Phone: (877) 332-0529

Mutual Fund

Davidson Multi-Cap Equity Fund

Ticker: DFMAX | DFMIX

Total Net Assets

$129.8M

As of 09/30/26

Number of Holdings

49

As of 09/30/26

Distribution Frequency

Annually

Income and capital gains

A Flexible Fund for the Long-term Investor

  • Intended to be a one-stop fund for investors
  • Diversified by economic sector and adjusted based on market opportunity
  • Fund holdings unrestricted by market capitalizations or style classifications

Objectives & Strategies

Investment Objective: Long-term capital appreciation.

The Fund normally invests at least 80% of its net assets in companies across a wide range of market capitalizations and investment styles with attractive fundamental characteristics. Consistent with the Fund's "core" strategy, it will invest its assets in both value and growth stocks, as well as dividend-paying and non-dividend-paying stocks. The Fund will seek to achieve its investment objective primarily through stock selection, with less emphasis on sector weightings. As a result, the Fund expects to only occasionally make modest sector changes, preferring to differentiate performance by relative movement in individual stocks than in sectors or industries.

Aspects of This Fund

Convenience

Intended to be a one-stop fund for investors.

Focus

Seeks quality companies with proven management, solid balance sheets, and good growth potential.

Diversification

Invests in large, medium, and small companies with a blend of value and growth.

Flexibility

Managers strive to capitalize on market opportunities.

Performance (%)

As of 09/30/2026

Class A 3 Months YTD 1 Year 3 Year* 5 Year* 10 Year* Since Inception* 08/11/2008
Fund Without Load 1.26% 6.27% 7.68% 15.04% 9.38% 12.14% 10.48%
Fund With Load -2.28% 2.56% 3.92% 13.68% 8.60% 11.74% 10.27%
S&P 1500 Index 1.58% 12.65% 15.55% 22.23% 13.29% 14.91% 12.18%

Class A Performance (%)

Effective October 28, 2020, the Maximum Sales Charge (Load) Imposed on Purchases (as a percent of offering price) for Class A shares was reduced from 5.00% to 3.50%. Accordingly, returns for the Class A shares reflect this reduction.

Gross Expense Ratio: 1.26%  |  Net Expense Ratio:^ 1.15%

Class I 3 Months YTD 1 Year 3 Year* 5 Year* 10 Year* Since Inception* 10/30/2013
Fund 1.32% 6.47% 7.94% 15.32% 9.65% 12.42% 11.44%
S&P 1500 Index 1.58% 12.65% 15.55% 22.23% 13.29% 14.91% 13.65%

Class I Performance (%)

Performance data shown for class I reflects a 1.00% CDSC.

Gross Expense Ratio: 1.01%  |  Net Expense Ratio:^ 0.90%

^The Advisor has contractually agreed to reduce its fees and/or pay Fund expenses in order to limit Expenses through 10/27/2026.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 877-332-0529.

Investment performance reflects fee waivers. In the absence of such waivers, total returns would be reduced.

The S&P Composite 1500® combines three leading indices, the S&P 500®, the S&P MidCap 400® and the S&P SmallCap 600® to cover approximately 90% of the U.S. market capitalization. It is designed for investors seeking to replicate the performance of the U.S. equity market or benchmark against a representative universe of tradable stocks. One cannot invest directly in an index.

*Average Annualized Total Returns

Portfolio

As of 09/30/2026

Top 10 Holdings

Holding % of Portfolio
NVIDIA Corp. 6.64%
Microsoft Corp. 5.76%
Alphabet, Inc. - Class C 5.41%
Amazon.com, Inc. 5.20%
Apple, Inc. 5.18%
Taiwan Semiconductor Mfg Co. Ltd. - ADR 3.71%
Broadcom, Inc. 3.24%
Visa, Inc. - Class A 2.80%
Arista Networks, Inc. 2.76%
Meta Platforms, Inc. - Class A 2.67%

Sector Weightings

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

Fund Managers

Brian P. Clancy, CFA and Paul G. Condrat, CFA are principally responsible for the management of the Fund's portfolio and serve as co-portfolio managers of the Fund.

Headshot of Brian P. Clancy, CFA

Brian P. Clancy, CFA

Portfolio Manager

Brian is co-portfolio manager of the Davidson Multi-Cap Equity strategy. Brian joined the investment industry in 1996; prior to joining Davidson Investment Advisors, Brian served as co-portfolio manager of SAFECO Asset Management's Multi-Cap Core fund. Additionally, Brian served as a portfolio manager for the SAFECO Trust Company in Seattle. Beyond portfolio management duties, Brian operated as an equity analyst covering the semiconductor, semiconductor capital equipment, communications technology, office equipment, beverage, and waste management industries. Brian is a member of the CFA Society of Seattle. Brian earned a BS in mathematics from the United States Naval Academy and earned an MBA from the University of Washington.

Headshot of Paul G. Condrat, CFA

Paul G. Condrat, CFA

Portfolio Manager

Paul Condrat has been Co-Portfolio Manager of the Davidson Multi-Cap Equity strategy since 2011. He joined D.A. Davidson in 2004. Paul previously served as a Senior Research Analyst supporting Davidson's equity and fixed income strategies. Prior to joining Davidson, he worked as a Business Analyst with Bainbridge Capital, a San Diego based private equity firm. Additionally, Paul previously served as an active board member at InvestED, a public non-profit supporting secondary school students throughout Washington State, also serving as Board President from 2015-2017. Paul holds a BBA in finance and marketing from Gonzaga University and is a member of the CFA Institute.

How to Invest & FAQs

There are several ways to purchase shares of the Fund. An account application is used if you send money directly to the Fund by mail or wire. Payment should be made by check in U.S. dollars and drawn on a U.S. bank, savings and loan, or credit union, or sent by wire transfer. Checks should be made payable to "Davidson Multi-Cap Equity Fund". The Fund will not accept payment in cash or money orders. The Fund also does not accept cashier's checks in amounts less than $10,000. Also, to prevent check fraud, the Fund will not accept third party checks, U.S. Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares. We are unable to accept post-dated checks, post-dated online bill pay checks, or any conditional order or payment.

The minimum initial investment in the Fund is $2,500 for regular accounts and Individual Retirement Accounts ("IRAs"). There is no minimum initial investment for 401(k), pension or other types of ERISA accounts. Once your account is established, subsequent investments may be in any amount. If you are starting an Automatic Investment Plan, however, the minimum initial and subsequent investments are $2,500 and $100, respectively, for regular accounts and IRAs. Class I shares require a minimum investment of $100,000, are generally available for purchase only by institutional investors, retirement accounts or high net worth individuals and have no minimum subsequent investment requirements, provided the other eligibility requirements for purchase are met. The minimum initial investment is waived for wrap fee program accounts investing in Class I.

You may purchase additional shares of the Fund by sending a check, with the stub from an account statement, to the Fund at the address above. Please also write your account number on the check. If you do not have a stub from an account statement, you can write your name, address and account number on a separate piece of paper and enclose it with your check. If you want to invest additional money by wire, it is important for you to first call the Fund at 1-877-332-0529.

Automatic Investment Plan
You may make regular monthly investments in a Fund using the AIP. In order to participate in the AIP, your financial institution must be an Automated Clearing House ("ACH") member. An ACH debit is drawn electronically against your account at a financial institution of your choice. Upon receipt of the withdrawn funds, the Funds automatically invest the money in additional shares of a Fund at the next calculated NAV per share plus any applicable sales charge. There is no charge by the Funds for this service. The Funds may terminate or modify this privilege at any time. You may terminate or modify your participation by notifying the Transfer Agent at least five days prior to the effective date. Once the initial minimum investment of $2,500 for regular accounts and IRAs is made, the subsequent minimum monthly investment amount is $100. A request to change bank information will require a signature guarantee or a signature verification from a Signature Validation Program member or other acceptable form of authentication from a financial institution source. Additionally, the Transfer Agent will charge a $25 fee for any payment returned as unpaid. You will also be responsible for any losses suffered by the Funds as a result. To establish the AIP, an investor must complete the appropriate section of the account application. For additional information on the AIP, please call the Transfer Agent at 1 (877) 332 0529.

Systematic Withdrawal Plan
The Fund offers a Systematic Withdrawal Plan whereby you may request that a check drawn in a predetermined amount be sent to you monthly, quarterly or annually. To start this Plan, your account must have Fund shares with a value of at least $5,000, and the minimum amount that may be withdrawn each month or quarter is $100. The Plan may be terminated or modified by you or the Fund at any time without charge or penalty. Termination and modification of your systematic withdrawal plan should be provided to the Transfer Agent five business days prior to the next withdrawal. A withdrawal under the Systematic Withdrawal Plan involves a redemption of shares of the Fund, and may result in a gain or loss for federal income tax purposes. In addition, if the amount withdrawn exceeds the dividends credited to your account, the account ultimately may be depleted.

Please contact Shareholder Services at 1 (877) 332 0529.

Disclosures

Davidson Investment Advisors, Inc. is the investment adviser to the Davidson Funds and provides discretionary investment advisory services pursuant to an investment advisory agreement with the Trust. The Advisor's principal office is located at Davidson Building, 8 Third Street North, Great Falls, Montana 59401-3155. The Advisor has provided investment advisory services since 1975 and has served as investment adviser to the Funds since their inception and is a wholly owned subsidiary of D.A. Davidson Companies.

The Advisor provides the Funds with investment research, portfolio management, and certain administrative services, including furnishing office space and personnel necessary for the management and operation of the Funds.

The Davidson Multi-Cap Equity Fund is offered only to residents of the United States. The information contained on this website is intended solely for such persons and does not constitute an offer to sell or a solicitation of an offer to buy shares of the Fund in any jurisdiction where such offer, solicitation, or sale would be unlawful.

Investors should carefully consider the Fund's investment objectives, risks, charges, and expenses before investing. This and other important information is contained in the Fund's Prospectus and Summary Prospectus, which should be read carefully before investing. View the Davidson Multi-Cap Equity Fund prospectus.

The Davidson Multi-Cap Equity Fund

Investing involves risk. Principal loss is possible. Investing in securities of small and medium capitalization companies may involve greater volatility than investing in larger and more established companies because small and medium capitalization companies can be subject to more abrupt or erratic share price changes than larger, more established companies. Investments in REITs will be subject to the risks associated with the direct ownership of real estate. Foreign securities may be more volatile and less liquid than domestic (U.S.) securities, which could affect the Fund’s investments. The Fund may invest a significant portion of its assets in companies in the Information Technology sector. When the Fund invests in a mutual fund or ETF, it will bear additional expenses based on its pro rata share of the mutual fund’s or ETF’s operating expenses, including the potential duplication of management fees.

Davidson Intermediate Taxable ETF

Investing involves risk. Principal loss is possible. Below investment-grade securities, commonly referred to as “high yield” securities or “junk bonds,” are rated below investment grade by all NRSROs that have rated the security, meaning that no NRSRO has rated the security investment-grade or, if unrated, determined by the Adviser to be of comparable quality. Risks Associated with Asset-Backed Securities and Mortgage-Backed Securities include economic and market risk, interest rate risk, credit risk, prepayment risk and extension risk. The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. Low or lack of trading volume may make it difficult to sell instruments held by the Fund at quoted market prices. ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

Diversification does not assure a profit or protect against loss in a declining market.

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