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Salient International Dividend Signal Fund

Daily NAV

Updated: 10/17/17

Symbol
FFIEX
NAV
$7.02
Change
$-0.02
Inception Date
May 1, 2007
Net Assets (All Classes)
$103.3 M
Overview

Overview

The fund invests in all-cap high-quality dividend-paying companies in international, emerging and frontier markets that combine higher-relative dividend yields with lower payout ratios. The fund employs a unique Dividend Signal Strategy® approach that seeks only stocks that offer the “triple play”: attractive dividend yields, dividend growth potential and anticipated price appreciation.

Three Things to Know

  • The portfolio is broadly diversified across countries, economic sectors and all market caps, typically holds a significant portion in emerging and frontier markets and targets lower risk than the benchmark
  • A disciplined investment process run by a team with a long track record provides the fund with high active share
  • Research shows that dividends can be a reliable signal of company growth, especially in less efficient overseas markets; statistical analysis of dividend data often signals future stock performance

Process

Objective: The fund seeks to achieve high total return (capital appreciation and income).

  • The team starts with quantitative screens to isolate attractive valuations using absolute and relative dividend yield metrics
  • Extensive qualitative research then identifies the most attractive companies
  • The fund adheres to broad sector and geographic diversification guidelines as well as strict sell disciplines; it targets lower downside risk and volatility than the benchmark
Team

David L. Ruff, CFA

Managing Director & Senior Portfolio Manager
San Francisco

Randall T. Coleman, CFA

Portfolio Manager
San Francisco

Bruce R. Brewington

Portfolio Manager
San Francisco

Eric Sagmeister

Portfolio Manager
San Francisco

Paul Broughton, CFA

Portfolio Manager
San Francisco

Aaron Visse, CFA

Portfolio Manager
San Francisco

Hwee-See Teng

Investment Analyst
San Francisco


David L. Ruff and Eric Sagmeister are registered representatives of ALPS Distributors, Inc.

David L. Ruff, Randall T. Coleman and Aaron Visse have earned the right to use the Chartered Financial Analyst designation. CFA Institute marks are trademarks owned by the CFA Institute.

Performance

Performance (%)

  Sep'171 Q32 YTD2 1 YR2 3 YR2 5 YR2 10 YR2 SINCE
INCEPTION2
Institutional NAV 2.30 5.05 19.02 13.62 2.44 4.94 -0.63 0.05
Investor NAV 2.25 4.96 18.93 13.23 2.11 4.60 -0.92 4.22
Class A NAV* 2.21 4.80 18.67 12.98 1.94 1.38
Class A MOP** -3.68 -1.28 11.80 6.53 -0.06 0.03
Class C NAV† 2.22 4.82 18.32 12.60 1.52 4.00 5.11
Class C MOP‡ 1.22 3.82 17.32 11.60 1.52 4.00 5.11
MSCI ACWI ex-USA 1.89 6.25 21.61 20.15 5.19 7.45 1.74

1. As of 09/30/2017
2. As of 09/30/2017

On March 29, 2017, Advisor Class shares were closed and outstanding shares were exchanged for Institutional Class shares.

Returns for periods greater than one year are annualized.

* Excludes sales charge.
** Reflects effects of the fund’s maximum sales charge of 5.75%.
† Excludes the effects of the 1% contingent deferred sales charge.
‡ Includes the effects of the 1% contingent deferred sales charge.

Performance figures and other portfolio data shown for periods prior to December 1, 2008, do not reflect the current portfolio manager’s performance or strategy.

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained on this website. Investment performance reflects fee waivers in effect. In the absence of fee waivers, total return would be lower. Total return is based on NAV, assuming reinvestment of all distributions. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Calendar Year Performance (%)

  2016201520142013201220112010200920082007
Institutional-0.401.550.0021.90-12.0118.3035.84-53.12
Investor-0.79-6.03-4.9612.1421.54-12.4517.9735.88-53.2210.84
Class A-0.900.82
Class C-1.391.860.00
MSCI ACWI ex-USA5.01-5.25-3.4415.7817.39-13.3311.6042.14-45.2417.12

Performance figures and other portfolio data shown for periods prior to December 1, 2008, do not reflect the current portfolio manager’s performance or strategy.

Growth of $10,000*** as of 09/30/2017

*** This chart illustrates the performance of a hypothetical $10,000 investment made in the fund on the commencement of its operations and assumes no additional deposits or withdrawals were made to the fund and assumes reinvestment of dividends and capital gains. This chart is not intended to imply any future performance of the fund. The chart does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Yield as of 08/31/2017

Investor DIVIDEND YIELD 3.08
Investor 30-DAY SEC YIELD (%) 2.38
Investor 30-DAY SEC YIELD (UNSUBSIDIZED) (%) 1.99
Institutional DIVIDEND YIELD 4.14
Institutional 30-DAY SEC YIELD (%) 2.73
Institutional 30-DAY SEC YIELD (UNSUBSIDIZED) (%) 2.34
Class A DIVIDEND YIELD 3.01
Class A 30-DAY SEC YIELD (%) 2.12
Class A 30-DAY SEC YIELD (UNSUBSIDIZED) (%) 1.75
Class C DIVIDEND YIELD 2.63
Class C 30-DAY SEC YIELD (%) 1.79
Class C 30-DAY SEC YIELD (UNSUBSIDIZED) (%) 1.40

Past performance does not guarantee future results.

Expense Ratio as of 05/01/2017

  Gross Expense Cap Net Including
Investment-Related
Expenses
Net Excluding
Investment-Related
Expenses
Investor 1.74% 1.34% 1.48% 1.34%
Institutional 1.39% 0.99% 1.13% 0.99%
Class A 1.89% 1.49% 1.63% 1.49%
Class C 2.34% 1.94% 2.08% 1.94%

Expenses stated as of the fund’s most recent prospectus. Investment dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses are included in the Net, Including Investment Related Expenses and excluded from the Net, Excluding Investment Related Expenses.

Under an expense limitation agreement, the investment advisor has contractually agreed to waive its management fee and/or reimburse or pay operating expenses of the fund to the extent necessary to maintain the fund’s total operating expenses at 1.34% for Investor Class, 0.99% for Institutional Class, 1.49% for Class A and 1.94% for Class C shares, excluding certain expenses, such as taxes, brokerage commissions, interest, short dividend expense, any acquired fund fees and expenses, litigation and extraordinary expenses. This expense limitation agreement expires on April 30, 2018, and may only be modified or terminated by a majority vote of the independent trustees. The advisor is permitted to recover waived expenses for a period of up to three years.

Portfolio

Top 10 Holdings (% of Net Assets) as of 09/30/2017

A Partners Group Holding AG 2.55
B Samsonite International SA 2.48
C Marine Harvest ASA 2.47
D LVMH Moet Hennessy Louis Vuitton SE 2.43
E Zenkoku Hosho Co., Ltd. 2.29
F Inchcape Plc 2.25
G SITC International Holdings Co., Ltd. 2.21
H Sixt SE 2.14
I RIB Software SE 2.13
J Booker Group Plc 2.08

These holdings may not reflect the current or future positions in the portfolio.

Sector Allocation (%) as of 09/30/2017

A Financials 20.17
B Consumer Discretionary 12.48
C Industrials 11.91
D Information Technology 10.53
E Consumer Staples 9.31
F Health Care 8.41
G Utilities 7.33
H Materials 4.59
I Real Estate 4.14
J Energy 4.07
K Telecommunication Services 3.92
L Futures 1.81
M Fixed Income 1.06
N Government 0.27

These allocations may not reflect the current or future positions in the portfolio. Percentages may not add to 100% due to rounding.

Regional Allocation (%) as of 09/30/2017

A Europe ex-UK 32.70
B Asia ex-Japan 31.26
C United Kingdom 12.37
D Japan 11.28
E North America 9.80
F South America 1.65
G Latin America 0.67
H Africa 0.27

These allocations may not reflect the current or future positions in the portfolio. Percentages may not add to 100% due to rounding.

Risk Characteristics as of 09/30/2017

5-YR Beta 0.84
5-YR Correlation 0.94
Standard Deviation 10.34

Fund Details as of 09/30/2017

Annual Portfolio turnover 90%
# of holdings 95
Distributions & Tax Information

Distributions

Share Class Type Record Date Distribution
Rate
Ex-Dividend /
Reinvest /
Payable Date
Institutional Income Dividend 09/25/2017 $0.067 09/26/2017
Institutional Income Dividend 06/26/2017 $0.116 06/27/2017
Institutional Income Dividend 03/27/2017 $0.088 03/28/2017
Investor Income Dividend 09/25/2017 $0.060 09/26/2017
Investor Income Dividend 06/26/2017 $0.110 06/27/2017
Investor Income Dividend 03/27/2017 $0.082 03/28/2017
Class A Income Dividend 09/25/2017 $0.057 09/26/2017
Class A Income Dividend 06/26/2017 $0.107 06/27/2017
Class A Income Dividend 03/27/2017 $0.080 03/28/2017
Class C Income Dividend 09/25/2017 $0.048 09/26/2017
Class C Income Dividend 06/26/2017 $0.098 06/27/2017
Class C Income Dividend 03/27/2017 $0.072 03/28/2017
Related Resources

You should consider a fund’s investment objectives, risks, charges and expenses carefully before investing. A prospectus with this and other information may be obtained by calling (800) 999-6809 or by downloading one from this website. It should be read carefully before investing.

Click here for fund-specific risks and definitions.

Fund Specific Risks

Salient International Dividend Signal Fund

RISKS

There are risks involved with investing, including loss of principal. Past performance does not guarantee future results, share prices will fluctuate and you may have a gain or loss when you redeem shares.

Borrowing for investment purposes creates leverage, which can increase the risk and volatility of a fund.

Derivative instruments involve risks different from those associated with investing directly in securities and may cause, among other things, increased volatility and transaction costs or a fund to lose more than the amount invested.

Foreign securities, especially emerging or frontier markets, will involve additional risks including exchange rate fluctuations, social and political instability, less liquidity, greater volatility and less regulation.

There is no guarantee the companies in our portfolio will continue to pay dividends.

Diversification does not assure profit or protect against risk.

30-Day SEC Yield is based on a 30-day period and is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.

30-Day Unsubsidized SEC Yield is computed by dividing the net investment income per share earned during the period, excluding expense waivers or reimbursements, by the maximum offering price per share on the last day of the period.

Active Share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. It helps investors understand how much active management is being done by a fund’s portfolio manager.

Beta is a measure of risk which shows a fund’s volatility relative to its benchmark index.

Correlation is a statistical measure of the interdependence of two random variables that range in value from -1 to +1, indicating perfect negative correlation at -1, absence of correlation at zero and perfect positive correlation at +1.

Dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. Dividend yield is computed by dividing the annual dividends per share by the price per share.

MSCI ACWI (All Country World Index) ex-USA is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States.

One cannot invest directly in an index.

Payout ratio is the amount of earnings paid out in dividends to shareholders.

Standard deviation measures the degree to which a fund’s return varies from its previous returns or from the average of all similar funds.

Valuation is the process of determining the value of an asset or company based on earnings and the market value of assets.

Volatility is a statistical measure of the dispersion of returns for a given security or market index.

Advisor Class shares are available only to fee-based advisory platforms and retirement plans via omnibus accounts.

David L. Ruff and Eric Sagmeister are registered representatives of ALPS Distributors, Inc.

David L. Ruff, Randall T. Coleman and Aaron Visse have earned the right to use the Chartered Financial Analyst designation. CFA Institute marks are trademarks owned by the CFA Institute.