This information is intended for financial professionals only and not the general public.

Investment Strategy

The Thomas White International Global Dividend Strategy is designed to benefit from opportunities for future economic growth, with a focus on those companies paying above average dividend yields, in the world’s developed and emerging market countries. Up to 50% of the investment portfolio may include securities issued by companies located outside of the United States. Non-U.S. holdings are primarily in depository receipts issued by large companies located in foreign markets.

Global Dividend Performance Disclosure

The Global Dividend Strategy Equity Composite contains fully discretionary global dividend equity accounts and for comparison purposes is measured primarily against the MSCI All-Country World (net) Index. The MSCI ACWI World High Dividend Yield (net) Index is a secondary benchmark, effective December 31, 2022. Both indices use withholding tax ranges applicable to Luxembourg-based holding companies. As of December 31, 2022, the Dividend Growth Strategy Equity Composite was renamed the Global Dividend Strategy Equity Composite.

Thomas White International, Ltd. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Thomas White International, Ltd. has been independently verified for the periods July 1, 1992 through December 31, 2021. The verification reports are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Thomas White International, Ltd. is an independent registered investment adviser. A list of composite descriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds are available upon request.

The Global Dividend Strategy Equity Composite has an inception date and a composite creation date of April 1, 2020. Results are based on fully discretionary accounts under management. Non-fee-paying accounts are not included in this composite. Leverage is not used in this composite. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees which includes a performance based fee, and includes the reinvestment of all income. All dividends are included in performance calculations as net dividends. Foreign withholding taxes on ADR holdings may be deducted from either income or principal cash depending on the policy of the applicable custodian. Trading expenses are included in the costs of the trades. Certain accounts may have an incentive fee arrangement. The incentive fees are typically earned on an annual basis and will be assessed in the month earned. The annual composite dispersion presented is an asset-weighted standard deviation calculated, using gross returns, for the accounts in the composite the entire year. The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36-month period. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

The fee for Global Dividend Strategy accounts is as follows: for the first $25 million, 0.75%; for the next $25 million, 0.65%; over $50 million, 0.55%. Actual investment advisory fees incurred by clients may vary.