PERFORMANCE
Cullen High Dividend Equity Fund
Calendar Year Returns (Retail Class) as of December 31, 2009
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | |
|---|---|---|---|---|---|---|
| CHDEX | 13.20% | 4.90% | 21.90% | 5.60% | -29.38% | 12.37% |
| S&P 500 (SPX) | 10.90% | 4.90% | 15.80% | 5.49% | -37.00% | 26.46% |
Average Annualized Total Returns (Retail Class) as of June 30, 2010
| YTD | 1 year | 3 year | 5 year | 10 years | Since Inception** |
|
|---|---|---|---|---|---|---|
| CHDEX | -4.93% | 11.64% | -9.20% | 0.35% | N/A | 3.89% |
| S&P 500 (SPX) | -6.65% | 14.43% | -9.81% | -0.79% | N/A | 2.77% |
Net Expense Ratio: 1.00%^
Gross Expense Ratio 1.45%
**Since Inception returns are as of the Fund's inception date, 08/01/2003.
^The adviser has contractually agreed to reduce fees until 10/31/11. Total net expense ratio for the Retail Class is 1.00%, which includes 0.75% for fund expenses and 0.25% for class specific 12b-1 distribution expenses. The net expense ratio does not include aquired fund fees and expenses. In the absence of these fee reductions, total returns would be lower. Reflects expense ratio that is actually in place.
Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You can obtain performance data current to the most recent month end by calling 1-877-485-8586.
The Fund imposes a 2.00% redemption fee if shares are redeemed within 7 days of purchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced.
Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund invests in medium capitalization companies, which involve additional risks such as limited liquidity and greater volatility.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Fund received 5 stars among 1154 large value funds for the three-year period and 4 stars among 951 large value funds for the five-year period. The ratings for other share classes may vary.
Copyright 2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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. Past performance is no guarantee of future results.
