, 02/01/21, dated 01/29/21, repurchase value of $5,315,031 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 02/28/21-12/20/70, total market value $5,421,300)						$	5,315,000		5,315,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.07%, 02/01/21, dated 01/29/21, repurchase value of $1,843,011 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%-3.00%, 01/01/36-02/01/51, total market value $1,879,860)							1,843,000		1,843,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $7,158,000)							7,158,000
					Total Investments – (100.54%) – (Identified cost $261,274,257)								355,137,531
					Liabilities Less Other Assets – (0.54%)								(1,904,413)
							Net Assets – (100.00%)					$	353,233,118

	ADR: American Depositary Receipt

	ADS: American Depositary Share

	*		Non-income producing security.

Please refer to "Notes to Schedule of Investments" on page 9 for the Fund's policy regarding valuation of investments.

For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF	January 31, 2021 (Unaudited)

						Shares		Value
COMMON STOCK – (83.08%)
	COMMUNICATION SERVICES – (2.43%)
		Media & Entertainment – (2.43%)
				Baidu, Inc., Class A, ADR (China)*			15,193	$	3,570,659
				iQIYI, Inc., Class A, ADR (China)*			161,303		3,524,471
				Kuaishou Technology, Class B (China)*			3,480		52,137
					Total Communication Services				7,147,267
	CONSUMER DISCRETIONARY – (32.43%)
		Consumer Durables & Apparel – (2.60%)
				Fila Holdings Corp (South Korea)			199,850		7,623,355
		Consumer Services – (7.58%)
				New Oriental Education & Technology Group, Inc., ADR (China)*			133,007		22,278,673
		Retailing – (22.25%)
				Alibaba Group Holding Ltd., ADR (China)*			61,606		15,637,451
				JD.com, Inc., Class A, ADR (China)*			144,554		12,820,494
				Meituan, Class B (China)*			499,870		23,048,694
				Naspers Ltd. - N (South Africa)			50,833		11,759,157
				Trip.com Group Ltd., ADR (China)*			65,522		2,085,565
									65,351,361
					Total Consumer Discretionary				95,253,389
	FINANCIALS – (29.83%)
		Banks – (18.71%)
				Bank of N.T. Butterfield & Son Ltd. (Bermuda)			405,513		12,331,650
				Danske Bank A/S (Denmark)			803,720		13,682,431
				DBS Group Holdings Ltd. (Singapore)			735,590		13,871,204
				DNB ASA (Norway)			734,553		14,300,615
				Metro Bank PLC (United Kingdom)*			481,213		777,782
									54,963,682
		Diversified Financials – (6.54%)
			Capital Markets – (6.43%)
				Julius Baer Group Ltd. (Switzerland)			230,433		13,942,413
				Noah Holdings Ltd., Class A, ADS (China)*			103,900		4,945,640
									18,888,053
			Consumer Finance – (0.11%)
				Yiren Digital Ltd., ADR (China)*			96,537		334,018
									19,222,071
		Insurance – (4.58%)
			Life & Health Insurance – (4.58%)
				AIA Group Ltd. (Hong Kong)			1,115,690		13,451,591
					Total Financials				87,637,344
	HEALTH CARE – (2.94%)
		Pharmaceuticals, Biotechnology & Life Sciences – (2.94%)
				Novartis AG, ADR (Switzerland)			43,544		3,939,426
				Roche Holding AG - Genusschein (Switzerland)			13,639		4,706,979
					Total Health Care				8,646,405
	INDUSTRIALS – (9.65%)
		Capital Goods – (9.65%)
				Brenntag AG (Germany)			44,327		3,472,268
				Ferguson PLC (United Kingdom)			102,904		11,948,058
				Schneider Electric SE (France)			88,373		12,934,329
					Total Industrials				28,354,655

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF - (CONTINUED)	January 31, 2021 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (5.80%)
		Semiconductors & Semiconductor Equipment – (3.51%)
				Tokyo Electron Ltd. (Japan)							27,100	$	10,304,853
		Technology Hardware & Equipment – (2.29%)
				Hollysys Automation Technologies Ltd. (China)							482,722		6,719,490
								Total Information Technology					17,024,343
						TOTAL COMMON STOCK – (Identified cost $171,502,436)							244,063,403
SHORT-TERM INVESTMENTS – (17.54%)
				StoneX Financial Inc. Joint Repurchase Agreement, 0.07%, 02/01/21, dated 01/29/21, repurchase value of $38,255,223 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 02/28/21-12/20/70, total market value $39,020,100)						$	38,255,000		38,255,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.07%, 02/01/21, dated 01/29/21, repurchase value of $13,262,077 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%-3.00%, 01/01/35-02/01/51, total market value $13,527,240)							13,262,000		13,262,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $51,517,000)							51,517,000
					Total Investments – (100.62%) – (Identified cost $223,019,436)								295,580,403
					Liabilities Less Other Assets – (0.62%)								(1,820,907)
							Net Assets – (100.00%)					$	293,759,496

	ADR: American Depositary Receipt

	ADS: American Depositary Share

	*		Non-income producing security.

Please refer to "Notes to Schedule of Investments" on page 9 for the Fund's policy regarding valuation of investments.

For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

DAVIS FUNDAMENTAL ETF TRUST	Notes to Schedule of Investments
	January 31, 2021 (Unaudited)

Security Valuation - The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange ("Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds' assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what Davis Selected Advisers, L.P. ("Adviser"), the Funds' investment adviser, identifies as a significant event occurring before the Funds' assets are valued, but after the close of their respective exchanges will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Funds' Pricing Committee and Board of Trustees. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser's portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Adviser may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer's industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation of the security was readily available. Fair value determinations are subject to review, approval, and ratification by the Funds' Board of Trustees at its next regularly scheduled meeting covering the period in which the fair valuation was determined.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value.

The Funds' valuation procedures are reviewed and subject to approval by the Board of Trustees. There have been no significant changes to the fair valuation procedures during the period.

Fair Value Measurements - Fair value is defined as the price that the Funds would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the Funds' investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security.

DAVIS FUNDAMENTAL ETF TRUST	Notes to Schedule of Investments – (Continued)
	January 31, 2021 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of January 31, 2021 in valuing each Fund's investments carried at value:

	Investments in Securities at Value
							Davis Select
	Davis Select		Davis Select		Davis Select		International
	U.S. Equity ETF		Financial ETF		Worldwide ETF		ETF
Valuation Inputs
Level 1 – Quoted Prices:
Common Stock:
Communication Services	$	45,299,021	$	–	$	46,091,019	$	7,095,130
Consumer Discretionary		54,784,106		–		71,848,865		52,822,183
Financials		126,311,212		128,381,295		56,393,913		12,665,668
Health Care		16,097,111		–		9,641,131		3,939,426
Industrials		25,622,331		–		17,371,313		–
Information Technology		18,899,823		–		37,909,445		6,719,490
Total Level 1		287,013,604		128,381,295		239,255,686		83,241,897
Level 2 – Other Significant Observable Inputs:
Common Stock*:
Communication Services		–		–		62,924		52,137
Consumer Discretionary		4,680,252		–		30,880,198		42,431,206
Financials		18,745,477		23,530,834		71,462,316		74,971,676
Health Care		–		–		–		4,706,979
Industrials		2,341,798		–		6,318,407		28,354,655
Information Technology		–		–		–		10,304,853
Short-Term Investments		4,026,000		3,294,000		7,158,000		51,517,000
Total Level 2		29,793,527		26,824,834		115,881,845		212,338,506
Level 3 – Significant Unobservable Inputs:
Total Level 3		–		–		–		–
Total Investments	$	316,807,131	$	155,206,129	$	355,137,531	$	295,580,403

*Includes certain securities trading primarily outside the U.S. whose value the Funds adjusted as a result of significant market movements following the close of local trading.

Federal Income Taxes

At January 31, 2021, the unrealized appreciation (depreciation) and aggregate cost of investments for federal income tax purposes were as follows:

							Davis Select
	Davis Select		Davis Select		Davis Select		International
	U.S. Equity ETF		Financial ETF		Worldwide ETF		ETF
Unrealized appreciation	$	87,966,067	$	17,387,305	$	107,027,879	$	74,140,989
Unrealized depreciation		(6,107,739)		(9,255,312)		(16,572,364)		(3,967,635)
Net unrealized appreciation	$	81,858,328	$	8,131,993	$	90,455,515	$	70,173,354
Aggregate cost	$	234,948,803	$	147,074,136	$	264,682,016	$	225,407,049

CORONAVIRUS (COVID-19) PANDEMIC

The rapid and global spread of a highly contagious novel coronavirus respiratory disease, COVID-19, has resulted in extreme volatility in the financial markets and severe losses; reduced liquidity of many instruments; significant disruptions to business operations (including business closures); disruptions to supply chains, consumer demand and employee availability; and widespread uncertainty regarding the duration and long-term effects of this pandemic. Some sectors of the economy and individual issuers have experienced particularly large losses. In addition, the COVID-19 pandemic may result in a sustained economic downturn or a global recession. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a fund's investments, impair a fund's ability to satisfy redemption requests, and negatively impact fund performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a fund by its service providers.