Cullen Emerging Markets High Dividend Fund

SELECT A STRATEGY
Holdings/Fund Details

Top Ten Holdings as of 03/31/2021 subject to change

LUKOIL PJSC4.13%
Samsung Electronics Co. Ltd.3.49%
SK Telecom Co. Ltd.3.23%
Vale SA2.89%
Shinhan Financial Group Co. Ltd.2.82%
Anglo American PLC2.78%
AIA Group Ltd.2.72%
Taiwan Semiconductor Manufacturing Co. Ltd.2.66%
ASE Technology Holding Co. Ltd.2.45%
Huayu Automotive Systems Co. Ltd. (Issued by CLSA Global Markets Pte. Ltd.)2.41%

Portfolio Characteristics as of 3/31/2021

Retail

Average P/E 11.3
30-Day SEC Yield 1 2.10%
30-Day Unsubsidized SEC Yield11.85%
12-Month Trailing Distributed Yield 2 1.84%
Average P/B 2.4
Long-Term Debt/Capital 25.3
Weighted Average Market Cap. $63.6 Billion
Long-Term EPS Growth 11.6

Top 5 Countries as of 3/31/2021

Developed

China / Hong Kong 26.3%
Taiwan 14.4%
South Korea 11.4%
Russia 10.9%
India 6.6%

Sector Breakdown as of 3/31/2021

Portfolio Allocation as of 3/31/2021

130-day SEC yield is a compounded and annualized figure calculated according to a formula set by the SEC. The formula requires use of a specific methodology for calculating dividends and interest earned, and expenses accrued, during the period, and reflects the maximum offering price per fund share. The standardized computation is designed to facilitate yield comparisons among different funds. In the absence of temporary expense waivers or reimbursements by the Adviser, the 30-day yield would have been 1.85%.

212 Month Trailing Distributed Yield represents all distributions for over the past 12 months, divided by the net asset value at the time of the report plus any capital gains distributed over the past year. Capital gains are added back to estimate what the fund's ending price would have been had those gains not been distributed. While the Fund endeavors to pay quarterly distributions, dividends are not guaranteed and a company's future ability to pay dividends may be limited and cease at any time.

Retail Class
Ticker: CEMDX
CUSIP: 230001745
Minimum Investment: $1,000
Gross Expense Ratio: 1.49%
Net Expense Ratio: 1.25%
Redemption Fee*: 2.00%
Class C
Ticker: CEMGX
CUSIP: 230001760
Minimum Investment: $1,000
Gross Expense Ratio: 2.24%
Net Expense Ratio: 2.00%
Redemption Fee*: 2.00%
Class I
Ticker: CEMFX
CUSIP: 230001752
Minimum Investment: $1,000,000
Gross Expense Ratio: 1.24%
Net Expense Ratio: 1.00%
Redemption Fee*: 2.00%