Cullen Small Cap Value Fund



The Fund seeks long-term capital appreciation. The Fund’s goal is fundamental, which means that it cannot be changed without shareholder approval. The investment strategies described below are non-fundamental, which means that they may be changed by action of the Board of Trustees of the Trust, without shareholder approval.

Strategy Overview

The Fund will invest, under normal circumstances, at least 80% of its net assets primarily in small-capitalization companies, which the Fund defines as those companies with market capitalizations below $4 billion at the time of original purchase. The Adviser generally selects stocks of companies that have the following characteristics:

  • a below average price/earnings ratio as compared with the average price/earnings ratio of the equity securities in the Russell 2500 Value Stock Index;
  • above average projected earnings growth as compared to the average projected earnings growth the equity securities in the Russell 2500 Value Stock Index.

The Fund generally invests substantially all of its assets in common stocks and other equity securities, which can include convertible debt, exchange traded funds (ETFs) that invest primarily in equity securities, depository receipts, warrants, rights, equity interests in real estate investment trusts (REITs) and preferred stocks. The Fund invests roughly similar amounts of its assets in each security 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 price or earnings growth potential.

The Fund may invest up to 30% of its assets in securities of companies headquartered outside the United States. These investments will be made in securities traded on an exchange outside the United States and/or American Depository Receipts (“ADRs”), which are depository receipts for foreign American Depository Receipts are negotiable certificates that represent a given number of shares of stock in a foreign corporation. However, they are bought and sold in the American securities market, just as stock is traded. securities denominated in U.S. dollars and traded on U.S. securities markets or available through a U.S. broker or dealer. ADRs may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depository, whereas a depository may establish an unsponsored facility without participation by the issuer of the depository security. Holders of unsponsored depository receipts generally bear all the costs of such facilities and the depository of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts.

The Fund intends to diversify its investments in securities of companies headquartered outside the United States across different countries, but the percentage of Fund assets invested in particular countries or regions will change from time to time based on the Adviser’s judgment. The Fund intends to invest in the securities of companies located in developed countries and, to a lesser extent, those located in emerging markets, and the Fund may consider investments in companies in any of the world’s developed or emerging stock markets.

Retail Class
Ticker: CUSRX
CUSIP: 230001851
Minimum Investment: $1,000
Gross Expense Ratio: 9.51%
Net Expense Ratio: 1.25%
Redemption Fee*:2.00%
Class C
Ticker: CUSCX
CUSIP: 230001844
Minimum Investment: $1,000
Gross Expense Ratio: 10.29%
Net Expense Ratio: 2.00%
Redemption Fee*:2.00%
Class I
Ticker: CUSIX
CUSIP: 230001836
Minimum Investment: $1,000,000
Gross Expense Ratio: 9.30%
Net Expense Ratio: 1.00%
Redemption Fee*:2.00%