Cullen Enhanced Equity Income Fund

SELECT A STRATEGY

Objective

The Cullen Enhanced Equity Income Fund seeks long-term capital appreciation and current income.

Strategy Overview

The Enhanced Equity Income Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in dividend paying common stocks of medium-capitalization companies ((which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) and large-capitalization companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment). As a point of comparison, a high dividend common stock that the Enhanced Equity Income Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the S&P 500® Index.

The Enhanced Equity Income Fund invests roughly similar amounts of its assets in each stock 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. In addition to seeking high dividend yield, the Adviser employs a "value" style investing approach, which means that it selects stocks for the portfolio by screening for securities with low price-to-earnings ratios but that possess above-average earnings and dividend growth potential. For securities that meet such screening criteria, the Adviser will conduct fundamental research on the underlying company. The Adviser may sell portfolio stocks when they are no longer attractive based on their growth potential, dividend yield or price.

As part of its strategy, the Enhanced Equity Income Fund, in order to generate additional portfolio income, will selectively write covered call options, with a target range of between 25-40% of the number of shares of the underlying equity securities owned by the Enhanced Equity Income Fund. A call option is a short-term contract entitling the purchaser, in return for a premium paid, the right to buy the underlying equity security at a specified price upon exercise of the option at any time prior to its expiration. Writing a covered call option allows the Enhanced Equity Income Fund to receive a premium. A call option gives the holder the right, but not the obligation, to buy the underlying equity stock from the writer of the option at a given price during a specific period.

The Enhanced Equity Income Fund generally invests substantially all of its assets in common stocks and ADRs but may invest in other equity securities, which can include convertible debt, exchange-traded funds (ETFs) that invest primarily in equity securities, warrants, rights, equity interests in real estate investment trusts (REITs), equity interests in master limited partnerships (MLPs), and preferred stocks.

Retail Class
Ticker: ENHRX
CUSIP: 230001737
Minimum Investment: $1,000
Gross Expense Ratio: 7.63%
Net Expense Ratio: 1.01%
Redemption Fee*:2.00%
Class C
Ticker: ENHCX
CUSIP: 230001711
Minimum Investment: $1,000
Gross Expense Ratio: 8.57%
Net Expense Ratio: 1.76%
Redemption Fee*:2.00%
Class I
Ticker: ENHNX
CUSIP: 230001729
Minimum Investment: $1,000,000
Gross Expense Ratio: 7.57%
Net Expense Ratio: 0.76%
Redemption Fee*:2.00%