Cullen Value Fund



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

Strategy Overview

The Value Fund invests, under normal circumstances, at least 80% of its net assets in common stocks of companies across all market capitalizations.

The Value Fund invests roughly the same amount in each stock in the portfolio at the time or 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.

The Value Fund may invest up to 30% of its assets in foreign securities, including up to 10% of its assets in securities of emerging market issuers. These investments are generally made in American Depository Receipts ("ADRs"), which trade on the U.S. exchanges. 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 of to pass through voting rights to the holders of such receipts.

Retail Class
Ticker: CVLEX
CUSIP: 230001778
Minimum Investment: $1,000
Gross Expense Ratio: 2.18%
Net Expense Ratio: 1.00%
Redemption Fee*:2.00%
Class C
Ticker: CVLFX
CUSIP: 230001794
Minimum Investment: $1,000
Gross Expense Ratio: 2.94%
Net Expense Ratio: 1.75%
Redemption Fee*:2.00%
Class I
Ticker: CVLVX
CUSIP: 230001786
Minimum Investment: $1,000,000
Gross Expense Ratio: 1.93%
Net Expense Ratio: 0.75%
Redemption Fee*:2.00%