Overview

The Parametric Approach

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
10/31/2017
Fund at NAV 1.27 3.89 10.29 17.94 10.24 11.08
NASDAQ U.S. Dividend Achievers™ Select Index3 2.07 4.14 15.45 20.20 9.43 12.92 9.98
S&P 500 Index4 2.33 4.76 16.91 23.63 10.76 15.17 11.87
09/30/2017
Fund at NAV 3.33 4.10 8.90 14.10 10.99 10.96
NASDAQ U.S. Dividend Achievers™ Select Index3 2.34 2.83 13.11 15.48 9.63 12.17 9.59
S&P 500 Index4 2.06 4.48 14.24 18.61 10.80 14.22 11.44
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. The share class has no sales charge.

Fund Factsas of Oct 31, 2017

Institutional Class Inception 03/26/2014
Investment Objective Current income and total return
Total Net Assets $25.1M
Minimum Investment $50000
Expense Ratio (Gross)5 2.28%
Expense Ratio (Net)5,6 0.40%
CUSIP 27826A813

Top 10 Holdings (%)7,8as of Sep 30, 2017

DowDuPont Inc.
CF Industries Holdings Inc.
Valero Energy Corporation
AbbVie Inc.
Genuine Parts Company
BGC Partners Inc. Class A
General Motors Company
KAR Auction Services Inc.
SemGroup Corporation Class A
Six Flags Entertainment Corporation
Total 6.64

Portfolio Management

Thomas Seto Managed Fund since 2014
Timothy W. Atwill, Ph.D., CFA Managed Fund since 2014
Alexander Paulsen Managed Fund since 2016

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Fund performance is sensitive to stock market volatility. Changes in the dividend policies of companies could make it difficult to provide a predictable level of income. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
10/31/2017
Fund at NAV 1.27 3.89 10.29 17.94 10.24 11.08
NASDAQ U.S. Dividend Achievers™ Select Index3 2.07 4.14 15.45 20.20 9.43 12.92 9.98
S&P 500 Index4 2.33 4.76 16.91 23.63 10.76 15.17 11.87
Morningstar Large Value Category9 1.09 3.42 10.66 19.35 7.77 12.64
09/30/2017
Fund at NAV 3.33 4.10 8.90 14.10 10.99 10.96
NASDAQ U.S. Dividend Achievers™ Select Index3 2.34 2.83 13.11 15.48 9.63 12.17 9.59
S&P 500 Index4 2.06 4.48 14.24 18.61 10.80 14.22 11.44
Morningstar Large Value Category9 3.20 3.80 9.41 16.17 7.99 12.23
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV -0.36 19.52
NASDAQ U.S. Dividend Achievers™ Select Index3 5.81 -26.41 19.59 14.87 6.32 11.73 29.03 10.12 -1.88 11.93
S&P 500 Index4 5.49 -37.00 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96

Fund Facts

Expense Ratio (Gross)5 2.28%
Expense Ratio (Net)5,6 0.40%
Institutional Class Inception 03/26/2014
Distribution Frequency Quarterly

Morningstar Rating™as of Oct 31, 2017

Time Period Rating Funds in
Large Value
Category
Overall ***** 1102
3 Years ***** 1102
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Nov 16, 2017 $12.74 $0.07
Nov 15, 2017 $12.67 -$0.08
Nov 14, 2017 $12.75 $0.00
Nov 13, 2017 $12.75 $0.02
Nov 10, 2017 $12.73 -$0.02
Nov 09, 2017 $12.75 -$0.04
Nov 08, 2017 $12.79 $0.02
Nov 07, 2017 $12.77 $0.01
Nov 06, 2017 $12.76 $0.00
Nov 03, 2017 $12.76 $0.02

Distribution History10

Ex-Date Distribution Reinvest NAV
Sep 19, 2017 $0.09710 $12.43
Jun 20, 2017 $0.07910 $12.21
Mar 21, 2017 $0.07220 $11.98
Dec 15, 2016 $0.06060 $11.82
Sep 20, 2016 $0.07220 $11.18
Jun 21, 2016 $0.06730 $11.06
Mar 21, 2016 $0.06800 $10.74
Dec 17, 2015 $0.07260 $10.06
Sep 21, 2015 $0.06890 $10.05
Jun 19, 2015 $0.12190 $10.69
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History10

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 15, 2016 $0.05030 $11.82
Dec 17, 2015 $0.07550 $0.09160 $10.06
Dec 19, 2014 $0.24610 $10.66
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Fund performance is sensitive to stock market volatility. Changes in the dividend policies of companies could make it difficult to provide a predictable level of income. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)8as of Sep 30, 2017

U.S. Common Stocks 99.46
Cash & Equivalents 0.54
Total 100.00

Portfolio Statisticsas of Sep 30, 2017

Median Market Cap $24.8B
Price/Earnings Ratio 20.99
Number of Holdings 179
Price/Book Ratio 2.78

GICS Sector Breakdown (%)8as of Sep 30, 2017

Sector Fund NASDAQ U.S. Dividend Achievers™ Select Index3
Consumer Discretionary 11.18 8.11
Consumer Staples 10.68 17.56
Energy 11.37 0.00
Financials 11.11 10.01
Health Care 11.00 14.34
Industrials 11.14 28.31
Information Technology 9.34 13.23
Materials 11.33 6.31
Real Estate 0.00 0.00
Telecom Services 1.61 0.10
Utilities 10.72 2.02
Cash 0.54 0.00

Fund Holdings (%)8,11as of Sep 30, 2017

Holding % of Net Assets
DowDuPont Inc 1.13%
CF Industries Holdings Inc 0.62%
Valero Energy Corp 0.61%
AbbVie Inc 0.61%
Genuine Parts Co 0.61%
BGC Partners Inc 0.61%
General Motors Co 0.61%
KAR Auction Services Inc 0.60%
SemGroup Corp 0.60%
Six Flags Entertainment Corp 0.60%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Fund performance is sensitive to stock market volatility. Changes in the dividend policies of companies could make it difficult to provide a predictable level of income. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Commentary

No commentary information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Fund performance is sensitive to stock market volatility. Changes in the dividend policies of companies could make it difficult to provide a predictable level of income. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Attribution

No attribution information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Fund performance is sensitive to stock market volatility. Changes in the dividend policies of companies could make it difficult to provide a predictable level of income. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Biography
Thomas Seto

Thomas Seto

Head of Investment Management
Parametric Seattle Investment Center
Joined Parametric Portfolio Associates 1998

Thomas Seto is head of investment management with Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. Tom is responsible for all portfolio management and trading at the Seattle Investment Center, and is a member of the executive committee. He joined Parametric in 1998.

Tom began his career in the investment management industry in 1991. Before joining Parametric, he served as the head of U.S. equity index investments at Barclays Global Investors.

Tom earned a B.S. in electrical engineering from the University of Washington and an MBA from the University of Chicago Booth School of Business.

Education
  • B.S. University of Washington
  • M.B.A Booth School of Business, University of Chicago

Experience
  • Managed Fund since 2014

Biography
Timothy W. Atwill, Ph.D., CFA

Timothy W. Atwill, Ph.D., CFA

Head of Investment Strategy
Parametric Seattle Investment Center
Joined Parametric Portfolio Associates 2010

Tim Atwill is head of investment strategy with Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He leads Parametric's investment strategy team and is responsible for managing the continued evolution of Parametric's investment strategies and communicating these strategies to external audiences.

Before joining Parametric, Tim was affiliated with Russell Investments in its manager research unit, performing due diligence duties for the firm's consulting clients, and in its trading group, implementing derivative strategies for institutional clients. Previously, he was a non-life actuary and portfolio manager at Safeco Insurance Company.

Tim earned a B.A. in Mathematics from Reed College and a Ph.D. in mathematics from Dartmouth College. He holds the FCAS designation from the Casualty Actuarial Society and is a CFA charterholder.

Education
  • B.A. Reed College
  • Ph.D. Dartmouth College

Experience
  • Managed Fund since 2014

Biography

Alexander Paulsen

Senior Investment Strategist
Parametric Seattle Investment Center
Joined Parametric Portfolio Associates 2012

Alexander Paulsen is a senior investment strategist for Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is responsible for the research, creation and evolution of Parametric's dividend equity and closed-end fund strategies. He joined Parametric in 2012.

Alex began his career in the investment management industry in 2008. He was previously affiliated with Blackrock.

Alex earned a B.S. from the University of Washington and an MSc from London School of Economics and Political Science.

Education
  • B.S. University of Washington
  • MSc London School of Economics and Political Science

Experience
  • Managed Fund since 2016

 

Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2017

Annual Report

Download - Last updated: Feb 28, 2017

Full Prospectus

Download - Last updated: Jul 1, 2017

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Download

SAI

Download - Last updated: Jul 1, 2017

Semi-Annual Report

Download - Last updated: Aug 31, 2017

Summary Prospectus

Download - Last updated: Jul 1, 2017

XBRL

Download - Last updated: Jul 17, 2017