Cullen Emerging Markets High Dividend Fund

SELECT A STRATEGY

Objective

The Cullen Emerging Markets High Dividend Fund (the "Emerging Markets High Dividend Fund") seeks current income and long-term capital appreciation. Capital appreciation is a primary objective and current income is a secondary objective.

Strategy Overview

The Emerging Markets High Dividend Fund invests, under normal circumstances, at least 80% of its net assets in high-dividend paying securities of companies across all capitalization that are organized in, maintain at least 50% of their assets in, or derive at least 50% of their revenues from, emerging market countries. As a point of comparison, a high dividend paying common stock that the Emerging Markets High Dividend Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the MSCI Emerging Markets Index.

The Emerging Markets High Dividend Fund intends to diversify its investments across different countries, but the percentage of the Emerging Markets High Dividend Fund's assets invested in particular countries or regions will change from time to time based on Adviser's judgment. However, the Fund will not have more than 30% of its total assets invested as at the time of purchase in securities of any one country.

The Emerging Markets High Dividend Fund generally invests substantially all of its assets in common stocks and depository receipts. The Emerging Markets High Dividend Fund invests roughly the same amount of its assets in each position in the portfolio at the time of original purchase, although the portfolio is not systematically rebalanced. This approach avoids the overweighting of any individual security being purchased. The Adviser may sell portfolio stocks when they are no longer attractive based on their growth potential, dividend yield or price.

Retail Class
Ticker: CEMDX
CUSIP: 230001745
Minimum Investment: $1,000
Gross Expense Ratio: 1.60%
Net Expense Ratio: 1.26%
Redemption Fee*: 2.00%
Class C
Ticker: CEMGX
CUSIP: 230001760
Minimum Investment: $1,000
Gross Expense Ratio: 2.35%
Net Expense Ratio: 2.01%
Redemption Fee*: 2.00%
Class I
Ticker: CEMFX
CUSIP: 230001752
Minimum Investment: $1,000,000
Gross Expense Ratio: 1.36%
Net Expense Ratio: 1.01%
Redemption Fee*: 2.00%