European High Dividend Portfolio Series 13

Under normal circumstances, the Trust invests at least 80% of the value of its assets in dividend-paying common stocks of European companies. The strategy will invest in a portfolio of companies that are included in the Russell Developed Europe Index (the “Index”), that distribute significant dividends and that have attractive dividend payout ratios that the Sponsor believes are sustainable. The Sponsor believes that companies that distribute significant dividends on a consistent basis generally demonstrate strong financial strength and positive performance relative to their peers. The Trust may invest in real estate investment Trusts (“REITs”).

As a result of this strategy, the Trust is concentrated in the consumer products sector and in securities issued by companies operating in the United Kingdom.

In constructing the Trust’s portfolio, 30 securities were selected on September 10, 2018 (the “Security Selection Date”) using the following rules-based criteria. Except as set forth herein, the investment strategy utilizes information provided by FactSet Research Systems, Inc. (“FactSet”).

1. Initial Universe: Start with an initial universe of equity securities that are included in the Index (common shares or depositary receipts referencing common shares of index constituents), and which also meet the following criteria as of the Security Selection Date:
   • Exclude securities with a market capitalization less than $250 million. Market capitalization is determined by the closing price as of the Security Selection Date. If the security is not U.S. dollar-denominated, the currency exchange rates provided by WM/Reuters are used for conversion.
   • Exclude securities with daily trading liquidity of less than $0.5 million. Liquidity is calculated as the median value of daily trading volume in U.S. dollars looking back for the prior 90 days from the Security Selection Date (i.e., trading volume in shares multiplied by the closing price for the day, with currency exchange rates provided by WM/Reuters when share price is non-U.S. dollar-denominated).
   • For companies with multiple listings, only one security is included. Preference is given to an ADR traded on a U.S. exchange, if available, or to the most liquid security, as determined by the above calculation, if the company is only traded on non-U.S. exchanges.
2. Rank on Fundamentals: Rank every company identified in the initial universe against other companies in the same sector, as determined in the Global Industry Classification Standard provided by MSCI and S&P (“GICS”), using the financial metrics below. Each ranking is determined as of the Security Selection Date using the most recently reported information and uses a scale of 1 through 10 (1 representing the highest scoring 10% in the sector and 10 representing the lowest scoring 10% in the sector):
   • Return on assets calculated as latest four quarters of reported operating income divided by the average of most recent reported total assets and year ago reported total assets.
   • Earnings before interest and taxes for the latest four quarters divided by enterprise value. Enterprise value is determined by adding the equity market capitalization as of the most recent closing price with the total outstanding long term and short-term debt as determined by the most recently available balance sheet, and then subtracting any cash and short-term investments as determined by the most recently available balance sheet.
   • Year-over-year growth in sales-per- share. Trailing year-over-year growth is the percentage change in sales-per-share for the trailing 12 months versus the sales-per-share from the prior 12 months. Sales-per-share is the trailing 12 months of sales from the most recent trailing quarterly or semiannual filings, whichever is most current, divided by the end of period reported count of common shares outstanding used to calculate basic earnings per share.
   • Each financial metric will create a separate score so that every company will have three scores. These three scores are averaged together to create one composite score for each company. This composite score is used to rank the companies in the next step in order to determine the sub-universe of securities.
3. Define Sub-Universe: Reduce the initial universe of securities to a sub-universe that meets the following requirements, with each requirement being applied independently to the initial universe from the other requirements in this step, as of the Security Selection Date:
   • Exclude all Small Caps, as categorized by Russell Global Index Methodology, which was $143.6 million to $4.4 billion as of the June 2017 reconstitution.
   • Exclude all securities that have not paid dividends in the prior year from Security Selection Date.
   • Exclude the lowest ranked 25% of securities from the initial universe determined by the average of the three financial rankings described in “Rank on Fundamentals” step.
   • Exclude the 20% of the initial universe with the lowest trailing six-month total return.
   • Exclude any security that is not listed on a U.S. exchange.
   • Exclude securities that have a pending cash or stock merger and acquisition or bankruptcy which will lead to delisting the security from the qualifying exchanges above. Such events will be determined by reviewing the announced merger and acquisition data from Bloomberg and if the announced date falls before the Security Selection Date, an announcement of an agreement to be acquired in whole for cash or stock from an acquiring company or bankruptcy filing will cause exclusion.
4. Selection: Rank all companies in the sub-universe by dividend yield (as determined by the trailing year of dividends per share divided by current price) within ‘dividend quality tiers’. A company that is in the highest 80% of initial universe names based on three year dividend growth AND lowest 80% based on payout ratio would fall into “Tier 1” of dividend quality. Companies that meet only one of the two criteria are in “Tier 2”. And companies that do not meet either criteria would fall into “Tier 3”. For purposes of this calculation:
   • Three year dividend growth is calculated by the compound annual growth rate for dividend per share paid between period 4 years ago and 3 years ago from security selection date, to the period from 1 year ago to security selection date. If the security is initiated its first dividend during the last 3 years (did not pay dividends 4 years ago) – then the security is assigned the median growth rate calculated amongst all other dividend paying names.
   • Dividend payout ratio is calculated by Factset as the trailing year of dividends paid per share divided by the trailing year of earnings per share.

   Select from the ranked sub-universe the 30 top securities and equally weight these securities as of the Security Selection Date. Selected securities must adhere to following portfolio limits as of the Security Selection Date:

   • GICS Sector weight must remain within +/- 10% of the same sector weight within the Index.
   • Country weight (as categorized by Russell Global Index Methodology) must remain within +/- 10% of the same country weight within the Index.

Once an investment limitation has been reached, additional securities of that type will not be included in the Trust and the next highest yielding security will be used. Please note that due to the fluctuating nature of security prices, the weighting of an individual security or sector in the Trust portfolio may change after the Security Selection Date.

INDEX DEFINITIONS: The Russell Developed Europe Index is a float-adjusted weighted index of companies located in developed European countries. The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of the developed markets in Europe. The S&P 500^© Index is a capitalization-weighted index designed to measure the performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Indices are unmanaged and it is not possible to invest directly in an index.

As with all investments, you may lose some or all of your investment in the Trust. No assurance can be given that the Trust’s investment objective will be achieved. The Trust also might not perform as well as you expect. This can happen for reasons such as these:

• Securities prices can be volatile. The value of your investment may fall over time. Market value fluctuates in response to various factors. These can include stock market movements, purchases or sales of securities by the Trust, government policies, litigation, and changes in interest rates, inflation, the financial condition of the securities’ issuer or even perceptions of the issuer. Units of the Trust are not deposits of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
• Securities selected according to this strategy may not perform as intended. The Trust is exposed to additional risk due to its policy of investing in accordance with an investment strategy. Although the Trust’s investment strategy is designed to achieve the Trust’s investment objective, the strategy may not prove to be successful. The investment decisions may not produce the intended results and there is no guarantee that the investment objective will be achieved.
• The Trust is concentrated in the consumer products sector. As a result, the factors that impact the consumer products sector will likely have a greater effect on this Trust than on a more broadly diversified Trust. General risks of companies in the consumer products sector include cyclicality of revenues and earnings, economic recession, currency fluctuations, changing consumer tastes, extensive competition, product liability litigation and increased government regulation. A weak economy and its effect on consumer spending would adversely affect companies in the consumer products sector.
• The Trust invests in U.S.-listed foreign securities, ADRs and New York Registry Shares. The Trust’s investment in U.S.-listed foreign securities, ADRs and New York Registry Shares presents additional risk. ADRs are issued by a bank or Trust company to evidence ownership of underlying securities issued by foreign corporations. New York Registry Shares are created by a U.S. register so that securities of companies incorporated in the Netherlands may be traded on a U.S. exchange. Securities of foreign issuers present risks beyond those of domestic securities. More specifically, foreign risk is the risk that foreign securities will be more volatile than U.S. securities due to such factors as adverse economic, currency, political, social or regulatory developments in a country, including government seizure of assets, excessive taxation, limitations on the use or transfer of assets, the lack of liquidity or regulatory controls with respect to certain industries or differing legal and/or accounting standards.
• The Trust is concentrated in securities issued by European companies. As a result, political, economic or social developments in Europe may have a significant impact on the securities included in the Trust. Furthermore, the European sovereign debt crisis and the related austerity measures in certain countries have had, and continue to have, a significant negative impact on the economies of certain European countries and their future economic outlooks.
• The Trust is concentrated in securities issued by companies headquartered in the United Kingdom. As a result, political, economic or social developments in the United Kingdom may have a significant impact on the securities included in the Trust.
  
  Additionally, the effect of the June 2016 United Kingdom referendum to leave the European Union (“EU”) is still developing. The referendum has resulted in depreciation in the value of the British pound, short term declines in the stock markets and ongoing economic and political uncertainty. The United Kingdom’s withdrawal from the EU may take an extended period, and there is considerable uncertainty about the potential trade, economic and market consequences of the exit.
• The Trust invests in securities issued by mid-capitalization companies. These securities customarily involve more investment risk than securities of large-capitalization companies. Mid-capitalization companies may have limited product lines, markets or financial resources and may be more vulnerable to adverse general market or economic developments.
• Share prices or dividend rates on the securities in the Trust may decline during the life of the Trust. There is no guarantee that share prices of the securities in the Trust will not decline and that the issuers of the securities will declare dividends in the future and, if declared, whether they will remain at current levels or increase over time.
• Inflation may lead to a decrease in the value of assets or income from investments.
• The Sponsor does not actively manage the portfolio. The Trust will generally hold, and may, when creating additional units, continue to buy, the same securities even though a security’s outlook, market value or yield may have changed.

See “Investment Risks” in Part A of the prospectus and “Risk Factors” in Part B of the prospectus for additional information.