# Product
For more information on this product, please call +1 212 644 1800, visit https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ or email info@schafer-cullen.com.
Cullen Capital Management LLC is regulated by the US Securities and Exchange Commission.
The PRIIP is authorised in Ireland and regulated by Central Bank of Ireland and has been registered for sale in other EEA Member States. Carne Global Fund Managers (Ireland) Ltd is authorised in Ireland and regulated by the Central Bank of Ireland.
This document was produced on 1 January 2023.
What is this product?

#### Type:

#### This product is a UCITS fund.

#### Term:

#### Open Ended Fund.

#### Objectives:

#### This product aims for long term growth in, as well as returning income on, the value of your investment.
Primarily, the product will purchase dividend paying shares of companies (located mainly in developed countries but also in some emerging markets) diversified across 15-25 industries and listed on stock exchanges around the world ("Companies" and each a "Company") including but not limited to the United States, United Kingdom, Switzerland, Singapore, Netherlands, South Africa and China.

#### In selecting which of such Companies' shares to purchase, the product will generally use the following criteria:
- the total value of the Company's listed shares exceeds US$3 billion;
- relative to share price, dividend yield on the Company's shares is greater than the average dividend yield on shares comprising the MSCI ACWI Index (which is an index of shares from around the world intended to be a representative sample of companies in leading industries in both developed and emerging markets);
- the Company's price/earnings ratio is below the average price/earnings ratio on shares comprising the MSCI ACWI Index (a price/earnings ratio is a valuation ratio of a company's current share price compared to its per-share earnings and essentially shows how much one needs to pay per dollar of earnings - if a company were trading at a price/earnings ratio of 20, the interpretation is that an investor is willing to pay $20 for $1 of current earnings); and
- based on the Company's historical dividend growth and overall well-being, there is strong potential for higher dividends (i.e. an increase in the actual dollar amount ofthe dividend irrespective of the dividend yield).

The product is actively managed in reference to the MSCI ACWI Index NR and MSCI ACWI Value Index NR but does not intend to track the performance of the MSCI ACWI Index NR or MSCI ACWI Value Index NR nor is it intended that the shares of the Companies in which the product will invest be limited to companies included in the MSCI ACWI Index NR or MSCI ACWI Value Index NR.
Forward currency contracts (which are financial derivative instruments (“FDIs”)) may be used to try to manage currency exposure (hedge) for this share class which is denominated in Euro against the product’s base currency which is U.S. Dollars. FDIs are contracts whose value is linked to a currency, interest rate or other asset."
This product is a UCITS fund and is a sub-fund of the Cullen Funds plc, an investment company qualifying as an open-ended UCITS authorised by the Central Bank of Ireland with segregated liability between sub-funds.
Shareholders may redeem or exchange shares on demand on any dealing day. A dealing day for this product is any business day when banks in Dublin and the New York Stock Exchange are open for business or such other days as may be determined by the Directors. Further information is available in the Prospectus.

#### The depositary of the product is Brown Brothers Harriman Trustee Services (Ireland) Limited.

#### Intended retail investor:

#### This product is suitable for all types of retail investors that can accept a risk of investment losses of up to but not more than the amount originally invested.
Potential investors need not have prior financial markets experience or knowledge to invest in this product but those without may wish to seek independent financial advice prior to investing in the product if unsure.
Potential investors should be able to hold this investment for at least 5 years and should ensure that they are happy to accept the risk level indicated by the provided summary risk indicator measure.

Translation (ENFR, 2023-01-01):
# Produit
Pour de plus amples informations sur ce produit, veuillez appeler le +1 212 644 1800, consulter le site https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ ou envoyer un courrier électronique à info@schafer-cullen.com.
Cullen Capital Management LLC est réglementée par la US Securities and Exchange Commission.
Le PRIIP est autorisé en Irlande et réglementé par la Banque centrale d’Irlande, et a été enregistré à la vente dans d’autres États membres de l’EEE. Carne Global Fund Managers (Ireland) Ltd est agréée en Irlande et réglementée par la Banque centrale d’Irlande.
Ce document a été établi le 1 janvier 2023.
En quoi consiste ce produit ?
Type :
Ce produit est un Fonds OPCVM.
Durée :
Fonds à capital variable.
Objectifs :
Ce produit vise à générer une croissance sur le long terme ainsi qu’un revenu sur la valeur de votre investissement.
Le produit achètera principalement des actions versant des dividendes de sociétés (situées principalement dans les pays développés, mais également dans quelques marchés émergents) diversifiées à travers 15 à 25 secteurs et cotées sur des Bourses du monde entier (collectivement les « Sociétés » et chacune une
« Société »), dont, entre autres, de pays comme les États-Unis, le Royaume-Uni, la Suisse, Singapour, les Pays-Bas, l’Afrique du Sud et la Chine.
Lorsqu’il sélectionne les actions de Sociétés à acheter, le produit applique généralement les critères suivants :
- la valeur totale des actions cotées de la Société est supérieure à 3 milliards d’USD ;
- en ce qui concerne le cours de l’action, le rendement du dividende des actions de la Société est supérieur au rendement moyen du dividende des actions composant l’indice MSCI ACWI Index (un indice composé d’actions du monde entier conçu pour constituer un échantillon représentatif d’entreprises appartenant aux principaux secteurs des pays tant développés qu’émergents) ;
- le ratio cours/bénéfice de la Société est inférieur au ratio cours/bénéfice moyen des actions composant l’indice MSCI ACWI Index (ce ratio cours/bénéfice étant un ratio d’évaluation du cours actuel des actions d’une société par rapport à son bénéfice par action, qui indique essentiellement le prix à payer pour obtenir un dollar de bénéfice ; si une action de société se négocie à un ratio cours/bénéfice de 20, cela signifie qu’un investisseur est prêt à payer 20 USD pour obtenir 1 USD de bénéfice courant) ; et
- sur la base de l’historique de croissance de son dividende et de sa santé générale, la Société présente un fort potentiel de dividendes plus élevés (c’est-à-dire une augmentation du montant en dollars réel du dividende, indépendamment du