# EDGAR Filing Document

**Accession Number:** 0001109957
**File Stem:** 0001999371-25-016327
**Filing Date:** 2025-10
**Character Count:** 626912
**Document Hash:** dc21225a61eb39eef5d1b129f419c659
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-016327.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001999371-25-016327

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 34

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CULLEN FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001109957

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09871
- **FILM NUMBER:** 251426502

**BUSINESS ADDRESS:**
- **STREET 1:** 645 FIFTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-644-1800

**MAIL ADDRESS:**
- **STREET 1:** 645 FIFTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CULLEN FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001109957

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-33302
- **FILM NUMBER:** 251426501

**BUSINESS ADDRESS:**
- **STREET 1:** 645 FIFTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-644-1800

**MAIL ADDRESS:**
- **STREET 1:** 645 FIFTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Series and Classes Contracts Data

### Cullen High Dividend Equity Fund (Series ID: S000006835)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018478 | Retail Class | CHDEX           |
| C000018479 | Class C      | CHVCX           |
| C000018480 | Class I      | CHDVX           |

### Cullen International High Dividend Fund (Series ID: S000006836)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018481 | Retail Class | CIHDX           |
| C000018482 | Class C      | CIHCX           |
| C000018483 | Class I      | CIHIX           |

### Cullen Small Cap Value Fund (Series ID: S000026472)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079419 | Retail Class | CUSRX           |
| C000079420 | Class I      | CUSIX           |
| C000079421 | Class C      | CUSCX           |

### Cullen Emerging Markets High Dividend Fund (Series ID: S000038162)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000117696 | Class C      | CEMGX           |
| C000117697 | Class I      | CEMFX           |
| C000117698 | Retail Class | CEMDX           |
| C000263314 | Class R6     |  |

### Cullen Value Fund (Series ID: S000038163)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000117699 | Class C      | CVLFX           |
| C000117700 | Class I      | CVLVX           |
| C000117701 | Retail Class | CVLEX           |

### Cullen Enhanced Equity Income Fund (Series ID: S000051935)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000163394 | Class C      | ENHCX           |
| C000163395 | Class I      | ENHNX           |
| C000163396 | Retail Class | ENHRX           |

?xml version='1.0' encoding='ASCII'?

As filed with the Securities and Exchange Commission on October 28, 2025

Securities Act Registration No. 333-33302

Investment Company Act Registration No. 811-09871

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

---

| | | |
|:---|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒ |
|  | Pre-Effective Amendment No. __ | ☐ |
|  | Post-Effective Amendment No. <u>65</u> | ☒ |
| and/or | and/or | and/or |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☒ |
|  | Amendment No. <u>67</u> | ☒ |

---

(Check appropriate box or boxes.)

**<u>Cullen Funds Trust</u>**

(Exact Name of Registrant as Specified in Charter)

**645 Fifth Avenue**

**New York, NY 10022**

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: **212-644-1800**

**Brooks Cullen**

**645 Fifth Avenue**

**New York, NY 10022**

(Name and Address of Agent for Service)

With copy to:

**Carla Teodoro, Esq.**

**Sidley Austin LLP**

**787 Seventh Ave.**

**New York, NY 10019**

It is proposed that this filing will become effective (check appropriate box)

☒ immediately upon filing pursuant to paragraph (b)

☐ on (date) pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on (date) pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

![](cullen_485bposimg001.gif)

**CULLEN HIGH DIVIDEND EQUITY FUND**

**CULLEN INTERNATIONAL HIGH DIVIDEND FUND**

**CULLEN SMALL CAP VALUE FUND**

**CULLEN VALUE FUND**

**CULLEN EMERGING MARKETS HIGH DIVIDEND FUND**

**CULLEN ENHANCED EQUITY INCOME FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retail<br>Class** | **Class I** | **Class C** | **Class R6** |
| CULLEN HIGH DIVIDEND EQUITY FUND | CHDEX | CHDVX | CHVCX |  |
| CULLEN INTERNATIONAL HIGH DIVIDEND FUND | CIHDX | CIHIX | CIHCX |  |
| CULLEN SMALL CAP VALUE FUND | CUSRX | CUSIX | CUSCX |  |
| CULLEN VALUE FUND | CVLEX | CVLVX | CVLFX |  |
| CULLEN EMERGING MARKETS HIGH DIVIDEND FUND | CEMDX | CEMFX | CEMGX | CEMEX |
| CULLEN ENHANCED EQUITY INCOME FUND | ENHRX | ENHNX | ENHCX |  |

---

**PROSPECTUS**

**October 28, 2025**

**This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference.**

**The U.S. Securities and Exchange Commission ("SEC") has not approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| [YOUR INVESTMENT](#cullen_485bposa192) | [YOUR INVESTMENT](#cullen_485bposa192) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cullen High Dividend Equity Fund](#cullen_485bposa193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cullen High Dividend Equity Fund](#cullen_485bposa193) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cullen International High Dividend Fund](#cullen_485bposa194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cullen International High Dividend Fund](#cullen_485bposa194) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cullen Small Cap Value Fund](#cullen_485bposa195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cullen Small Cap Value Fund](#cullen_485bposa195) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cullen Value Fund](#cullen_485bposa196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cullen Value Fund](#cullen_485bposa196) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cullen Emerging Markets High Dividend Fund](#cullen_485bposa197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cullen Emerging Markets High Dividend Fund](#cullen_485bposa197) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cullen Enhanced Equity Income Fund](#cullen_485bposa198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cullen Enhanced Equity Income Fund](#cullen_485bposa198) | 33 |
| [ADDITIONAL INFORMATION ON INVESTMENT POLICIES AND RISKS](#cullen_485bposa199) | [ADDITIONAL INFORMATION ON INVESTMENT POLICIES AND RISKS](#cullen_485bposa199) | 39 |
| [WHO SHOULD INVEST IN THE FUNDS?](#cullen_485bposa200) | [WHO SHOULD INVEST IN THE FUNDS?](#cullen_485bposa200) | 41 |
| [PORTFOLIO HOLDINGS INFORMATION](#cullen_485bposa201) | [PORTFOLIO HOLDINGS INFORMATION](#cullen_485bposa201) | 41 |
| [WHO MANAGES THE FUNDS?](#cullen_485bposa202) | [WHO MANAGES THE FUNDS?](#cullen_485bposa202) | 41 |
| [YOUR ACCOUNT](#cullen_485bposa203) | [YOUR ACCOUNT](#cullen_485bposa203) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ELIGIBLE INVESTORS](#cullen_485bposa204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ELIGIBLE INVESTORS](#cullen_485bposa204) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [SHARE PRICE](#cullen_485bposa205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [SHARE PRICE](#cullen_485bposa205) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [BUYING SHARES](#cullen_485bposa206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [BUYING SHARES](#cullen_485bposa206) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [SELLING SHARES](#cullen_485bposa207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [SELLING SHARES](#cullen_485bposa207) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ADDITIONAL POLICIES](#cullen_485bposa208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ADDITIONAL POLICIES](#cullen_485bposa208) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [DISTRIBUTIONS AND TAXES](#cullen_485bposa209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [DISTRIBUTIONS AND TAXES](#cullen_485bposa209) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [SHAREHOLDER REPORTS, FINANCIAL STATEMENTS AND CONFIRMATIONS](#cullen_485bposa210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [SHAREHOLDER REPORTS, FINANCIAL STATEMENTS AND CONFIRMATIONS](#cullen_485bposa210) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [RESERVED RIGHTS](#cullen_485bposa211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [RESERVED RIGHTS](#cullen_485bposa211) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [FINANCIAL HIGHLIGHTS](#cullen_485bposa212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [FINANCIAL HIGHLIGHTS](#cullen_485bposa212) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [FOR MORE INFORMATION](#cullen_485bposa213) | Back Cover | Back Cover |

---

**YOUR INVESTMENT**<br>

**Summary Information**<br>

**Cullen High Dividend Equity Fund**

**Investment Objective**

The investment objective of the Cullen High Dividend Equity Fund (the "High Dividend Fund" or the "Fund") is to seek long-term capital appreciation and current income.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy and hold shares of the High Dividend Fund.

***Shareholder Fees (fees paid directly from your investment):***

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Retail Class</u> | <u>Class C</u> | <u>Class I</u> |
| Redemption Fee (as a percentage of amount redeemed)<sup>a</sup> | 2.00% | 2.00% | 2.00% |

---

***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):***

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Retail Class</u> | <u>Class C</u> | <u>Class I</u> |
| Management Fee | 1.00% | 1.00% | 1.00% |
| Distribution and Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses<sup>b</sup> | 0.11% | 0.11% | 0.11% |
| Acquired Fund Fees & Expenses | 0.00% | 0.00% | 0.00% |
| Total Annual Fund Operating Expenses<sup>c</sup> | 1.36% | 2.11% | 1.11% |
| Less Expense Reduction/Reimbursement<sup>d</sup> | -0.36% | -0.36% | -0.36% |
| Net Annual Fund Operating Expenses After Fee<br> Waiver and/or Expense Reimbursement | 1.00% | 1.75% | 0.75% |

---

<sup>a</sup> You will be charged a 2% redemption fee if you redeem or exchange shares of the High Dividend Fund within seven (7) days of purchase. The redemption fee is payable to the High Dividend Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The High Dividend Fund's Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer.

<sup>b</sup> Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the High Dividend Fund's statement of operations for its most recently completed fiscal year.

<sup>c</sup> The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the High Dividend Fund and does not include Acquired Fund Fees and Expenses.

<sup>d</sup> Cullen Capital Management LLC (the "Adviser") has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares, and 0.75% for Class I shares, through October 31, 2026 (the "Termination Date"). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the "Agreement"), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the High Dividend Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the High Dividend Fund or the Adviser prior to the Termination Date.

**Expense Example**

This example is intended to help you compare the cost of investing in the High Dividend Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the High Dividend Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year and that the High Dividend Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <u>1 Year</u> | <u>3 Years<sup>\*</sup></u> | <u>5 Years<sup>\*</sup></u> | <u>10 Years<sup>\*</sup></u> |
| Retail Class | $102 | $395 | $710 | $1604 |
| Class C | $178 | $626 | $1101 | $2413 |
| Class I | $77 | $317 | $577 | $1319 |

---

\* The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2026. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year.

**Portfolio Turnover**

The High Dividend Fund pays transaction costs, such as commissions, when it buys and sells securities ("portfolio turnover"). A higher portfolio turnover rate will result in higher transaction costs and may result in higher taxes when High Dividend Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the High Dividend Fund's performance. During the most recent fiscal year, the High Dividend Fund's portfolio turnover rate was 37% of the average value of its portfolio.

**Principal Investment Strategies**

The High Dividend 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 High Dividend 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<sup>®</sup> Index.

The High Dividend 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. 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 High Dividend Fund, in order to generate additional income, may selectively write covered call options when it is deemed to be in the Fund's best interest. 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 High Dividend 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 High Dividend Fund may invest up to 30% of its assets in foreign securities. These investments are generally made in American Depositary Receipts ("ADRs"), which are depositary receipts for foreign securities denominated in U.S. dollars and traded in 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 depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary 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 High Dividend 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.

The Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives.

**Principal Risks**

Like all investments, investing in the High Dividend Fund involves risks, including the risk that you may lose part or all of the money you invest.

**General Stock Risks.** The High Dividend Fund's major risks are those of investing in the stock market, which can mean that the High Dividend Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance. Periods of poor performance and declines in value of the High Dividend Fund's underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditure, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have direct effects on the valuation and/or earnings power of the companies in which the High Dividend Fund invests. Stock markets worldwide experience volatility as a result of market participants reacting to economic data and market indicators that contradict previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings *en masse*, thereby creating additional and often significant downward price pressure than might be experienced in less volatile periods. In the future, market participants' views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long-term volatility in the value of the High Dividend Fund's shares. As a result, you could lose money investing in the High Dividend Fund.

**Medium-Capitalization Companies Risk.** The High Dividend Fund may invest in the stocks of medium-capitalization companies. Medium-capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business reversals, which could increase the volatility of the High Dividend Fund's portfolio.

**Large-Capitalization Companies Risk.** The Fund may invest in the stocks of large-capitalization companies. Securities issued by large-capitalization companies tend to be less volatile than securities issued by smaller companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges.

**Value Style Investing Risk.** Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the performance resulting from the High Dividend Fund's "value" investment style may sometimes be lower than that of equity funds following other styles of investment.

**Foreign Securities Risk.** Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences in financial reporting standards, and less-strict regulation of securities markets. More specific risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future political and economic developments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the imposition of foreign withholding taxes on dividend and interest income payable on the securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•possible trade disputes, including the imposition of sanctions and tariffs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible establishment of exchange controls,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible seizure or nationalization of foreign investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities.

You may lose money by investing in the High Dividend Fund if any of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•foreign stock markets decline in value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the High Dividend Fund has difficulty selling smaller capitalization or emerging market stocks during a turbulent market due to lower liquidity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the value of a foreign currency declines relative to the U.S. dollar, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political, social or economic instability in a foreign country causes the value of the High Dividend Fund's investments to decline.

All of the risks of investing in foreign securities are heightened by investing in emerging markets. Emerging markets have been more volatile than the markets of developed countries with more mature economies. ADRs are subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency.

**Options or Covered Call Writing Risk.** The Fund may write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such options. The market price of the call will, in most instances, move in conjunction with the price of the underlying equity security. However, if the security rises in value and the call is exercised, the High Dividend Fund may not participate fully in the market appreciation of the security, which may negatively affect your investment return. The Fund's writing of covered call options is also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.

Rule 18f-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), governs the use of certain derivatives by registered investment companies. The Fund has implemented policies and procedures to comply with Rule 18f-4. Rule 18f-4 imposes limits on the amount of certain derivatives a fund can enter into, eliminated the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives (including for purposes of Rule 18f- 4, covered call options) is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

The U.S. government may consider adopting and implementing other new, additional regulations governing derivatives markets, which new regulations may impact options or covered call writing, including mandatory clearing of certain derivatives, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional U.S. or other regulations may make derivatives more costly, impose reporting and other obligations on the Fund in connection with its investments in derivatives, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Future regulatory developments may impact the Fund's ability to invest or remain invested in certain derivatives. The Adviser cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use derivative products, including options or covered calls, and there can be no assurance that any new governmental regulation will not adversely affect the Fund's ability to achieve its investment objectives.

**Market Disruptions Risk; Sovereign Debt Crises Risk.** The global financial markets have in recent years undergone pervasive and fundamental disruptions. This global market turmoil has led to increased market volatility. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including political uncertainty, and high and growing debt levels by many consumers, business institutions and governments in the United States, certain countries in Europe and elsewhere around the world. The securities of the United States, as well as several countries across Europe and Asia, have in recent years been, or are at risk of being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis.

**Government Intervention Risk.** The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an "emergency" basis, suddenly and substantially eliminating market participants' ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies.

**Investment in Other Investment Companies Risk.** As with other investments, investments in other investment companies, including exchange-traded funds ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies (to the extent not offset by waivers).

**Performance Information**

The following performance information indicates some of the risks of investing in the shares of the High Dividend Fund by showing the variability of the Retail Class's returns (the class with the longest period of annual returns). The bar chart shows the total return of the High Dividend Fund by showing the changes in the High Dividend Fund's performance from year to year (on a calendar year basis). The table shows the High Dividend Fund's average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and table assume that all dividends and distributions are reinvested in the High Dividend Fund. Remember, the High Dividend Fund's past performance, before and after taxes, is not necessarily an indication of how the High Dividend Fund will perform in the future.

Updated performance information, including its current net asset value, is available at <u>www.cullenfunds.com</u> or by calling 1-877-485-8586.

**Year-by-Year Total Return as of December 31, 2024**

![](cullen_485bposimg002.gif)

The High Dividend Fund's 2025 year-to-date total return through September 30, 2025 was 14.56%.

---

| | | |
|:---|:---|:---|
| **Best and Worst Quarter Returns (for the period reflected in the bar chart above)** |  |  |
|  | **Return** | **Quarter/Year** |
| Highest Return | 14.98% | Q4/2022 |
| Lowest Return | -26.42% | Q1/2020 |

---

**Average Annual Total Returns as of December 31, 2024**<br>

---

| | | | |
|:---|:---|:---|:---|
| **High Dividend Fund, Retail Class** | **1 Year** | **5 Year** | **10 Year** |
| Returns before taxes | 9.15% | 5.46% | 6.71% |
| Returns after taxes on distributions<sup>1</sup> | 5.66% | 2.15% | 3.84% |
| Returns after taxes on distributions and sale of Fund shares | 7.86% | 3.39% | 4.48% |
| **High Dividend Fund, Class I** |  |  |  |
| Returns before taxes | 9.39% | 5.74% | 6.98% |
| **High Dividend Fund, Class C** |  |  |  |
| Returns before taxes | 8.35% | 4.68% | 5.92% |
| S&P 500® Index (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% |

---

<sup>1</sup> After-tax returns are shown for only Retail Class shares. After-tax returns for Class I and Class C shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts ("IRAs").

**Investment Adviser**

Cullen Capital Management LLC serves as the investment adviser to the High Dividend Fund.

**Portfolio Managers**

James P. Cullen, the Adviser's Chairman, Chief Executive Officer and controlling member, has been a portfolio manager of the High Dividend Fund since the Fund's inception on August 1, 2003. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since December 1982.

Jennifer Chang has served as a co-portfolio manager of the High Dividend Fund since April 14, 2014. Ms. Chang currently serves as Portfolio Manager and Executive Director at the Adviser and has worked there since 2006.

**Purchase and Sale of Fund Shares**

You may purchase or redeem shares of the High Dividend Fund on days the New York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone at 1-877-485-8586 or through any broker/dealer organization that has a sales agreement with the Fund's distributor. Purchases and redemptions by telephone are only permitted if you previously established these options on your account.

Regular mail: Cullen Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246.

Overnight mail: Cullen Funds c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.The High Dividend Fund accepts investment in the following minimum amounts:

---

| | | |
|:---|:---|:---|
| <u>**<u>Share Class:</u>**</u> | <u>**<u>Initial</u>**</u> | <u>**<u>Additional</u>**</u> |
| **Retail Class-**Regular Accounts | &nbsp;&nbsp; $1000 <br>| &nbsp;&nbsp; $100 <br>|
| **Retail Class-**IRAs and UGMA/UTMA Accounts, Simple | &nbsp;&nbsp; $250 <br>| &nbsp;&nbsp; $50 <br>|
| IRA, SEP-IRA, 403(b)<sup>(7)</sup>, Keogh, Pension Plan and Profit |  |  |
| Sharing Plan Accounts |  |  |
| **Class C-**Regular Accounts | &nbsp;&nbsp; $1000 <br>| &nbsp;&nbsp; $100 <br>|
| **Class C-**IRAs and UGMA/UTMA Accounts, Simple IRA, | &nbsp;&nbsp; $250 <br>| &nbsp;&nbsp; $50 <br>|
| SEP-IRA, 403(b)<sup>(7)</sup>, Keogh, Pension Plan and Profit |  |  |
| Sharing Plan Accounts |  |  |
| **Class I** | &nbsp;&nbsp; $1000000 <br>| &nbsp;&nbsp; $100 <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A registered investment adviser may aggregate all client accounts investing in Class I shares of the High Dividend Fund to meet the investment minimum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you use an Automatic Investment Plan ("AIP") for a regular account for the Retail Class or Class C shares, the initial investment minimum to open an account is $50 and the additional investment minimum is $50.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you use an AIP for a custodial or retirement plan account for the Retail Class or Class C shares, the initial investment minimum to open an account as well as the monthly additional investment amount is $25.

**Tax Information**

The High Dividend Fund's distributions may be taxable whether you received them in cash or additional shares of the Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA, in which case such distributions can be subject to U.S. federal income tax as ordinary income when distributed to, or received by, you from such tax-deferred arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the High Dividend Fund through a broker-dealer or other financial intermediary (such as a bank or financial adviser), the High Dividend Fund and/or its Adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the High Dividend Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**YOUR INVESTMENT**<br>

**Summary Information**<br>

**Cullen International High Dividend Fund**

**Investment Objective**

The Cullen International High Dividend Fund (the "International High Dividend Fund" or the "Fund") seeks long-term capital appreciation and current income.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy and hold shares of the International High Dividend Fund.

***Shareholder Fees (fees paid directly from your investment):***

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Retail Class</u> | <u>Class C</u> | <u>Class I</u> |
| Redemption Fee (as a percentage of amount redeemed)<sup>a</sup> | 2.00% | 2.00% | 2.00% |

---

***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):***

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Retail Class</u> | <u>Class C</u> | <u>Class I</u> |
| Management Fee | 1.00% | 1.00% | 1.00% |
| Distribution and Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses<sup>b</sup> | 0.22% | 0.22% | 0.22% |
| Acquired Fund Fees & Expenses | 0.00% | 0.00% | 0.00% |
| Total Annual Fund Operating Expenses<sup>c</sup> | 1.47% | 2.22% | 1.22% |
| Less Expense Reduction/Reimbursement<sup>d</sup> | -0.22% | -0.22% | -0.22% |
| Net Annual Fund Operating Expenses After Fee Waiver and/or <br>Expense Reimbursement | 1.25% | 2.00% | 1.00% |

---

<sup>a</sup> You will be charged a 2% redemption fee if you redeem or exchange shares of the International High Dividend Fund within seven (7) days of purchase. The redemption fee is payable to the International High Dividend Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The International High Dividend Fund's Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer.

<sup>b</sup> Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the International High Dividend Fund's statement of operations for its most recently completed fiscal year.

<sup>c</sup> The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the International High Dividend Fund and does not include Acquired Fund Fees and Expenses.

<sup>d</sup> Cullen Capital Management LLC (the "Adviser") has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.25% for Retail Class shares, 2.00% for Class C shares and 1.00% for Class I shares, through October 31, 2026 (the "Termination Date"). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the "Agreement"), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the International High Dividend Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the International High Dividend Fund or the Adviser prior to the Termination Date.

**Expense Example**

This example is intended to help you compare the cost of investing in the International High Dividend Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the International High Dividend Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year and that the International High Dividend Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <u>1 Year</u> | <u>3 Years<sup>\*</sup></u> | <u>5 Years<sup>\*</sup></u> | <u>10 Years<sup>\*</sup></u> |
| Retail Class | $127 | $443 | $782 | $1739 |
| Class C | $203 | $673 | $1170 | $2537 |
| Class I | $102 | $365 | $649 | $1458 |

---

\* The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2026. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year.

**Portfolio Turnover**

The International High Dividend Fund pays transaction costs, such as commissions, when it buys and sells securities ("portfolio turnover"). A higher portfolio turnover rate will result in higher transaction costs and may result in higher taxes when International High Dividend Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the International High Dividend Fund's performance. During the most recent fiscal year, the International High Dividend Fund's portfolio turnover rate was 125% of the average value of its portfolio.

**Principal Investment Strategies**

The International High Dividend Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in high 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) headquartered outside the United States in common stocks traded on exchanges not located in the United States and in American Depositary Receipts ("ADRs"). As a point of comparison, a high dividend paying common stock that the International High Dividend Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the MSCI EAFE Stock Index.

ADRs are depositary receipts for foreign 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 depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary 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 International High Dividend Fund intends to diversify its investments across different countries, and the percentage of the International High Dividend Fund's assets invested in particular countries or regions will change from time to time based on the Adviser's judgment. The International High Dividend Fund intends to invest in the securities of companies located in developed countries and, to a lesser extent, those located in emerging markets. The International High Dividend Fund may consider investments in companies in any of the world's developed stock markets, such as the United Kingdom and stock markets in the European Union. The International High Dividend Fund also may consider investments in developed and emerging stock markets in Asia, such as Hong Kong, China, Singapore, Korea, Taiwan, Malaysia and Thailand. Other developed and emerging stock markets such as Australia, New Zealand, South Africa, Canada and Mexico also may be considered.

The International High Dividend Fund generally invests substantially all of its assets in common stocks and ADRs but may invest in other equity securities, which can include European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), 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. The International High Dividend Fund invests roughly similar amounts of its assets in each position 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 growth potential, dividend yield or price.

As part of its strategy, the International High Dividend Fund, in order to generate additional income, may selectively write covered call options when it is deemed to be in the Fund's best interest. 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 International High Dividend 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 Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives.

**Principal Risks**

Like all investments, investing in the International High Dividend Fund involves risks, including the risk that you may lose part or all of the money you invest.

**General Stock Risks.** The International High Dividend Fund's major risks are those of investing in the stock market, which can mean that the International High Dividend Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance. Periods of poor performance and declines in value of the International High Dividend Fund's underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditure, fluctuating

commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have direct effects on the valuation and/or earnings power of the companies in which the International High Dividend Fund invests. Stock markets worldwide have experienced significant volatility in recent periods as a result of market participants reacting to economic data and market indicators that have contradicted previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings *en masse*, thereby creating additional and often significant downward price pressure than might be experienced in less volatile periods. In the future, market participants' views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long-term volatility in the value of the International High Dividend Fund's shares. As a result, you could lose money investing in the International High Dividend Fund.

**Foreign Securities Risk.** Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences in financial reporting standards, and less-strict regulation of securities markets. More specific risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future political and economic developments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible trade disputes, including the imposition of sanctions and tariffs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the imposition of foreign withholding taxes on dividend and interest income payable on the securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible establishment of exchange controls,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible seizure or nationalization of foreign investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities.

You may lose money by investing in the International High Dividend Fund if any of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•foreign stock markets decline in value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the International High Dividend Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the value of a foreign currency declines relative to the U.S. dollar, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political, social or economic instability in a foreign country causes the value of the International High Dividend Fund's investments to decline.

All of the risks of investing in foreign securities are heightened by investing in emerging markets. Emerging markets have been more volatile than the markets of developed countries with more mature economies. ADRs are subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency.

**Large-Capitalization Companies Risk.** The Fund may invest in the stocks of large-capitalization companies. Securities issued by large-capitalization companies tend to be less volatile than securities issued by smaller companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges.

**Medium-Capitalization Companies Risk.** The International High Dividend Fund may invest in the stocks of medium-capitalization companies. Medium- capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business reversals, which could increase the volatility of the International High Dividend Fund's portfolio.

**Value Style Investing Risk.** Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the performance resulting from the International High Dividend Fund's "value" investment style may sometimes be lower than that of equity funds following other styles of investment.

**European Securities Risk.** The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund's investments. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world.

Russia launched a large-scale invasion of Ukraine in February 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

**Geographic Focus Risk**. From time to time the Fund may invest a substantial amount of its assets in issuers located in a single country or region or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund's investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries.

**Foreign Currency Risk.** Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, which will reduce the value of investments denominated in those currencies held by the International High Dividend Fund.

**Options or Covered Call Writing Risk.** The Fund may write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such options. The market price of the call will, in most instances, move in conjunction with the price of the underlying equity security. However, if the security rises in value and the call is exercised, the International High Dividend Fund may not participate fully in the market appreciation of the security, which may negatively affect your investment return. The Fund's writing of covered call options is also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.

Rule 18f-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), governs the use of certain derivatives by registered investment companies. The Fund has implemented policies and procedures to comply with Rule 18f-4. Rule 18f-4 imposes limits on the amount of certain derivatives a fund can enter into, eliminated the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives (including for purposes of Rule 18f- 4, covered call options) is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

The U.S. government may consider adopting and implementing other new, additional regulations governing derivatives markets, which new regulations may impact options or covered call writing, including mandatory clearing of certain derivatives, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional U.S. or other regulations may make derivatives more costly, impose reporting and other obligations on the Fund in connection with its investments in derivatives, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Future regulatory developments may impact the Fund's ability to invest or remain invested in certain derivatives. The Adviser cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use derivative products, including options or covered calls, and there can be no assurance that any new governmental regulation will not adversely affect the Fund's ability to achieve its investment objectives.

Financials Sector Risk. To the extent the Fund focuses on the financials sector, the Fund may be more susceptible to the particular risks that may affect companies in the financials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change.

**Market Disruptions Risk; Sovereign Debt Crises Risk.** The global financial markets have in recent years undergone pervasive and fundamental disruptions. This global market turmoil has led to increased market volatility. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including political uncertainty, and high and growing debt levels by many consumers, business institutions and governments in the United States, certain countries in Europe and elsewhere around the world. The securities of the United States, as well as several countries across Europe and Asia, have in recent years been, or are at risk of being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis.

**Government Intervention Risk.** The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an "emergency" basis, suddenly and substantially eliminating market participants' ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies.

**High Portfolio Turnover Risk.** The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher-than-normal portfolio turnover may adversely affect Fund performance. A higher level of portfolio turnover may also cause shareholders to incur a higher level of taxable income or capital gains when shares are held in a taxable account.

**Performance Information**

The following performance information indicates some of the risks of investing in the shares of the International High Dividend Fund by showing the variability of the Retail Class's returns (the class with the longest period of annual returns). The bar chart shows the total return of the International High Dividend Fund by showing the changes in the Fund's performance from year to year (on a calendar year basis). The table shows the International High Dividend Fund's average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and table assume that all dividends and distributions are reinvested in the International High Dividend Fund. Remember, the International High Dividend Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at <u>www.cullenfunds.com</u> or by calling 1-877-485-8586.

**Year-by-Year Total Return as of December 31, 2024**

![](cullen_485bposimg003.gif)

The International High Dividend Fund's 2025 year-to-date total return through September 30, 2025 was 24.44%.

---

| | | |
|:---|:---|:---|
| **Best and Worst Quarter Returns (for the period reflected in the bar chart above)** |  |  |
|  | **Return** | **Quarter/Year** |
| Highest Return | 16.40% | Q4/2022 |
| Lowest Return | -21.69% | Q1/2020 |

---

**Average Annual Total Returns as of December 31, 2024**<br>

---

| | | | |
|:---|:---|:---|:---|
| **International High Dividend Fund, Retail Class** | **1 Year** | **5 Year** | **10 Year** |
| Returns before taxes | 3.90% | 4.46% | 3.81% |
| Returns after taxes on distributions<sup>1</sup> | 2.42% | 3.13% | 2.51% |
| Returns after taxes on distributions and sale of Fund shares | 2.87% | 2.90% | 2.37% |
| **International High Dividend Fund, Class I** |  |  |  |
| Returns before taxes | 4.11% | 4.73% | 4.08% |
| **International High Dividend Fund, Class C** |  |  |  |
| Returns before taxes | 3.20% | 3.68% | 3.04% |
| MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) | 3.82% | 4.73% | 5.20% |

---

<sup>1</sup> After-tax returns are shown for only Retail Class shares. After-tax returns for Class I and Class C shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts ("IRAs").

**Investment Adviser**

Cullen Capital Management LLC serves as the investment adviser to the International High Dividend Fund.

**Portfolio Managers**

James P. Cullen, the Adviser's Chairman, Chief Executive Officer and controlling member, has been a portfolio manager of the International High Dividend Fund since the Fund's inception on December 15, 2005. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since December 1982.

Rahul D. Sharma has served as a co-portfolio manager for the International High Dividend Fund since October 31, 2007. Mr. Sharma currently serves as Portfolio Manager and Executive Director at the Adviser and has worked there since May 2000.

Pravir Singh has served as a co-portfolio manager for the International High Dividend Fund since May 2019. Mr. Singh currently serves as Portfolio Manager and Managing Director at the Adviser and has worked there since 2005.

Anuca Laudat has served as a co-portfolio manager for the International High Dividend Fund since January 2022. Ms. Laudat, who has worked at the Adviser since 2012, currently serves as Portfolio Manager and head of the Adviser's sustainability research and ESG engagement efforts.

**Purchase and Sale of Fund Shares**

You may purchase or redeem shares of the International High Dividend Fund on days the New York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone at 1-877-485-8586 or through any broker/dealer organization that has a sales agreement with the Fund's distributor. Purchases and redemptions by telephone are only permitted if you previously established these options on your account.

Regular mail: Cullen Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246.Overnight mail: Cullen Funds c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

The International High Dividend Fund accepts investment in the following minimum amounts:

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| | | |
|:---|:---|:---|
| <u>**<u>Share Class:</u>**</u> | <u>**<u>Initial</u>**</u> | <u>**<u>Additional</u>**</u> |
| **Retail Class-**Regular Accounts | &nbsp;&nbsp; $1000 <br>| &nbsp;&nbsp; $100 <br>|
| **Retail Class-**IRAs and UGMA/UTMA Accounts, Simple<br>IRA, SEP-IRA, 403(b)<sup>(7)</sup>, Keogh, Pension Plan and Profit<br>Sharing Plan Accounts | &nbsp;&nbsp; $250 <br>| &nbsp;&nbsp; $50 <br>|
| **Class C-**Regular Accounts | &nbsp;&nbsp; $1000 <br>| &nbsp;&nbsp; $100 <br>|
| **Class C-**IRAs and UGMA/UTMA Accounts, Simple IRA, SEP-IRA,<br>403(b)<sup>(7)</sup>, Keogh, Pension Plan and Profit<br>Sharing Plan Accounts | &nbsp;&nbsp; $250 <br>| &nbsp;&nbsp; $50 <br>|
| **Class I** | &nbsp;&nbsp; $1000000 <br>| &nbsp;&nbsp; $100 <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A registered investment adviser may aggregate all client accounts investing in Class I shares of the International High Dividend Fund to meet the investment minimum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you use an Automatic Investment Plan ("AIP") for a regular account for the Retail Class or Class C shares, the initial investment minimum to open an account is $50 and the additional investment minimum is $50.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you use an AIP for a custodial or retirement plan account for the Retail Class or Class C shares, the initial investment minimum to open an account as well as the monthly additional investment amount is $25.

**Tax Information**

The International High Dividend Fund's distributions may be taxable whether you received them in cash or additional shares of the Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA, in which case such distributions can be subject to U.S. federal income tax as ordinary income when distributed to, or received by, you from such tax-deferred arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the International High Dividend Fund through a broker-dealer or other financial intermediary (such as a bank or financial adviser), the International High Dividend Fund and/or its Adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the International High Dividend Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**YOUR INVESTMENT**<br>

**Summary Information**<br>

**Cullen Small Cap Value Fund**

**Investment Objective**

The Cullen Small Cap Value Fund (the "Small Cap Value Fund" or the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Small Cap Value Fund.

***Shareholder Fees (fees paid directly from your investment):***

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Retail Class</u> | <u>Class C</u> | <u>Class I</u> |
| Redemption Fee (as a percentage of amount redeemed)<sup>a</sup> | 2.00% | 2.00% | 2.00% |

---

***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):***

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Retail Class</u> | <u>Class C</u> | <u>Class I</u> |
| Management Fee | 1.00% | 1.00% | 1.00% |
| Distribution and Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses<sup>b</sup> | 3.25% | 3.22% | 3.22% |
| Acquired Fund Fees & Expenses | 0.00% | 0.00% | 0.00% |
| Total Annual Fund Operating Expenses<sup>c</sup> | 4.50% | 5.22% | 4.22% |
| Less Expense Reduction/Reimbursement<sup>d</sup> | -3.25% | -3.22% | -3.22% |
| Net Annual Fund Operating Expenses After Fee Waiver and/or <br>Expense Reimbursement | 1.25% | 2.00% | 1.00% |

---

<sup>a</sup> You will be charged a 2% redemption fee if you redeem or exchange shares of the Small Cap Value Fund within seven (7) days of purchase. The redemption fee is payable to the Small Cap Value Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The Small Cap Value Fund's Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer.

<sup>b</sup> Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Small Cap Value Fund's statement of operations for its most recently completed fiscal year.

<sup>c</sup> The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Small Cap Value Fund and does not include Acquired Fund Fees and Expenses.

<sup>d</sup> Cullen Capital Management LLC (the "Adviser") has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.25% for Retail Class shares, 2.00% for Class C shares and 1.00% for Class I shares, through October 31, 2026 (the "Termination Date"). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the "Agreement"), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Small Cap Value Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Small Cap Value Fund or the Adviser prior to the Termination Date.

**Expense Example**

This example is intended to help you compare the cost of investing in the Small Cap Value Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Small Cap Value Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year and that the Small Cap Value Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <u>1 Year</u> | <u>3 Years<sup>\*</sup></u> | <u>5 Years<sup>\*</sup></u> | <u>10 Years<sup>\*</sup></u> |
| Retail Class | $127 | $1066 | $2014 | $4425 |
| Class C | $203 | $1276 | $2344 | $4994 |
| Class I | $102 | $987 | $1885 | $4193 |

---

\* The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2026. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year.

**Portfolio Turnover**

The Small Cap Value Fund pays transaction costs, such as commissions, when it buys and sells securities ("portfolio turnover"). A higher portfolio turnover rate will result in higher transaction costs and may result in higher taxes when Small Cap Value Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Small Cap Value Fund's performance. During the most recent fiscal year, the Small Cap Value Fund's portfolio turnover rate was 38% of the average value of its portfolio.

**Principal Investment Strategies**

The Small Cap Value Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in small-capitalization companies, which the Fund defines as those companies with market capitalizations below $5 billion at the time of original purchase. The Adviser generally selects stocks of companies that have the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a below average price/earnings ratio as compared with the average price/earnings ratio of the equity securities in the Russell 2000 Value Stock Index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•above average projected earnings growth as compared to the average projected earnings growth of the equity securities in the Russell 2000 Value Stock Index.

The Small Cap Value 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, depositary receipts, warrants, rights, equity interests in real estate investment trusts ("REITs"), master limited partnerships ("MLPs"), and preferred stocks. The Small Cap Value 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 Small Cap Value 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 exchanges outside the United States and/or American Depositary Receipts ("ADRs"), which are depositary receipts for foreign 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 depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary 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 Small Cap Value Fund intends to diversify its investments in securities of companies headquartered outside the United States across different countries, and the percentage of the Small Cap Value Fund's assets invested in particular countries or regions will change from time to time based on the Adviser's judgment, subject to other restrictions described herein. The Small Cap Value Fund intends to invest in the securities of companies located in developed countries and, to a lesser extent, those located in emerging markets. The Fund may consider investments in companies in any of the world's developed or emerging stock markets.

As part of its strategy, the Small Cap Value Fund, in order to generate additional income, may selectively write covered call options when it is deemed to be in the Fund's best interest. 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 Small Cap Value 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 Small Cap Value Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives.

**Principal Risks**

Like all investments, investing in the Small Cap Value Fund involves risks, including the risk that you may lose part or all of the money you invest.

**General Stock Risks.** The Small Cap Value Fund's major risks are those of investing in the stock market, which can mean the Small Cap Value Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance. Periods of poor performance and declines in value of the Small Cap Value Fund's underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditure, fluctuating commodity prices, bankruptcies, and other

circumstances, all of which can individually and collectively have direct effects on the valuation and/or earnings power of the companies in which the Small Cap Value Fund invests. Stock markets worldwide have experienced significant volatility in recent periods as a result of market participants reacting to economic data and market indicators that have contradicted previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings *en masse*, thereby creating additional and often significant downward price pressure than might be experienced in less volatile periods. In the future, market participants' views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long-term volatility in the value of the Small Cap Value Fund's shares. As a result, you could lose money investing in the Small Cap Value Fund.

**Small-Capitalization Companies Risk.** The Small Cap Value Fund invests in the stocks of small-capitalization companies. Small-capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile, and they face greater risk of business reversals, which could increase the volatility of the Small Cap Value Fund's portfolio. Further, due to thin trading in some such companies, an investment may be more illiquid (*i.e.*, harder to sell) than that of larger capitalization stocks.

**Value Style Investing Risk.** Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the performance resulting from the Small Cap Value Fund's "value" investment style may sometimes be lower than that of other types of equity funds.

**Foreign Securities Risk.** Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences in financial reporting standards, and less-strict regulation of securities markets. More specific risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future political and economic developments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible trade disputes, including the imposition of sanctions and tariffs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the imposition of foreign withholding taxes on dividend and interest income payable on the securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible establishment of exchange controls,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible seizure or nationalization of foreign investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities.

You may lose money by investing in the Small Cap Value Fund if any of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•foreign stock markets decline in value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Small Cap Value Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the value of a foreign currency declines relative to the U.S. dollar, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political, social or economic instability in a foreign country causes the value of the Small Cap Value Fund's investments to decline.

All of the risks of investing in foreign securities are heightened by investing in emerging markets. Emerging markets have been more volatile than the markets of developed countries with more mature economies. ADRs are subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency.

**Options or Covered Call Writing Risk.** The Fund may write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such options. The market price of the call will, in most instances, move in conjunction with the price of the underlying equity security. However, if the security rises in value and the call is exercised, the Small Cap Value Fund may not participate fully in the market appreciation of the security, which may negatively affect your investment return. The Fund's writing of covered call options is also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.

Rule 18f-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), governs the use of certain derivatives by registered investment companies. The Fund has implemented policies and procedures to comply with Rule 18f-4. Rule 18f-4 imposes limits on the

amount of certain derivatives a fund can enter into, eliminated the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives (including for purposes of Rule 18f- 4, covered call options) is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

The U.S. government may consider adopting and implementing other new, additional regulations governing derivatives markets, which new regulations may impact options or covered call writing, including mandatory clearing of certain derivatives, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional U.S. or other regulations may make derivatives more costly, impose reporting and other obligations on the Fund in connection with its investments in derivatives, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Future regulatory developments may impact the Fund's ability to invest or remain invested in certain derivatives. The Adviser cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use derivative products, including options or covered calls, and there can be no assurance that any new governmental regulation will not adversely affect the Fund's ability to achieve its investment objectives.

**Financials Sector Risk.** To the extent the Fund focuses on the financials sector, the Fund may be more susceptible to the particular risks that may affect companies in the financials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change.

**Large Shareholder Risk.** Certain large shareholders, the Adviser or an affiliate of the Adviser, or another entity, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Market Disruptions Risk; Sovereign Debt Crises Risk.** The global financial markets have in recent years undergone pervasive and fundamental disruptions. This global market turmoil has led to increased market volatility. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including political uncertainty, and high and growing debt levels by many consumers, business institutions and governments in the United States, certain countries in Europe and elsewhere around the world. The securities of the United States, as well as several countries across Europe and Asia, have in recent years been, or are at risk of being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis.

**Government Intervention Risk.** The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an "emergency" basis, suddenly and substantially eliminating market participants' ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies.

**Performance Information**

The following performance information shows the variability of the Retail Class's returns (the class with the longest period of annual returns) and demonstrates some of the risks of investing in the shares of the Small Cap Value Fund. The bar chart shows the total return of the Small Cap Value Fund and shows the changes in the Small Cap Value Fund's performance from year to year (on a calendar year basis). The table shows the Small Cap Value Fund's average annual total return over time compared to one or more broad measures of market performance. The Russell 1000 Index serves as the Fund's regulatory broad-based securities market index. Both the bar chart and table assume that all dividends and distributions are reinvested in the Small Cap Value Fund. The Small Cap Value Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.cullenfunds.com or by calling 1-877-485-8586.

**Year-by-Year Total Return as of December 31, 2024**

![](cullen_485bposimg004.gif)

The Small Cap Value Fund's 2025 year-to-date total return through September 30, 2025 was 4.81%.

---

| | | |
|:---|:---|:---|
| **Best and Worst Quarter Returns (for the period reflected in the bar chart above)** |  |  |
|  | **Return** | **Quarter/Year** |
| Highest Return | 40.91% | Q4/2020 |
| Lowest Return | -36.31% | Q1/2020 |

---

**Average Annual Total Returns as of December 31, 2024**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Small Cap Value Fund, Retail Class** | **1 Year** | **5 Year** | **10 Year** |
| Returns before taxes | 4.51% | 8.44% | 6.42% |
| Returns after taxes on distributions<sup>1</sup> | 3.10% | 6.37% | 4.13% |
| Returns after taxes on distributions and sale of Fund shares | 3.45% | 5.86% | 4.02% |
| **Small Cap Value Fund, Class I** |  |  |  |
| Returns before taxes | 4.81% | 8.73% | 6.69% |
| **Small Cap Value Fund, Class C** |  |  |  |
| Returns before taxes | 3.72% | 7.62% | 5.62% |
| Russell 2000 Value Index (reflects no deduction for fees, expenses or taxes) | 8.05% | 7.29% | 7.14% |
| Russell 1000 Index<sup>2</sup> | 24.51% | 14.28% | 12.87% |

---

<sup>1</sup> After-tax returns are shown for Retail Class shares only. After-tax returns for Class C and Class I shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs").

<sup>2</sup> Per new regulatory requirements, the Fund's regulatory broad-based securities market index is the Russell 1000® Index, which represents the overall U.S. equity market.

**Investment Adviser**

Cullen Capital Management LLC serves as the investment adviser to the Small Cap Value Fund.

**Portfolio Managers**

James P. Cullen, the Adviser's Chairman, Chief Executive Officer and controlling member, is a portfolio manager of the Small Cap Value Fund since the Fund's inception on October 1, 2009. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since December 1982.

Brooks H. Cullen is co-portfolio manager of the Small Cap Value Fund since its inception on October 1, 2009. Mr. Cullen currently serves as Portfolio Manager and Vice Chairman at the Adviser and has worked there since May 2000.

Brian Drubetsky is co-portfolio manager of the Small Cap Value Fund since October 28, 2016. Mr. Drubetsky currently serves as Portfolio Manager and Vice President at the Adviser and has worked there since 2013.

**Purchase and Sale of Fund Shares**

You may purchase or redeem shares of the Small Cap Value Fund on days the New York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone at 1-877-485-8586 or through any broker/dealer organization that has a sales agreement with the Fund's distributor. Purchases and redemptions by telephone are only permitted if you previously established these options on your account.

Regular mail: Cullen Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246.Overnight mail: Cullen Funds c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

The Small Cap Value Fund accepts investment in the following minimum amounts:

---

| | | |
|:---|:---|:---|
| <u>**<u>Share Class:</u>**</u> | <u>**<u>Initial</u>**</u> | <u>**<u>Additional</u>**</u> |
| **Retail Class-**Regular Accounts | &nbsp;&nbsp; $1000 <br>| &nbsp;&nbsp; $100 <br>|
| **Retail Class-**IRAs and UGMA/UTMA Accounts, Simple<br>IRA, SEP-IRA, 403(b)<sup>(7)</sup>, Keogh, Pension Plan and Profit<br>Sharing Plan Accounts | &nbsp;&nbsp; $250 <br>| &nbsp;&nbsp; $50 <br>|
| **Class C-**Regular Accounts | &nbsp;&nbsp; $1000 <br>| &nbsp;&nbsp; $100 <br>|
| **Class C-**IRAs and UGMA/UTMA Accounts, Simple IRA,<br>SEP-IRA, 403(b)<sup>(7)</sup>, Keogh, Pension Plan and Profit<br>Sharing Plan Accounts | &nbsp;&nbsp; $250 <br>| &nbsp;&nbsp; $50 <br>|
| **Class I** | &nbsp;&nbsp; $1000000 <br>| &nbsp;&nbsp; $100 <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A registered investment adviser may aggregate all client accounts investing in Class I shares of the Small Cap Value Fund to meet the investment minimum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you use an Automatic Investment Plan ("AIP") for a regular account for the Retail Class or Class C shares, the initial investment minimum to open an account is $50 and the additional investment minimum is $50.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you use an AIP for a custodial or retirement plan account for the Retail Class or Class C shares, the initial investment minimum to open an account as well as the monthly additional investment amount is $25.

**Tax Information**

The Small Cap Value Fund's distributions to you may be taxable whether you received them in cash or additional shares of the Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax- deferred arrangement, such as a 401(k) plan or an IRA, in which case such distributions can be subject to U.S. federal income tax as ordinary income when distributed to, or received by, you from such tax-deferred arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Small Cap Value Fund through a broker-dealer or other financial intermediary (such as a bank or financial adviser), the Fund and/or its Adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker- dealer or other financial intermediary and your salesperson to recommend the Small Cap Value Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**YOUR INVESTMENT**<br>

**Summary Information**<br>

**Cullen Value Fund**

**Investment Objective**

The Cullen Value Fund (the "Value Fund" or the "Fund") seeks long-term capital appreciation and current income.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Value Fund.

***Shareholder Fees (fees paid directly from your investment):***

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Retail Class</u> | <u>Class C</u> | <u>Class I</u> |
| Redemption Fee (as a percentage of amount redeemed)<sup>a</sup> | 2.00% | 2.00% | 2.00% |

---

***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):***

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Retail Class</u> | <u>Class C</u> | <u>Class I</u> |
| Management Fee | 1.00% | 1.00% | 1.00% |
| Distribution and Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses<sup>b</sup> | 1.46% | 1.45% | 1.47% |
| Acquired Fund Fees & Expenses | 0.00% | 0.00% | 0.00% |
| Total Annual Fund Operating Expenses<sup>c</sup> | 2.71% | 3.45% | 2.47% |
| Less Expense Reduction/Reimbursement<sup>d</sup> | -1.71% | -1.70% | -1.72% |
| Net Annual Fund Operating Expenses After Fee Waiver and/or <br>Expense Reimbursement | 1.00% | 1.75% | 0.75% |

---

<sup>a</sup> You will be charged a 2% redemption fee if you redeem or exchange shares of the Value Fund within seven (7) days of purchase. The redemption fee is payable to the Value Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The Value Fund's Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer.

<sup>b</sup> Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Value Fund's statement of operations for its most recently completed fiscal year.

<sup>c</sup> The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Value Fund and does not include Acquired Fund Fees and Expenses.

<sup>d</sup> Cullen Capital Management LLC (the "Adviser") has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares and 0.75% for Class I shares of the Value Fund, through October 31, 2026 (the "Termination Date"). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the "Agreement"), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Value Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Value Fund or the Adviser prior to the Termination Date.

**Expense Example**

This example is intended to help you compare the cost of investing in the Value Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Value Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year and that the Value Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <u>1 Year</u> | <u>3 Years<sup>\*</sup></u> | <u>5 Years<sup>\*</sup></u> | <u>10 Years<sup>\*</sup></u> |
| Retail Class | $102 | $679 | $1282 | $2916 |
| Class C | $178 | $901 | $1647 | $3616 |
| Class I | $77 | $605 | $1160 | $2675 |

---

\* The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2026. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year.

**Portfolio Turnover**

The Value Fund pays transaction costs, such as commissions, when it buys and sells securities ("portfolio turnover"). A higher portfolio turnover rate will result in higher transaction costs and may result in higher taxes when Value Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Value Fund's performance. During the most recent fiscal year, the Value Fund's portfolio turnover rate was 19% of the average value of its portfolio.

**Principal Investment Strategies**

The Value Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, 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 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 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 Depositary Receipts ("ADRs"), which are depositary receipts for foreign 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 depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary 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 Value 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.

As part of its strategy, the Value Fund, in order to generate additional income, may selectively write covered call options when it is deemed to be in the Fund's best interest. 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 Value 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 Value Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives.

**Principal Risks**

Like all investments, investing in the Value Fund involves risks, including the risk that you may lose part or all of the money you invest.

**General Stock Risks.** The Value Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance through its investments in the stock market. Periods of poor performance and declines in value of the Value Fund's underlying equity investments can be caused, and also be further prolonged, by other factors confronting the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditure, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have direct effects on the valuation and/or earnings power of the companies in which the Value Fund invests. Stock markets worldwide have experienced significant volatility in recent periods as a result of market participants reacting to economic data and market indicators that have contradicted previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings *en masse*, thereby creating additional and often significant downward price pressure than might be experienced in less volatile periods. Market participants' views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long-term volatility in the value of the Value Fund's shares. As a result, you could lose money investing in the Value Fund.

**Market Disruptions Risk; Sovereign Debt Crises Risk.** The global financial markets have in recent years undergone pervasive and fundamental disruptions. This global market turmoil has led to increased market volatility. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including political uncertainty, high and growing debt levels by many consumers, and business institutions and governments in the United States, certain countries in Europe and elsewhere around the world. The securities of the United States, as well as several countries across Europe and Asia, have in recent years been, or are at risk of being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. Local, regional or global events such

as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis.

**Small-Capitalization Companies Risk.** The Value Fund invests in the stocks of small-capitalization companies. Small-capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile, and they face greater risk of business reversals, which could increase the volatility of the Value Fund's portfolio. Further, due to thin trading in some such companies, an investment may be more illiquid (*i.e.*, harder to sell) than that of larger capitalization stocks.

**Medium-Capitalization Companies Risk.** The Value Fund may invest in the stocks of medium-capitalization companies. Medium-capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business reversals, which could increase the volatility of the Value Fund's portfolio.

**Large-Capitalization Companies Risk.** The Value Fund may invest in the stocks of large-capitalization companies. Securities issued by large-capitalization companies tend to be less volatile than securities issued by smaller companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges.

**Value Style Investing Risk.** Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the performance resulting from the Value Fund's "value" investment style may sometimes be lower than that of equity funds following other styles of investment.

**Foreign Securities Risk.** Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences in financial reporting standards, and less-strict regulation of securities markets. More specific risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future political and economic developments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible trade disputes, including the imposition of sanctions and tariffs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the imposition of foreign withholding taxes on dividend and interest income payable on the securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible establishment of exchange controls,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible seizure or nationalization of foreign investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities.

You may lose money by investing in the Value Fund if any of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•foreign stock markets decline in value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Value Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the value of a foreign currency declines relative to the U.S. dollar, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political, social or economic instability in a foreign country causes the value of the Value Fund's investments to decline.

All of the risks of investing in foreign securities are heightened by investing in emerging markets. Emerging markets have been more volatile than the markets of developed countries with more mature economies. ADRs are subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency.

**Financials Sector Risk.** To the extent the Fund focuses on the financials sector, the Fund may be more susceptible to the particular risks that may affect companies in the financials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change.

**Large Shareholder Risk.** Certain large shareholders, the Adviser or an affiliate of the Adviser, or another entity, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Government Intervention Risk.** The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an "emergency" basis, suddenly and substantially eliminating market participants' ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies.

**Performance Information**

The following bar chart shows the total return of the Value Fund from year to year (on a calendar year-to-date basis), and the table shows the Value Fund's average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and the table assume that all dividends and distributions are reinvested in the Value Fund and, by comparing the Fund's performance to one or more broad measures of market performance, give some indication of the risks of an investment in the Fund. The Value Fund's past performance, before and after taxes, is not necessarily an indication of how the Value Fund will perform in the future.

Updated performance information is available at www.cullenfunds.com or by calling 1-877-485-8586.

**Year-by-Year Total Return as of December 31, 2024**

![](cullen_485bposimg005.gif)

The Value Fund's 2025 year-to-date total return through September 30, 2025 was 16.45%.

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| | | |
|:---|:---|:---|
| **Best and Worst Quarter Returns (for the period reflected in the bar chart above)** |  |  |
|  | **Return** | **Quarter/Year** |
| Highest Return | 15.79% | Q2/2020 |
| Lowest Return | -24.96% | Q1/2020 |

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**Average Annual Total Returns as of December 31, 2024**<br>

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| | | | |
|:---|:---|:---|:---|
| **Value Fund, Retail Class** | **1 Year** | **5 Year** | **10 Year** |
| Returns before taxes | 9.35% | 5.83% | 7.49% |
| Returns after taxes on distributions<sup>1</sup> | 8.17% | 2.58% | 4.97% |
| Returns after taxes on distributions and sale of Fund shares | 6.37% | 3.30% | 5.06% |
| **Value Fund, Class I** |  |  |  |
| Returns before taxes | 9.71% | 6.10% | 7.76% |
| **Value Fund, Class C** |  |  |  |
| Returns before taxes | 8.49% | 5.04% | 6.69% |
| S&P 500® Total Return Index (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% |

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<sup>1</sup> After-tax returns are shown for Retail Class shares only. After-tax returns for Class C and Class I shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs").

**Investment Adviser**

Cullen Capital Management LLC serves as the investment adviser to the Value Fund.

**Portfolio Managers**

James P. Cullen, the Adviser's Chairman, Chief Executive Officer and controlling member, has been a portfolio manager of the Value Fund since the Fund's inception on August 31, 2012. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since December 1982.

Brooks H. Cullen has served as co-portfolio manager of the Value Fund since the Fund's inception on August 31, 2012. Mr. Cullen currently serves as Portfolio Manager and Vice Chairman at the Adviser and has worked there since May 2000.

Jennifer Chang has served as a co-portfolio manager of the Value Fund since April 14, 2014. Ms. Chang currently serves as Portfolio Manager and Executive Director at the Adviser and has worked there since 2006.

**Purchase and Sale of Fund Shares**

You may purchase or redeem shares of the Value Fund on days the New York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone at 1-877-485-8586 or through any broker/dealer organization that has a sales agreement with the Value Fund's distributor. Purchases and redemptions by telephone are only permitted if you previously established these options on your account.

Regular mail: Cullen Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246.Overnight mail: Cullen Funds c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.The Value Fund accepts investment in the following minimum amounts:

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| | | |
|:---|:---|:---|
| <u>**<u>Share Class:</u>**</u> | <u>**<u>Initial</u>**</u> | <u>**<u>Additional</u>**</u> |
| **Retail Class-**Regular Accounts | &nbsp;&nbsp; $1000 <br>| &nbsp;&nbsp; $100 <br>|
| **Retail Class-**IRAs and UGMA/UTMA Accounts, Simple | &nbsp;&nbsp; $250 <br>| &nbsp;&nbsp; $50 <br>|
| IRA, SEP-IRA, 403(b)<sup>(7)</sup>, Keogh, Pension Plan and Profit <br>Sharing Plan Accounts |  |  |
| **Class C-**Regular Accounts | &nbsp;&nbsp; $1000 <br>| &nbsp;&nbsp; $100 <br>|
| **Class C-**IRAs and UGMA/UTMA Accounts, Simple IRA,<br> SEP-IRA, 403(b)<sup>(7)</sup>, Keogh, Pension Plan and Profit<br>Sharing Plan Accounts | &nbsp;&nbsp; $250 <br>| &nbsp;&nbsp; $50 <br>|
| Class I | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A registered investment adviser may aggregate all client accounts investing in Class I shares of the Value Fund to meet the investment minimum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you use an Automatic Investment Plan ("AIP") for a regular account for the Retail Class or Class C shares, the initial investment minimum to open an account is $50 and the additional investment minimum is $50.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you use an AIP for a custodial or retirement plan account for the Retail Class or Class C shares, the initial investment minimum to open an account as well as the monthly additional investment amount is $25.

**Tax Information**

The Value Fund's distributions to you may be taxable whether you received them in cash or additional shares of the Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA, in which case such distributions can be subject to U.S. federal income tax as ordinary income when distributed to, or received by, you from such tax-deferred arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Value Fund through a broker-dealer or other financial intermediary (such as a bank or financial adviser), the Fund and/or its Adviser may pay the intermediary for the sale of the Value Fund shares and related services. These payments may create a conflict of interest by influencing the broker- dealer or other financial intermediary and your salesperson to recommend the Value Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**YOUR INVESTMENT**<br>

**Summary Information**<br>

**Cullen Emerging Markets High Dividend Fund**

**Investment Objective**

The Cullen Emerging Markets High Dividend Fund (the "Emerging Markets High Dividend Fund" or the "Fund") seeks current income and long-term capital appreciation.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Emerging Markets High Dividend Fund.

***Shareholder Fees (fees paid directly from your investment):***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | <u>Retail Class</u> | <u>Class C</u> | <u>Class I</u> | <u>Class R6</u> |
| Redemption Fee (as a percentage of amount redeemed)<sup>a</sup> | 2.00% | 2.00% | 2.00% | N/A |

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***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <u>Retail Class</u> | <u>Class C</u> | <u>Class I</u> | <u>Class R6</u> |
| Management Fee | 1.00% | 1.00% | 1.00% | 1.00% |
| Distribution and Service (12b-1) Fees | 0.25% | 1.00% | 0.00% | 0.00% |
| Other Expenses<sup>b</sup> | 0.21% | 0.21% | 0.22% | 0.22%<sup>d</sup> |
| Acquired Fund Fees & Expenses | 0.00% | 0.00% | 0.00% | 0.00%<sup>d</sup> |
| Total Annual Fund Operating Expenses<sup>c</sup> | 1.46% | 2.21% | 1.22% | 1.22% |
| Less Expense Reduction/Reimbursement<sup>e</sup> | -0.21%  | -0.21% | -0.22% | -0.32% |
| Net Annual Fund Operating Expenses After Fee Waiver and/or <br>Expense Reimbursement | 1.25% | 2.00% | 1.00% | 0.90% |

---

---

| | |
|:---|:---|
| a | With the exception of Class R6 shares, you will be charged a 2% redemption fee if you redeem or exchange shares of the Emerging Markets High Dividend Fund within seven (7) days of purchase. The redemption fee is payable to the Emerging Markets High Dividend Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The Emerging Markets High Dividend Fund's Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer. |

---

---

| | |
|:---|:---|
| b | Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Emerging Markets High Dividend Fund's statement of operations for its most recently completed fiscal year. |

---

c The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Emerging Markets High Dividend Fund and does not include Acquired Fund Fees and Expenses.

d Estimated for the current year.

---

| | |
|:---|:---|
| e | Cullen Capital Management LLC (the "Adviser") has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.25% for Retail Class shares, 2.00% for Class C shares, 1.00% for Class I shares and 0.90% for Class R6 shares through October 31, 2026 (the "Termination Date"). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the "Agreement"), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Emerging Markets High Dividend Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Emerging Markets High Dividend Fund or the Adviser prior to the Termination Date. |

---

**Expense Example**

This example is intended to help you compare the cost of investing in the Emerging Markets High Dividend Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Emerging Markets High Dividend Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year and that the Emerging Markets High Dividend Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | <u>1 Year</u> | <u>3 Years<sup>\*</sup></u> | <u>5 Years<sup>\*</sup></u> | <u>10 Years<sup>\*</sup></u> |
| Retail Class | $127 | $441 | $777 | $1728 |
| Class C | $203 | $671 | $1166 | $2528 |
| Class I | $102 | $365 | $649 | $1458 |
| Class R6 | $92 | $356 | $640 | $1449 |

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\* The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2026. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year.

**Portfolio Turnover**

The Emerging Markets High Dividend Fund pays transaction costs, such as commissions, when it buys and sells securities ("portfolio turnover"). A higher portfolio turnover rate will result in higher transaction costs and may result in higher taxes when Emerging Markets High Dividend Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Emerging Markets High Dividend Fund's performance. During the most recent fiscal year, the Emerging Markets Fund's portfolio turnover rate was 118% of the average value of its portfolio.

**Principal Investment Strategies**

The Emerging Markets High Dividend Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in high dividend paying securities of companies across all capitalizations that are organized in, maintain at least 50% of their assets in, or derive at least 50% of their revenues from, emerging market countries. As a point of comparison, a high dividend paying common stock that the Emerging Markets High Dividend Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the MSCI Emerging Markets Index.

An emerging market country is any country that has been determined by an international organization, such as the World Bank, to have a relatively low to middle income economy. In selecting stocks, the Emerging Markets High Dividend Fund's portfolio managers select companies that have growth potential, focusing on companies across all capitalizations. The Fund's holdings may include issues denominated in currencies of emerging countries, investment companies (like country funds) which invest in emerging countries, American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and other similar instruments (ADRs, EDRs and GDRs are hereinafter collectively referred to as "depositary receipts"), and similar types of investments representing emerging markets securities. Depositary receipts may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary 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 Emerging Markets High Dividend Fund intends to diversify its investments across different countries, and the percentage of the Emerging Markets High Dividend Fund's assets invested in particular countries or regions will change from time to time based on the Adviser's judgment. However, the Fund will not have more than 30% of its total assets invested as at the time of purchase in securities of any one country.

The Emerging Markets High Dividend Fund generally invests substantially all of its assets in common stocks and depositary receipts but can 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. The Emerging Markets High Dividend Fund invests roughly the same amount of its assets in each position 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 growth potential, dividend yield or price.

As part of its strategy, the Emerging Markets High Dividend Fund, in order to generate additional income, may selectively write covered call options when it is deemed to be in the Fund's best interest. 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 Emerging Markets High Dividend 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 Emerging Markets High Dividend Fund will not engage in derivatives except to the extent that either (1) the writing of covered call options, and or (2) participatory notes, is deemed to involve derivatives.

**Principal Risks**

Like all investments, investing in the Emerging Markets High Dividend Fund involves risks, including the risk that you may lose part or all of the money you invest.

**General Stock Risks.** The Emerging Markets High Dividend Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance through its investment in the stock market. Periods of poor performance and declines in value of the Emerging Markets High Dividend Fund's underlying equity investments can be caused, and also be further prolonged by other factors confronting the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditure, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have direct effects on the valuation and/or earnings power of the companies in which the Emerging Markets High Dividend Fund invests. Stock markets worldwide have experienced significant volatility in recent periods as a result of market participants reacting to economic data and market indicators that have contradicted previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings *en masse*, thereby creating additional and often significant downward price pressure than might be experienced in less volatile periods. Market participants' views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long-term volatility in the value of the Emerging Markets High Dividend Fund's shares. As a result, you could lose money investing in the Emerging Markets High Dividend Fund.

**Foreign Securities Risk.** Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences in financial reporting standards, and less-strict regulation of securities markets. More specific risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future political and economic developments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible trade disputes, including the imposition of sanctions and tariffs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the imposition of foreign withholding taxes on dividend and interest income payable on the securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible establishment of exchange controls,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible seizure or nationalization of foreign investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities.

You may lose money by investing in the Emerging Markets High Dividend Fund if any of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•foreign stock markets decline in value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Emerging Markets High Dividend Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the value of a foreign currency declines relative to the U.S. dollar, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political, social or economic instability in a foreign country causes the value of the Emerging Markets High Dividend Fund's investments to decline.

ADRs are subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency.

**Risk of Investing in Emerging Market Countries**. All of the risks of investing in foreign securities are heightened by investing in emerging markets. The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse, less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price and may be particularly sensitive to certain economic changes.

There may be less government supervision and regulation of foreign securities and currency markets, trading systems and brokers in certain foreign markets as compared to the United States, which may decrease the rights and protections of investors in the Emerging Markets High Dividend Fund. Information about securities may not be as readily available as in the United States because foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers which may increase the Emerging Markets High Dividend Fund's regulatory and compliance burden. Brokerage commissions, withholding taxes, custodial fees, and other fees generally are higher in foreign markets. The policies and procedures followed by foreign stock exchanges, currency markets, trading systems and brokers may differ from those applicable in the United States, with possibly negative consequences to the Emerging Markets High Dividend Fund. Differences in the legal system between foreign governments and the United States may make it difficult for the Fund to vote proxies, exercise shareholder rights, and pursue legal remedies with respect to its foreign investments.

In the past, governments within the emerging markets have become overly reliant on the international capital markets and other forms of foreign credit to finance public spending programs that cause large deficits. Often, interest payments on such government debt, representing a large percentage of total GDP, has become too burdensome for governments within emerging markets to meet. Some governments within emerging markets have been forced to seek a restructuring of their loan and/or bond obligations and have declared a temporary suspension of interest payments or have defaulted. These events have affected adversely the values of securities issued by governments within emerging markets and companies in emerging markets countries and have impacted negatively both the present cost of borrowing and their ability to borrow in the future.

**Geographic Focus Risk.** From time to time the Fund may invest a substantial amount of its assets in issuers located in a single country or region or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund's investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries.

**Financials Sector Risk.** To the extent the Fund focuses on the financials sector, the Fund may be more susceptible to the particular risks that may affect companies in the financials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change.

**Technology Securities Risk.** Certain technology-related companies may face special risks that their products or services may not prove to be commercially successful. Technology-related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, certain technology-related companies in which the Fund may invest may not currently be profitable and there can be no assurance that such companies will be profitable in the future.

**Small-Capitalization Companies Risk.** The Emerging Markets High Dividend Fund invests in the stocks of small-capitalization companies. Small- capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile, and they face greater risk of business reversals, which could increase the volatility of the Emerging Markets High Dividend Fund's portfolio. Further, due to thin trading in some such companies, an investment may be more illiquid (*i.e.*, harder to sell) than that of larger capitalization stocks.

**Medium-Capitalization Companies Risk.** The Emerging Markets High Dividend Fund may invest in the stocks of medium-capitalization companies. Medium-capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business reversals, which could increase the volatility of the Emerging Markets High Dividend Fund's portfolio.

**Large-Capitalization Companies Risk.** The Emerging Markets High Dividend Fund may invest in the stocks of large-capitalization companies. Securities issued by large-capitalization companies tend to be less volatile than securities issued by smaller companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges.

**Value Style Investing Risk.** Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the performance resulting from the Emerging Markets High Dividend Fund's "value" investment style may sometimes be lower than that of equity funds following other styles of investment.

**Foreign Currency Risk.** Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, which will reduce the value of investments denominated in those currencies held by the Emerging Markets High Dividend Fund.

**Options or Covered Call Writing Risk.** The Fund may write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such options. The market price of the call will, in most instances, move in conjunction with the price of the underlying equity security. However, if the security rises in value and the call is exercised, the Emerging Markets High Dividend Fund may not participate fully in the market appreciation of the security, which may negatively affect your investment return. The Fund's writing of covered call options is also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.

Rule 18f-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), governs the use of certain derivatives by registered investment companies. The Fund has implemented policies and procedures to comply with Rule 18f-4. Rule 18f-4 imposes limits on the amount of certain derivatives a fund can enter into, eliminated the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives (including for purposes of Rule 18f- 4, covered call options) is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

The U.S. government may consider adopting and implementing other new, additional regulations governing derivatives markets, which new regulations may impact options or covered call writing, including mandatory clearing of certain derivatives, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional U.S. or other regulations may make derivatives more costly, impose reporting and other obligations on the Fund in connection with its investments in derivatives, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Future regulatory developments may impact the Fund's ability to invest or remain invested in certain derivatives. The Adviser cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use derivative products, including options or covered calls, and there can be no assurance that any new governmental regulation will not adversely affect the Fund's ability to achieve its investment objectives.

**High Portfolio Turnover Risk.** The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal portfolio turnover may adversely affect Fund performance. A higher level of portfolio turnover may also cause shareholders to incur a higher level of taxable income or capital gains when shares are held in a taxable account.

**Market Disruptions Risk; Sovereign Debt Crises Risk.** The global financial markets have in recent years undergone pervasive and fundamental disruptions. This global market turmoil has led to increased market volatility. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including political uncertainty, and high and growing debt levels by many consumers, business institutions and governments in the United States, certain countries in Europe and elsewhere around the world. The securities of the United States, as well as several countries across Europe and Asia, have in recent years been, or are at risk of being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis.

**Government Intervention Risk.** The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an "emergency" basis, suddenly and substantially eliminating market participants' ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies.

**Performance Information**

The following bar chart shows the total return of the Emerging Markets High Dividend Fund from year to year (on a calendar year-to-date basis), and the table shows the Emerging Markets High Dividend Fund's average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and the table assume that all dividends and distributions are reinvested in the Emerging Markets High Dividend Fund and, by comparing the Fund's performance to one or more broad measures of market performance, give some indication of the risks of an investment in the Fund. The Emerging Markets High Dividend Fund's past performance, before and after taxes, is not necessarily an indication of how the Emerging Markets High Dividend Fund will perform in the future.

Updated performance information is available at <u>www.cullenfunds.com</u> or by calling 1-877-485-8586.

**Year-by-Year Total Return as of December 31, 2024**

![](cullen_485bposimg006.gif)

The Emerging Markets High Dividend Fund's 2025 year-to-date total return through September 30, 2025 was 25.46%.

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| | | |
|:---|:---|:---|
| **Best and Worst Quarter Returns (for the period reflected in the bar chart above)** |  |  |
|  | **Return** | **Quarter/Year** |
| Highest Return | 21.08% | Q4/2020 |
| Lowest Return | -26.19% | Q1/2020 |

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**Average Annual Total Returns as of December 31, 2024<sup>1</sup>**<br>

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| | | | |
|:---|:---|:---|:---|
| **Emerging Markets High Dividend Fund, Retail Class** | **1 Year<sup>1</sup>** | **5 Year<sup>1</sup>** | **10 Year<sup>1</sup>** |
| Returns before taxes | 9.22% | 6.65% | 5.32% |
| Returns after taxes on distributions<sup>2</sup> | 8.19% | 5.22% | 3.83% |
| Returns after taxes on distributions and sale of Fund shares | 5.79% | 4.52% | 3.44% |
| Emerging Markets High Dividend Fund, Class I |  |  |  |
| Returns before taxes | 9.50% | 6.92% | 5.60% |
| Emerging Markets High Dividend Fund, Class C |  |  |  |
| Returns before taxes | 8.41% | 5.87% | 4.54% |
| MSCI Emerging Markets Stock Index (reflects no deduction for fees, expenses or taxes) | 7.50% | 1.70% | 3.64% |

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1 Return information for Class R6 shares will be shown in future prospectuses offering the Fund's Class R6 shares after the shares have a full calendar year of return information to report.

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| | |
|:---|:---|
| 2 | After-tax returns are shown for Retail Class shares only. After-tax returns for Class C, Class I and Class R6 shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). |

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**Investment Adviser**

Cullen Capital Management LLC serves as the investment adviser to the Emerging Markets High Dividend Fund.

**Portfolio Managers**

James P. Cullen, the Adviser's Chairman, Chief Executive Officer and controlling member, has been co-portfolio manager of the Emerging Markets High Dividend Fund since the Fund's inception on August 31, 2012. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since December 1982.

Rahul D. Sharma has served as a co-portfolio manager for the Emerging Markets High Dividend Fund since it commenced operations on August 31, 2012. Mr. Sharma currently serves as Portfolio Manager and Executive Director at the Adviser and has worked there since May 2000.

**Purchase and Sale of Fund Shares**

You may purchase or redeem shares of the Emerging Markets High Dividend Fund on days the New York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone at 1-877-485-8586 or through any broker/dealer organization that has a sales agreement with the Fund's distributor. Purchases and redemptions by telephone are only permitted if you previously established these options on your account.

Regular mail: Cullen Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246.Overnight mail: Cullen Funds c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.Class R6 shares are only available to certain retirement plans held in plan level or omnibus accounts.

With respect to Class R6 shares (and any others as may be specifically agreed from time to time), the Fund(s): (a) only allow purchase of such shares at net asset value by certain employee benefit plans or arrangements and (b) allow redemptions of such shares by such employee benefit plans or arrangements without a contingent deferred sales charge; and (c) such shares are only available on the terms described in (a) and (b) to such employee benefit plans or arrangements through self-directed brokerage service platforms and investment advisory programs, as applicable, and not through sales channels in which commissions customarily are imposed.

The Emerging Markets High Dividend Fund accepts investment in the following minimum amounts:

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| | | |
|:---|:---|:---|
| <u>**<u>Share Class:</u>**</u> | <u>**<u>Initial</u>**</u> | <u>**<u>Additional</u>**</u> |
| **Retail Class-**Regular Accounts | &nbsp;&nbsp; $1000 <br>| &nbsp;&nbsp; $100 <br>|
| **Retail Class-**IRAs and UGMA/UTMA Accounts, Simple |  |  |
| IRA, SEP-IRA, 403(b)<sup>(7)</sup>, Keogh, Pension Plan and Profit |  |  |
| Sharing Plan Accounts | &nbsp;&nbsp; $250 <br>| &nbsp;&nbsp; $50 <br>|
| **Class C-**Regular Accounts | &nbsp;&nbsp; $1000 <br>| &nbsp;&nbsp; $100 <br>|
| **Class C-**IRAs and UGMA/UTMA Accounts, Simple IRA, |  |  |
| SEP-IRA, 403(b)<sup>(7)</sup>, Keogh, Pension Plan and Profit |  |  |
| Sharing Plan Accounts | &nbsp;&nbsp; $250 <br>| &nbsp;&nbsp; $50 <br>|
| **Class I** | &nbsp;&nbsp; $1000000 <br>| &nbsp;&nbsp; $100 <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A registered investment adviser may aggregate all client accounts investing in Class I shares of the Emerging Markets High Dividend Fund to meet the investment minimum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you use an Automatic Investment Plan ("AIP") for a regular account for the Retail Class or Class C shares, the initial investment minimum to open an account is $50 and the additional investment minimum is $50.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you use an AIP for a custodial or retirement plan account for the Retail Class or Class C shares, the initial investment minimum to open an account as well as the monthly additional investment amount is $25.

**Tax Information**

The Emerging Markets High Dividend Fund's distributions to you may be taxable whether you received them in cash or additional shares of the Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA, in which case such distributions can be subject to U.S. federal income tax as ordinary income when distributed to, or received by, you from such tax-deferred arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Emerging Markets High Dividend Fund through a broker-dealer or other financial intermediary (such as a bank or financial adviser), the Emerging Markets High Dividend Fund and/or its Adviser may pay the intermediary for the sale of Emerging Markets High Dividend Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Emerging Markets High Dividend Fund over another investment. No such payments are made with respect to Class R6 shares. Ask your salesperson or visit your financial intermediary's website for more information.

**YOUR INVESTMENT**<br>

**Summary Information**<br>

**Cullen Enhanced Equity Income Fund**

**Investment Objective**

The Cullen Enhanced Equity Income Fund (the "Enhanced Equity Income Fund" or the "Fund") seeks long-term capital appreciation and current income.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Enhanced Equity Income Fund.

***Shareholder Fees (fees paid directly from your investment):***

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Retail Class</u> | <u>Class C</u> | <u>Class I</u> |
| Redemption Fee (as a percentage of amount redeemed)<sup>a</sup> | 2.00% | 2.00% | 2.00% |

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***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):***

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Retail Class</u> | <u>Class C</u> | <u>Class I</u> |
| Management Fee | 1.00% | 1.00% | 1.00% |
| Distribution and Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses<sup>b</sup> | 0.27% | 0.28% | 0.27% |
| Acquired Fund Fees & Expenses | 0.00% | 0.00% | 0.00% |
| Total Annual Fund Operating Expenses<sup>c</sup> | 1.52% | 2.28% | 1.27% |
| Less Expense Reduction/Reimbursement<sup>d</sup> | -0.52% | -0.53% | -0.52% |
| Net Annual Fund Operating Expenses After Fee Waiver and/or <br>Expense Reimbursement | 1.00% | 1.75% | 0.75% |
| Net Annual Fund Operating Expenses After Fee Waiver and/or <br>Expense Reimbursement |  |  |  |

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<sup>a</sup> You will be charged a 2% redemption fee if you redeem or exchange shares of the Enhanced Equity Income Fund within seven (7) days of purchase. The redemption fee is payable to the Enhanced Equity Income Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The Enhanced Equity Income Fund's Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer.

<sup>b</sup> Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Enhanced Equity Income Fund's statement of operations for its most recently completed fiscal year.

<sup>c</sup> The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Enhanced Equity Income Fund and does not include Acquired Fund Fees and Expenses.

<sup>d</sup> Cullen Capital Management LLC (the "Adviser") has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees & Expenses, interest, taxes, and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares and 0.75% for Class I shares of the Enhanced Equity Income Fund, through October 31, 2026 (the "Termination Date"). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the "Agreement"), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Enhanced Equity Income Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Fund Operating Expenses may not be terminated by either the Enhanced Equity Income Fund or the Adviser prior to the Termination Date.

**Example**

This example is intended to help you compare the cost of investing in the Enhanced Equity Income Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Enhanced Equity Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year, and that the Enhanced Equity Income Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | <u>1 Year</u> | <u>3 Years<sup>\*</sup></u> | <u>5 Years<sup>\*</sup></u> | <u>10 Years<sup>\*</sup></u> |
| Retail Class | $102 | $429 | $780 | $1768 |
| Class C | $178 | $662 | $1172 | $2574 |
| Class I | $77 | $351 | $647 | $1488 |

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\* The Expense Example amounts assume that the expense waiver and reimbursement agreement remains in effect only through October 31, 2026. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year.

**Portfolio Turnover**

The Enhanced Equity Income Fund pays transaction costs, such as commissions, when it buys and sells securities ("portfolio turnover"). A higher portfolio turnover rate will result in higher transaction costs and may result in higher taxes when the Enhanced Equity Income Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Enhanced Equity Income Fund's performance. Further, by writing covered call options, the Fund's portfolio securities are susceptible to being called by the holder of the option, thereby creating a likelihood of additional portfolio turnover. During the most recent fiscal period, the Enhanced Equity Income Fund's portfolio turnover rate was 150% of the average value of its portfolio.

**Principal Investment Strategies**

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<sup>®</sup> 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, on a target range of between 25-40% 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 may invest up to 30% of its assets in foreign securities. These investments are generally made in American Depositary Receipts ("ADRs"), which trade on 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 depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary 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 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.

The Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives.

**Principal Risks**

Like all investments, investing in the Enhanced Equity Income Fund involves risks, including the risk that you may lose part or all of the money you invest.

**General Stock Risks.** The Enhanced Equity Income Fund's major risks are those of investing in the stock market, which can mean that the Enhanced Equity Income Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance. Periods of poor performance and declines in value of the Enhanced Equity Income Fund's underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditure, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have direct effects on the valuation and/or earnings power of the companies in which the Enhanced Equity Income Fund invests. Stock markets worldwide have experienced significant volatility in recent periods as a result of market participants reacting to economic data and market indicators that have

contradicted previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings *en masse* thereby creating additional and often significant downward price pressure than might be experienced in less volatile periods. In the future, market participants' views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long- term volatility in the value of the Enhanced Equity Income Fund's shares. As a result, you could lose money investing in the Enhanced Equity Income Fund.

**Options or Covered Call Writing Risk.** The Fund will write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such options. The market price of the call will, in most instances, move in conjunction with the price of the underlying equity security. However, if the security rises in value and the call is exercised, the Enhanced Equity Income Fund may not participate fully in the market appreciation of the security, which may negatively affect your investment return. The Fund's writing of covered call options is also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.

Rule 18f-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), governs the use of certain derivatives by registered investment companies. The Fund has implemented policies and procedures to comply with Rule 18f-4. Rule 18f-4 imposes limits on the amount of certain derivatives a fund can enter into, eliminated the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives (including for purposes of Rule 18f- 4, covered call options) is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

The U.S. government may consider adopting and implementing other new, additional regulations governing derivatives markets, which new regulations may impact options or covered call writing, including mandatory clearing of certain derivatives, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional U.S. or other regulations may make derivatives more costly, impose reporting and other obligations on the Fund in connection with its investments in derivatives, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Future regulatory developments may impact the Fund's ability to invest or remain invested in certain derivatives. The Adviser cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use derivative products, including options or covered calls, and there can be no assurance that any new governmental regulation will not adversely affect the Fund's ability to achieve its investment objectives.

**Medium-Capitalization Companies Risk.** The Enhanced Equity Income Fund may invest in the stocks of medium-capitalization companies. Medium- capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business reversals, which could increase the volatility of the Enhanced Equity Income Fund's portfolio.

**Large-Capitalization Companies Risk**. The Enhanced Equity Income Fund may invest in the stocks of large-capitalization companies. Securities issued by large-capitalization companies tend to be less volatile than securities issued by smaller companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges.

**Value Style Investing Risk.** Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the performance resulting from the Enhanced Equity Income Fund's "value" investment style may sometimes be lower than that of equity funds following other styles of investment.

**Foreign Securities Risk.** Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences in financial reporting standards, and less-strict regulation of securities markets. More specific risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future political and economic developments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible trade disputes, including the imposition of sanctions and tariffs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the imposition of foreign withholding taxes on dividend and interest income payable on the securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible establishment of exchange controls,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible seizure or nationalization of foreign investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities.

You may lose money by investing in the Enhanced Equity Income Fund if any of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•foreign stock markets decline in value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Enhanced Equity Income Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the value of a foreign currency declines relative to the U.S. dollar, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political, social or economic instability in a foreign country causes the value of the Enhanced Equity Income Fund's investments to decline.

All of the risks of investing in foreign securities are heightened by investing in emerging markets. Emerging markets have been more volatile than the markets of developed countries with more mature economies. ADRs are subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency.

**Market Disruptions Risk; Sovereign Debt Crises Risk.** The global financial markets have in recent years undergone pervasive and fundamental disruptions. This global market turmoil has led to increased market volatility. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including political uncertainty, and high and growing debt levels by many consumers, business institutions and governments in the United States, certain countries in Europe and elsewhere around the world. The securities of the United States, as well as several countries across Europe and Asia, have in recent years been, or are at risk of being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis.

**Government Intervention Risk**. The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an "emergency" basis, suddenly and substantially eliminating market participants' ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies.

**High Portfolio Turnover Risk.** The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal portfolio turnover may adversely affect Fund performance. A higher level of portfolio turnover may also cause shareholders to incur a higher level of taxable income or capital gains when shares are held in a taxable account.

**Performance Information**

The following bar chart shows the total return of the Enhanced Equity Income Fund from year to year (on a calendar year-to-date basis), and the table shows the Enhanced Equity Income Fund's average annual total return over time compared with one or more broad measures of market performance. The S&P 500 Index serves as the Fund's regulatory broad-based securities market index. Both the bar chart and the table assume that all dividends and distributions are reinvested in the Enhanced Equity Income Fund and, by comparing the Fund's performance to one or more broad measures of market performance, give some indication of the risks of an investment in the Fund. The Enhanced Equity Income Fund's past performance, before and after taxes, is not necessarily an indication of how the Enhanced Equity Income Fund will perform in the future.

Updated performance information is available at www.cullenfunds.com or by calling 1-877-485-8586.

**Year-by-Year Total Return as of December 31, 2024**

![](cullen_485bposimg007.gif)

The Enhanced Equity Income Fund's 2025 year-to-date total return through September 30, 2025 was 5.30%.

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| | | |
|:---|:---|:---|
| **Best and Worst Quarter Returns (for the period reflected in the bar chart above)** |  |  |
|  | **Return** | **Quarter/Year** |
| Highest Return | 15.95% | Q2/2020 |
| Lowest Return | -24.37% | Q1/2020 |

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**Average Annual Total Returns as of December 31, 2024**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Enhanced Equity Income Fund, Retail Class** | **1 Year** | **5 Years** | **Since<br>Inception<sup>1</sup>** |
| Returns before taxes | 6.57% | 5.81% | 6.80% |
| Returns after taxes on distributions<sup>2</sup> | 4.35% | 3.36% | 4.29% |
| Returns after taxes on distributions and sale of Fund shares | 4.09% | 3.52% | 4.26% |
| **Enhanced Equity Income Fund, Class I** |  |  |  |
| Returns before taxes | 6.87% | 6.08% | 7.07% |
| **Enhanced Equity Income Fund, Class C** |  |  |  |
| Returns before taxes | 5.85% | 5.02% | 6.01% |
| CBOE S&P 500 BuyWrite Index (reflects no deduction for fees, expenses or taxes) | 20.12% | 6.88% | 7.11% |
| S&P 500 Index<sup>3</sup> | 25.02% | 14.53% | 14.42% |

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<sup>1</sup> The Enhanced Equity Income Fund commenced operations on December 15, 2015. The returns for the index have been calculated since the inception date of each class.

<sup>2</sup> After-tax returns are shown for Retail Class shares only. After-tax returns for Class C and Class I shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax- deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs").

<sup>3</sup> Per new regulatory requirements, the Fund's regulatory broad-based securities market index is the S&P 500, which represents 500 of the largest companies listed on stock exchange in the United States.

**Investment Adviser**

Cullen Capital Management LLC serves as the investment adviser to the Enhanced Equity Income Fund.

**Portfolio Managers**

James P. Cullen, the Adviser's Chairman, Chief Executive Officer and controlling member, has been a portfolio manager of the Enhanced Equity Income Fund since the Fund's inception on December 15, 2015. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since December 1982.

Jennifer Chang has served as a co-portfolio manager of the Enhanced Equity Income Fund since its inception on December 15, 2015. Ms. Chang currently serves as Portfolio Manager and Executive Director at the Adviser and has worked there since 2006.

Tim Cordle has served as a co-portfolio manager of the Enhanced Equity Income Fund since its inception on December 15, 2015. Mr. Cordle currently serves as Portfolio Manager and Managing Director at the Adviser and has worked there since 2012.

Michael Gallant has served as a co-portfolio manager of the Enhanced Equity Income Fund since July 2020. Mr. Gallant currently serves as Portfolio Manager and Director of Research at the Adviser and has worked there since 2015.

**Purchase and Sale of Fund Shares**

You may purchase or redeem shares of the Enhanced Equity Income Fund on days the New York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone at 1-877-485-8586 or through any broker/dealer organization that has a sales agreement with the Enhanced Equity Income Fund's distributor. Purchases and redemptions by telephone are only permitted if you previously established these options on your account.

Regular mail: Cullen Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246.Overnight mail: Cullen Funds c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.The Enhanced Equity Income Fund accepts investment in the following minimum amounts:

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| | | |
|:---|:---|:---|
| <u>**<u>Share Class:</u>**</u> | <u>**<u>Initial</u>**</u> | <u>**<u>Additional</u>**</u> |
| **Retail Class-**Regular Accounts | &nbsp;&nbsp; $1000 <br>| &nbsp;&nbsp; $100 <br>|
| **Retail Class-**IRAs and UGMA/UTMA Accounts, Simple | &nbsp;&nbsp; $250 <br>| &nbsp;&nbsp; $50 <br>|
| **IRA, SEP-**IRA, 403(b)<sup>(7)</sup>, Keogh, Pension Plan and Profit |  |  |
| Sharing Plan Accounts |  |  |
| **Class C-**Regular Accounts | &nbsp;&nbsp; $1000 <br>| &nbsp;&nbsp; $100 <br>|
| **Class C-**IRAs and UGMA/UTMA Accounts, Simple IRA, | &nbsp;&nbsp; $250 <br>| &nbsp;&nbsp; $50 <br>|
| SEP-IRA, 403(b)<sup>(7)</sup>, Keogh, Pension Plan and Profit |  |  |
| Sharing Plan Accounts |  |  |
| **Class I** | &nbsp;&nbsp; $1000000 <br>| &nbsp;&nbsp; $100 <br>|

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• A registered investment adviser may aggregate all client accounts investing in Class I shares of the Enhanced Equity Income Fund to meet the investment minimum.

• If you use an Automatic Investment Plan ("AIP") for a regular account for the Retail Class or Class C shares, the initial investment minimum to open an account is $50 and the additional investment minimum is $50.

• If you use an AIP for a custodial or retirement plan account for the Retail Class or Class C shares, the initial investment minimum to open an account as well as the monthly additional investment amount is $25.

**Tax Information**

The Enhanced Equity Income Fund's distributions to you may be taxable whether you received them in cash or additional shares of the Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA, in which case such distributions can be subject to U.S. federal income tax as ordinary income when distributed to, or received by, you from such tax-deferred arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Enhanced Equity Income Fund through a broker-dealer or other financial intermediary (such as a bank or financial adviser), the Enhanced Equity Income Fund and/or its Adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Enhanced Equity Income Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**ADDITIONAL INFORMATION ON INVESTMENT POLICIES AND RISKS**

This section contains additional detail on the investment strategies of each of the High Dividend Fund, International High Dividend Fund, Small Cap Value Fund, Value Fund, Emerging Markets High Dividend Fund, and Enhanced Equity Income Fund (each, a "Fund," and together, the "Funds"), the related risks that you would face as a shareholder of a Fund and also information about how to find out more about a Fund's portfolio holdings disclosure policy.

The Funds invest in securities that the Adviser believes offer the prospect of an increase in value over a long-term investment horizon, which the Adviser generally defines as three to five years. For the most part, each Fund will invest in common stocks of companies having a low stock market valuation at the time of purchase (as measured by price/earnings ratios as compared with the average price/earnings ratio of the equity securities versus market averages). The Adviser then monitors investments for price movement and earnings developments. Once a security is purchased, the Adviser will generally hold it in a Fund's portfolio until it no longer meets such Fund's financial or valuation criteria.

Although there may be some short-term portfolio turnover, particularly from exercised covered call options written, the Adviser generally purchases securities which it believes will appreciate in value over the long-term. However, securities may be sold without regard to the time they have been held when, in the Adviser's opinion, investment considerations warrant such action. Such considerations can include downward price movement, the probability of a decrease in a security's value and negative earnings developments.

The Funds do not concentrate their investments in any particular industry or group of industries but diversify their holdings among as many different companies and industries as seems appropriate in light of conditions prevailing at any given time.

The Funds intend to be fully invested, which generally means that the Funds will be at least 80% invested, plus borrowings for investment purposes, in stocks at all times except to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unusually large share purchases necessitate the holding of cash equivalents while additional equities are identified and purchased; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•anticipated share redemptions indicate that the Funds should hold larger cash reserves to better manage such redemptions.

Investments may also be made in (i) debt securities which are convertible into equity securities, (ii) preferred stocks which are convertible into common stocks, and (iii) warrants or other rights to purchase common stock, all of which are considered by the Adviser to be equity securities. The Adviser generally does not engage in market timing by shifting the portfolio or a significant portion thereof in or out of the market in anticipation of market fluctuations. The Funds may also directly invest in securities issued by other investment companies, including ETFs and money market funds. An investment in the Funds will entail more direct and indirect costs and expenses than a direct investment in such ETFs and other investment companies.

A portion of the Funds' assets may be held from time to time in cash or cash equivalents when the Adviser is unable to identify attractive equity investments. Cash equivalents, which can include certificates of deposit, bankers' acceptances, time deposits, commercial paper, short-term notes, or money market instruments, are instruments or investments of such high liquidity and safety that they are considered almost as safe as cash.

The Funds may temporarily depart from their respective principal investment strategies by making short-term investments in cash and cash equivalents when the Funds experience periods of heavy cash inflows from shareholders purchasing such Fund's shares. This may result in a Fund not achieving its investment objective and such Fund's performance may be negatively affected as a result. To the extent that a Fund uses a money market fund for its cash position, there will be some duplication of expenses because the Fund would bear its pro rata portion of such money market fund's advisory fees and operational expenses.

The High Dividend Fund, Small Cap Value Fund, Value Fund and Enhanced Equity Income Fund invest primarily in the securities of U.S. issuers, although each Fund has the ability to invest up to 30% of its net assets in securities of foreign issuers, or depositary receipts for such securities, which are traded in a U.S. market or are available through a U.S. broker or dealer (regardless of whether traded in U.S. dollars) and which meet the criteria for investment selection set forth above. In addition, the International High Dividend Fund and the Emerging Markets High Dividend Fund invest primarily in securities of foreign issuers. As a result, these Funds may be subject to additional investment risks that are different in some respects from those experienced by a fund that invests only in securities of U.S. domestic issuers.

Such risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future political and economic developments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible trade disputes, including the imposition of sanctions and tariffs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the imposition of foreign withholding taxes on dividend and interest income payable on the securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible establishment of exchange controls,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possible seizure or nationalization of foreign investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities.

With respect to the securities of foreign issuers which are denominated in foreign currencies, such risks also include currency exchange-rate risk. Generally, the foreign issues that the High Dividend Fund, Small Cap Value Fund, Value Fund, and Enhanced Equity Income Fund purchase are in the form of depository receipts and are, therefore, subject to exchange controls; however, there can be no assurance that exchange control laws will apply to certain of the applicable Fund's investments. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing, financial record-keeping and shareholder reporting standards and requirements as domestic issuers.

There are market risks inherent in any investment, and there is no assurance that the respective primary investment objectives of each Fund will be realized or that any income will be earned. Moreover, the application of a Fund's investment policies is dependent upon the Adviser's judgment. You should realize that there are risks in any policy dependent upon judgment and that the Adviser does not make any representation that the objectives of any Fund will be achieved or that there may not be substantial losses in any particular investment.

The Enhanced Equity Income Fund will write covered call options in order to generate additional income. Writing a covered call involves the Fund selling a call option for an equity security that is currently held in its portfolio. Generally, the Adviser does not expect investments in covered call options to exceed 40% of the Enhanced Equity Income Fund's net assets; however, subject to other restrictions described herein, the Fund is not restricted in their ability to invest up to 100% of their assets in covered call options.

The purchaser of a call option has the right to buy, and the writer (in this case the Fund) of a call option has the obligation to sell, an underlying security at a specified exercise price during a specified option period. The advantage of writing covered calls is that the Fund receives a premium for writing the call, which is additional income. However, if the security rises in value and the call is exercised, the Fund may not participate fully in the market appreciation of the security.

In addition to the risks facing real estate-related securities, such as a decline in property values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological developments or a decline in the price of securities of real estate companies due to a failure of borrowers to pay their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT dividends received by the Fund and distributed to the Fund's shareholders will generally be taxable as ordinary income and will not constitute "qualified dividend income." However, a non-corporate taxpayer who is a direct REIT shareholder may claim a 20% "qualified business income" deduction for ordinary REIT dividends, and a regulated investment company may report dividends as eligible for this deduction to the extent the regulated investment company's income is derived from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable holding period requirements.

The Funds may participate in a program offered by ReFlow, LLC ("ReFlow"). ReFlow is designed to provide an alternative source of funding to help meet shareholder redemptions while minimizing the Funds' costs and cash flow disruptions (compared to selling portfolio securities or relying on borrowing cash), allowing the Funds to remain more fully invested. ReFlow provides this liquidity by being prepared to purchase shares issued by a Fund, at that Fund's net asset value, equal to the amount of that Fund's net redemptions on any given day. On subsequent days when the Fund experiences net subscriptions, ReFlow redeems its holdings at the Fund's net asset value on that day. When a Fund participates in the ReFlow program, such fund pays ReFlow a fee at a rate determined by a daily auction with other participating mutual funds in the ReFlow program. There is no assurance that ReFlow will have sufficient funds available to meet the Funds' liquidity needs on a particular day and ReFlow is prohibited from acquiring more than 3% of the outstanding shares of any Fund.

Certain shareholders, including a third-party investor, the Adviser or an affiliate of the Adviser, or another entity, may from time to time own or manage a substantial amount of Fund shares, or may invest in a Fund and hold its investment for a limited period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their investment. Redemptions by large shareholders or a large group of shareholders could have a significant negative impact on a Fund. Redemptions of a large number of Fund shares could require a Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable

distribution during or with respect to such year. In some circumstances, a Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. These large redemptions may also force a Fund to sell portfolio securities when it might not otherwise do so, which may negatively impact the Fund's NAV and increase the Fund's brokerage costs and/or accelerate the realization of taxable income and/or capital gains to shareholders. In addition, large redemptions can result in a Fund's current expenses being allocated over a smaller asset base, which generally results in an increase in the Fund's expense ratio. Because large redemptions can adversely affect a portfolio manager's ability to implement a Fund's investment strategy, the Funds also reserves the right to redeem in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.

At any time, the value of a Fund's shares may be more or less than your cost of shares.

Policies and Risk Factors Specific to the International High Dividend Fund and the Emerging Markets High Dividend Fund

The International High Dividend Fund and Emerging Markets High Dividend Fund invest primarily in the securities of foreign issuers or in depositary receipts, although each Fund has the ability to invest up to 20% of its net assets in securities of U.S. issuers which meet the criteria for investment selection set forth above. As a result, these Funds may be subject to additional investment risks that are different in some respects from those experienced by a fund that invests only in securities of, respectively, U.S. domestic or U.S. based foreign issuers.

The International High Dividend Fund intends to diversify its investments across different countries, and the percentage of its net assets invested in particular countries or regions will change from time to time based on the Adviser's judgment. The International High Dividend Fund intends to invest in the securities of companies located in developed countries and, to a lesser extent, those located in emerging markets.

The Emerging Markets High Dividend Fund intends to diversify its investments across different countries deemed emerging markets, and the percentage of Fund assets invested in particular countries or regions will change from time to time based on the Adviser's judgment.

**WHO SHOULD INVEST IN THE FUNDS?**

The Funds are appropriate for investors who are comfortable with the risks described in this prospectus and who have long-term investment goals. The Funds are not appropriate for investors concerned primarily with principal stability.

**PORTFOLIO HOLDINGS INFORMATION**

A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' Statement of Additional Information ("SAI"). Currently, disclosure of the Funds' holdings is required to be made within 60 days of the end of each fiscal quarter in the Funds' Form N-CSR and N-CSRS filings and in the monthly holdings report on Form N-PORT. You may obtain copies of the SAI, Annual and Semi-Annual Reports to shareholders and other information such as Fund financial statements by making a request to:

Cullen Funds

c/o Ultimus Fund Solutions, LLC

PO Box 46707Cincinnati, OH 45246

You can also obtain the SAI, quarterly/monthly holdings reports, Annual and Semi-Annual Reports, and other information such as Fund financial statements on the SEC's website at <u>www.sec.gov</u> and on the Funds' website at <u>www.cullenfunds.com</u>.

**WHO MANAGES THE FUNDS?**

Investment Adviser

Cullen Capital Management LLC, located at 645 Fifth Avenue, New York, New York, 10022 serves as the investment adviser to the Funds. Subject to the general supervision of the Board of Trustees of the Cullen Funds Trust, the Adviser is responsible for the day-to-day investment decisions of the Funds in accordance with each Fund's investment objective and policies. In exchange for these services, the Adviser receives an annual management fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund. As of September 30, 2025, the Adviser had $10.8 billion in assets under management and an additional $15.3 billion in assets under advisement.

Pursuant to separate investment advisory agreements between each Fund and the Adviser, the Adviser is paid at an annual rate of 1.00% of each Fund's average daily net assets. However, the Adviser has contractually agreed with each Fund to reduce such Fund's fees and

absorb expenses to the extent necessary to limit total annual operating expenses (excluding taxes, interest, extraordinary expenses and Acquired Fund Fees and Expenses) to the following percentages for each Fund's respective share class:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Annual Fund Operating Expenses** | **Net Annual Fund Operating Expenses** | **Net Annual Fund Operating Expenses** | **Net Annual Fund Operating Expenses** |
| <u>**Fund Name**</u> | **Retail Class** | **Class C** | **Class I** | **Class R6** |
| Cullen High Dividend Equity Fund | 1.00% | 1.75% | 0.75% |  |
| Cullen International High Dividend Fund | 1.25% | 2.00% | 1.00% |  |
| Cullen Small Cap Value Fund | 1.25% | 2.00% | 1.00% |  |
| Cullen Value Fund | 1.00% | 1.75% | 0.75% |  |
| Cullen Emerging Markets High Dividend Fund | 1.25% | 2.00% | 1.00% | 0.90% |
| Cullen Enhanced Equity Income Fund | 1.00% | 1.75% | 0.75% |  |

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For the fiscal year ended June 30, 2025, each Fund listed below paid Cullen management fees at the following management fee rate, net of applicable waivers:

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| | |
|:---|:---|
| <u>**Fund Name**</u> | **Management Fee Rate<br>(Net of Applicable Waivers)** |
| Cullen High Dividend Equity Fund | 0.64% |
| Cullen International High Dividend Fund | 0.78% |
| Cullen Small Cap Value Fund | 0.00% |
| Cullen Value Fund | 0.00% |
| Cullen Emerging Markets High Dividend Fund | 0.78% |
| Cullen Enhanced Equity Income Fund | 0.48% |

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A discussion regarding the basis for the Board of Trustees' approval of the Adviser's investment advisory agreement is available in the Funds' Form N-CSR filing for the fiscal year ended June 30, 2025.

Portfolio Managers

Below are descriptions of the portfolio managers jointly responsible for the day-to-day management of each Fund. Information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership in the Funds can be found in the SAI.

Cullen High Dividend Equity Fund

James P. Cullen, the Adviser's Chairman, Chief Executive Officer and controlling member, has been a portfolio manager of the High Dividend Fund since the Fund's inception on August 1, 2003. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since December 1982.

Jennifer Chang has served as a co-portfolio manager of the High Dividend Fund since April 2014. Ms. Chang currently serves as Portfolio Manager and Executive Director at the Adviser and has worked there since 2006.

Cullen International High Dividend Fund

James P. Cullen, the Adviser's Chairman, Chief Executive Officer and controlling member, has been a portfolio manager of the International High Dividend Fund since the Fund's inception on December 15, 2005. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since December 1982.

Rahul D. Sharma has served as a co-portfolio manager for the International High Dividend Fund since October 31, 2007. Mr. Sharma currently serves as Portfolio Manager and Executive Director at the Adviser and has worked there since May 2000.

Pravir Singh has served as a co-portfolio manager for the International High Dividend Fund since May 2019. Mr. Singh currently serves as Portfolio Manager and Managing Director at the Adviser and has worked there since 2005.

Anuca Laudat has served as a co-portfolio manager of the International High Dividend Fund since January 2022. Ms. Laudat, who has worked at the Adviser since 2012, currently serves as Portfolio Manager and head of the Adviser's sustainability research and ESG engagement efforts.

Cullen Small Cap Value Fund

James P. Cullen, the Adviser's Chairman, Chief Executive Officer and controlling member, has been a portfolio manager of the Small Cap Value Fund since the Fund's inception on October 1, 2009. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since December 1982.

Brooks H. Cullen has been co-portfolio manager of the Small Cap Value Fund since the Fund commenced operations on October 1, 2009. Mr. Cullen currently serves as Portfolio Manager and Vice Chairman at the Adviser and has worked there since May 2000.

Brian Drubetsky has been co-portfolio manager of the Small Cap Value Fund since October 28, 2016. Mr. Drubetsky currently serves as Portfolio Manager and Vice President at the Adviser and has worked there since 2013.

Cullen Value Fund

James P. Cullen, the Adviser's Chairman, Chief Executive Officer and controlling member, has been a portfolio manager of the Value Fund since the Fund's inception on August 31, 2012. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since December 1982.

Brooks H. Cullen has served as a co-portfolio manager of the Value Fund since it commenced operations on August 31, 2012. Mr. Cullen currently serves as Portfolio Manager and Vice Chairman at the Adviser and has worked there since May 2000.

Jennifer Chang has served as a co-portfolio manager of the Value Fund since April 2014. Ms. Chang currently serves as Portfolio Manager and Executive Director at the Adviser and has worked there since 2006.

Cullen Emerging Markets High Dividend Fund

James P. Cullen, the Adviser's Chairman, Chief Executive Officer and controlling member, has been co-portfolio manager of the Emerging Markets High Dividend Fund since the Fund's inception on August 31, 2012. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since December 1982.

Rahul D. Sharma has served as a co-portfolio manager of the Emerging Markets High Dividend Fund since it commenced operations on August 31, 2012. Mr. Sharma currently serves as Portfolio Manager and Executive Director at the Adviser and has worked there since May 2000.

Cullen Enhanced Equity Income Fund

James P. Cullen, the Adviser's Chairman, Chief Executive Officer and controlling member, has been a portfolio manager of the Enhanced Equity Income Fund since the Fund's inception on December 15, 2015. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since December 1982.

Jennifer Chang has served as a co-portfolio manager of the Enhanced Equity Income Fund since its inception on December 15, 2015. Ms. Chang currently serves as Portfolio Manager and Executive Director at the Adviser and has worked there since 2006.

Tim Cordle has served as a co-portfolio manager of the Enhanced Equity Income Fund since its inception on December 15, 2015. Mr. Cordle currently serves as Portfolio Manager and Managing Director at the Adviser and has worked there since 2012.

Michael Gallant has served as a co-portfolio manager of the Enhanced Equity Income Fund since July 2020. Mr. Gallant currently serves as Portfolio Manager and Director of Research at the Adviser and has worked there since 2015.

Custodian, Transfer Agent, Dividend Disbursing Agent, and Fund Administrator

Brown Brothers Harriman & Co. serves as custodian for the Funds' cash and securities. Ultimus Fund Solutions, LLC provides transfer agency, dividend disbursing, and fund administrative and accounting services to the Funds.

Distributor

Paralel Distributors LLC is the principal underwriter for the Funds and, as such, is the agent for the distribution of shares of the Funds.

Distribution and Service Plans (12b-1)

The Funds have adopted separate Distribution Plans ("Distribution Plans") pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended ("1940 Act") pursuant to which the Funds pay distribution and service fees. Expenses covered by the Distribution Plans include those that promote the sale of each Fund's shares such as compensation to underwriters, dealers and sales personnel;

printing and disseminating prospectuses and reports for prospective shareholders; preparing and distributing advertising material and sales literature; shareholder account servicing; and capital or other expenses of associated equipment, rent, salaries, bonuses, interest and other overhead. Because the fees are paid out of the assets attributable to the Retail Class and Class C shares of the Funds on an on-going basis, the fees paid under the Distribution Plans will increase the cost of your investment in these share classes and could cost you more than paying other types of sales charges. Class I and Class R6 shares are not covered by the Distribution Plan.

Under the Distribution Plans, each Fund pays the following percentages of average daily net assets for distribution and service fees for the sale and distribution of each respective share class and for services provided to shareholders:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>**Fund Name**</u> | **Retail Class** | **Class C** |  | **Class I** | **Class R6** |
| Cullen High Dividend Equity Fund | 0.25% | 1.00 | %\* | 0.00% |  |
| Cullen International High Dividend Fund | 0.25% | 1.00 | %\* | 0.00% |  |
| Cullen Small Cap Value Fund | 0.25% | 1.00 | %\* | 0.00% |  |
| Cullen Value Fund | 0.25% | 1.00 | %\* | 0.00% |  |
| Cullen Emerging Markets High Dividend Fund | 0.25% | 1.00 | %\* | 0.00% | 0.00% |
| Cullen Enhanced Equity Income Fund | 0.25% | 1.00 | %\* | 0.00% |  |

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\*Class C shares pay up to 1.00% of average daily net assets, of which 0.75% may be paid for distribution fees and 0.25% may be paid for certain shareholder services provided to shareholders.

Additional Payments to Financial Intermediaries

You may indirectly compensate the financial intermediary through which you buy shares of the Funds, as a result of the Funds paying Rule 12b-1 fees. In addition, the Funds also may pay intermediaries for administrative services and transaction processing. As a result, these payments may provide your financial intermediary with an incentive to favor the Funds over other mutual funds or assist the distributor in its efforts to promote the sale of the Funds' shares. However, it is not anticipated that such payments will be made with respect to investments in Class R6 shares.

Financial intermediaries include broker-dealers, banks (including bank trust departments), registered investment advisers, financial planners, retirement plan administrators and other types of intermediaries.

The Adviser may make additional payments to financial intermediaries out of its own assets. These payments are not an expense of the Funds. The Adviser may base these payments on a variety of criteria, including the amount of sales or assets of each Fund attributable to the financial intermediary or as a per transaction fee.

Not all financial intermediaries receive additional compensation and the amount of compensation paid varies for each financial intermediary. In certain cases, these payments may be significant. The Adviser determines which firms to support and the extent of the payments it is willing to make, generally choosing firms that have a strong capability to effectively distribute shares of the Funds and that are willing to work with the Adviser's promotional efforts. The Adviser also may compensate financial intermediaries (in addition to amounts that may be paid by any Fund) for providing certain administrative services and transaction processing services.

The Adviser may benefit from its payments if the intermediary features the Funds in its sales system (such as by placing the Funds on its preferred fund list or giving access on a preferential basis to members of the financial intermediary's sales force or management). In addition, the financial intermediary may agree to participate in the distributor's marketing efforts (such as by helping to facilitate or provide financial assistance for conferences, seminars or other programs at which the Adviser's personnel may make presentations on the Funds to the intermediary's sales force). To the extent intermediaries sell more shares of the Funds or retain shares of the Funds in their clients' accounts, the Adviser may receive greater management and other fees than the amount due to the intermediary.

Your intermediary may charge you additional fees or commissions, including on Class I and Class R6 shares, other than those disclosed in this prospectus. Intermediaries may categorize and disclose these arrangements differently than the discussion above. You can ask your financial intermediary about any payments it receives from the Adviser or the Funds, as well as about fees and/or commissions it charges.

The Adviser and its affiliates may have other relationships with your financial intermediary relating to the provision of services to the Funds, such as providing omnibus account services or effecting portfolio transactions for the Funds. If your intermediary provides these services, the Adviser or the Funds may compensate the intermediary for these services. In addition, your intermediary may have other relationships with the Adviser that are not related to the Funds.

Description of Classes

Cullen Funds Trust (the "Trust") has adopted a multiple class plan that allows each Fund to offer one or more classes of shares of a Fund. Each Fund currently offer three classes of shares – Retail Class, Class C, and Class I and the Emerging Markets High Dividend Fund also offers Class R6. This prospectus offers all shares, and all shares are sold with no sales load.

Your investment professional can help you determine which above share class is appropriate. Please note that your investment firm may receive different compensation depending upon which class is chosen.

**YOUR ACCOUNT**<br>

**ELIGIBLE INVESTORS**

Subject to the restrictions below, shares of the Funds are offered to the general public. The Funds reserve the right to refuse to accept investments at any time.

ELIGIBLE CLASS R6 INVESTORS

The Class R6 shares will be available to certain tax-deferred retirement plans (including 401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. Class R6 shares also are available to IRAs consisting of rollovers from eligible retirement plans that offered any of the Emerging Markets High Dividend Fund's Class R6 shares as investment options.

Eligible Class R6 share investors may also be eligible to purchase other classes of shares of the Emerging Markets High Dividend Fund. However, plan participants may only allocate their plan holdings to classes of shares that are available through their plan. Each class has different sales charges and expenses.

ELIGIBLE CLASS I INVESTORS

Class I shares are available only to certain accounts for which qualifying institutions act in a fiduciary, agency or custodial capacity and only with a minimum initial investment of $1,000,000, except that no initial minimum will be imposed on (i) Employee Benefit Plans that hold their Institutional Shares through plan-level or omnibus accounts; or (ii) investment advisers investing for accounts for which they receive asset-based fees where the investment adviser or its Authorized Institution purchases Institutional Shares through an omnibus account. For this purpose, "Institutional Investors" shall include "wrap" account sponsors (provided they have an agreement covering the arrangement with the distributor), corporations, qualified non-profit organizations, charitable trusts, foundations and endowments, state, county, city or any instrumentality, department, authority or agency thereof, and banks, trust companies or other depository institutions investing for their own account or on behalf of their clients. A registered investment adviser may aggregate all client accounts investing in any Fund to meet the Class I shares investment minimum. We reserve the right to waive minimums on Institutional Shares.

Your investment professional can help you determine which class is appropriate. Be aware that your investment firm may receive different compensation depending upon which class is chosen. Plan fiduciaries should consider their obligations under ERISA in determining which class is an appropriate investment for the plan.

**SHARE PRICE**

The price of a share of a Fund is based on the net asset value ("NAV") of such Fund. The NAV is determined as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern time) every day the NYSE is open for trading. The NYSE is closed on the following holidays: New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV per share is calculated by taking the total value of a fund's assets, subtracting its liabilities, and then dividing by the number of shares that have already been issued. This is a standard calculation and forms the basis for all transactions involving buying, selling, or reinvesting in shares.

Each Fund's investments are valued according to market value. When a market quote is not readily available, the security's value is based on fair value as determined by the Adviser, subject to the applicable requirements of the 1940 Act and the rules and regulations promulgated thereunder, as described below.

Your order will be priced at the next NAV calculated after your order is received in good order by the Funds' Transfer Agent.

Foreign Securities

A Fund's portfolio securities may be listed on foreign exchanges that may trade on days when NAV is not calculated. As a result, a Fund's NAV may change on days when you will not be able to purchase or redeem shares. In addition, a foreign exchange may not value its listed securities at the same time that the Funds calculate NAV.

Furthermore, foreign securities traded on foreign exchanges present time zone arbitrage opportunities when events affecting portfolio securities values occur after the close of trading of the foreign exchange but prior to the close of the NYSE. Events affecting the values of portfolio securities that occur between the time a foreign exchange assigns a price to the portfolio securities and the time when a Fund calculates NAV generally will not be reflected in the Fund's NAV. However, these events will be reflected in each respective Fund's NAV when the Adviser subject to the applicable requirements of the 1940 Act and the rules and regulations promulgated thereunder, determines that they would have a material effect on such Fund's NAV. Further, the Funds' fair valuation procedures incorporate triggers based on movements in the Standard & Poor's 500 Index from the time when markets in London close through the time the NYSE closes. When these triggers are met, the Funds' independent pricing vendor provides factors to be incorporated into the prices of securities traded in markets not within the United States.

Frequent Purchases and Redemptions

The Funds are intended for long-term investors. The Board of Trustees has adopted policies and procedures to restrict market timing. "Market timing" refers to a pattern of frequent purchases and sales of a Fund's shares, often with the intent of earning arbitrage profits, in excess of prescribed prospectus limits. Market timing can harm other shareholders in various ways, including diluting the value of shareholders' holdings, increasing a fund's transaction costs, disrupting portfolio management strategy, causing a fund to incur unwanted taxable gains and causing a Fund to hold excess levels of cash. Short-term "market-timers" who engage in frequent purchases and redemptions can disrupt a Fund's investment program and create additional transaction costs that are borne by all shareholders. The Funds reserve the right to reject purchase orders in whole or in part when, in the judgment of the Adviser or Ultimus Fund Solutions, LLC, the transfer agent for the Funds, such rejection is in the best interest of such Fund.

The Funds do not knowingly accommodate "market-timers" and discourage excessive, short-term trading and other abusive trading practices that may disrupt portfolio management strategies and harm a Fund's performance. Therefore, the Funds take steps to reduce the frequency and effect of these activities by assessing redemption fees as described below, monitoring trading activity, and using fair value pricing, as determined by the Trust's Board of Trustees, when the Adviser determines current market prices are not readily available. Although these efforts are designed to discourage abusive trading practices, these tools cannot eliminate the possibility that such activity will occur. Further, while the Funds make efforts to identify and restrict frequent trading, each Fund receives purchase and sale orders through financial intermediaries and cannot always know or detect frequent trading that may be facilitated by the use of intermediaries or the use of group or omnibus accounts by those intermediaries. The Funds exercise their best judgment to use these tools in a manner they believe consistent with shareholder interests.

Trading Practices

The Funds reserve the right, in their sole discretion, to identify trading practices as abusive, and may deem the sale of all or a substantial portion of a shareholder's shares to be abusive. Each Fund will determine abusive trading practices on a case-by-case basis.

The Funds monitor selected trades in an effort to detect excessive short-term trading activities. If, as a result of this monitoring, any Fund believes that a shareholder has engaged in excessive short-term trading, it may ask the shareholder to stop such activities or may refuse to process purchases or exchanges in that shareholder's accounts. In making such judgments, each Fund seeks to act in a manner that it believes is consistent with the best interests of shareholders. The Funds may consider trading done in multiple accounts under common ownership or control. Each Fund endeavors to apply these market timing procedures uniformly to all shareholders.

Redemption Fees

The Funds charge a 2% redemption fee on the redemption or exchange of shares held for less than seven (7) days. This fee is imposed in order to help offset the transaction costs and administrative expenses associated with the activities of short-term "market-timers" who engage in the frequent purchase and sale of shares. The "first in, first out" (FIFO) method is used to determine the holding period; this means that if you bought shares on different days, the shares purchased first will be considered redeemed first for the purpose of determining whether the redemption fee applies. The redemption fee is deducted from your proceeds and is retained by the respective Fund for the benefit of its long-term shareholders.

The redemption fee will not be charged on transactions involving the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.redemption of shares purchased through reinvested dividends or distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.redemptions made under scheduled or systematic plans, including automatic asset rebalancing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.redemptions made by participants in employer-sponsored retirement plans that are held at the Funds in an omnibus account (such as 401(k), 403(b), 457, Keogh, Profit Sharing Plans and Money Purchase Pension Plans), including qualified withdrawals and required minimum distributions; except where the Funds have received an indication that the plan administrator is able to assess the redemption fee to the appropriate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.redemptions resulting from the death or disability of a retirement plan participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.redemption of shares through court mandate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.involuntary redemptions directed by any Fund, including redemptions for low balances or to pay certain fees.

Each Fund reserves the right to waive the redemption fee at its discretion where it believes such waiver is in the best interests of the Fund, including but not limited to when it determines that imposition of the redemption fee is not necessary to protect the Fund from the effects of short-term trading. In addition, each Fund reserves the right to modify or eliminate the redemption fee or waivers at any time. If there is a material change to a Fund's redemption fee, such Fund will notify shareholders.

Fair Value Pricing

The trading hours for most foreign securities end prior to the close of the NYSE, the time NAV is calculated. The occurrence of certain events after the close of foreign markets, but prior to the close of the U.S. market (such as a significant surge or decline in the U.S. market), often will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. If such events occur, the Funds may value foreign securities at fair value, taking into account such events, when they calculate NAV. Fair value determinations are made in good faith in accordance with procedures adopted by the Trust's Board of Trustees, and subject to applicable requirements of the 1940 Act and the rules and regulations promulgated thereunder. The Funds' fair valuation procedures incorporate triggers based on movements in the Standard & Poor's 500 Index from the time when markets in London close through the time the NYSE closes. When these triggers are met, the Funds' independent pricing vendor provides factors to be incorporated into the prices of securities traded in markets not within the United States.

The Trust's Board of Trustees oversees procedures that call for utilization and monitoring of fair value procedures with respect to any assets for which reliable market quotations are not readily available or for which the Funds' pricing service does not provide a valuation or provides a valuation that in the judgment of the Adviser does not represent fair value. A Fund may also price a security utilizing fair value if the Fund or the Adviser believes that the market price is stale. Other instances where fair value pricing might be required include, but are not limited to: (a) a 10% or greater change in the price of an equity or fixed-income security; (b) a change in the price of an equity or fixed-income security which changes the net asset value per share of a Fund by $0.0089 or more; (c) a security being attributed a price which appears to the Adviser to be unreasonable; (d) a security not being priced; or (e) the occurrence of a significant event or circumstance that might necessitate fair value pricing—such as the occurrence of an event after a foreign exchange or market has closed, but before the Funds' NAV calculations, affecting a security or securities in a Fund. Valuing securities at fair value involves greater reliance on judgment than valuing securities that have readily available market quotations. There can be no assurance that the Funds could obtain the fair value assigned to a security if they were to sell the security at approximately the time at which NAV is calculated.

The frequency with which each Fund's investments are valued using fair value pricing is primarily a function of the types of securities and other assets in which the respective Fund invests pursuant to its investment objective, strategies and limitations. If the Funds invest in other open-end management investment companies registered under the 1940 Act, the Funds may rely on the net asset values of those companies to value the shares of such companies held by the Funds. Those companies may also use fair value pricing under some circumstances.

If a shareholder purchases or redeems shares in a Fund when it holds securities priced at fair value, this may have the unintended effect of increasing or decreasing the number of shares received in the purchase or the value of the proceeds received upon redemption.

**BUYING SHARES**

Timing of Requests

The price per share will be the NAV next computed after the time your request is received in good order by the Transfer Agent. All requests received in good order on a business day the NYSE is open and before the close of regular trading on the NYSE will be processed same day. The close of regular trading is generally 4:00 p.m., Eastern Time, but may be earlier in the case of a holiday or when an emergency exists. Requests received outside of NYSE trading hours on a business day the NYSE is open will be processed on the next business day. Plan administrators are responsible for transmitting orders in a timely manner.

When making a purchase request, make sure your request is in good order. "Good order" means your purchase request includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The name of the Cullen Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The dollar amount of shares to be purchased

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Completed purchase application or investment stub/account number

Shares of the Funds may be purchased only on days the NYSE is open for trading. Wired funds must be received prior to 4:00 p.m. Eastern time to be eligible for same day pricing. The Funds are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system or from incomplete wiring instructions.

Methods of Buying

*Note on Buying Class R6 Shares*

As described above, Class R6 shares are generally only available for purchase through certain retirement plans. Check with your intermediary or plan sponsor for its specific policies and information on how to purchase Class R6 shares. General information on how to purchase shares of the Emerging Markets High Dividend Fund is listed below, which may not apply to Class R6 shares.

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| | |
|:---|:---|
| *Through a broker/dealer organization* | Plans and their participants can purchase shares of the Funds through any broker/dealer organization that has a sales agreement with the Funds' distributor. Please keep in mind that your broker/dealer may charge additional fees for its services. The Funds will be deemed to have received a purchase order when an authorized broker or, if applicable, a broker's designee receives the order. |
| *By mail* | To open an account, complete an account application form and send it together with your check to the address below. To make additional investments once you have opened your account, send your check together with the detachable form that is included with your account statement or confirmation. You may also send a letter stating the amount of your investment with your name, the name of the Fund and your account number together with a check to the address below. Checks should be made payable to "Cullen High Dividend Equity Fund," "Cullen Small Cap Value Fund," "Cullen International High Dividend Fund," "Cullen Value Fund," "Cullen Emerging Markets High Dividend Fund," or "Cullen Enhanced Equity Income Fund," as applicable. The Funds will accept purchases only in U.S. dollars drawn from U.S. financial institutions. Cashier's checks, third party checks, money orders, credit card convenience checks, cash or equivalents or payments in foreign currencies are not acceptable forms of payment. If your check is returned for any reason, a $25 fee will be assessed against your account. In compliance with the USA PATRIOT Act of 2001, please note that the Transfer Agent will verify certain information from investors as part of the Funds' anti-money laundering program. As requested on your account application, you should supply your full name, date of birth, social security number and permanent street address. Mailing addresses containing only a P.O. Box will not be accepted without providing a permanent street address on your application. |
|  | *Regular Mail* |
|  | Cullen Funds |
|  | c/o Ultimus Fund Solutions, LLC |
|  | P.O. Box 46707 |
|  | *Overnight Delivery* |
|  | Cullen Funds |
|  | c/o Ultimus Fund Solutions, LLC |
|  | 225 Pictoria Dr, Suite 450 |

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| | |
|:---|:---|
|  | NOTE: The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, when you deposit your account application form, additional purchase request or redemption request in the mail, or use other delivery services, or if your documents are simply in the Transfer Agent's post office box, that does not mean that the Funds' Transfer Agent actually received those documents. |
| *By telephone* | To make additional investments by telephone, you must check the appropriate box on your account application form authorizing telephone purchases. If you have given authorization for telephone transactions and your account has been open for at least 15 days, you may call the Funds toll free at 1- 877-485-8586 to move money, in amounts of $50 or more, from your bank account to your Fund's account upon request. Only bank accounts held at U.S. institutions that are Automated Clearing House ("ACH") members may be used for telephone transactions. For security reasons, requests by telephone will be recorded. |
|  |  |
| *By wire* | *Initial Investment—By Wire* |
|  |  |
|  | Upon receipt of your completed application, and it is determined to be in good order, your account will be established within 24 hours. You may contact the Transfer Agent by phone at 1-877-485-8586 to obtain your account number and wiring instructions. |
|  |  |
|  | *For Subsequent Investments—By Wire* |
|  |  |
|  | To make additional investments by wire, please contact the Transfer Agent by phone at 1-877-485-8586 for further instructions. |
|  |  |
| *Through an automatic investment plan* | Once your account has been opened, you may purchase shares of any Fund through an automatic investment plan ("AIP"). You can have money automatically transferred from your checking or savings account on a monthly or quarterly basis. To be eligible for this plan, your bank must be a U.S. institution that is an ACH member. A Fund may modify or terminate the AIP at any time. To begin participating in the Plan, you should complete the AIP section on your account application or call the Funds' Transfer Agent at 1-877-485-8586. The first AIP purchase will take place no earlier than 15 days after the Funds' Transfer Agent has received your request. If your payment is rejected by your bank, the Transfer Agent will charge a $25 fee to your account. Any request to change or terminate an AIP should be submitted to the Transfer Agent five (5) days prior to effective date. |

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Shares of the Funds have not been registered for sale outside of the United States and the Funds generally do not sell shares to investors residing outside of the United States, even if they are United States citizens or lawful permanent residents, except investors with United States military APO or FPO addresses.

**SELLING SHARES**

Methods of Selling

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| | |
|:---|:---|
| *Through a broker/dealer organization* | If you purchased your shares through a broker/dealer or other financial organization, your redemption order must be placed through the same organization as it is responsible for sending redemption orders to the Funds. Please keep in mind that your broker/dealer may charge additional fees for its services. The Funds will be deemed to have received a redemption order when an authorized broker or, if applicable, a broker's designee receives the order. |

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| | |
|:---|:---|
| *By mail* | Send your written redemption request to the address below. Your request should contain the name of the specific Fund, your account number and the dollar amount or the number of shares to be redeemed. Be sure to have all shareholders sign the letter as their names appear on the account. Additional documents are required for certain types of shareholders, such as corporations, partnerships, executors, trustees, administrators, or guardians (i.e., corporate resolutions or trust documents indicating proper authorization). |
|  |  |
|  | *Regular Mail* |
|  | Cullen Funds |
|  | c/o Ultimus Fund Solutions, LLC |
|  | P.O. Box 46707 |
|  |  |
|  | *Overnight Delivery* |
|  | Cullen Funds |
|  | c/o Ultimus Fund Solutions, LLC |
|  | 225 Pictoria Dr., Suite 450 |
|  |  |
| *By telephone* | If you are authorized to perform telephone transactions (either through your account application form or by subsequent arrangement in writing with the Fund) you may redeem as little as $500 and as much as $100,000 by calling toll-free 1-877- 485-8586. Proceeds of a telephone redemption may be sent by check to your address of record, proceeds may be wired to your bank account designated on your account, or funds may be sent via electronic funds transfer through the ACH network to a predetermined bank account. If proceeds are wired, your bank may charge a fee to receive wired funds and the Transfer Agent charges a $15 outgoing wire fee. There is no charge for proceeds to be sent through the ACH network, and such transfers are completed within two business days. A signature guarantee may be required of all shareholders to change or add telephone redemption privileges. For security reasons, requests by telephone will be recorded. No telephone redemptions may be made within 30 days of any address change. |
|  |  |
| *Through a systematic withdrawal plan* | If you own shares with a value of $10,000 or more, you may participate in the systematic withdrawal plan. Under the plan, you may choose to receive a specified dollar amount, generated from the redemption of shares in your account, on a monthly, quarterly or annual basis. If you elect this method of redemption, the Fund will send a check to your address of record, or will send the payment via electronic funds transfer through the ACH network, directly to your bank account. For payment through the ACH network, your bank must be an ACH member and your bank account information must be maintained on your Fund's account. This program may be terminated at any time by a Fund. You may also elect to terminate your participation in this plan at any time by contacting the Transfer Agent at least five (5) days in advance of the next withdrawal. If you expect to purchase additional shares of a Fund, it may not be to your advantage to participate in the systematic withdrawal plan because of the possible adverse tax consequences of making contemporaneous purchases and redemptions. |

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Shareholders who have an IRA or other retirement plan must indicate on their redemption request whether or not to withhold federal income tax. Such redemption requests not indicating an election not to have tax withheld will generally be subject to 10% withholding. IRA accounts may not be redeemed by telephone.

Signature Guarantees

Signature guarantees are designed to prevent unauthorized transactions. The guarantor pledges that the signature presented is genuine and, unlike a notary public, is financially responsible if it is not.

A signature guarantee of each owner is required to redeem shares in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If ownership is changed on your account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•When redemption proceeds are sent to any person, address or bank account not on record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Written requests to wire redemption proceeds (if not previously authorized on the account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•When establishing or modifying certain service on an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If a change of address or bank account was received by the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For all redemptions in excess of $100,000 from any shareholder account.

Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the NYSE Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"). A notary public is not an acceptable signature guarantor.

The Funds' Transfer Agent reserves the right to reject any signature guarantee.

When Redemption Proceeds Are Sent to You

Your shares will be redeemed at the NAV next determined after the Funds' Transfer Agent receives your redemption request in good order. Your redemption request cannot be processed on days the NYSE is closed.

All requests received in good order by the Funds' Transfer Agent before the close of the regular trading session of the NYSE (usually 4:00 p.m. Eastern time) will normally be wired to the bank you indicate, mailed to the address of record or sent to a predetermined bank account via the ACH network on the following business day. Except in extreme circumstances, proceeds will be sent within seven (7) calendar days after a Fund receives your redemption request.

When making a redemption request, make sure your request is in good order. "Good order" means your redemption request includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The name of the Cullen Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The dollar amount or the number of shares to be redeemed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Signatures of all registered shareholders exactly as the shares are registered, with signatures guaranteed, if applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The account number

If you purchase shares using a check and soon after request a redemption, the Fund from which you are requesting a redemption will honor the redemption request but will not mail or wire the proceeds until your purchase check has cleared (usually within 12 days, but in any event no more than 15 days, after the date of purchase).

Shares normally will be redeemed for cash upon receipt of a request in proper form. However, in order to protect the interests of remaining shareholders and/or in times of stressed market conditions the Funds retain the right to satisfy redemption requests by (i) borrowing under a line of credit is has entered into with a group of lenders, (ii) accessing liquidity through the ReFlow program (as defined and described in more detail below), and/or (iii) redeeming some or all of any Fund's shares in-kind, by delivery of securities selected from such Fund's assets at its discretion. In-kind payment means payment will be made in portfolio securities rather than cash. If this occurs, the redeeming shareholder might incur brokerage or other transaction costs to convert the securities to cash. The Funds have elected, however, to be subject to Rule 18f-1 under the 1940 Act so that the Funds are obligated to redeem their shares solely in cash up to the lesser of $250,000 or 1% of net asset value during any 90-day period for any one shareholder of any Fund. The redemption price is the net asset value per share next determined after the initial receipt of proper notice of redemption.

A Fund is not responsible for losses or fees resulting from posting delays or non-receipt of redemption payments at your bank when shareholder payment instructions are followed.

**ADDITIONAL POLICIES**

Exchanges

Eligible investors may exchange certain classes of shares for another class of shares of the same Fund. For further information, contact your broker/dealer organization.

Before you request an exchange, consider each Fund's investment objective and policies as described in this prospectus. Other Funds may not be available in certain retirement plans.

Telephone Transactions

Once you place a telephone transaction request, it cannot be canceled or modified. The Funds use reasonable procedures to confirm that telephone requests are genuine. The Funds may be responsible if they do not follow these procedures. You are responsible for losses resulting from fraudulent or unauthorized instructions received over the telephone, provided the Funds reasonably believe the instructions were genuine and have employed reasonable procedures to verify the shareholder's identity. Contact the Funds immediately if you believe there is a discrepancy between a transaction you performed and the confirmation statement you received, or if you believe someone has obtained unauthorized access to your account.

During times of unusual market activity, the Funds' phones may be busy and you may experience a delay in placing a telephone request. Since telephone trades must be received by or prior to market close, please allow sufficient time to place your telephone transaction. If you are unable to contact the Funds' Transfer Agent by phone, shares may also be purchased or redeemed by delivering the redemption request to the Funds' Transfer Agent.

eDelivery

eDelivery allows you to receive your quarterly account statements, transaction confirmations and other important information concerning your investment online. Select this option on your account application to receive email notifications when quarterly statements and confirmations are available for you to view via secure online access. You will also receive emails whenever a new prospectus, semi-annual or annual fund report is available. To establish eDelivery, call the Funds' Transfer Agent toll free at 1-877-485-8586 or visit <u>www.cullenfunds.com</u>.

Investing Through a Third Party

If you invest through a third party (rather than with the Funds directly), the policies and fees may be different than described in this prospectus. Banks, brokers, 401(k) plans, financial advisers, and financial supermarkets may charge transaction fees and may set different minimum investments or limitations on buying or selling shares. These fees and conditions are in addition to those imposed by the Funds. In addition, the options and services available specifically to a retirement plan may be different from those discussed in this prospectus. Consult a representative of your plan or financial institution if you are not sure.

Information for Retirement Plan Participants

Participants in retirement plans generally must contact the plan's administrator to purchase, redeem or exchange shares. Shareowner services, such as opening an account, may only be available to plan participants through a plan administrator. Plans may require separate applications and their policies and procedures may be different than those described in this prospectus. Participants should contact their plan administrator for information regarding shareholder services pertaining to participants' investments. A retirement plan sponsor can obtain retirement plan applications from its investment firm or plan administrator.

Information for IRA Rollover Accounts

IRA Rollover Accounts may be eligible to open an account and purchase Class R6 shares by contacting any investment firm authorized to sell the Emerging Markets High Dividend Fund's shares. You can obtain an application from your investment firm. You may also open your account, if eligible, by completing an account application and sending it to the Transfer Agent by mail.

Verification of Shareholder Transaction Statements

You must contact the Fund in writing regarding any errors or discrepancies within 60 days after the date of the statement confirming a transaction. The Fund may deny your ability to refute a transaction if it does not hear from you within 60 days after the confirmation statement date.

Non-Receipt of Purchase Wire/Insufficient Funds Policy

The Funds reserve the right to cancel a purchase if payment of the check or electronic funds transfer does not clear your bank, or if a wire is not received by settlement date. A Fund may charge a fee for insufficient funds and you may be responsible for any fees imposed by your bank and any losses that the Fund may incur as a result of the canceled purchase.

Anti-Money Laundering Program

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program provides for the development of practices, procedures and controls, designation of anti-

money laundering compliance officers, and an ongoing training program (either by the Adviser or its appropriate delegee, including service providers) to determine the effectiveness of the Program. Procedures to implement the Program include, but are not limited to, determining that the Trust's distributor and Transfer Agent have established proper anti-money laundering procedures, are reporting suspicious and/or fraudulent activity and are carrying out a complete and thorough review of all new opening account applications. The Trust will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

Each Fund may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons. Each Fund may also be required to transfer the account or proceeds of the account to a government agency.

Account Maintenance Fee

There is an annual pass through IRA and Coverdell Education Savings Account maintenance fee of $15.00 for accounts held directly with the Funds that is charged by the IRA custodian on a per-account basis.

**CUSTOMER IDENTIFICATION PROGRAM**

If you are opening an account in the name of a legal entity (e.g., a partnership, business trust, limited liability company, corporation, etc.), you may be required to supply the identity of the beneficial owner or controlling person(s) of the legal entity prior to the opening of your account. The Fund may request additional information about you (which may include certain documents, such as articles of incorporation for companies) to help the Transfer Agent verify your identity.

**DISTRIBUTIONS AND TAXES**

The High Dividend Fund will distribute substantially all net investment income no less frequently than monthly and any net realized capital gains will be distributed at least annually. The International High Dividend Fund, Small Cap Value Fund, Value Fund and Emerging Markets High Dividend Fund will distribute substantially all net investment income no less frequently than quarterly and any net realized capital gains will be distributed at least annually. The Enhanced Equity Income Fund will distribute substantially all net investment income no less frequently than quarterly and any net realized capital gains will be distributed at least annually. Distributions will automatically be reinvested in additional shares of the Funds, unless you elect to have the distributions paid to you in cash. If you choose to have distribution checks mailed to you and either the U.S. Postal Service is unable to deliver the check to you or the check remains outstanding for at least six (6) months, the Funds reserve the right to reinvest the check at the then current NAV until you notify the respective Fund with different instructions. You generally will pay tax on dividends whether they are payable in cash or additional shares.

In general, distributions will be taxable to you as ordinary income, qualified dividend income taxable at rates also applicable to capital gains, or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account ("IRA"). Distributions on investments made through tax-deferred vehicles, such as 401(k) plans or IRAs, may be taxed later as ordinary income upon withdrawal of assets from those plans or accounts. Dividends paid by the Funds from their ordinary income or from an excess of net short-term capital gain over net long-term capital loss (together referred to hereafter as "ordinary income dividends") are taxable to you as ordinary income. Distributions made from an excess of net long-term capital gain over net short-term capital loss are taxable to non-corporate shareholders as long-term capital gains, regardless of the length of time the shareholders have owned the Fund shares, provided the distributions are properly designated by the Fund as capital gain dividends. A portion of the Funds' ordinary income dividends may be eligible for the dividends received deduction allowed to corporations if certain requirements are met. To the extent that the Funds' distributions are derived from qualifying dividend income and long-term capital gains, such distributions to non-corporate shareholders will be eligible for taxation at the reduced rates if certain requirements are met. Qualified dividend income or dividend received deduction treatment will be available only with respect to dividends properly designated by the Fund as eligible for such treatment. If the NAV at the time a shareholder purchases shares of the Fund reflects undistributed net investment income, recognized net capital gain, or unrealized appreciation in the value of the assets of the Fund, distributions of such amounts will be taxable to the shareholder in the manner described above, although such distributions economically constitute a return of capital to the shareholder.

You may also have to pay taxes when you sell, redeem or exchange your shares. An exchange from one Fund to another Fund is treated the same as a sale and you generally will recognize gain or loss on the transaction. Any loss recognized on the sale of a share held for six months or less is treated as long-term capital loss to the extent of any capital gain dividends paid with respect to such share. In addition, a Fund is generally required by law to provide you and the Internal Revenue Service with cost basis information on a sale, redemption or exchange of your shares in the Fund acquired on or after January 1, 2012 (including any shares that you acquire through reinvestment of distributions).

A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and gain recognized on a redemption of shares) of U.S. individuals with income exceeding $200,000, or $250,000 if married, and of trusts and estates.

Dividends and interest received by the Funds and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries. These taxes can reduce the return achieved by the Fund. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. You may be able to claim a credit or take a deduction for foreign taxes paid by a Fund if certain requirements are met.

Class R6 shareholders should be aware that many retirement plans qualify for exemption from federal income tax. A qualified plan is not subject to current income tax on dividends and distributions received from the Emerging Markets High Dividend Fund, or on gains from the disposition of Fund shares. Instead, tax is imposed on beneficiaries who receive distributions from the qualified plan, and the tax consequences depend upon the features of the plan and the circumstances of the distribution.

By law, your dividends and redemption proceeds will be subject to a backup withholding tax if you are a non-corporate shareholder and have not provided a correct taxpayer identification number or social security number.

The taxation of distributions paid by the Funds to shareholders that are nonresident aliens or foreign entities (other than pass-through entities to the extent owned by U.S. persons) depends on the character of the distributions. Distributions of ordinary dividends are generally subject to a 30% U.S. withholding tax unless a reduced rate of withholding is provided for under an applicable income tax treaty. Distributions of capital gains, if and to the extent they are properly reported as "capital gain dividends," are generally not subject to withholding tax, except in certain circumstances. Distributions of short-term capital gains and qualified net interest income, if and to the extent they are properly reported as "short-term capital gain dividends" or "interest-related dividends," are generally not subject to U.S. withholding tax.

A 30% withholding tax is currently imposed on U.S.-source dividends, interest and other items paid to (i) foreign financial institutions (as defined in Section 1471(d)(4) of the Internal Revenue Code) unless they agree to collect and disclose to the Internal Revenue Service information regarding their direct and indirect United States account holders and (ii) certain other foreign entities unless they certify certain information regarding their direct and indirect United States owners. Under some circumstances, a shareholder may be eligible for refunds or credits of such taxes.

Distributions and gains from the sale of your shares may be subject to state and local income tax. The tax consequences to a non-resident alien individual or a foreign entity of investing in the Funds may be different from those described above. As stated above, such non-U.S. investors may be subject to U.S. withholding tax and, in the case of individuals, estate tax. You should consult your tax adviser about the federal, state, local or foreign tax consequences of your investment in the Funds.

Distribution checks will only be issued for payments greater than $25.00. Distributions will automatically be reinvested in shares of the fund(s) generating the distribution if under $25.00. Un-cashed distribution checks will be canceled and proceeds reinvested at the then current net asset value, for any shareholder who chooses to receive distributions in cash, if distribution checks: (1) are returned and marked as "undeliverable" or (2) remain un-cashed for six months after the date of issuance. If distribution checks are canceled and reinvested, your account election may also be changed so that all future distributions are reinvested rather than paid in cash. Interest will not accrue on uncashed distribution checks.

**SHAREHOLDER REPORTS, FINANCIAL STATEMENTS AND CONFIRMATIONS**

As a shareholder, you will be provided annual and semi-annual reports and, upon request without charge, financial statements showing the Funds' portfolio investments and financial information. You will also receive confirmations of your purchases and redemptions. Account statements will be mailed to you on an annual basis.

**RESERVED RIGHTS**

The Funds reserve the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Refuse, change, discontinue, or temporarily suspend account services, including purchase or telephone redemption privileges, for any reason. (Shareholders will be notified of any such action to the extent material via written notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reject any purchase request for any reason. Generally, a Fund does this if the purchase is disruptive to the efficient management of such Fund (*e.g.*, due to the timing of the investment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Change the minimum or maximum investment amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Delay sending out redemption proceeds for up to seven days (this generally only applies to very large redemptions without notice or during unusual market conditions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Suspend redemptions or postpone payments when the NYSE is closed for any reason other than its usual weekend or holiday closings, when trading is restricted by the SEC, or under emergency circumstances as determined by the SEC in accordance with the provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Close any account that does not meet minimum investment requirements. The Funds will give you notice and 60 days to begin an automatic investment program or to increase your balance to the required minimum. The initial minimum investment may be waived at any Fund's discretion. An account will not be closed when it falls below the minimum investment requirement as a result of market fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reject any purchase or redemption request that does not contain all required documentation.

**FINANCIAL HIGHLIGHTS**

The financial highlights tables are intended to help you understand the financial performance of the Retail Class, Class C, and Class I shares of each of the High Dividend Fund, the International High Dividend Fund, the Small Cap Value Fund, the Value Fund, the Emerging Markets High Dividend Fund, and the Enhanced Equity Income Fund (collectively, the "Funds"). Class R6 shares of the Emerging Markets High Dividend Fund have not yet commenced investment operations therefore, no financial highlights are available for Class R6 shares at this time. In the future, financial highlights for Class R6 shares will be presented in this section of the Prospectus. Certain information reflects financial results for a single share. The total returns in the tables represent the rate that the investor would have earned on an investment in each share class (assuming reinvestment of all dividends and distributions). The information relating to the Funds has been audited by PricewaterhouseCoopers LLP, the Funds' independent registered public accounting firm. Their report, along with each Fund's financial statements, is included in the Funds' Form N-CSR filing for the fiscal year ended June 30, 2025, which is available without charge upon request.

See Notes to Financial Statements.

Cullen International High Dividend Fund

**FINANCIAL HIGHLIGHTS June 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail Class** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $11.11 | $10.17 | $9.16 | $10.94 | $8.79 |
| **INCOME FROM INVESTMENT <br>OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.36 | 0.30 | 0.29 | 0.24 | 0.28 |
| Net realized and unrealized gain/loss  | 1.60 | 1.08 | 1.00 | (1.71) | 2.15 |
| Total from Investment Operations  | 1.96 | 1.38 | 1.29 | (1.47) | 2.43 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.48) | (0.44) | (0.28) | (0.31) | (0.28) |
| Total Distributions  | (0.48) | (0.44) | (0.28) | (0.31) | (0.28) |
| Net Increase/(Decrease) in net asset value  | 1.48 | 0.94 | 1.01 | (1.78) | 2.15 |
| Net Asset Value, End of Period  | $12.59 | $11.11 | $10.17 | $9.16 | $10.94 |
| **TOTAL RETURN<sup>(b)</sup>**  | 18.16% | 13.92% | 14.28% | (13.71%) | 27.95% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $5697 | $4480 | $4776 | $4188 | $6267 |
| Ratio of operating expenses to average net assets excluding waivers  | 1.47% | 1.48% | 1.56% | 1.51% | 1.52% |
| Ratio of operating expenses to average net assets including waivers  | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of net investment income to average net assets excluding waivers  | 2.91% | 2.64% | 2.72% | 1.97% | 2.57% |
| Ratio of net investment income to average net assets including waivers  | 3.13% | 2.87% | 3.03% | 2.23% | 2.84% |
| Portfolio Turnover Rate  | 125% | 70% | 63% | 75% | 57% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen International High Dividend Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $11.03 | $10.12 | $9.11 | $10.90 | $8.78 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.26 | 0.21 | 0.20 | 0.20 | 0.22 |
| Net realized and unrealized gain/loss  | 1.60 | 1.08 | 1.02 | (1.75) | 2.12 |
| Total from Investment Operations  | 1.86 | 1.29 | 1.22 | (1.55) | 2.34 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.39) | (0.38) | (0.21) | (0.24) | (0.22) |
| Total Distributions  | (0.39) | (0.38) | (0.21) | (0.24) | (0.22) |
| Net Increase/(Decrease) in net asset value  | 1.47 | 0.91 | 1.01 | (1.79) | 2.12 |
| Net Asset Value, End of Period  | $12.50 | $11.03 | $10.12 | $9.11 | $10.90 |
| **TOTAL RETURN<sup>(b)</sup>**  | 17.30% | 13.02% | 13.50% | (14.38%) | 26.92% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $675 | $774 | $985 | $1071 | $1387 |
| Ratio of operating expenses to average net assets excluding waivers  | 2.22% | 2.23% | 2.31% | 2.26% | 2.27% |
| Ratio of operating expenses to average net assets including waivers  | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Ratio of net investment income to average net assets excluding waivers  | 2.09% | 1.79% | 1.83% | 1.64% | 1.93% |
| Ratio of net investment income to average net assets including waivers  | 2.31% | 2.02% | 2.14% | 1.90% | 2.20% |
| Portfolio Turnover Rate  | 125% | 70% | 63% | 75% | 57% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen International High Dividend Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $11.24 | $10.28 | $9.25 | $11.03 | $8.86 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.39 | 0.35 | 0.33 | 0.34 | 0.32 |
| Net realized and unrealized gain/loss  | 1.63 | 1.07 | 1.00 | (1.80) | 2.15 |
| Total from Investment Operations  | 2.02 | 1.42 | 1.33 | (1.46) | 2.47 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.51) | (0.46) | (0.30) | (0.32) | (0.30) |
| Total Distributions  | (0.51) | (0.46) | (0.30) | (0.32) | (0.30) |
| Net Increase/(Decrease) in net asset value  | 1.51 | 0.96 | 1.03 | (1.78) | 2.17 |
| Net Asset Value, End of Period  | $12.75 | $11.24 | $10.28 | $9.25 | $11.03 |
| **TOTAL RETURN<sup>(b)</sup>**  | 18.51% | 14.18% | 14.63% | (13.49%) | 28.24% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $331474 | $290613 | $240839 | $174893 | $188481 |
| Ratio of operating expenses to average net assets excluding waivers  | 1.22% | 1.23% | 1.30% | 1.26% | 1.27% |
| Ratio of operating expenses to average net assets including waivers  | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets excluding waivers  | 3.17% | 3.04% | 3.06% | 2.90% | 2.86% |
| Ratio of net investment income to average net assets including waivers  | 3.39% | 3.27% | 3.36% | 3.16% | 3.13% |
| Portfolio Turnover Rate  | 125% | 70% | 63% | 75% | 57% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail Class** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $14.11 | $14.77 | $14.83 | $17.09 | $14.07 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.32 | 0.32 | 0.36 | 0.33 | 0.37 |
| Net realized and unrealized gain/loss  | 1.17 | 0.67 | 0.84 | (0.78) | 4.26 |
| Total from Investment Operations  | 1.49 | 0.99 | 1.20 | (0.45) | 4.63 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (1.91) | (1.65) | (1.26) | (1.81) | (1.61) |
| Total Distributions  | (1.91) | (1.65) | (1.26) | (1.81) | (1.61) |
| Net Increase/(Decrease) in net asset value  | (0.42) | (0.66) | (0.06) | (2.26) | 3.02 |
| Net Asset Value, End of Period  | 13.69 | $14.11 | $14.77 | $14.83 | $17.09 |
| **TOTAL RETURN<sup>(b)</sup>**  | 11.69% | 7.41% | 8.26% | (3.53%) | 35.10% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $72647 | $78463 | $94318 | $106659 | $129052 |
| Ratio of operating expenses to average net assets excluding waivers  | 1.36% | 1.35% | 1.36% | 1.34% | 1.34% |
| Ratio of operating expenses to average net assets including waivers  | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets excluding waivers  | 1.90% | 1.91% | 2.04% | 1.62% | 2.04% |
| Ratio of net investment income to average net assets including waivers  | 2.26% | 2.26% | 2.40% | 1.96% | 2.38% |
| Portfolio Turnover Rate  | 37% | 38% | 35% | 16% | 40% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $13.76 | $14.45 | $14.55 | $16.82 | $13.87 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.20 | 0.21 | 0.24 | 0.20 | 0.25 |
| Net realized and unrealized gain/loss  | 1.14 | 0.65 | 0.83 | (0.77) | 4.21 |
| Total from Investment Operations  | 1.34 | 0.86 | 1.07 | (0.57) | 4.46 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (1.82) | (1.55) | (1.17) | (1.70) | (1.51) |
| Total Distributions  | (1.82) | (1.55) | (1.17) | (1.70) | (1.51) |
| Net Increase/(Decrease) in net asset value  | (0.48) | (0.69) | (0.10) | (2.27) | 2.95 |
| Net Asset Value, End of Period  | $13.28 | $13.76 | $14.45 | $14.55 | $16.82 |
| **TOTAL RETURN<sup>(b)</sup>**  | 10.79% | 6.61% | 7.46% | (4.30%) | 34.16% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $20650 | $23433 | $30603 | $31861 | $35626 |
| Ratio of operating expenses to average net assets excluding waivers  | 2.11% | 2.10% | 2.11% | 2.09% | 2.09% |
| Ratio of operating expenses to average net assets including waivers  | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of net investment income to average net assets excluding waivers  | 1.14% | 1.15% | 1.29% | 0.88% | 1.30% |
| Ratio of net investment income to average net assets including waivers  | 1.50% | 1.50% | 1.65% | 1.22% | 1.64% |
| Portfolio Turnover Rate  | 37% | 38% | 35% | 16% | 40% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $14.13 | $14.78 | $14.84 | $17.11 | $14.07 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.35 | 0.35 | 0.40 | 0.37 | 0.41 |
| Net realized and unrealized gain/loss  | 1.17 | 0.68 | 0.84 | (0.79) | 4.28 |
| Total from Investment Operations  | 1.52 | 1.03 | 1.24 | (0.42) | 4.69 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (1.94) | (1.68) | (1.30) | (1.85) | (1.65) |
| Total Distributions  | (1.94) | (1.68) | (1.30) | (1.85) | (1.65) |
| Net Increase/(Decrease) in net asset value  | (0.42) | (0.65) | (0.06) | (2.27) | 3.04 |
| Net Asset Value, End of Period  | $13.71 | $14.13 | $14.78 | $14.84 | $17.11 |
| **TOTAL RETURN<sup>(b)</sup>**  | 11.93% | 7.73% | 8.52% | (3.35%) | 35.58% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $572655 | $651821 | $802559 | $865159 | $995683 |
| Ratio of operating expenses to average net assets excluding waivers  | 1.11% | 1.10% | 1.11% | 1.08% | 1.09% |
| Ratio of operating expenses to average net assets including waivers  | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income to average net assets excluding waivers  | 2.14% | 2.15% | 2.29% | 1.88% | 2.29% |
| Ratio of net investment income to average net assets including waivers  | 2.50% | 2.50% | 2.65% | 2.21% | 2.63% |
| Portfolio Turnover Rate  | 37% | 38% | 35% | 16% | 40% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen Small Cap Value Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail Class**  | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $13.01 | $12.62 | $13.21 | $15.98 | $9.40 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.13 | 0.17 | 0.19 | 0.14 | 0.01 |
| Net realized and unrealized gain/loss  | (0.10) | 0.51 | 0.34 | (1.06) | 6.57 |
| Total from Investment Operations  | 0.03 | 0.68 | 0.53 | (0.92) | 6.58 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.63) | (0.29) | (1.12) | (1.85) |  |
| Total Distributions  | (0.63) | (0.29) | (1.12) | (1.85) |  |
| Net Increase/(Decrease) in net asset value  | (0.60) | 0.39 | (0.59) | (2.77) | 6.58 |
| Net Asset Value, End of Period  | $12.41 | $13.01 | $12.62 | $13.21 | $15.98 |
| **TOTAL RETURN<sup>(b)</sup>**  | (0.13%) | 5.39% | 3.95% | (6.35%) | 70.00% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $327 | $359 | $559 | $373 | $637 |
| Ratio of operating expenses to average net assets excluding waivers  | 4.50% | 4.07% | 4.88% | 4.25% | 4.87% |
| Ratio of operating expenses to average net assets including waivers  | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of net investment (loss) to average net assets excluding waivers  | (2.27%) | (1.48%) | (2.21%) | (2.10%) | (3.55%) |
| Ratio of net investment income to average net assets including waivers  | 0.98% | 1.34% | 1.42% | 0.90% | 0.07% |
| Portfolio Turnover Rate  | 38% | 72% | 70% | 31% | 70% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen Small Cap Value Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $11.45 | $11.10 | $11.66 | $14.43 | $8.56 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup>  | 0.03 | 0.08 | 0.08 | (0.00)<sup>(b)</sup>  | (0.08) |
| Net realized and unrealized gain/loss  | (0.09) | 0.42 | 0.32 | (0.92) | 5.95 |
| Total from Investment Operations  | (0.06) | 0.50 | 0.40 | (0.92) | 5.87 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.56) | (0.15) | (0.96) | (1.85) |  |
| Total Distributions  | (0.56) | (0.15) | (0.96) | (1.85) |  |
| Net Increase/(Decrease) in net asset value  | (0.62) | 0.35 | (0.56) | (2.77) | 5.87 |
| Net Asset Value, End of Period  | $10.83 | $11.45 | $11.10 | $11.66 | $14.43 |
| **TOTAL RETURN<sup>(c)</sup>**  | (0.86%) | 4.47% | 3.28% | (7.11<br> %) | 68.57% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(d)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $118 | $125 | $125 | $65 | $336 |
| Ratio of operating expenses to average net assets excluding waivers  | 5.22% | 4.81% | 5.62% | 5.04% | 5.96% |
| Ratio of operating expenses to average net assets including waivers  | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Ratio of net investment (loss) to average net assets excluding waivers  | (2.99%) | (2.14%) | (2.90%) | (3.07<br> %) | (4.62%) |
| Ratio of net investment income/(loss) to average net assets including waivers  | 0.23% | 0.67% | 0.72% | (0.03<br> %) | (0.66%) |
| Portfolio Turnover Rate  | 38% | 72% | 70% | 31% | 70% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Amount represents less than $0.005 per common share.* 

*(c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(d) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen Small Cap Value Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $13.60 | $13.19 | $13.69 | $16.45 | $9.68 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.17 | 0.22 | 0.24 | 0.18 | 0.05 |
| Net realized and unrealized gain/loss  | (0.11) | 0.52 | 0.35 | (1.09) | 6.75 |
| Total from Investment Operations  | 0.06 | 0.74 | 0.59 | (0.91) | 6.80 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.65) | (0.33) | (1.09) | (1.85) | (0.03) |
| Total Distributions  | (0.65) | (0.33) | (1.09) | (1.85) | (0.03) |
| Net Increase/(Decrease) in net asset value  | (0.59) | 0.41 | (0.50) | (2.76) | 6.77 |
| Net Asset Value, End of Period  | $13.01 | $13.60 | $13.19 | $13.69 | $16.45 |
| **TOTAL RETURN<sup>(b)</sup>**  | 0.13% | 5.61% | 4.25% | (6.11%) | 70.34% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $8980 | $9928 | $12288 | $7848 | $7817 |
| Ratio of operating expenses to average net assets excluding waivers  | 4.22% | 3.80% | 4.56% | 4.00% | 4.72% |
| Ratio of operating expenses to average net assets including waivers  | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment (loss) to average net assets excluding waivers  | (2.00%) | (1.16%) | (1.84%) | (1.85%) | (3.38%) |
| Ratio of net investment income to average net assets including waivers  | 1.22% | 1.64% | 1.72% | 1.15% | 0.34% |
| Portfolio Turnover Rate  | 38% | 72% | 70% | 31% | 70% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen Value Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail Class**  | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $13.53 | $13.61 | $13.27 | $15.85 | $13.87 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.21 | 0.22 | 0.19 | 0.20 | 0.25 |
| Net realized and unrealized gain/loss  | 1.39 | 0.89 | 1.06 | (1.10) | 3.99 |
| Total from Investment Operations  | 1.60 | 1.11 | 1.25 | (0.90) | 4.24 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.56) | (1.19) | (0.91) | (1.68) | (2.26) |
| Total Distributions  | (0.56) | (1.19) | (0.91) | (1.68) | (2.26) |
| Net Increase/(Decrease) in net asset value  | 1.04 | (0.08) | 0.34 | (2.58) | 1.98 |
| Net Asset Value, End of Period  | 14.57 | $13.53 | $13.61 | $13.27 | $15.85 |
| **TOTAL RETURN<sup>(b)</sup>**  | 12.23% | 8.70% | 9.67% | (6.72%) | 33.12% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $1667 | $1617 | $1953 | $1947 | $2231 |
| Ratio of operating expenses to average net assets excluding waivers  | 2.71% | 2.68% | 3.54% | 2.23% | 2.31% |
| Ratio of operating expenses to average net assets including waivers  | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income/(loss) to average net assets excluding waivers  | (0.18%) | (0.04%) | (1.11%) | 0.07% | 0.34% |
| Ratio of net investment income to average net assets including waivers  | 1.53% | 1.64% | 1.43% | 1.30% | 1.65% |
| Portfolio Turnover Rate  | 19% | 27% | 27% | 36% | 40% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen Value Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $13.49 | $13.58 | $13.24 | $15.82 | $13.85 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.10 | 0.12 | 0.09 | 0.09 | 0.12 |
| Net realized and unrealized gain/loss  | 1.40 | 0.88 | 1.06 | (1.11) | 4.00 |
| Total from Investment Operations  | 1.50 | 1.00 | 1.15 | (1.02) | 4.12 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.49) | (1.09) | (0.81) | (1.56) | (2.15) |
| Total Distributions  | (0.49) | (1.09) | (0.81) | (1.56) | (2.15) |
| Net Increase/(Decrease) in net asset value  | 1.01 | (0.09) | 0.34 | (2.58) | 1.97 |
| Net Asset Value, End of Period  | $14.50 | $13.49 | $13.58 | $13.24 | $15.82 |
| **TOTAL RETURN<sup>(b)</sup>**  | 11.42% | 7.85% | 8.88% | (7.45%) | 32.18% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $368 | $522 | $711 | $783 | $596 |
| Ratio of operating expenses to average net assets excluding waivers  | 3.45% | 3.43% | 4.28% | 3.01% | 3.05% |
| Ratio of operating expenses to average net assets including waivers  | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of net investment (loss) to average net assets excluding waivers  | (0.97%) | (0.79%) | (1.85%) | (0.66%) | (0.49%) |
| Ratio of net investment income to average net assets including waivers  | 0.73% | 0.89% | 0.68% | 0.60% | 0.81% |
| Portfolio Turnover Rate  | 19% | 27% | 27% | 36% | 40% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen Value Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $13.47 | $13.55 | $13.22 | $15.80 | $13.84 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.25 | 0.25 | 0.23 | 0.24 | 0.28 |
| Net realized and unrealized gain/loss  | 1.39 | 0.89 | 1.05 | (1.10) | 3.98 |
| Total from Investment Operations  | 1.64 | 1.14 | 1.28 | (0.86) | 4.26 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.59) | (1.22) | (0.95) | (1.72) | (2.30) |
| Total Distributions  | (0.59) | (1.22) | (0.95) | (1.72) | (2.30) |
| Net Increase/(Decrease) in net asset value  | 1.05 | (0.08) | 0.33 | (2.58) | 1.96 |
| Net Asset Value, End of Period  | $14.52 | $13.47 | $13.55 | $13.22 | $15.80 |
| **TOTAL RETURN<sup>(b)</sup>**  | 12.56% | 8.98% | 9.96% | (6.51%) | 33.42% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $22981 | $20660 | $19756 | $20795 | $24287 |
| Ratio of operating expenses to average net assets excluding waivers  | 2.47% | 2.42% | 3.29% | 1.98% | 2.08% |
| Ratio of operating expenses to average net assets including waivers  | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income/(loss) to average net assets excluding waivers  | 0.07% | 0.22% | (0.86%) | 0.31% | 0.59% |
| Ratio of net investment income to average net assets including waivers  | 1.79% | 1.89% | 1.68% | 1.54% | 1.92% |
| Portfolio Turnover Rate  | 19% | 27% | 27% | 36% | 40% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail Class** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $12.89 | $10.90 | $9.74 | $12.30 | $8.95 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.36 | 0.37 | 0.46 | 0.36 | 0.29 |
| Net realized and unrealized gain/loss  | 0.98 | 2.03 | 1.14 | (2.54) | 3.30 |
| Total from Investment Operations  | 1.34 | 2.40 | 1.60 | (2.18) | 3.59 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.38) | (0.41) | (0.44) | (0.38) | (0.24) |
| Total Distributions  | (0.38) | (0.41) | (0.44) | (0.38) | (0.24) |
| Net Increase/(Decrease) in net asset value  | 0.96 | 1.99 | 1.16 | (2.56) | 3.35 |
| Net Asset Value, End of Period  | $13.85 | $12.89 | $10.90 | $9.74 | $12.30 |
| **TOTAL RETURN<sup>(b)</sup>**  | 10.57% | 22.55% | 16.93% | (17.95%) | 40.49% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $52582 | $36907 | $9734 | $7492 | $9819 |
| Ratio of operating expenses to average net assets excluding waivers  | 1.46% | 1.47% | 1.54% | 1.49% | 1.52% |
| Ratio of operating expenses to average net assets including waivers  | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of net investment income to average net assets excluding waivers  | 2.60% | 2.85% | 4.26% | 2.91% | 2.35% |
| Ratio of net investment income to average net assets including waivers  | 2.81% | 3.07% | 4.55% | 3.15% | 2.62% |
| Portfolio Turnover Rate  | 118% | 74% | 65% | 87% | 80% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $12.66 | $10.73 | $9.59 | $12.14 | $8.84 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.25 | 0.24 | 0.37 | 0.28 | 0.21 |
| Net realized and unrealized gain/loss  | 0.96 | 2.04 | 1.13 | (2.51) | 3.26 |
| Total from Investment Operations  | 1.21 | 2.28 | 1.50 | (2.23) | 3.47 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.29) | (0.35) | (0.36) | (0.32) | (0.17) |
| Total Distributions  | (0.29) | (0.35) | (0.36) | (0.32) | (0.17) |
| Net Increase/(Decrease) in net asset value  | 0.92 | 1.93 | 1.14 | (2.55) | 3.30 |
| Net Asset Value, End of Period  | $13.58 | $12.66 | $10.73 | $9.59 | $12.14 |
| **TOTAL RETURN<sup>(b)</sup>**  | 9.72% | 21.66% | 16.10% | (18.58%) | 39.51% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $1623 | $1612 | $1405 | $1405 | $1869 |
| Ratio of operating expenses to average net assets excluding waivers  | 2.21% | 2.22% | 2.29% | 2.24% | 2.27% |
| Ratio of operating expenses to average net assets including waivers  | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Ratio of net investment income to average net assets excluding waivers  | 1.82% | 1.85% | 3.46% | 2.20% | 1.65% |
| Ratio of net investment income to average net assets including waivers  | 2.03% | 2.07% | 3.75% | 2.44% | 1.92% |
| Portfolio Turnover Rate  | 118% | 74% | 65% | 87% | 80% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.* 

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $13.01 | $10.99 | $9.82 | $12.39 | $9.01 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.40 | 0.38 | 0.49 | 0.48 | 0.33 |
| Net realized and unrealized gain/loss  | 0.99 | 2.07 | 1.14 | (2.65) | 3.32 |
| Total from Investment Operations  | 1.39 | 2.45 | 1.63 | (2.17) | 3.65 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.41) | (0.43) | (0.46) | (0.40) | (0.27) |
| Total Distributions  | (0.41) | (0.43) | (0.46) | (0.40) | (0.27) |
| Net Increase/(Decrease) in net asset value  | 0.98 | 2.02 | 1.17 | (2.57) | 3.38 |
| Net Asset Value, End of Period  | $13.99 | $13.01 | $10.99 | $9.82 | $12.39 |
| **TOTAL RETURN<sup>(b)</sup>**  | 10.89% | 22.85% | 17.18% | (17.75%) | 40.91% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $1105949 | $788383 | $416125 | $302300 | $289113 |
| Ratio of operating expenses to average net assets excluding waivers  | 1.22% | 1.22% | 1.29% | 1.24% | 1.27% |
| Ratio of operating expenses to average net assets including waivers  | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets excluding waivers  | 2.88% | 2.92% | 4.52% | 3.95% | 2.71% |
| Ratio of net investment income to average net assets including waivers  | 3.10% | 3.14% | 4.81% | 4.19% | 2.98% |
| Portfolio Turnover Rate  | 118% | 74% | 65% | 87% | 80% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail Class** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $10.06 | $10.29 | $10.15 | $11.44 | $8.95 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.32 | 0.34 | 0.32 | 0.29 | 0.26 |
| Net realized and unrealized gain/loss  | 0.52 | 0.07 | 0.38 | (0.60) | 2.77 |
| Total from Investment Operations  | 0.84 | 0.41 | 0.70 | (0.31) | 3.03 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.33) | (0.34) | (0.39) | (0.98) | (0.54) |
| From tax return of capital  | (0.27) | (0.30) | (0.17) |  |  |
| Total Distributions  | (0.60) | (0.64) | (0.56) | (0.98) | (0.54) |
| Net Increase/(Decrease) in net asset value  | 0.24 | (0.23) | 0.14 | (1.29) | 2.49 |
| Net Asset Value, End of Period  | $10.30 | $10.06 | $10.29 | $10.15 | $11.44 |
| **TOTAL RETURN<sup>(b)</sup>**  | 8.38% | 4.13% | 7.11% | (3.19%) | 34.77% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $5815 | $5423 | $5154 | $3078 | $2395 |
| Ratio of operating expenses to average net assets excluding waivers  | 1.52% | 1.50% | 1.53% | 1.56% | 1.81% |
| Ratio of operating expenses to average net assets including waivers  | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets excluding waivers  | 2.50% | 2.86% | 2.54% | 2.01% | 1.72% |
| Ratio of net investment income to average net assets including waivers  | 3.02% | 3.36% | 3.07% | 2.57% | 2.53% |
| Portfolio Turnover Rate  | 150% | 125% | 176% | 93% | 139% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $10.08 | $10.31 | $10.16 | $11.47 | $8.98 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.24 | 0.26 | 0.24 | 0.20 | 0.18 |
| Net realized and unrealized gain/loss  | 0.52 | 0.07 | 0.39 | (0.59) | 2.77 |
| Total from Investment Operations  | 0.76 | 0.33 | 0.63 | (0.39) | 2.95 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.28) | (0.30) | (0.34) | (0.92) | (0.46) |
| From tax return of capital  | (0.24) | (0.26) | (0.14) |  |  |
| Total Distributions  | (0.52) | (0.56) | (0.48) | (0.92) | (0.46) |
| Net Increase/(Decrease) in net asset value  | 0.24 | (0.23) | 0.15 | (1.31) | 2.49 |
| Net Asset Value, End of Period  | $10.32 | $10.08 | $10.31 | $10.16 | $11.47 |
| **TOTAL RETURN<sup>(b)</sup>**  | 7.56% | 3.35% | 6.39% | (3.88%) | 33.66% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $9106 | $8592 | $10016 | $7127 | $6590 |
| Ratio of operating expenses to average net assets excluding waivers  | 2.28% | 2.26% | 2.29% | 2.32% | 2.55% |
| Ratio of operating expenses to average net assets including waivers  | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of net investment income to average net assets excluding waivers  | 1.73% | 2.10% | 1.72% | 1.24% | 0.96% |
| Ratio of net investment income to average net assets including waivers  | 2.26% | 2.61% | 2.26% | 1.81% | 1.76% |
| Portfolio Turnover Rate  | 150% | 125% | 176% | 93% | 139% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**FINANCIAL HIGHLIGHTS June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **For the Year <br>Ended <br>June 30, 2025** | **For the Year <br>Ended <br>June 30, 2024** | **For the Year <br>Ended <br>June 30, 2023** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| Net Asset Value, Beginning of Period  | $10.15 | $10.38 | $10.23 | $11.51 | $9.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.34 | 0.36 | 0.35 | 0.31 | 0.29 |
| Net realized and unrealized gain/loss  | 0.52 | 0.07 | 0.39 | (0.59) | 2.78 |
| Total from Investment Operations  | 0.86 | 0.43 | 0.74 | (0.28) | 3.07 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| From distributable earnings  | (0.34) | (0.35) | (0.42) | (1.00) | (0.56) |
| From tax return of capital  | (0.28) | (0.31) | (0.17) |  |  |
| Total Distributions  | (0.62) | (0.66) | (0.59) | (1.00) | (0.56) |
| Net Increase/(Decrease) in net asset value  | 0.24 | (0.23) | 0.15 | (1.28) | 2.51 |
| Net Asset Value, End of Period  | $10.39 | $10.15 | $10.38 | $10.23 | $11.51 |
| **TOTAL RETURN<sup>(b)</sup>**  | 8.57% | 4.38% | 7.45% | (2.90%) | 35.09% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>**  |  |  |  |  |  |
| Net Assets, End of Period (000s)  | $137530 | $143926 | $217611 | $160092 | $70940 |
| Ratio of operating expenses to average net assets excluding waivers  | 1.27% | 1.25% | 1.28% | 1.28% | 1.54% |
| Ratio of operating expenses to average net assets including waivers  | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income to average net assets excluding waivers  | 2.74% | 3.08% | 2.76% | 2.20% | 1.96% |
| Ratio of net investment income to average net assets including waivers  | 3.26% | 3.58% | 3.29% | 2.73% | 2.75% |
| Portfolio Turnover Rate  | 150% | 125% | 176% | 93% | 139% |

---

*(a) Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.*

*(c) Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

INVESTMENT ADVISER

Cullen Capital Management LLC

*New York, New York*

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

*Los Angeles, California*

LEGAL COUNSEL

Sidley Austin LLP

*New York, New York*

FUND ADMINISTRATOR AND DIVIDEND DISBURSING AGENT

Ultimus Fund Solutions, LLC

*Elkhorn, Nebraska*

CUSTODIAN

Brown Brothers Harriman & Co.

*New York, New York*

TRANSFER AGENT

Ultimus Fund Solutions, LLC

*Elkhorn, Nebraska*

DISTRIBUTOR

Paralel Distributors LLC

*Denver, Colorado*

PRIVACY NOTICE

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

The types of personal information we collect and share depend on the product or service you have with us. This information can include Social Security numbers and account balances.

**How the Funds collect non-public personal information:** The Funds collect non-public information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information we receive about you on applications or other forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information you give us orally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information about your transactions with us or others.

**Sharing of non-public personal information:** All financial companies need to share customers' personal information to run their everyday business. We will only share customers' or former customers' non-public personal information with the customer's authorization or for everyday business purposes, such as to process your transactions, maintain your account(s), report to credit bureaus, or as required by law or in response to inquiries from governmental authorities and court orders. We restrict access to your personal and account information to those employees who need to know that information to provide products and services to you. We also may disclose that information to unaffiliated third parties (such as to administrators, brokers or custodians) only as permitted by law and only as needed for us to provide agreed services to you.

We maintain physical, electronic and procedural safeguards to guard your non-public personal information.

**No opt-out right is necessary as we do not share your non-public personal information for any of the following purposes (unless you direct us to do so):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sharing for affiliates' everyday business purposes—information about your creditworthiness

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•affiliates from using your information to market to you

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sharing for nonaffiliates to market to you

In the event that you hold shares of a Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

**FOR MORE INFORMATION**

You can find more information about the Funds in the following documents:

Statement of Additional Information ("SAI")

The SAI contains details about investments and techniques of the Funds and certain other additional information. A current SAI is on file with the SEC and is incorporated into this prospectus by reference. This means that the SAI is legally considered a part of this prospectus even though it is not physically contained within this prospectus.

Annual/Semi-Annual Reports and Financial Statements

Additional information about the Funds' investments is available in each Fund's Form N-CSR and Form N-CSRS filings. The Funds' Form N-CSR and Form N-CSRS filings provide the most recent financial statements as well as portfolio listings. The Funds' annual reports, included in the Funds' Form N-CSR filings, contain a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during the Funds' last fiscal year.

You can obtain a free copy of these documents, request other information or make shareholder inquiries about the Funds by calling the Funds toll-free at 1-877- 485-8586 or by writing to:

Cullen Funds

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246

You may also obtain a free copy of these documents on the Funds' website at http://<u>www.cullenfunds.com</u>.

You may write to the SEC Public Reference Room at the regular mailing address or the e-mail address below and ask the SEC to mail you information about the Funds, including the SAI. The SEC will charge you a fee for this duplicating service. You can also visit the SEC Public Reference Room and copy documents while you are there. For more information about the operation of the Public Reference Room, call the SEC at the telephone number below.

Public Reference Section

Securities and Exchange Commission

Washington, D.C. 20549-1520

publicinfo@sec.gov

(202) 551-8090

Reports, financial statements and other information about the Funds are also available on the EDGAR Database on the SEC's Internet site at <u>http://www.sec.gov</u>.

1940 Act File No. 811-9871

**CULLEN HIGH DIVIDEND EQUITY FUND CULLEN INTERNATIONAL HIGH DIVIDEND FUND CULLEN SMALL CAP VALUE FUND CULLEN VALUE FUND CULLEN EMERGING MARKETS HIGH DIVIDEND FUND CULLEN ENHANCED EQUITY INCOME FUND**

**Cullen Funds Trust**

**<u>STATEMENT OF ADDITIONAL INFORMATION</u>**

Dated: October 28, 2025

This Statement of Additional Information (the "SAI") is not a prospectus. This SAI contains information in addition to and more detailed than that set forth in the Prospectus. It should be read in conjunction with the current prospectus dated October 28, 2025 for the Retail Class, Class I, and Class C shares of the Cullen High Dividend Equity Fund ("High Dividend Fund"), the Cullen International High Dividend Fund ("International High Dividend Fund"), the Cullen Small Cap Value Fund ("Small Cap Value Fund"), the Cullen Value Fund ("Value Fund"), the Cullen Enhanced Equity Income Fund ("Enhanced Equity Income Fund") and for the Retail Class, Class I, Class C, and Class R6 shares of the Cullen Emerging Markets High Dividend Fund ("Emerging Markets High Dividend Fund") (each a "Fund" and, together the "Funds"). The Funds are separate series of the Cullen Funds Trust (the "Trust").

You may obtain a copy of the Prospectus without charge by calling the Funds toll-free at 1-877-485-8586 or by writing the Funds at the address set forth below. You should read this SAI together with the Prospectus and retain it for future reference.

The audited financial statements for the Funds for the fiscal year ended June 30, 2025 are incorporated herein by reference to each Fund's Form N-CSR filing for the fiscal year ended June 30, 2025 and available by request without charge by calling toll-free 1-877-485-8586.

---

| | |
|:---|:---|
| Regular Mail | Overnight or Express Mail |
| Cullen Funds | Cullen Funds |
| c/o Ultimus Fund Solutions, LLC | c/o Ultimus Fund Solutions, LLC |
| P.O. Box 46707 | 225 Pictoria Dr, Suite 450 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Retail Class | Class I | Class C | Class R6 |
| CULLEN HIGH DIVIDEND EQUITY FUND | CHDEX | CHDVX | CHVCX |  |
| CULLEN INTERNATIONAL HIGH DIVIDEND FUND | CIHDX | CIHIX | CIHCX |  |
| CULLEN SMALL CAP VALUE FUND | CUSRX | CUSIX | CUSCX |  |
| CULLEN VALUE FUND | CVLEX | CVLVX | CVLFX |  |
| CULLEN EMERGING MARKETS HIGH DIVIDEND FUND | CEMDX | CEMFX | CEMGX | CEMEX |
| CULLEN ENHANCED EQUITY INCOME FUND | ENHRX | ENHNX | ENHCX |  |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [The Trust](#cullen485bposa001) | B-3 |
| [Description of the Funds and their Investment Objectives, Policies and Risks](#cullen485bposa002) | B-3 |
| [Investment Restrictions](#cullen485bposa003) | B-12 |
| [Management of the Funds](#cullen485bposa004) | B-13 |
| [Control Persons and Principal Holders of Shares](#cullen485bposa005) | B-20 |
| [Investment Advisory and Other Services](#cullen485bposa006) | B-32 |
| [Distributor](#cullen485bposa007) | B-38 |
| [Distribution Plans](#cullen485bposa008) | B-38 |
| [Brokerage](#cullen485bposa009) | B-40 |
| [Capital Structure](#cullen485bposa010) | B-41 |
| [Determination of Net Asset Value](#cullen485bposa011) | B-42 |
| [Eligible Investors](#cullen485bposa012) | B-43 |
| [Purchase and Redemption of Shares](#cullen485bposa013) | B-43 |
| [Proxy Voting Policies and Procedures](#cullen485bposa014) | B-45 |
| [Portfolio Holdings Information](#cullen485bposa015) | B-45 |
| [Additional Information on Distributions and Taxes](#cullen485bposa016) | B-46 |
| [Calculation of Performance Data](#cullen485bposa017) | B-51 |
| [Service Providers](#cullen485bposa018) | B-53 |
| [Additional Information](#cullen485bposa019) | B-54 |
| [Financial Statements](#cullen485bposa020) | B-54 |
| [Appendix A](#cullen485bposa021) | B-55 |
| [Appendix B](#cullen485bposa022) | B-59 |

---

**The Trust**

The Trust is an open-end management investment company formed as a Delaware statutory trust on March 25, 2000 and registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This SAI relates to the High Dividend Fund, the International High Dividend Fund, the Small Cap Value Fund, the Value Fund, the Emerging Markets High Dividend Fund and the Enhanced Equity Income Fund. Subject to class level expense differences, an investor by investing in one of the Funds offered, becomes entitled, provided the investor is a shareholder on the date of record, to a pro rata share of all dividends and distributions arising from the net income and capital gains on the investments of that Fund. Likewise, an investor can expect the value of his or her shares to reflect on a pro rata basis any losses of that Fund.

Each Fund is diversified, as defined in the 1940 Act. Under applicable federal laws, the diversification of a mutual fund's holdings is measured at the time the fund purchases a security. However, if a Fund purchases a security and holds it for a period of time, the security may become a larger percentage of the Fund's total assets due to movements in the financial markets. If the market affects several securities held by a Fund, the fund may have a greater percentage of its assets invested in securities of fewer issuers. At that point, the Fund is subject to the risk that its performance may be hurt disproportionately by the poor performance of relatively few securities despite the fund qualifying as a diversified fund under applicable federal laws.

Cullen Capital Management LLC, a registered investment adviser with the U.S. Securities and Exchange Commission ("SEC"), serves as the investment adviser to each Fund ("Cullen Capital" or the "Adviser"). Paralel Distributors LLC serves as the principal underwriter and distributor of the shares of each Fund (the "Distributor").

The Trust, on behalf of the Funds, has adopted a Multiple Class Plan pursuant to Rule 18f-3 under the 1940 Act, which details the attributes of each class of the Funds' shares. Currently, the Funds offer Retail Class, Class C, Class I and Class R6 (Emerging Markets High Dividend Fund only) shares.

**Description of the Funds and their Investment Objectives,**

 **Policies and Risks**

For additional information on the Funds, their respective investment objectives, policies and risks, refer to the summary information for each Fund in the Prospectus and the section entitled "Additional Information on Investment Policies and Risks." See also "Investment Restrictions" in this SAI.

Investment Objectives

The investment objectives of the High Dividend Fund, International High Dividend Fund, Value Fund, Emerging Markets High Dividend Fund, and Enhanced Equity Income Fund are long-term capital appreciation and current income.

The investment objective of the Small Cap Value Fund is long-term capital appreciation.

Each Fund selects portfolio securities primarily with a view to achieving its objectives. Each Fund's investment objectives are fundamental policies of the Fund and may not be changed without shareholder approval as described below in "Investment Restrictions." There is no assurance that a Fund will achieve its investment objectives.

Portfolio Turnover

Each Fund expects to purchase and sell securities at such times as each deems to be in the best interest of its shareholders. The Funds have not placed any limit on the rate of portfolio turnover, and securities may be sold without regard to the time they have been held when, in the opinion of the Adviser, investment considerations warrant such action.

The turnover rate for each Fund for the past two fiscal years was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended | Fiscal Year Ended |
| Portfolio Turnover | June 30, 2025 | June 30, 2024 |
| High Dividend Fund | 37% | 38% |
| International High Dividend Fund | 125% | 70% |
| Small Cap Value Fund | 38% | 72% |
| Value Fund | 19% | 27% |
| Emerging Markets High Dividend Fund | 118% | 74% |
| Enhanced Equity Income Fund | 150% | 125% |

---

The Funds expect to purchase and sell securities at such times as they deem to be in the best interest of their shareholders. The Funds have not placed any limit on their rate of portfolio turnover, and securities may be sold without regard to the time they have been held when, in the opinion of the Adviser, investment considerations warrant such action.

EQUITY SECURITIES AND RELATED INVESTMENTS

Investments in Equity Securities

Each Fund may invest in equity securities. Equity securities, such as common stock, generally represent an ownership interest in a company. While equity securities have historically generated higher average returns than fixed income securities, equity securities have also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular equity security held by a Fund. Also, the prices of equity securities, particularly common stocks, are sensitive to general movements in the stock market. A drop in the stock market may depress the price of equity securities held by the Fund.

NON-U.S. INVESTMENTS

Equity Securities of Non-U.S. Issuers

The Emerging Markets High Dividend Fund and International High Dividend Fund may invest in equity securities of non-U.S. issuers, including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and other similar instruments. All other Funds may invest in equity securities of non-U.S. issuers, including ADRs and other similar instruments but not in EDRs or GDRs. Each Fund may invest in debt obligations of non-U.S. governments. An investment in debt obligations of non-U.S. governments and their political subdivisions (sovereign debt) involves special risks that are not present in corporate debt obligations. The non-U.S. issuer of the sovereign debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than prices of debt obligations of U.S. issuers. In the past, certain foreign countries have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debt. A sovereign debtor's willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange, the relative size of the debt service burden, the sovereign debtor's policy toward its principal international lenders and local political constraints. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multinational agencies and other entities to reduce principal and interest arrearages on their debt. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance or repay principal or interest when due may result in the cancellation of third-party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to service its debts.

*Risks of non-U.S. investments.* Investing in securities of non-U.S. issuers involves considerations and risks not typically associated with investing in the securities of U.S. issuers. These risks are heightened with respect to investments in countries with emerging markets and economies. The risks of investing in securities of non-U.S. issuers generally, or in issuers with significant exposure to non-U.S. markets, may be related, among other things, to: (i) differences in size, liquidity and volatility of, and the degree and manner of regulation of, the securities markets of certain non-U.S. markets compared to the securities markets in the United States; (ii) economic, political and social factors, including trade disputes, such as the imposition of sanctions and tariffs; and (iii) foreign exchange matters, such as restrictions on the repatriation of capital, fluctuations in exchange rates between the U.S. dollar and the currencies in which the Funds' portfolio securities are quoted or denominated, exchange control regulations and costs associated with currency exchange. The political and economic structures in certain countries, particularly emerging markets, may undergo significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristics of more developed countries.

*Non-U.S. securities markets and regulations.* There may be less publicly available information about non-U.S. markets and issuers than is available with respect to U.S. securities and issuers. Non-U.S. companies generally are not subject to accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies. The trading markets for most non-U.S. securities are generally less liquid and subject to greater price volatility than the markets for comparable securities in the United States. The markets for securities in certain emerging markets are in the earliest stages of their development. Even the markets for relatively widely traded securities in certain non-U.S. markets, including emerging market countries, may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the United States. Additionally, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity. The less liquid a market, the more difficult it may be for a Fund to accurately price its portfolio securities or to dispose of such securities at the times determined by the Adviser to be appropriate. The risks associated with reduced liquidity may be particularly acute in situations in which a Fund's operations require cash, such as in order to meet redemptions and to pay its expenses.

*Economic, political and social factors.* Certain countries may be subject to a greater degree of economic, political and social instability than in the United States. Such instability may result from, among other things: (i) authoritarian governments or military involvement in political and economic decision making; (ii) popular unrest associated with demands for improved economic, political and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; and (v) ethnic, religious and racial conflict. Such economic, political and social instability could significantly disrupt the financial markets in such countries and the ability of the issuers in such countries to repay their obligations. Investing in emerging market countries also involves the risk of expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on repatriation of capital invested. In the event of such expropriation, nationalization or other confiscation in any emerging country, a Fund could lose its entire investment in that country. Certain emerging market countries restrict or control foreign investment in their securities markets to varying degrees. These restrictions may limit a Fund's investment in those markets and may increase the expenses of the Fund. In addition, the repatriation of both investment income and capital from certain markets is subject to restrictions such as the need for certain governmental consents. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of a Fund's operation. Economies in individual countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, currency valuation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many countries have experienced substantial, and in some cases extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, very negative effects on the economies and securities markets of certain emerging countries. Unanticipated political or social developments may affect the value of a Fund's investments and the availability to a Fund of additional investment in such countries. In the past, the economies, securities and currency markets of many emerging markets have experienced significant disruption and declines. There can be no assurance that these economic and market disruptions might not occur again. Economies in emerging market countries generally are dependent heavily upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been, and may continue to be, affected adversely by economic conditions in the countries with which they trade.

*Risks Related to Russian Invasion of Ukraine.* Russia's invasion of Ukraine, and corresponding events in late February 2022, have had, and could continue to have, severe adverse effects on regional and global economic markets for securities and commodities. Following Russia's actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia, including, among other actions, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; the removal by certain countries and the European Union of selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications ("SWIFT"), the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. These sanctions and the potential for future sanctions, including any impacting Russia's energy sector, and other actions, and Russia's retaliatory responses to those sanctions and actions, may continue to adversely impact the Russian and Ukrainian economies and may result in the further decline of the value and liquidity of Russian and Ukrainian securities, a continued weakening of the ruble and hryvnia and continued exchange closures, and may have other adverse consequences on the Russian and Ukrainian economies. Moreover, those events have, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of a Fund's investments beyond any direct exposure to Russian and Ukrainian issuers. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Funds and their investments or operations could be negatively impacted.

*Currency risks.* The value of the securities quoted or denominated in foreign currencies may be adversely affected by fluctuations in the relative currency exchange rates and by exchange control regulations. A Fund's investment performance may be negatively affected by a devaluation of a currency in which the Fund's investments are quoted or denominated. Further, a Fund's investment performance may be significantly affected, either positively or negatively, by currency exchange rates because the U.S. dollar value of securities quoted or denominated in another currency will increase or decrease in response to changes in the value of such currency in relation to the U.S. dollar.

*Custodian services and related investment costs.* Custodial services and other costs relating to investment in international securities markets generally are more expensive than in the United States. Such markets have settlement and clearance procedures that differ from those in the United States. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. The inability of a Fund to make intended securities purchases due to settlement problems could cause the Fund to miss attractive investment opportunities. Inability to dispose of a portfolio security caused by settlement problems could result either in losses to the Fund due to a subsequent decline in value of the portfolio security or could result in possible liability to the Fund. In addition, security settlement and clearance procedures in some emerging countries may not fully protect the Fund against loss or theft of its assets.

*Withholding and other taxes.* Each Fund may be subject to taxes, including withholding taxes, on income (possibly including, in some cases, capital gains) that are or may be imposed by certain countries with respect to a Fund's investments in such countries. These taxes can reduce the return achieved by the Fund. Treaties between the United States and such countries may not be available to reduce the otherwise applicable tax rates.

Emerging Markets Securities

Each Fund may invest in emerging markets securities. The Emerging Markets High Dividend Fund will invest a substantial portion of its assets in emerging markets. An "emerging market" or "emerging country" is any country that an international organization, such as the World Bank, has determined to have a relatively low or middle income economy.

Emerging market securities include securities which are: (i) principally traded in the capital markets of an emerging market country; (ii) securities of companies that derive at least 50% of their total revenues from either goods produced or services performed in emerging countries or from sales made in emerging countries, regardless of where the securities of such companies are principally traded; (iii) securities of companies organized under the laws of, and with a principal office in an emerging country; and (iv) securities of investment companies (such as country funds) that principally invest in emerging market securities.

Investing in the equity markets of developing countries involves exposure to potentially unstable governments, the risk of nationalization of businesses, restrictions on foreign ownership, prohibitions on repatriation of assets and a system of laws that may offer less protection of property rights. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates.

The securities markets in emerging markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. A high proportion of the shares of many issuers may be held by a limited number of persons and financial institutions, which may limit the number of shares available for investment by the portfolio. A limited number of issuers in Asian and emerging market securities markets may represent a disproportionately large percentage of market capitalization and trading value. The limited liquidity of securities markets in these regions may also affect the Fund's ability to acquire or dispose of securities at the price and time it wishes to do so. Accordingly, during periods of rising securities prices in the more illiquid regions' securities markets, a Fund's ability to participate fully in such price increases may be limited by its investment policy of investing not more than 15% of its net assets in illiquid securities. Conversely, the inability of a Fund to dispose fully and promptly of positions in declining markets will cause the Fund's net asset values to decline as the values of the unsold positions are marked to lower prices. In addition, these securities markets are susceptible to being influenced by large investors trading significant blocks of securities. Also, stockbrokers and other intermediaries in emerging markets may not perform in the way their counterparts in the United States and other more developed securities markets do. The prices at which the Fund may acquire investments may be affected by trading by persons with material non-public information and by securities transactions by brokers in anticipation of transactions by the Fund in particular securities.

The Russian, Eastern and Central European, Chinese and Taiwanese stock markets are undergoing a period of growth and change which may result in trading volatility and difficulties in the settlement and recording of transactions, and in interpreting and applying the relevant law and regulations.

*Certain Risks of Investing in Asia-Pacific Countries*. In addition to the risks of foreign investing and the risks of investing in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain additional or specific risks. A Fund may make substantial investments in Asia-Pacific countries. In many of these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Many of these markets also may be affected by developments with respect to more established markets in the region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory requirements for open-end investment companies, result in potentially fewer investment opportunities for the Fund and may have an adverse impact on the investment performance of a Fund.

Many developing market Asia-Pacific countries may be subject to a greater degree of economic, political and social instability than is the case in the United States and Western European countries. Such instability may result from, among other things: (i) authoritarian governments or military involvement in political and economic decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of such countries, have a substantial role in regulating and supervising the economy. Another risk common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be affected by a variety of factors. Governments of many developing market Asia-Pacific countries have exercised and continue to exercise substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions in the future could have a significant effect on economic conditions in developing market Asia- Pacific countries, which could affect private sector companies and a Fund itself, as well as the value of securities in the Fund's portfolio. In addition, economic statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed nations.

OTHER INVESTMENTS AND INVESTMENT TECHNIQUES

Derivatives Transactions

Rule 18f-4 under the 1940 Act permits a fund to enter into derivatives transactions, such as a forward commitment or a reverse repurchase agreement and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage"). Rule 18f-4 requires funds that engage in derivatives transactions (other than limited derivatives users) to have a derivatives risk program, which must include policies and procedures to manage the fund's derivatives risks, taking into account the fund's derivatives and other investments. For funds that limit their derivatives transactions, Rule 18f-4 includes an exception from the program requirement (including the requirement to appoint a derivatives risk manager), the VaR-based limits and related board oversight and reporting requirements prescribed by Rule 18f-4 (the "Limited Derivatives User Exception"). However, limited derivatives users must adopt and implement written policies and procedures reasonably designed to manage the fund's derivatives risks. The policies and procedures for a fund relying on the Limited Derivatives User Exception "should be tailored to the extent and nature of the fund's derivative use." The Funds have adopted a Limited Derivatives User Policy, which is designed to manage each Fund's derivatives risk and tailored to the extent and nature of each Fund's derivatives use. As of the date of this SAI, the Funds rely on the Limited Derivatives User Exception.

Lending of Portfolio Securities

Each Fund may lend securities to parties such as broker-dealers or other institutions. Securities lending allows a Fund to retain ownership of the securities loaned and, at the same time, earn additional income. The borrower provides the Fund with collateral in an amount at least equal to the value of the securities loaned. A Fund maintains the ability to obtain the right to vote or consent on proxy proposals involving material events affecting securities loaned. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for foreign securities. If a Fund is not able to recover the securities loaned, a Fund may sell the collateral and purchase a replacement investment in the market. The value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased. These events could trigger adverse tax consequences for the Fund. Cash received as collateral through loan transactions will generally be invested in shares of a money market fund. Investing this cash may subject that investment, as well as the securities loaned, to market appreciation or depreciation.

*Risks associated with securities lending.* The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to the Fund due to (i) the inability of the borrower to return the securities, (ii) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (iii) a delay in recovery of the securities, or (iv) the loss of rights in the collateral should the borrower fail financially. In addition, as noted above, the Fund continues to have market risk and other risks associated with owning the securities on loan. Where the collateral delivered by the borrower is cash, a Fund will also have the risk of loss of principal and interest in connection with its investment of collateral. If a borrower defaults, the value of the collateral may decline before the Fund can dispose of it. A Fund will lend portfolio securities only to firms that have been approved in advance by the Adviser, which will monitor the creditworthiness of any such firms. However, this monitoring may not protect the Fund from loss. At no time would the value of the securities loaned exceed 331⁄3% of the value of the Fund's total assets.

Convertible Securities

Each Fund may invest in convertible securities. Convertible securities are bonds, debentures, notes, preferred stocks, or other securities that may be converted into or exchanged for a specified amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest normally paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics in that they generally (1) have higher yields than common stocks, but lower yields than comparable non-convertible securities, (2) are less subject to fluctuation in value than the underlying stock since they have fixed income characteristics, and (3) provide the potential for capital appreciation if the market price of the underlying common stock increases.

The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value. The conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value.

Depositary Receipts

Each Fund may invest in ADRs. The Emerging Markets High Dividend Fund and International High Dividend Fund may also invest in EDRs, GDRs, and other similar instruments (ADRs, EDRs and GDRs are hereinafter collectively referred to as "depositary receipts"). Generally, ADRs in registered form are designed for use in U.S. securities markets, and EDRs, GDRs and other similar global instruments in bearer form are designed for use in non-U.S. securities markets. ADRs are denominated in U.S. dollars and represent an interest in the right to receive securities of non-U.S. issuers deposited in a U.S. bank or correspondent bank. ADRs do not eliminate all the risk inherent in investing in the securities of non-U.S. issuers. However, by investing in ADRs rather than directly in equity securities of non-U.S. issuers, a Fund will avoid currency risks during the settlement period for either purchases or sales. EDRs and GDRs are not necessarily denominated in the same currency as the underlying securities which they represent.

For purposes of the Funds' investment policies, investments in ADRs (for each Fund) and EDRs, GDRs and similar instruments (for the Emerging Markets High Dividend Fund and International High Dividend Fund only) will be deemed to be investments in the underlying equity securities of non-U.S. issuers. Depositary receipts may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary 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. To the extent a Fund invests in such unsponsored depositary receipts there may be an increased possibility that the Fund may not become aware of events affecting the underlying security and thus the value of the related depositary receipt.

Small- and Medium-Capitalization Companies

The Funds may invest in small-capitalization companies (which are companies with a typical capitalization range below $5 billion at the time of investment) and medium-capitalization companies (which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment). While small- and medium-capitalization companies often have the potential for growth, investments in small- and medium-capitalization companies often involve greater risks than investments in large, more established companies. Small- and medium-capitalization companies may lack the management experience, financial resources, product diversification, and competitive strengths of large companies. In addition, in certain instances the securities of small- and medium-capitalization companies are traded only over-the-counter ("OTC") or on a regional securities exchange, and the frequency and volume of their trading may be substantially less than is typical of larger companies. (The OTC market is the security exchange system in which broker/dealers negotiate directly with one another rather than through the facilities of a securities exchange). Therefore, the securities of small- and medium-capitalization companies may be subject to greater and more abrupt price fluctuations. When making large sales, the Funds may have to sell portfolio holdings at discounts from quoted prices or may have to make a series of small sales over an extended period of time due to the trading volume of small- and medium-capitalization company securities. Investors should be aware that, based on the foregoing factors, an investment in the Funds may be subject to greater price fluctuations than an investment in a mutual fund that invests primarily in the largest, most established companies. The Adviser's research efforts may also play a greater role in selecting securities for the Funds than in a mutual fund that invests exclusively in larger, more established companies.

Covered Call Options

In order to generate additional income, the Enhanced Equity Income Fund will write call options only on a covered basis, which means that a Fund will own the underlying security subject to a call option at all times during the option period. Premiums received on the sale of such options are expected to enhance the income of the Fund.

The purchaser of a call option has the right to buy, and the writer (in this case, a Fund) of a call option has the obligation to sell, an underlying security at a specified exercise price during a specified option period. The advantage to the Fund of writing covered calls is that the Fund receives a premium for writing the call, which is additional income. However, if the security rises in value and the call is exercised, the Fund may not participate fully in the market appreciation of the security. During the option period, a covered call option writer may be assigned an exercise notice by the broker/dealer through whom such call option was sold, requiring the writer to deliver the underlying security against payment of the exercise price.

This obligation to sell is terminated upon the expiration of the option period or, provided the writer has not received an exercise notice, at such earlier time at which the writer effects a closing purchase transaction.

A closing purchase transaction is one in which the Fund, when obligated as a writer of an option, terminates its obligation by purchasing an option of the same series as the option previously written. A closing purchase transaction cannot be effected with respect to an option once the Fund has received an exercise notice for such option. Closing purchase transactions will ordinarily be effected to realize a profit on an outstanding call option, to prevent an underlying security from being called, to permit the sale of the underlying security or to enable the Fund to write another call option on the underlying security with either a different exercise price or different expiration date or both. The Fund may realize a net gain or loss from a closing purchase transaction depending upon whether the net amount of the original premium received on the call option is more or less than the cost of effecting the closing purchase transaction. Any loss incurred in a closing purchase transaction may be partially or entirely offset by the premium received from a sale of a different call option on the same underlying security. Such a loss may also be wholly or partially offset by unrealized appreciation in the market value of the underlying security. Conversely, a gain resulting from a closing purchase transaction could be offset in whole or in part by a decline in the market value of the underlying security.

For U.S. federal income tax purposes, if a call option expires unexercised, the Fund will realize a short-term capital gain in the amount of the premium on the option, less the commission paid. Such a gain, however, may be offset against losses realized on the disposition of the underlying security. If a call option is exercised, the Fund will realize a gain or loss from the sale of the underlying security equal to the difference between (a) the basis of the underlying security and (b) the proceeds of the sale of the security, plus the amount of the premium on the option, less the commission paid.

The market value of a call option generally reflects the market price of the underlying security. Other principal factors affecting market value include supply and demand, interest rates, the price volatility of the underlying security and the time remaining until the expiration date.

The Funds will write call options only on a covered basis, which means that the Funds will own the underlying security subject to a call option at all times during the option period. Unless a closing purchase transaction is effected, the Funds would be required to continue to hold a security which it might otherwise wish to sell, or deliver a security it would want to hold. Options written by the Funds will normally have expiration dates between one and nine months from the date written. The exercise price of a call option may be below, equal to or above the current market value of the underlying security at the time the option is written.

Warrants

Each Fund may acquire warrants. Warrants are securities giving the holder the right, but not the obligation, to buy the stock of an issuer at a given price (generally higher than the value of the stock at the time of issuance) during a specified period or perpetually. Warrants may be acquired separately or in connection with the acquisition of securities. Warrants do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants may be considered to have more speculative characteristics than certain other types of investments. In addition, the value of a warrant does not necessarily change with the value of the underlying securities, and a warrant ceases to have value if it is not exercised prior to its expiration date.

Cash Investments

Cash or cash equivalents in which each Fund may invest when the Adviser is unable to identify attractive equity investments include short-term money market securities such as U.S. Treasury bills, prime-rated commercial paper, certificates of deposit, variable rate demand notes, money market funds, and repurchase agreements. Variable rate demand notes are non-negotiable instruments. The instruments the Funds invest in are generally rated at least Al by Standard & Poor's Ratings Services, or determined to be of comparable quality by the Adviser. However, the Funds may be susceptible to credit risk with respect to these notes to the extent that the issuer defaults on its payment obligation.

Repurchase Agreements

Each Fund may enter into repurchase agreements with banks or non-bank dealers. In a repurchase agreement, the Fund buys a security at one price, and at the time of sale, the seller agrees to repurchase the obligation at a mutually agreed upon time and price (within seven days). The repurchase agreement thereby determines the yield during the purchaser's holding period, while the seller's obligation to repurchase is secured by the value of the underlying security. In the event of a bankruptcy or other default of the seller, a Fund could experience both delays in liquidating the underlying securities and losses, including: (a) possible decline in the value of the underlying security during the period while the Fund seeks to enforce its rights; (b) possible subnormal levels of income or proceeds and lack of access to income and proceeds during this period; and (c) expenses of enforcing its rights. There is no limit placed on the Funds' ability to enter into repurchase agreements, subject to investment restrictions discussed elsewhere in this SAI or the prospectus.

Illiquid Securities

Each Fund is permitted to purchase securities which, based upon their nature or the market for such securities, are illiquid or for which no readily available market exists; provided that such purchases are in accordance with SEC guidance governing the percentage of illiquid securities which may be owned by the Fund. These guidelines generally prohibit mutual funds like the Funds from holding or purchasing illiquid securities totaling more than 15% of the value of their net assets. While each Fund does not intend to purchase illiquid securities to any significant extent, it is possible that a readily available market that was available for a security at the time of purchase may not be available at the time the Fund seeks to sell such security. In these cases, the Fund may have to lower the price, sell other portfolio securities instead or forego an investment opportunity, any of which could have a negative impact on Fund management or performance. Because illiquid securities may be difficult to sell at an acceptable price, they may be subject to greater volatility and may result in a loss to the Fund.

Although no definite quality criteria are necessarily used, the following factors will be considered in determining whether a security is illiquid: (i) the nature of the market for a security (including the institutional, private or international resale market), (ii) the terms of the security or other instruments allowing for the disposition to a third party or the issuer thereof (e.g., certain repurchase obligations and demand instruments), (iii) the availability of market quotations (e.g., for securities quoted in the PORTAL system), and (iv) other permissible relevant factors. Because an active market may not exist for illiquid securities, a Fund may experience delays and additional cost when trying to sell illiquid securities.

Cybersecurity Risk

The Funds are dependent on the effectiveness of the information and cybersecurity policies, procedures and capabilities they maintain to protect their computer and telecommunications systems and the data that resides on or is transmitted through them, including data provided by third parties that is significant to portions of its business and products. The Funds and their service providers have been and will continue to be susceptible to operational, information security, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems to misappropriate assets or sensitive information, corrupt data, or otherwise disrupt operations. Cyber incidents affecting the Adviser or other service providers (including, but not limited to, fund accountants, fund administrators, custodians, transfer agents, and financial intermediaries) have the ability to disrupt and impact business operations, potentially resulting in financial losses, loss of competitive position, reputational harm or legal liability, by interfering with the Funds' ability to calculate their NAV, preventing or slowing trades, stopping shareholders from making transactions, potentially subjecting the Funds or Adviser to regulatory fines and penalties, breach of client contacts, and creating additional compliance costs. Substantial costs may be incurred by the Funds to resolve or prevent cyber incidents in the future. Similar types of cyber security risks are also present for issuers or securities in which the Funds may invest, which could result in material adverse consequences for such issuers and may cause the Funds' investment in such companies to lose value. While the Funds and their service providers have established business continuity plans in the event of such cyber incidents, there are inherent limitations in such plans and systems. Additionally, the Funds cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect the Funds or its shareholders.

**Investment Restrictions**

Fundamental Restrictions

The policies set forth below are fundamental policies of each Fund and may not be changed without approval of the holders of the lesser of: (i) 67% of such Fund's shares present or represented at a shareholders meeting at which the holders of more than 50% of such shares are present or represented, or (ii) more than 50% of outstanding shares of such Fund. *Subject to Fundamental Restrictions applicable to a specific Fund, no Fund may:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase
 any securities which would cause 25% or more of the Fund's total assets at the time of such purchase to be concentrated
 in the securities of issuers engaged in any one industry (for purposes of this restriction, the Fund will consider any one
 industry to include any group of related industries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Invest
 in companies for the purpose of exercising management or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase
 or sell real estate, although the Funds may invest in the readily marketable securities of companies whose business involves
 the purchase or sale of real estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase
 or sell commodities or commodities contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase
 securities on margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Effect
 short sales of any securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Make
 loans, except by the acquisition of a portion of an issue of publicly traded bonds, debentures, notes, and other debt securities
 (repurchase agreements not being considered loans for this purpose);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Borrow
 money, except (a) for temporary emergency purposes in amounts not in excess of 5% of such Fund's total assets, or, (b)
 to the extent the Board of Trustees of the Trust (the "Board") may approve investments by the Funds in derivative
 instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Issue
 senior securities as defined in Section 8 of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Mortgage,
 pledge or hypothecate securities to an extent greater than 10% of the value of such Fund's net assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Enter
 into repurchase agreements with maturities of more than seven days (repurchase agreements being considered loans for certain
 purposes); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Act
 as an underwriter of securities except insofar as such Fund might technically be deemed an underwriter for purposes of the
 Securities Act of 1933 (the "Securities Act") upon the disposition of certain securities.

*Notwithstanding the foregoing, the High Dividend Fund and Enhanced Equity Income Fund may not:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase
 any securities which would cause more than 5% of the Fund's total assets at the time of such purchase to be invested
 in the securities of any issuer. This limitation does not apply to obligations issued or guaranteed by the U.S. Government.

*The International High Dividend Fund, Value Fund, Emerging Markets High Dividend Fund, and Small Cap Value Fund may not:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With
 respect to 75% of its assets, purchase any securities which would cause: (i) the Fund to invest in more than 10% of the outstanding
 voting securities of any one issuer; or (ii) more than 5% of the Fund's total assets at the time of such purchase to
 be invested in the securities of any issuer. This limitation does not apply to obligations issued or guaranteed by the U.S.
 Government.

Non-Fundamental Restrictions

Additional investment restrictions adopted by each Fund, which may be changed by the Board without a vote of the shareholders, provide that *each Fund may not:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase
 securities of other investment companies, except on the open market where no commission or profit results other than the broker's
 commission, or as part of a plan of merger, consolidation or reorganization approved by the shareholders of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Acquire
 or retain any security issued by a company, an officer or director of which is an officer or Independent Trustee (as defined
 below) of the Trust or an officer, director, member or other affiliated person of the Funds' Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Loan
 portfolio securities except where collateral values are continuously maintained at no less than 100% by "marking to
 market" daily and the practice is fair, just and equitable as determined by the Board and SEC requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Make
 any change in such Fund's investment policy of investing at least 80% of its net assets, plus borrowings for investment
 purposes, in the investments suggested by such Fund's name without first providing such Fund's shareholders with
 at least 60 days written prior notice.

*The High Dividend Fund, the Small Cap Value Fund, the Value Fund, and the Enhanced Equity Income Fund may not:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Invest
 in the securities of a foreign issuer or depositary receipts for such securities, if at the time of acquisition more than
 30% of the value of either Fund's assets would be invested in such securities. (The Fund is permitted to invest up to
 30% of its assets in securities of foreign issuers or depositary receipts therefor which are traded in a U.S. market or available
 through a U.S. broker or dealer, regardless of whether such securities or depositary receipts are traded in U.S. dollars).

*The Emerging Markets High Dividend Fund may not:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase
 any securities which would cause more than 30% of the Fund's total assets at the time of such purchase to be invested
 in the securities of companies domiciled in any one country.

Except with respect to borrowing and illiquid securities, if a percentage restriction set forth in the prospectus or in this SAI is adhered to at the time of investment, a subsequent increase or decrease in a percentage resulting from a change in the values of assets will not constitute a violation of that restriction.

**Management of the Funds**

The Board of Trustees of the Trust consists of seven individuals, six of whom are not "interested persons" of the Trust as defined in the 1940 Act ("Independent Trustees"). The Board of Trustees is responsible for managing the Trust's business and affairs. The Board of Trustees has appointed the Trust's officers, who conduct the daily business of the Trust.

*Leadership Structure and Oversight Responsibilities of the Board*

The Board is responsible for overseeing the Adviser's management and operations of the Funds pursuant to the respective investment management agreements. Trustees also have significant responsibilities under the federal securities laws. Among other things, they

● oversee the performance of the Funds;

● monitor the quality of the advisory and shareholder services provided by the Adviser;

● review annually the fees paid to the Adviser for its services;

● monitor potential conflicts of interest between the Funds and the Adviser;

● monitor distribution activities, custody of assets and the valuation of securities; and

● oversee the Funds' compliance program.

In performing their duties, Trustees receive detailed information about the Funds and the Adviser on a regular basis, and meet at least quarterly with management of the Adviser to review reports relating to each Fund's operations. The Trustees' role is to provide oversight and not to provide day-to-day management.

The Chairman of the Board, Mr. James Cullen, is an interested person of the Trust as that term is defined under Section 2(a)(19) of the 1940 Act because of his affiliation with the Adviser. The remaining Trustees and their immediate family members have no affiliation or business connection with the Adviser, the Funds' principal underwriter or any of their affiliated persons and do not own any stock or other securities issued by the Adviser or the Funds' principal underwriter.

The Board has all powers necessary or convenient to carry out its responsibilities. The Board may, for instance, adopt bylaws providing for the regulation and management of the affairs of the Trust and may amend and repeal them to the extent that such bylaws do not reserve that right to the shareholders. They may increase or reduce the number of Board members and may, subject to the relevant provisions of the 1940 Act, fill Board vacancies. Board members also may elect and remove such officers and appoint and terminate such agents as they consider appropriate. They may establish and terminate committees who may exercise the powers and authority of the Board as determined by the Trustees. They may, in general, delegate such authority as they consider desirable to any officer of the Trust, to any Board committee and to any agent or employee of the Trust or to any custodian, transfer agent, investor servicing agent, principal underwriter or other service provider for a Fund.

The Independent Trustees have not designated a lead Independent Trustee, but the Chairman of the Audit Committee, Mr. Robert Garry, generally acts as chairman of meetings or executive sessions of the Independent Trustees and, when appropriate, represents the views of the Independent Trustees to management. The Board has determined that its leadership structure is appropriate for the Funds because it enables the Board to exercise informed and independent judgment over matters under its purview, allocates responsibility among committees in a manner that fosters effective oversight and allows the Board to devote appropriate resources to specific issues in a flexible manner as they arise. The Board periodically reviews its leadership structure as well as its overall structure, composition and functioning and may make changes in its discretion at any time.

*Risk Oversight by the Board*

As mentioned above, the Board oversees the management of the Trust and the Funds and meets at least quarterly with management of the Adviser to review reports and receive information regarding each Fund's operations. Risk oversight relating to the Trust and the Funds is one component of the Board's oversight and is undertaken in connection with the duties of the Board. As described above, the Board's committees assist the Board in overseeing various types of risks relating to the Trust and the Funds. The Board receives reports from committees regarding their areas of responsibility and, through those reports and its interactions with management of the Adviser during and between meetings, analyzes, evaluates, and provides feedback on the Adviser's risk management process. In addition, the Board receives information regarding, and has discussions with senior management of the Adviser about, the Adviser's risk management systems and strategies. The Funds' Chief Compliance Officer ("CCO") reports to the Board at least quarterly regarding compliance and legal risk concerns. In addition to quarterly reports, the CCO provides an annual report to the Board in accordance with the Funds' compliance policies and procedures. The CCO regularly discusses relevant compliance and legal risk issues affecting the Funds during meetings with the Independent Trustees. The CCO updates the Board on the application of the Funds' compliance policies and procedures and discusses how they mitigate risk. The CCO also is in charge of reporting to the Board regarding any problems associated with the Funds' compliance policies and procedures that could expose the Funds to risk. There can be no assurance that all elements of risk, or even all elements of material risk, will be disclosed to or identified by the Board.

*Qualifications of Trustees*

Generally, no one factor was decisive in the original selection or nomination of the Trustees to the Board. Qualifications considered by the Board to be important to the selection and retention of Trustees include the following: (i) the individual's business and professional experience and accomplishments; (ii) the individual's educational background and accomplishments; (iii) the individual's experience and expertise at performing policy-making functions in business, government, education, accounting, law and/or administration; (iv) how the individual's expertise and experience would contribute to the mix of relevant skills and experience on the Board; (v) the individual's ability to work effectively with the other members of the Board; and (vi) the individual's ability and willingness to make the time commitment necessary to serve as an effective Trustee. In addition, the individual's ability to review and critically evaluate information, evaluate Fund service providers and exercise good business judgment on behalf of the Funds' shareholders, as well as prior service on the Board and familiarity with the Funds, are considered important attributes. While the Board has not adopted a specific policy on diversity, it takes overall diversity into account when considering and evaluating nominees for Trustee.

The Board generally considers the manner in which each Trustee's professional experience, background, skills, and other individual attributes will contribute to the effectiveness of the Board. Each Trustee's individual educational and professional experience is summarized as follows:

Mr. James P. Cullen is Chairman and Chief Executive Officer of the Adviser, has over 50 years of investment management experience and is the co-portfolio manager for each of the Funds.

Mr. Stephen G. Fredericks formerly was an institutional trader with several brokerage firms.

Mr. Robert J. Garry formerly was the chief financial officer for a New York City corporation and former corporate controller, chief operations officer and chief financial officer for several other business corporations and non-profit corporations in which he had responsibility for overseeing investments of assets.

Mr. Daniel J. Campbell was formerly a managing director at major New York brokerage firms covering fixed income and hybrid investment products.

Mr. James Wildman was formerly a managing partner of King & Spalding LLP, a leading corporate law firm based in Atlanta, Georgia.

Mr. Jeffrey Hemmings was formerly an account vice president at UBS Financial Services, Inc, and an account executive at EFHutton and Co., Inc.

Dr. Walter H. Forman is a diagnostic radiologist and co-owner of Palm Beach Radiology, a medical imaging center.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust** | **Term of**<br> **Office and**<br> **Length of**<br> **Time**<br> **Served** | **Principal**<br> **Occupation(s)**<br> **During Past**<br> **5 Years** | **No. of**<br> **Funds in**<br> **Complex**<br> **Overseen** | **Other**<br> **Directorships**<br> **Held by**<br> **Trustees** |
| *Interested Trustee* |  |  |  |  |  |
| James P. Cullen\*† <br> Cullen Capital Management LLC <br> 645 Fifth Avenue <br> New York, NY 10022 <br> Born: 1938 | Trustee, Chief Executive Officer | Since 2000 | Chairman and Chief Executive Officer, Controlling Member and Portfolio Manager, Cullen Capital Management LLC, since May 2000; Chairman and Chief Executive Officer, Schafer Cullen Capital Management, Inc., a registered investment adviser, December 1982 to present. | 6 |  |
| *Independent Trustees* |  |  |  |  |  |
| Robert J. Garry<br> c/o Cullen Capital Management LLC<br> 645 Fifth Avenue <br> New York, NY 10022<br> Born: 1945 | Independent Trustee | Since 2000 | Retired since July 2010, Executive Vice President/ Chief Financial Officer, New York City Off-Track Betting Corporation, November 2007 to July 2010; Corporate Controller, Yonkers Racing Corporation, 2001 to September 2007; Chief Operations Officer, The Tennis Network Inc., March 2000 to 2001; Senior Vice President and Chief Financial Officer, National Thoroughbred Racing Association, 1998 to 2000; Director of Finance and Chief Financial Officer, United States Tennis Association, prior thereto. | 6 |  |
| Stephen G. Fredericks<br> c/o Cullen Capital <br> Management LLC<br> 645 Fifth Avenue<br> New York, NY 10022 <br> Born: 1942 | Independent Trustee | Since 2002 | Retired since July 2009; Managing Director, institutional sales and trading of Raymond, James Associates, 2002 until 2009; Executive Managing Director, institutional sales and trading at ABNAMRO, Inc., 1995 until 2002. | 6 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust** | **Term of**<br> **Office and**<br> **Length of**<br> **Time**<br> **Served** | **Principal**<br> **Occupation(s)**<br> **During Past**<br> **5 Years** | **No. of**<br> **Funds in**<br> **Complex**<br> **Overseen** | **Other**<br> **Directorships**<br> **Held by**<br> **Trustees** |
| Daniel J. Campbell<br> c/o Cullen Capital Management LLC<br> 645 Fifth Avenue<br> New York, NY 10022<br> Born: 1945 | Independent <br> Trustee<br>| Since 2010 | Retired since 2003; Managing Director Global Hybrid Capital Products, Deutsche Bank, 2001 to 2003; Managing Director Preferred Bond Trading / Global Head Fixed Income Capital Products, Merrill Lynch, 1983 to 2001. | 6 |  |
| James H. Wildman<br> c/o Cullen Capital Management LLC<br> 645 Fifth Avenue<br> New York, NY 10022<br> Born: 1940 | Independent Trustee | Since 2012 | Retired since 2001; Managing Partner, King & Spalding, New York City, 1992 to 2001. Managing Partner, King & Spalding LLP, 1989 to 1992. | 6 |  |
| Jeffrey Hemmings<br> c/o Cullen Capital Management LLC<br> 645 Fifth Avenue<br> New York, NY 10022<br> Born: 1941 | Independent Trustee | Since 2015 | Retired since November, 2012; Account Vice President, UBS Financial Services, Inc, 1988-2012, Account Executive, EFHutton and Co., Inc. 1970-1988. | 6 |  |
| Walter H. Forman<br> c/o Cullen Capital Management LLC<br> 645 Fifth Avenue<br> New York, NY 10022<br> Born: 1941 | Independent Trustee | Since 2016 | Diagnostic Radiologist. Co-owner of Palm Beach Radiology (Palm Beach Florida), a medical imaging center. | 6 |  |
| *Officers* |  |  |  |  |  |
| Brooks H. Cullen†<br> Cullen Capital<br> Management LLC<br> 645 Fifth Avenue<br> New York, NY 10022<br> Born: 1967 | Vice President | Since 2000 | Vice Chairman and Portfolio Manager, Cullen Capital Management LLC, since May 2000; Vice President and Portfolio Manager, Schafer Cullen Capital Management, Inc., 1996 to present. | N/A | N/A |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust** | **Term of**<br> **Office and**<br> **Length of**<br> **Time**<br> **Served** | **Principal**<br> **Occupation(s)**<br> **During Past**<br> **5 Years** | **No. of**<br> **Funds in**<br> **Complex**<br> **Overseen** | **Other**<br> **Directorship**<br> **Held by**<br> **Trustees** |
| Rahul D. Sharma<br> Cullen Capital<br> Management LLC<br> 645 Fifth Avenue<br> New York, NY 10022<br> Born: 1970 | Secretary | Since 2000 | Portfolio Manager and Executive Director, Cullen Capital Management LLC, from 2000 to present. | N/A | N/A |
| James Goldstein <br> Cullen Capital<br> Management LLC<br> 645 Fifth Avenue<br> New York, NY 10022 <br> Born: 1978 | Chief Compliance Officer | Since 2024 | Senior Vice President, Cullen Capital Management LLC, from 2023 to present. | N/A | N/A |
| Stephen O'Neil <br> Cullen Capital Management LLC <br> 645 Fifth Avenue <br> New York, NY 10022 <br> Born: 1955 | Treasurer | Since 2022 | Chief Operating Officer, Cullen Capital Management LLC and Schafer Cullen Capital Management, Inc. since November 2022; Executive Director, Schafer Cullen Capital Management, Inc. from 2004 to present. | N/A | N/A |

---

\* James P. Cullen is an "interested person" of the Trust (as that term is defined in the 1940 Act) because of his affiliation with the Adviser.

\* Positions are held indefinitely until resignation or termination.

† James P. Cullen and Brooks H. Cullen are father and son, respectively.

Board Committees

The Board has three standing committees as described below:

Audit Committee

---

| | | |
|:---|:---|:---|
| Members | Description | Meetings |
| Robert J. Garry, <br> Independent Trustee | Responsible for advising the full Board with respect to accounting, auditing and financial matters affecting the Trust. | The Audit Committee met three (3) times during the past fiscal year with respect to the Funds. |
| Stephen G. Fredericks,<br> Independent Trustee |  |  |
| Daniel J. Campbell,<br> Independent Trustee |  |  |
| Walter H. Forman,<br> Independent Trustee |  |  |

---

Nominating Committee

---

| | | |
|:---|:---|:---|
| Members | Description | Meetings |
| Stephen G. Fredericks,<br> Independent Trustee<br>Daniel J. Campbell,<br> Independent Trustee | Responsible for seeking and reviewing candidates for consideration as nominees for Trustees as is considered necessary from time to time. The Funds do not have any policies in place regarding nominees for Trustees recommended by shareholders. The Board will not accept shareholder nominees for Board membership. | The Nominating Committee did not meet during the past fiscal year with respect to the Funds. |
| Jeffrey Hemmings,<br> Independent Trustee |  |  |
| Qualified Legal Compliance Committee |  |  |

---

---

| | | |
|:---|:---|:---|
| Members | Description | Meetings |
| Robert J. Garry,<br> Independent Trustee<br>Stephen G. Fredericks,<br> Independent Trustee | Responsible for receiving, retaining and considering any report of evidence of a material violation, and informing Chief Executive Officer of any report of evidence of a material violation and to determine whether an investigation is necessary regarding any report of evidence of a material violation and to take such other appropriate measures associated with such investigation. | The Qualified Legal Compliance Committee did not meet during the past fiscal year with respect to the Funds. |
| James H. Wildman <br> Independent Trustee |  |  |

---

The following compensation table provides certain information about the Trustees' fees for the Trust's fiscal year ended June 30, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name and <br> Position | Aggregate<br> Compensation <br> from High<br> Dividend<br> Fund | Aggregate <br> Compensation<br> from<br> International <br> High<br> Dividend<br> Fund | Aggregate<br> Compensation<br> from Small <br> Cap Value<br> Fund | Aggregate <br> Compensation<br> from Value<br> Fund | Aggregate<br> Compensation<br> from <br> Emerging <br> Markets High<br> Dividend<br> Fund | Aggregate <br> Compensation <br> from<br> Enhanced <br> Equity<br> Income<br> Fund | Pension or<br> Retirement <br> Benefits<br> Accrued as<br> Part of <br> Trust<br> Expenses | Estimated<br> Annual<br> Benefits <br> Upon<br> Retirement | Total<br> Compensation<br> from Funds<br> and<br> Fund<br> Complex<br> Paid to<br> Trustees |
| Robert J. Garry,<br> Independent Trustee | $13333 | $13333 | $13333 | $13333 | $13333 | $13333 | $0 | $0 | $80000 |
| Stephen G. Fredericks,<br> Independent Trustee | $13333 | $13333 | $13333 | $13333 | $13333 | $13333 | $0 | $0 | $80000 |
| Daniel J. Campbell,<br> Independent Trustee | $13333 | $13333 | $13333 | $13333 | $13333 | $13333 | $0 | $0 | $80000 |
| James H. Wildman,<br> Independent Trustee | $13333 | $13333 | $13333 | $13333 | $13333 | $13333 | $0 | $0 | $80000 |
| Jeffrey Hemmings<br> Independent Trustee | $13333 | $13333 | $13333 | $13333 | $13333 | $13333 | $0 | $0 | $80000 |
| Walter H. Forman<br> Independent Trustee\* | $13333 | $13333 | $13333 | $13333 | $13333 | $13333 | $0 | $0 | $80000 |
| James P. Cullen,<br> Interested Trustee | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |

---

Each Independent Trustee of the Trust is paid an annual fee of $80,000 for attendance at quarterly Board meetings. Each Independent Trustee is reimbursed for the expenses associated with participation in such meetings. Neither the Trust nor the Funds pay any fees to the Trustees who are considered "interested persons" of the Trust or the Funds or the Adviser, as defined in the 1940 Act. Neither the Trust nor the Funds maintain any deferred compensation, pension or retirement plans, and no pension or retirement benefits are accrued as part of Trust or the Funds' expenses.

**Control Persons and Principal Holders of Shares**

Control persons are persons deemed to control the applicable Fund because they own beneficially over 25% of the applicable Fund's outstanding equity securities. Shareholders with a controlling interest could affect the outcome of proxy voting or the direction of management of the applicable Fund. Principal holders are persons that own beneficially 5% or more of the Fund's outstanding equity securities.

The following tables provide the name, address and percentage of ownership of any person who owned of record or beneficially 5% or more of the outstanding shares of the applicable Funds as of September 30, 2025:

High Dividend Equity Fund – Retail Class Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of <br> Ownership |
| CHARLES SCHWAB & CO., INC. <br> ATTN MUTUAL FUNDS OPERATIONS<br> 101 MONTGOMERY ST <br> SAN FRANCISCO, CA 94104 | 22.20% |
| NATIONAL FINANCIAL SERVICES, LLC <br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY, NJ 07310 | 22.52% |
| MORGAN STANLEY SMITH BARNEY LLC <br> 1 NEW YORK PLZ FL 12<br> NEW YORK, NY 10004 | 25.06% |
| PERSHING LLC <br> PO BOX 2052 <br> JERSEY CITY, NJ 07303 | 8.20% |

---

---

| | |
|:---|:---|
| High Dividend Equity Fund – Class I Shares |  |
| Name and Address | Percentage of <br> Ownership |
| J.P. MORGAN SECURITIES LLC<br> 4 CHASE METROTECH CTR<br> 3<sup>RD</sup> MUTUAL FUND DEPT<br> BROOKLYN, NY 11245 | 17.64% |
| CHARLES SCHWAB & CO., INC. <br> ATTN MUTUAL FUNDS <br> 211 MAIN ST.<br> SAN FRANCISCO, CA 94105 | 7.75% |
| CHARLES SCHWAB & CO., INC.<br> ATTN MUTUAL FUNDS OPERATIONS<br> 101 MONTGOMERY ST <br> SAN FRANCISCO, CA 94104 | 6.39% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH<br> 4800 DEER LAKE DR E <br> JACKSONVILLE, FL 32246 | 10.27% |
| MORGAN STANLEY SMITH BARNEY LLC <br> 1 NEW YORK PLZ FL 12 <br> NEW YORK, NY 10004 | 8.80% |
| PERSHING LLC <br> PO BOX 2052 <br> JERSEY CITY, NJ 07303 | 5.46% |
| NATIONAL FINANCIAL SERVICES, LLC<br> ATTN MUTUAL FUNDS DEPT FL 4 <br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 9.82% |

---

High Dividend Equity Fund – Class C Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of <br> Ownership |
| PERSHING LLC<br> PO BOX 2052 <br> JERSEY CITY, NJ 07303 | 20.74% |
| J.P. MORGAN SECURITIES LLC<br> 4 CHASE METROTECH CTR <br> 3<sup>RD</sup> MUTUAL FUND DEPT<br> BROOKLYN, NY 11245 | 14.32% |
| RAYMOND JAMES<br> 880 CARILLON PKWY <br> ST PETERSBURG, FL 33716 | 14.01% |
| CHARLES SCHWAB & CO., INC.<br> ATTN MUTUAL FUNDS <br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | 10.19% |
| MORGAN STANLEY SMITH BARNEY LLC<br> 1 NEW YORK PLZ FL 12 <br> NEW YORK, NY 10004 | 13.90% |
| WELLS FARGO CLEARING SERVICES, LLC<br> 2801 MARKET ST <br> SAINT LOUIS, MO 63103 | 7.31% |
| UBS WM USA<br> ATTN: DEPARTMENT MANAGER <br> 1000 HARBOR BLVD<br> WEEHAWKEN, NJ 07086 | 8.17% |

---

International High Dividend Fund – Retail Class Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of <br> Ownership |
| RAYMOND JAMES<br> FOR MUTUAL FUNDS<br> 880 CARILLON PKWY<br> ST PETERSBURG, FL 33716 | 5.71% |
| CHARLES SCHWAB & CO., INC. <br> ATTN MUTUAL FUNDS OPERATIONS<br> 101 MONTGOMERY ST <br> SAN FRANCISCO, CA 94104 | 21.79% |
| NATIONAL FINANCIAL SERVICES, LLC<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY, NJ 07310 | 23.64% |
| MORGAN STANLEY SMITH BARNEY LLC <br> 1 NEW YORK PLZ FL 12<br> NEW YORK, NY 10004 | 18.19% |
| PERSHING LLC<br> PO BOX 2052 <br> JERSEY CITY, NJ 07303 | 5.17% |
| MERRILL LYNCH PIERCE FENNER & SMITH <br> 4800 DEER LAKE DR E<br> JACKSONVILLE, FL 32246 | 6.07% |

---

International High Dividend Fund – Class I Shares

---

| | |
|:---|:---|
|  | Percentage of |
| Name and Address | Ownership |
| SAXON & CO. <br> PO BOX 7780-1888<br> PHILADELPHIA, PA 19182 | 8.93% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH <br> 4800 DEER LAKE DR E <br> JACKSONVILLE, FL 32246 | 25.97% |
| J.P. MORGAN SECURITIES LLC <br> 4 CHASE METROTECH CTR <br> 3<sup>RD</sup> MUTUAL FUND DEPT <br> BROOKLYN, NY 11245 | 10.76% |
| NATIONAL FINANCIAL SERVICES, LLC<br> ATTN MUTUAL FUNDS DEPT FL 4 <br> 499 WASHINGTON BLVD <br> JERSEY CITY, NJ 07310 | 17.76% |
| MORGAN STANLEY SMITH BARNEY LLC <br> 1 NEW YORK PLZ FL 12<br> NEW YORK, NY 10004 | 5.96% |
| LPL FINANCIAL<br> 4707 EXECUTIVE DR <br> SAN DIEGO, CA 92121 | 7.72% |

---

International High Dividend Fund – Class C Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of <br> Ownership |
| OPPENHEIMER & CO., INC. <br> 515 ROOSEVELT WAY<br> WESTBURY, NY 11590 | 6.79% |
| OPPENHEIMER & CO., INC. <br> 515 ROOSEVELT WAY<br> WESTBURY, NY 11590 | 5.16% |
| PERSHING LLC <br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 21.63% |
| J.P. MORGAN SECURITIES LLC<br> 4 CHASE METROTECH CTR<br> 3<sup>RD</sup> MUTUAL FUND DEPT<br> BROOKLYN, NY 11245 | 25.89% |
| WELLS FARGO CLEARING SERVICES, LLC <br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103 | 23.68% |

---

Small Cap Value Fund – Retail Class Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of<br> Ownership |
| CHARLES SCHWAB & CO., INC. <br> ATTN MUTUAL FUNDS OPERATIONS<br> 101 MONTGOMERY ST <br> SAN FRANCISCO, CA 94104 | 32.15% |
| NATIONAL FINANCIAL SERVICES, LLC<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY, NJ 07310 | 37.78% |
| RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PKWY <br> ST PETERSBURG, FL 33716 | 11.08% |
| J.P. MORGAN SECURITIES LLC<br> 4 CHASE METROTECH CTR<br> 3<sup>RD</sup> MUTUAL FUND DEPT<br> BROOKLYN, NY 11245 | 5.55% |
| MILA C MEDRANO UTMA <br> 7951 TEASDALE AVE <br> SAINT LOUIS, MO 63130 | 6.82% |

---

Small Cap Value Fund – Class I Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of <br> Ownership |
| JAMES P CULLEN <br> 474 LOCUST POINT RD<br> LOCUST, NJ 07760-2320 | 55.89% |
| NATIONAL FINANCIAL SERVICES, LLC <br> ATTN MUTUAL FUNDS DEPT FL 4 <br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 22.34% |

---

Small Cap Value Fund – Class C Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of <br> Ownership |
| NATIONAL FINANCIAL SERVICES, LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 58.43% |
| RAYMOND JAMES <br> 880 CARILLON PKWY <br> ST PETERSBURG, FL 33716 | 13.73% |
| CHIATE GARY<br> 501 NORTH BROADWAY<br> ST LOUIS MO 63102 | 27.84% |

---

Value Fund – Retail Class Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of <br> Ownership |
| CHARLES SCHWAB & CO., INC. <br> ATTN MUTUAL FUNDS OPERATIONS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104 | 68.82% |
| NATIONAL FINANCIAL SERVICES, LLC <br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY, NJ 07310 | 10.52% |
| STEVEN F HOLMBERG<br> PO BOX 144<br> EMMETT, ID 83617 | 14.12% |

---

Value Fund –Class I Shares

---

| | |
|:---|:---|
| Name and Address | &nbsp;&nbsp;&nbsp;&nbsp;Percentage of <br> Ownership |
| JAMES P CULLEN <br> 474 LOCUST POINT RD<br> LOCUST, NJ 07760 | 49.99% |
| ROBERT J FLANAGAN <br> 266 E BROADWAY APT B2003 <br> NEW YORK, NY 10002 | 11.43% |
| NATIONAL FINANCIAL SERVICES, LLC<br> ATTN MUTUAL FUNDS DEPT FL 4 <br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 6.01% |
| EMPOWER TRUST<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE, CO 80111 | 9.58% |
| MARK S FLANAGAN & <br> BONITA L FLANAGAN JT TEN<br> 4015 EMILIA WAY<br> BLACKSBURG, VA 24060 | 5.22% |
| MAUREEN H WOLFF TOD <br> 262 W 107<sup>TH</sup> ST APT 1D<br> NEW YORK, NY 10025 | 9.20% |

---

Value Fund – Class C Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of <br> Ownership |
| <br> PERSHING LLC <br> PO BOX 2052 <br> JERSEY CITY, NJ 07303 | 87.02%<br>|
| CHARLES SCHWAB & CO., INC.<br> ATTN MUTUAL FUNDS <br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | 8.85% |

---

Emerging Markets High Dividend Fund – Retail Class Shares

---

| | |
|:---|:---|
| Name and Address | &nbsp;&nbsp;&nbsp;&nbsp;Percentage of <br> Ownership |
| CHARLES SCHWAB & CO., INC.<br> ATTN MUTUAL FUNDS OPERATIONS<br> 101 MONTGOMERY ST <br> SAN FRANCISCO, CA 94104 | 62.96% |
| NATIONAL FINANCIAL SERVICES, LLC<br> ATTN MUTUAL FUNDS DEPT FL 5<br> 200 LIBERTY STREET<br> NEW YORK, NY 10281 | 10.38% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH <br> 4800 DEER LAKE DR E FL 1 <br> JACKSONVILLE, FL 32246 | 8.76% |

---

Emerging Markets High Dividend Fund – Class I Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of <br> Ownership |
| MORGAN STANLEY SMITH BARNEY LLC<br> 1 NEW YORK PLZ FL 12 <br> NEW YORK, NY 10004 | 17.22% |
| NATIONAL FINANCIAL SERVICES, LLC<br> ATTN MUTUAL FUNDS DEPT FL 4<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 21.50% |
| CHARLES SCHWAB & CO., INC. <br> ATTN MUTUAL FUNDS OPERATIONS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104 | 11.10% |
| LPL FINANCIAL<br> 4707 EXECUTIVE DR <br> SAN DIEGO, CA 92121 | 7.64% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. <br> 4800 DEER LAKE DR E<br> JACKSONVILLE, FL 32246 | 16.80% |
| RAYMOND JAMES<br> 880 CARILLON PKWY<br> ST PETERSBURG, FL 33716 | 5.04% |
| RELIANCE TRUST CO FBO<br> HUNTINGTON NATIONAL BANK<br> PO BOX 570788<br> ATLANTA GA 30357 | 6.94% |

---

Emerging Markets High Dividend Fund – Class C Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of<br> Ownership |
| J.P. MORGAN SECURITIES LLC<br> 4 CHASE METROTECH CTR <br> 3<sup>RD</sup> MUTUAL FUND DEPT<br> BROOKLYN, NY 11245 | 77.05% |
| PERSHING LLC<br> PO BOX 2052 <br> JERSEY CITY, NJ 07303 | 13.14% |

---

Enhanced Equity Income Fund – Retail Class Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of<br> Ownership |
| CHARLES SCHWAB & CO INC<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105 | 28.66% |
| RAYMOND JAMES & ASSOCIATES, INC. <br> 880 CARILLON PKWY<br> ST PETERSBURG, FL 33716 | 18.33% |
| NATIONAL FINANCIAL SERVICES, LLC<br> ATTN MUTUAL FUNDS DEPT FL 5<br> 200 LIBERTY STREET<br> NEW YORK, NY 10281 | 9.79% |

---

Enhanced Equity Income Fund – Class I Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of <br> Ownership |
| RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PKWY <br> ST PETERSBURG, FL 33716 | 31.15% |
| NATIONAL FINANCIAL SERVICES, LLC<br> ATTN MUTUAL FUNDS DEPT FL 4<br> 499 WASHINGTON BLVD <br> JERSEY CITY, NJ 07310 | 13.35% |
| PERSHING LLC<br> PO BOX 2052 <br> JERSEY CITY, NJ 07303 | 21.51% |
| WELLS FARGO CLEARING SERVICES, LLC<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103 | 7.62% |

---

Enhanced Equity Income Fund – Class C Shares

---

| | |
|:---|:---|
| Name and Address | Percentage of<br> Ownership % |
| RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PKWY<br> ST PETERSBURG, FL 33716 | 80.29% |
| LPL FINANCIAL<br> 4707 EXECUTIVE DR<br> SAN DIEGO, CA 92121 | 6.01% |

---

As of September 30, 2025, the Trustees and Officers of the Trust as a group owned the following percentages of outstanding shares of each class of the Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Percentage of Outstanding Shares** | **Percentage of Outstanding Shares** | **Percentage of Outstanding Shares** | |
| <br>&nbsp;&nbsp;**Fund Name** | **Retail Class** | **Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | <br>**Class R6** |
| &nbsp;&nbsp;High Dividend Fund | 0.21% | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34% | N/A |
| &nbsp;&nbsp;International High Dividend Fund | 2.54% | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66% | N/A |
| &nbsp;&nbsp;Small Cap Value Fund | 0.00% | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.40% | N/A |
| &nbsp;&nbsp;Value Fund | 0.00% | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.81% | N/A |
| &nbsp;&nbsp;Emerging Markets High Dividend Fund | 0.12% | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% | N/A |
| &nbsp;&nbsp;Enhanced Equity Income Fund | 1.59% | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% | N/A |

---

Neither the Independent Trustees nor members of their immediate families, own securities beneficially or of record in the Adviser, the Distributor or any affiliate of the Adviser or Distributor. Accordingly, neither the Independent Trustees nor members of their immediate families, have any direct or indirect interest, the value of which exceeds $120,000 in the Adviser, the Distributor or any of their affiliates.

Board Interest in the Funds

Set forth below is the dollar range of equity securities beneficially owned<sup>(1)</sup> by each Trustee in each Fund as of December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Trustee | High<br> Dividend<br> Fund | International<br> High<br> Dividend<br> Fund | Small<br> Cap<br> Value<br> Fund | Value<br> Fund | Emerging<br> Markets<br> High<br> Dividend<br> Fund | Enhanced<br> Equity<br> Income<br> Fund | Aggregate Dollar<br> Range of Equity<br> Securities Beneficially<br> Owned in All<br> Registered Investment<br> Companies Overseen<br> by Trustee in Family of<br> Investment Companies |
| James P. Cullen,<br> Interested Trustee | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |
| Robert J. Garry,<br> Independent Trustee |  |  |  |  |  |  |  |
| Stephen G. Fredericks,<br> Independent Trustee |  |  |  |  |  |  |  |

---

---

| | |
|:---|:---|
| Daniel J. Campbell,<br> Independent Trustee | $50001 - $100000 |
| James H. Wildman,<br> Independent Trustee |  |
| Jeffrey Hemmings,<br> Independent Trustee |  |
| Walter H. Forman,<br> Independent Trustee |  |

---

<sup>(1)</sup> Beneficial ownership is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended.

**Investment Advisory and Other Services**

Advisory Agreements

Cullen Capital Management LLC, a Delaware limited liability company located at 645 Fifth Avenue, New York, New York, 10022 serves as the Adviser to the Funds. Mr. James P. Cullen, Chairman and Chief Executive Officer of the Trust, is also the Chairman, Chief Executive Officer and Controlling Member of the Adviser. Cullen Capital is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act") with the SEC.

The Adviser provides investment advisory services to each Fund pursuant to separate investment advisory agreements between the Trust and Cullen Capital (collectively, the "Advisory Agreements"). Pursuant to the Advisory Agreements, the Trust employs Cullen Capital Management LLC as the Adviser. The Adviser is responsible for making and implementing investment decisions for the applicable Fund. In addition, the Adviser furnishes office space, office facilities, equipment, personnel (other than the services of Independent Trustees), and clerical and bookkeeping services for each Fund to the extent not provided by the custodian, transfer agent and dividend paying agent, fund administration and accounting services agent of the Funds. Pursuant to the Advisory Agreements, each Fund pays the Adviser a fee for managing the Fund's investments that is calculated as a percentage of such Fund's net assets under management.

In consideration of the services to be provided by the Adviser pursuant to the respective Advisory Agreements, the Adviser is entitled to receive from each Fund an investment advisory fee computed daily and paid monthly based on an annual rate equal to a percentage of each Fund's average daily net assets specified in the Prospectus. As described in the Prospectus, the Adviser has contractually agreed to limit the total expenses of (i) the High Dividend Fund (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares, and 0.75% for Class I shares, (ii) the Small Cap Value Fund and the International High Dividend Fund (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to 1.25% for Retail Class shares, 2.00% for Class C shares, and 1.00% for Class I shares, (iii) the Value Fund and the Enhanced Equity Income Fund (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares and 0.75% for Class I shares and (iv) the Emerging Markets High Dividend Fund (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to 1.25% for Retail Class shares, 2.00% for Class C shares, 1.00% for Class I shares and 0.90% for Class R6 shares. Pursuant to each Advisory Agreement, the Adviser may cause each Fund to reimburse the Adviser for any fee reductions or expense reimbursements made pursuant to the Advisory Agreement within a three-year period, provided that any such reductions or reimbursements made by such Fund will not cause such Fund's expense limitations to exceed the amounts set forth above. However, the Funds are not obligated to pay any such reduced fees for more than three years after the end of the fiscal year in which the fee was reduced.

For the periods indicated below, the Funds paid the following advisory fees to the Adviser:

High Dividend Fund

---

| | | | |
|:---|:---|:---|:---|
| | Fiscal Year Ended<br>June 30, 2025<br>| Fiscal Year Ended<br>June 30, 2024<br>| Fiscal Year Ended<br>June 30, 2023<br>|
| Fees Earned | $7123823 | $8153520 | $9936173 |
| Fees Reduced | $(2580877) | $(2867070) | $(3530439) |
| Total Fees Paid | $4542469 | $5286450 | $6405734 |

---

International High Dividend Fund

---

| | | | |
|:---|:---|:---|:---|
| | Fiscal Year Ended<br> June 30, 2025 | Fiscal Year Ended<br> June 30, 2024 | Fiscal Year Ended<br> June 30, 2023 |
| Fees Earned | $3064261 | $2658144 | $2056782 |
| Fees Reduced | $(681441) | $(614309) | $(627454) |
| Total Fees Paid | $2382820 | $2043835 | $1429328 |

---

Small Cap Value Fund\*

---

| | | | |
|:---|:---|:---|:---|
| | Fiscal Year Ended<br> June 30, 2025 | Fiscal Year Ended<br> June 30, 2024 | Fiscal Year Ended<br> June 30, 2023 |
| Fees Earned | $107279 | $116592 | $112845 |
| Fees Reduced | $(345970) | $(326359) | $(403231) |
| Total Fees Paid | $0 | $0 | $0 |

---

Value Fund\*\*

---

| | | | |
|:---|:---|:---|:---|
| | Fiscal Year Ended<br> June 30, 2025 | Fiscal Year Ended <br> June 30, 2024 | Fiscal Year Ended <br> June 30, 2023 |
| Fees Earned | $236105 | $221038 | $235157 |
| Fees Reduced | $(405191) | $(368401) | $(597842) |
| Total Fees Paid | $0 | $0 | $0 |

---

Emerging Markets High Dividend Fund

---

| | | | |
|:---|:---|:---|:---|
| | Fiscal Year Ended<br> June 30, 2025 | Fiscal Year Ended<br> June 30, 2024 | Fiscal Year Ended<br> June 30, 2023 |
| Fees Earned | $9548524 | $6044082 | $3407062 |
| Fees Reduced | $(2054585) | $(1329352) | $(995512) |
| Total Fees Paid | $7493939 | $4714730 | $2411550 |

---

Enhanced Equity Income Fund

---

| | | | |
|:---|:---|:---|:---|
| | Fiscal Year Ended <br> June 30, 2025 | Fiscal Year Ended <br> June 30, 2024 | Fiscal Year Ended <br> June 30, 2023 |
| Fees Earned | $1576637 | $1747149 | $1898026 |
| Fees Reduced | $(826014) | $(874585) | $(1013735) |
| Total Fees Paid | $750623 | $872564 | $884291 |

---

\* The Small Cap Value Fund commenced operations on October 1, 2009. The Adviser did not collect any advisory fees for the fiscal years ended June 30, 2023, June 30, 2024, and June 30, 2025 because the expenses of the Fund exceeded the fees earned and, pursuant to a written agreement, the Adviser had agreed to waive fees and /or reimburse expenses in order to maintain set expense ratios for each class of the Fund. 

\*\* The Value Fund commenced operations on September 1, 2012. The Adviser did not collect any advisory fees for the fiscal years ended June 30, 2023, June 30, 2024, and June 30, 2025 because the expenses of the Fund exceeded the fees earned and, pursuant to a written agreement, the Adviser had agreed to waive fees and /or reimburse expenses in order to maintain set expense ratios for each class of the Fund.

<u>Portfolio Mana</u>g<u>er</u> 

Mr. James P. Cullen and Ms. Jennifer Chang are the portfolio managers responsible for the day-to-day management of the High Dividend Fund. Mr. James P. Cullen, Mr. Rahul D. Sharma, Mr. Pravir Singh and Ms. Anuca Laudat are the portfolio managers responsible for the day-to-day management of the International High Dividend Fund. Mr. James P. Cullen and Mr. Rahul D. Sharma are the portfolio managers responsible for the day-to-day management of the Emerging Markets High Dividend Fund. Mr. James P. Cullen, Mr. Brooks H. Cullen, and Mr. Brian Drubetsky are the portfolio managers responsible for the day-to-day management of the Small Cap Value Fund. Mr. James P. Cullen, Ms. Jennifer Chang and Mr. Brooks Cullen are the portfolio managers responsible for the day-to-day management of the Value Fund. Mr. James P. Cullen, Ms. Jennifer Chang, Mr. Tim Cordle and Mr. Michael Gallant are the portfolio managers responsible for the day-to-day management of the Enhanced Equity Income Fund. The following table shows the number of other accounts managed by Mr. James Cullen, Mr. Brooks Cullen, Mr. Sharma, Ms. Chang, Mr. Cordle, Mr. Drubetsky, Mr. Gallant, Mr. Singh and Ms. Laudat and the total assets in the accounts managed within various categories, as of June 30, 2025.

<u>Other Accounts Mana</u>g<u>ed\*</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Accounts with Advisory Fee <br> based on Performance | Accounts with Advisory Fee <br> based on Performance |
|  | Total Assets | Number of Accounts | Number of Accounts | Total Assets |
| James Cullen |  |  |  |  |
| &nbsp;&nbsp;Other accounts | 21408039573 | 7813 |  |  |
| &nbsp;&nbsp;Other pooled vehicles | 737653986 | 8 | 2 | 17520207 |
| &nbsp;&nbsp;Registered Investment Companies | 178173963 | 3 |  |  |
| Brooks Cullen |  |  |  |  |
| &nbsp;&nbsp;Other accounts | 376245868 | 83 |  |  |
| &nbsp;&nbsp;Other pooled vehicles |  |  |  |  |
| &nbsp;&nbsp;Registered Investment Companies |  |  |  |  |
| Rahul Sharma |  |  |  |  |
| &nbsp;&nbsp;Other accounts | 6268383303 | 2287 |  |  |
| &nbsp;&nbsp;Other pooled vehicle | 91091980 | 2 | 3 | 18143728 |
| &nbsp;&nbsp;Registered Investment Companies | 52159092 | 1 |  |  |
| Jennifer Chang |  |  |  |  |
| &nbsp;&nbsp;Other accounts | 15126076004 | 5508 |  |  |
| &nbsp;&nbsp;Other pooled vehicles | 638886959 | &nbsp;&nbsp;&nbsp;&nbsp;5 |  |  |
| &nbsp;&nbsp;Registered Investment Companies | 126014871 | 2 |  |  |
| Tim Cordle |  |  |  |  |
| &nbsp;&nbsp;Other accounts | 1499576329 | 2445 |  |  |
| &nbsp;&nbsp;Other pooled vehicles | 83590714 | 2 |  |  |
| &nbsp;&nbsp;Registered Investment Companies | 26012906 | 1 |  |  |
| Brian Drubetsky |  |  |  |  |
| &nbsp;&nbsp;Other accounts | 13270462 | 18 |  |  |
| &nbsp;&nbsp;Other pooled vehicles | 74374905 | 1 | 1 | 15705526 |
| &nbsp;&nbsp;Registered Investment Companies |  | 0 |  |  |
| Michael Gallant |  |  |  |  |
| &nbsp;&nbsp;Other accounts | 1667323642 | 2457 |  |  |
| &nbsp;&nbsp;Other pooled vehicles | 94403879 | 3 |  |  |
| &nbsp;&nbsp;Registered Investment Companies | 78171998 | 2 |  |  |
| Pravir Singh |  |  |  |  |
| &nbsp;&nbsp;Other accounts | 4857431233 | 1993 |  |  |
| &nbsp;&nbsp;Other pooled vehicles | 69410582 | 2 |  |  |
| &nbsp;&nbsp;Registered Investment Companies |  | 1 |  |  |
| Anuca Laudat |  |  |  |  |
| &nbsp;&nbsp;Other accounts | 5780300609 | 1987 |  |  |
| &nbsp;&nbsp;Other pooled vehicle | 69410582 | 1 |  |  |
| &nbsp;&nbsp;Registered Investment Companies |  |  |  |  |

---

\* Other accounts managed by the portfolio managers listed above include accounts and assets of the Adviser and Schafer Cullen Capital Management, Inc., an affiliated entity.

*Material Conflicts of Interest*. The portfolio managers have day-to-day management responsibilities with respect to other accounts and accordingly may be presented with potential or actual conflicts of interest.

The management of other accounts may result in the portfolio managers devoting unequal time and attention to the management of each Fund and/or other accounts. In approving the Advisory Agreements, the Board of Trustees was satisfied that the portfolio managers would be able to devote sufficient attention to the management of each Fund, and that the Adviser seeks to manage such competing interests for the time and attention of the portfolio managers.

With respect to securities transactions for each Fund, the Adviser determines which broker to use to execute each transaction, consistent with its duty to seek best execution of the transaction. For buy or sell transactions considered simultaneously for a Fund and other accounts, orders are generally placed with executing brokers subject to a random rotation. The portfolio managers use their best efforts to ensure that no client is treated unfairly in relation to any other client over time in the allocation of securities or the order of the execution of transactions. The portfolio managers generally allocate trades on the basis of assets under management so that the securities positions represent equal gross exposure as a percentage of total assets of each similarly managed client. The Funds and client accounts are not generally invested in thinly traded or illiquid securities; therefore, conflicts in fulfilling investment opportunities are to some extent minimized.

*Compensation*. James P. Cullen is an equity owner of the Adviser and does not receive a salary from the Funds. Mr. Cullen owns 51% of the outstanding shares of Schafer Cullen Capital Management, Inc., an affiliate of the Adviser ("SCCM"). Mr. Cullen owns 75.01% of the voting equity of the Adviser. In his ownership capacity, Mr. Cullen shares commensurately in the profits and losses of both the Adviser and SCCM. Mr. Cullen receives a fixed salary from the Adviser and receives net profits of each advisory firm based upon his ownership interests. Mr. Cullen participates in the Adviser's 401(k) plan and does not have a deferred compensation plan.

Rahul D. Sharma is an employee of the Adviser and does not receive a salary from the International High Dividend Fund or the Emerging Markets High Dividend Fund. Mr. Sharma owns interests in the Adviser which provide him a percentage of annual after-tax profits or losses earned as well as a percentage of net management fees earned by the International High Dividend Fund and Emerging Markets High Dividend Fund. Mr. Sharma also receives a fixed salary and bonus. Bonus amounts are determined by the overall profitability of the Adviser and are not directly related to the performance of any one fund or product. Net profits are determined after all expenses are deducted from gross revenues. Mr. Sharma participates in the Adviser's 401(k) plan and does not have a deferred compensation plan.

Jennifer Chang is an employee of the Adviser and does not receive a salary from the High Dividend Fund or the Value Fund. Ms. Chang owns interests in the Adviser which provide her a percentage of annual after-tax profits or losses earned. Ms. Chang also receives a fixed salary and bonus. Bonus amounts are determined by the overall profitability of the Adviser and are not directly related to the performance of any one fund or product. Net profits are determined after all expenses are deducted from gross revenues. Ms. Chang participates in the Adviser's 401(k) plan and does not have a deferred compensation plan.

Brooks H. Cullen is an employee and equity owner of the Adviser and does not receive a salary from the Small Cap Value Fund or the Value Fund. In his ownership capacity, Mr. Cullen shares commensurately in the profits and losses of the Adviser. Mr. Cullen also receives a fixed salary and bonus. Bonus amounts are determined by the overall profitability of the Adviser and are not directly related to the performance of any one fund or product. Net profits are determined after all expenses are deducted from gross revenues. Mr. Cullen participates in the Adviser's 401(k) plan and does not have a deferred compensation plan.

Tim Cordle is an employee of the Adviser and does not receive a salary from the Enhanced Equity Income Fund. Mr. Cordle owns interests in the Adviser which provide him a percentage of annual after-tax profits or losses earned. Mr. Cordle also receives a fixed salary and bonus. Bonus amounts are determined by the overall profitability of the Adviser and are not directly related to the performance of any one fund or product. Net profits are determined after all expenses are deducted from gross revenues. Mr. Cordle participates in the Adviser's 401(k) plan and does not have a deferred compensation plan.

Brian Drubetsky is an employee of the Adviser and in such capacity does not receive a salary from the Small Cap Value Fund. Mr. Drubetsky receives a fixed salary and bonus from the Adviser. Bonus amounts are determined by the overall profitability of the Adviser and are not directly related to the performance of any one fund or product. Net profits are determined after all expenses are deducted from gross revenues. Mr. Drubetsky participates in the Adviser's 401(k) plan and does not have a deferred compensation plan.

Michael Gallant is an employee of the Adviser and in such capacity does not receive a salary from the Enhanced Equity Income Fund. Mr. Gallant receives a fixed salary and bonus from the Adviser. Bonus amounts are determined by the overall profitability of the Adviser and are not directly related to the performance of any one fund or product. Net profits are determined after all expenses are deducted from gross revenues. Mr. Gallant participates in the Adviser's 401(k) plan and does not have a deferred compensation plan.

Pravir Singh is an employee of the Adviser and does not receive a salary from the International High Dividend Fund. Mr. Singh owns interests in the Adviser which provide him a percentage of annual after-tax profits or losses earned. Mr. Singh also receives a fixed salary and bonus. Bonus amounts are determined by the overall profitability of the Adviser and are not directly related to the performance of any one fund or product. Net profits are determined after all expenses are deducted from gross revenues. Mr. Singh participates in the Adviser's 401(k) plan and does not have a deferred compensation plan.

Anuca Laudat is an employee of the Adviser and in such capacity does not receive a salary from the International High Dividend Fund. Ms. Laudat receives a fixed salary and bonus from the Adviser. Bonus amounts are determined by the overall profitability of the Adviser and are not directly related to the performance of any one fund or product. Net profits are determined after all expenses are deducted from gross revenues. Ms. Laudat participates in the Adviser's 401(k) plan and does not have a deferred compensation plan.

*Securities Owned in the Funds by Portfolio Managers*. Set forth below is the dollar range of equity securities beneficially owned<sup>(1)</sup> by each portfolio manager in each Fund as of June 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of**<br> **Portfolio**<br> **Manager** | **High Dividend Fund** | **International High**<br> **Dividend Fund** | **Small Cap Value Fund** | **Value Fund** | **Emerging Markets**<br> **High Dividend**<br> **Fund** | **Enhanced**<br> **Equity**<br> **Income Fund** |
| &nbsp;&nbsp;James P. Cullen | Over $1,000,000 | Over $1,000,000 | Over $1,000,000 | Over $1,000,000 | Over $1,000,000 | Over $1,000,000 |
| &nbsp;&nbsp;Rahul D. Sharma | $50001 - $100000 | Over $1,000,000 |  | $50001 - $100000 | $500001 -<br>$999999<br>| $50001 - $100000 |
| &nbsp;&nbsp;Jennifer Chang | Over $1,000,000 |  |  | Over $1,000,000 |  | $50001 - $100000 |
| &nbsp;&nbsp;Brooks H. Cullen | Over $1,000,000\* | $100001 - $500000 | $100001 - $500000 | Over $1,000,000 | $100001 - $500000 |  |
| &nbsp;&nbsp;Tim Cordle | $100001 - $500000 | $100001 - $500000 |  |  |  | $500001 -<br>$999999<br>|
| &nbsp;&nbsp;Brian Drubetsky | $100001 - $500000 |  | $100001 -<br>$500000<br>|  |  |  |
| &nbsp;&nbsp;Michael Gallant | $100001 - $500000 | $10001-$50000 |  |  | $1 - $10000 |  |
| &nbsp;&nbsp;Pravir Singh | $100001 - $500000 | $100001 - $500000 |  | $100001 - $500000 |  |  |
| &nbsp;&nbsp;Anuca Laudat |  | $1 - $10000 |  |  |  |  |

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<sup>(1)</sup> Beneficial ownership is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended.

\* The Cullen 2011 Descendants' Trust, of which Brooks Cullen is a Trustee, owns over $1,000,000 in both the Enhanced Equity Income Fund and the Value Fund and between $500,001 - $999,999 in both the High Dividend Fund and Small Cap Value Fund.

Code of Ethics

The Trust and the Adviser have adopted a joint written Code of Ethics. This Code of Ethics governs the personal securities transactions of Trustees, managers, members, officers and employees who may have access to current trading information of the Funds. Subject to certain conditions, the Code permits such persons to invest in securities for their personal accounts, including securities that may be purchased or held by the Funds. The Code includes reporting and other obligations to monitor personal transactions and ensure that such transactions are consistent with the best interests of the Funds.

Fund Accounting and Administration

Ultimus Fund Solutions, LLC ("Ultimus") provides certain fund administrative, bookkeeping and accounting services to the Trust and each of the Funds. These services include, among others, board meeting coordination, budgeting, coordinating insurance, regulatory filing coordination, portfolio accounting services, expense accrual and payment services, fund valuation and financial reporting services, tax accounting services and compliance monitoring services. For its services, the Funds pay Ultimus a fee based on aggregate Trust assets. The Funds paid the listed amounts to (former fund administrator from May 2, 2022 through September 5, 2025) Paralel Technologies LLC for administrative and accounting services for the following fiscal years:

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| | | | |
|:---|:---|:---|:---|
|  | Fiscal Year<br> Ended<br> June 30, 2025 | Fiscal Year<br> Ended<br> June 30, 2024 | Fiscal Year<br> Ended<br> June 30, 2023 |
| &nbsp;&nbsp;&nbsp;High Dividend Fund | $236340 | $280760 | $342707 |
| &nbsp;&nbsp;&nbsp;International High Dividend Fund | $128355 | $102342 | $108759 |
| &nbsp;&nbsp;&nbsp;Small Cap Value Fund | $22466 | $21753 | $21242 |
| &nbsp;&nbsp;&nbsp;Value Fund | $24763 | $18744 | $18845 |
| &nbsp;&nbsp;&nbsp;Emerging Markets High Dividend Fund | $332403 | $207927 | $153647 |
| &nbsp;&nbsp;&nbsp;Enhanced Equity Income Fund | $66518 | $76857 | $77221 |

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Financial Intermediaries

From time to time, a Fund may pay, directly or indirectly, amounts to financial intermediaries that provide transfer-agent type and/or other administrative services relating to the Fund to their customers or other persons who beneficially own interests in the Fund, such as participants in 401(k) plans. These services may include, among other things, sub-accounting services, transfer agent-type services, answering inquiries relating to the Fund, transmitting, on behalf of the Fund, proxy statements, annual and semi-annual reports, updated prospectuses, other communications regarding the Fund, and related services as the Fund or the intermediaries' customers or such other persons may reasonably request. In such cases, to the extent paid by a Fund, the Fund will not pay more for these services through intermediary relationships than it would pay if the intermediaries' customers were direct shareholders in the Fund.

**Distributor**

Paralel Distributors LLC serves as the principal underwriter and distributor for the shares of the Funds pursuant to a Distribution Agreement with the Trust (the "Distribution Agreement"). The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934 and each state's securities laws and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The offering of the Funds' shares is continuous. The Distribution Agreement provides that the Distributor, as agent in connection with the distribution of Fund shares, will use its best efforts to distribute the Funds' shares.

Under the Distribution Agreement, the Distributor agrees to: (i) sell shares as agent for the Trust upon the terms and at the current offering price described in the Funds' prospectus; (ii) hold itself available to receive orders satisfactory to the Distributor for purchase of Funds' shares; (iii) make Funds' shares available, with the assistance of the Trust's Transfer Agent, through the National Securities Clearing Corporation's Fund/SERV System; (iv) act in conformity with all Trust and securities laws requirements; (v) cooperate with the Trust in the development of all proposed advertisements and sales literature relating to the Funds and review such items for compliance with applicable laws and regulations; (vi) repurchase, at the Distributor's discretion, Fund shares; (vii) enter into agreements, at the Distributor's discretion, with qualified broker-dealers to sell the Funds' shares; (viii) devote its best efforts to effect sales of the Funds' shares; and (ix) prepare reports for the Board of Trustees regarding its activities under the Distribution Agreement. The fees payable by the Trust under this agreement shall not exceed what is available for payment under the distribution plans (please refer to the Distribution Plan section below). Payments under the Distribution Agreement may not be tied to actual distribution expenses and such payments may therefore exceed distribution expenses actually incurred. Any fees or expenses incurred by the Distributor but not payable by the respective Funds under their 12b-1 plans of distribution may be paid by the Adviser.

The Distribution Agreement with respect to a Fund may be terminated at any time (i) by the Board or by a vote of a majority of the outstanding voting securities of such Fund on 60 days written notice to the Distributor or (ii) by the Distributor. If not so terminated, the Distribution Agreement shall continue two years from the start date (the "initial period") and then in effect from year to year after the initial period only so long as such continuance is approved annually by the Board of Trustees of the Trust or the shareholders of the applicable Fund, and, in either event, by a majority of the Independent Trustees.

**Distribution Plans**

Each Fund has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act for its Retail Class and Class C shares (the "Plans"). The Board determined that there is a reasonable likelihood that the Plans will benefit the Funds and their shareholders. The Plans for the Retail Class shares of the Funds authorize payments by the Funds in connection with the distribution of shares at an annual rate of up to 0.25% of the average daily net asset value. The Plans for Class C Shares of the Funds authorizes the Funds to pay up to 1.00% annually of average daily net assets, of which 0.75% may be paid for a distribution fee and 0.25% for certain shareholder services provided to shareholders of the Funds. Payments may be made by the Funds under the respective Plans for the purpose of financing any activity primarily intended to result in the sale of shares, as determined by the Board. Such activities typically include advertising; compensation for sales and sales marketing activities of financial service agents and others, such as dealers or distributors; shareholder account servicing; production and dissemination of prospectuses and sales and marketing materials; and capital or other expenses of associated equipment, rent, salaries, bonuses, interest and other overhead. To the extent any activity is one which the Funds may finance without their Plans, the Funds may also make payments to finance such activity outside of their Plans and not subject to their respective limitations.

Administration of the Plans is regulated by Rule 12b-1 under the 1940 Act, which includes requirements that: (i) the Board receive and review at least quarterly reports concerning the nature and qualification of expenses which are paid; (ii) the Board, including a majority of the Independent Trustees, approve all agreements implementing the Plans; and (iii) the Plans may be continued from year-to-year only if the Board, including a majority of the Independent Trustees, concludes at least annually that continuation of the Plans is likely to benefit shareholders.

For the fiscal year ended June 30, 2025, the following amounts have been expended under the Plans:

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| | | |
|:---|:---|:---|
| High Dividend Fund | Retail Class | Class C |
| Advertising | N/A | N/A |
| Printing and mailing of prospectus to new shareholders | N/A | N/A |
| Compensation to the Distributor | N/A | N/A |
| Compensation to Dealers | $189475 | &nbsp;&nbsp;&nbsp;&nbsp; $217633 |
| Compensation to Sales Personnel | N/A | N/A |
| Other Fees | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $189475 | $217633 |

---

---

| | | |
|:---|:---|:---|
| International High Dividend Fund | Retail Class | Class C |
| Advertising | N/A | N/A |
| Printing and mailing of prospectus to new shareholders | N/A | N/A |
| Compensation to the Distributor | N/A | N/A |
| Compensation to Dealers | $12557 | $6638 |
| Compensation to Sales Personnel | N/A | N/A |
| Other Fees | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $12557 | $6638 |

---

---

| | | |
|:---|:---|:---|
| Small Cap Value Fund | Retail Class | Class C |
| Advertising | N/A | N/A |
| Printing and mailing of prospectus to new shareholders | N/A | N/A |
| Compensation to the Distributor | N/A | N/A |
| Compensation to Dealers | $913 | $1290 |
| Compensation to Sales Personnel | N/A | N/A |
| Other Fees | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $913 | $1290 |

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| | | |
|:---|:---|:---|
| Value Fund | Retail Class | Class C |
| Advertising | N/A | N/A |
| Printing and mailing of prospectus to new shareholders | N/A | N/A |
| Compensation to the Distributor | N/A | N/A |
| Compensation to Dealers | $3966 | $4262 |
| Compensation to Sales Personnel | N/A | N/A |
| Other Fees | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $3966 | $4262 |

---

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| | | |
|:---|:---|:---|
| Emerging Markets High Dividend Fund | Retail Class | Class C |
| Advertising | N/A | N/A |
| Printing and mailing of prospectus to new shareholders | N/A | N/A |
| Compensation to the Distributor | N/A | N/A |
| Compensation to Dealers | $109507 | $15675 |
| Compensation to Sales Personnel | N/A | N/A |
| Other Fees | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $109507 | $15675 |

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| | | |
|:---|:---|:---|
| Enhanced Equity Income Fund | Retail Class | Class C |
| Advertising | N/A | N/A |
| Printing and mailing of prospectus to new shareholders | N/A | N/A |
| Compensation to the Distributor | N/A | N/A |
| Compensation to Dealers | $14124 | $84277 |
| Compensation to Sales Personnel | N/A | N/A |
| Other Fees | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $14124 | $84277 |

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**Brokerage**

The Adviser is responsible for selecting brokers and dealers to effect purchases or sales of securities for each Fund. In selecting such brokers, it is the policy of the Adviser to seek the best execution of orders at the most favorable price in light of the overall quality of brokerage and research services provided, as described in this and the following paragraph. In selecting brokers to effect portfolio transactions, the determination of what is expected to result in best execution at the most favorable price involves a number of largely judgmental considerations. Among these are the Adviser's evaluation of the broker's efficiency in executing and clearing transactions, block trading capability (including the broker's willingness to position securities), the broker's familiarity with the security and the broker's financial strength and stability. The most favorable price to the respective Fund means the best net price without regard to the mix between purchase or sale price and commission, if any.

In allocating each Fund's brokerage, the Adviser will also take into consideration the research, analytical, statistical and other information and services provided by the broker, such as general economic reports and information, reports or analyses of particular companies or industry groups and technical information and the availability of the brokerage firm's analysts for consultation. While the Adviser believes these services have substantial value, they are considered supplemental to the Adviser's own efforts in the performance of its duties under the Advisory Agreements. As permitted by the Advisory Agreements and in accordance with Section 28(e) of the Securities Exchange Act of 1934, as amended, the Adviser may pay brokers higher brokerage commissions than might be available from other brokers if the Adviser determines in good faith that such amount paid is reasonable in relation to the value of the overall quality of the brokerage, research and other services provided. Other clients of the Adviser may indirectly benefit from the availability of these services to the Adviser, and each Fund may indirectly benefit from services available to the Adviser as a result of transactions for the other clients.

The Adviser expects to enter into arrangements with broker-dealers whereby the Adviser obtains computerized stock quotation and news services, performance and ranking services, portfolio analysis services and other research services in exchange for the direction of portfolio transactions which generate dealer concessions or brokerage (agency) commissions for such broker-dealers. From time to time, the Adviser may make other similar arrangements with brokers or dealers who agree to provide research services in consideration of dealer concessions or brokerage commissions. Consistent with the Adviser's fiduciary duties to each Fund, brokerage will be directed to such brokers or dealers pursuant to any such arrangement only when the Adviser believes that the commissions charged are reasonable in relation to the value and overall quality of the brokerage and research services provided.

The Funds paid the following amounts in brokerage commissions in the following fiscal periods:

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| | | | |
|:---|:---|:---|:---|
|  | Fiscal Year Ended | Fiscal Year Ended | Fiscal Year Ended |
|  | June 30, 2025 | June 30, 2024 | June 30, 2023 |
| &nbsp;&nbsp;&nbsp;High Dividend Fund | $504859 | $616725 | $628175 |
| &nbsp;&nbsp;&nbsp;International High Dividend Fund | $798325 | $471812 | $380351 |
| &nbsp;&nbsp;&nbsp;Small Cap Value Fund | $21466 | $46860 | $36670 |
| &nbsp;&nbsp;&nbsp;Value Fund | $6233 | $9724 | $8882 |
| &nbsp;&nbsp;&nbsp;Emerging Markets High Dividend Fund | $3931963 | $1715373 | $814088 |
| &nbsp;&nbsp;&nbsp;Enhanced Equity Income Fund | $277332 | $285166 | $353820 |

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**Capital Structure**

The Trust is a Delaware statutory trust formed on March 25, 2000. It is authorized to issue an unlimited number of shares of beneficial interest. Each share of beneficial interest has a par value of $0.001. The Trustees of the Trust may, at any time and from time to time, by resolution, authorize the division of shares into an unlimited number of series and the division of any series into two or more classes. Each Fund constitutes one such series of the Trust. By this offering, three classes of shares of each Fund are being offered: Retail Class, Class C, and Class I and the Emerging Markets High Dividend Fund also offers Class R6. The Trust has reserved the right to create and issue additional series or classes.

Shareholders of the Trust are entitled to one vote for each full share and to a proportionate fractional vote for each fractional share standing in the shareholder's name on the books of the Trust. However, matters affecting only one particular Fund or class can be voted on only by shareholders in that Fund or class. Only shareholders of Retail Class, or Class C shares of each Fund will be entitled to vote on matters submitted to a shareholder vote with respect to the Rule 12b-1 Plan applicable to each such class. All shareholders are entitled to receive dividends when and as declared by the Trustees from time to time and as further discussed in the prospectus.

Each share within a class has equal dividend, distribution and liquidation rights. Shares do not have preemptive or subscription rights. All shares are fully paid and non-assessable.

**Determination of Net Asset Value**

Shares of each Fund are sold on a continual basis at the net asset value ("NAV") per share next computed following receipt of an order by the Funds' transfer agent in good order. Each Fund's NAV per share for the purpose of pricing purchase and redemption orders is determined at the close of normal trading (usually 4:00 p.m. Eastern time) on each day the New York Stock Exchange ("NYSE") is open for trading. The NYSE is closed on the following holidays: New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

Securities listed on a U.S. securities exchange for which market quotations are readily available are valued at the last quoted sale price on the day the valuation is made; however, securities traded on a U.S. securities exchange for which there were no transactions on a given day, and securities not listed on a U.S. securities exchange, are valued at the average of the most recent bid and asked prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities primarily traded in the National Association of Securities Dealers Automated Quotation ("NASDAQ") Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser subject to the applicable requirements of the 1940 Act and the rules and regulations promulgated thereunder.

Debt securities are valued by a pricing service that utilizes electronic data processing techniques to determine values for normal institutional-sized trading units of debt securities without regard to sale or bid prices when such techniques are believed to more accurately reflect the fair market value for such securities. Otherwise, sale or bid prices are used. Debt securities having remaining maturities of 60 days or less when purchased are valued by the amortized cost method. Under this method of valuation, a security is initially valued at its acquisition cost, and thereafter, amortization of any discount or premium is assumed each day, regardless of the impact of the fluctuating rates on the market value of the instrument.

Securities quoted in a foreign currency, if any, are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time the daily NAV per share is determined. Although each Fund values its foreign assets in U.S. dollars on a daily basis, it does not intend to convert its holdings of foreign currencies into U.S. dollars on a daily basis. Foreign currency exchange rates are generally determined prior to the close of trading on the NYSE. Occasionally, events affecting the value of foreign investments and such exchange rates occur between the time at which they are determined and the close of trading on the NYSE. Such events would not normally be reflected in a calculation of the Fund's NAV on that day. If events that materially affect the sale of any Fund's foreign investments or foreign currency exchange rates occur during such period, the investments may be valued at their fair value as determined in good faith by the Adviser subject to the applicable requirements of the 1940 Act and the rules and regulations promulgated thereunder.

**Eligible Investors**

Subject to the restrictions described below, shares of the Funds are offered to the general public. The Funds reserve the right to refuse to accept investments at any time.

ELIGIBLE CLASS I INVESTORS

Class I shares are available only to certain accounts for which qualifying institutions act in a fiduciary, agency or custodial capacity and only with a minimum initial investment of $1,000,000, except that no initial minimum will be imposed on (i) Employee Benefit Plans that hold their Institutional Shares through plan-level or omnibus accounts; or (ii) investment advisers investing for accounts for which they receive asset-based fees where the investment adviser or its Authorized Institution purchases Institutional Shares through an omnibus account. For this purpose, "Institutional Investors" shall include "wrap" account sponsors (provided they have an agreement covering the arrangement with the Distributor), corporations, qualified non-profit organizations, charitable trusts, foundations and endowments, state, county, city or any instrumentality, department, authority or agency thereof, and banks, trust companies or other depository institutions investing for their own account or on behalf of their clients. A registered investment adviser may aggregate all client accounts investing in a Fund to meet the Class I shares investment minimum. We reserve the right to waive minimums on Institutional Shares.

ELIGIBLE CLASS R6 INVESTORS (Emerging Markets High Dividend Fund Only)

The Class R6 shares will be available to certain tax-deferred retirement plans (including 401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. Class R6 shares also are available to IRAs consisting of rollovers from eligible retirement plans that offered any of the Funds' Class R6 shares as investment options.

Eligible Class R6 share investors are also eligible to purchase other classes of shares of the Funds. However, plan participants may only allocate their plan holdings to classes of shares that are available through their plan. Each class has different sales charges and expenses.

Your investment professional can help you determine which class is appropriate. Be aware that your investment firm may receive different compensation depending upon which class is chosen. Plan fiduciaries should consider their obligations under ERISA in determining which class is an appropriate investment for the plan.

**Purchase and Redemption of Shares**

Purchasing Shares

Shares of each Fund are sold in a continuous offering and may be purchased on any business day through authorized investment dealers or directly from the Fund.

Stock Certificates and Confirmations

The Funds do not generally issue stock certificates representing shares purchased. Confirmations of the opening of an account and of all subsequent transactions in the account are forwarded by the Funds to the shareholder's address of record.

Anti-Money Laundering Program

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program provides for the development of practices, procedures and controls, designation of anti-money laundering compliance officers, and an ongoing training program (either by the Adviser or its appropriate delegee, including service providers) to determine the effectiveness of the Program. Procedures to implement the Program include, but are not limited to, determining that the Trust's Distributor and Transfer Agent have established proper anti-money laundering procedures, are reporting suspicious and/or fraudulent activity and are carrying out a complete and thorough review of all new account opening applications. The Trust will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

Each Fund may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorist or other suspicious persons. Each Fund may also be required to transfer the account or proceeds of the account to a government agency.

Redeeming Shares

Signature Guarantees. A signature guarantee of each shareholder on an account is required to redeem shares if a shareholder requests (i) redemption proceeds be sent to an address or bank other than that on record with the applicable Fund or (ii) proceeds be made payable to someone other than the shareholder(s) of record.

Signature guarantees are designed to protect both the shareholder and the Funds from fraud. Signature guarantees can be obtained from most banks, credit unions or savings associations, or from broker/dealers, municipal securities broker/dealers, government securities broker/dealers, national securities exchanges, registered securities exchanges, or clearing agencies deemed eligible by the SEC. The Funds do <u>not</u> accept signatures guaranteed by a notary public.

Additional Documentation. Additional documents are required for certain types of shareholders, such as corporations, partnerships, executors, Trustees, administrators, or guardians. The Funds' transfer agent requires documents from entities to identify individuals possessing authority to redeem shares from the Funds. The documentation may include corporate resolutions, partnership agreements, trust instruments or plans that give such authority to the individual.

Redemption In-Kind. The Funds have elected to be subject to Rule l8f-1 under the 1940 Act, which obligates each Fund to redeem shares in cash, with respect to any one shareholder during any 90-day period, up to the lesser of $250,000 or 1% of the assets of a Fund. If the Adviser determines that existing conditions make cash payments undesirable, redemption payments may be made in whole or in part in securities or other financial assets, valued for this purpose as they are valued in computing the NAV for the applicable Fund's shares (a "redemption in-kind"). Shareholders receiving securities or other financial assets in a redemption in-kind may realize a gain or loss for tax purposes on the Fund shares that they redeem, and when they dispose of the securities received in kind will incur any costs of sale, as well as the associated inconveniences. If you expect to make a redemption in excess of the lesser of $250,000 or 1% of a Fund's assets during any 90-day period and would like to avoid any possibility of being paid with securities in-kind, you may do so by providing the Fund with an unconditional instruction to redeem at least 15 calendar days prior to the date on which the redemption transaction is to occur, specifying the dollar amount or number of shares to be redeemed and the date of the transaction (please call toll free 1-877-485-8586). This will provide the applicable Fund with sufficient time to raise the cash in an orderly manner to pay the redemption and thereby minimize the effect of the redemption on the interests of such Fund's remaining shareholders.

**Proxy Voting Policies and Procedures**

The Board has adopted Proxy Voting Policies and Procedures ("Policies") on behalf of the Trust which delegates the responsibility for voting proxies to the Adviser, subject to the Board's continuing oversight. The Policies require that the Adviser vote proxies received in a manner consistent with the best interests of each Fund and its shareholders. The Policies also require the Adviser to present to the Board, at least annually, the Adviser's Proxy Policies and a record of each proxy voted by the Adviser on behalf of each Fund, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest.

The Adviser has adopted Proxy Voting Policies and Procedures ("Investment Adviser's Proxy Policies") which underscore the Adviser's concern that all proxy voting decisions be made in the best interest of the respective Funds and that the Adviser will act in a prudent and diligent manner intended to enhance the economic value of the assets of the respective Funds.

Where a proxy proposal raises a material conflict between the Adviser's interests and a Fund's interests, the Adviser will resolve the conflict by disclosing the conflict to the Board and obtaining the Board's consent to vote.

The Trust is required to annually file Form N-PX, which lists each Fund's complete proxy voting record for the 12-month period ending June 30. Once filed, the Funds' proxy voting records will be available without charge, upon request, by calling toll-free 1-877-485-8586, on the Fund's website at www.cullenfunds.com and on the SEC's website at http://www.sec.gov.

**Portfolio Holdings Information**

The Adviser and the Funds maintain portfolio holdings disclosure policies (the "Portfolio Holdings Disclosure Policies") that govern the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the respective Funds. The Funds' Portfolio Holdings Disclosure policy is reviewed annually by the Board. Disclosure of the respective Funds' complete holdings is required to be made quarterly within 60 days of the end of each fiscal quarter in the Funds' Form N-CSR and Form N-CSRS filings. The Funds file monthly reports on Form N-PORT that describe portfolio holdings and certain other information as of the prior month. These reports and other information such as Fund financial statements are available, free of charge, on the EDGAR database on the SEC's website at www.sec.gov.

Pursuant to the Funds' Portfolio Holdings Disclosure Policies, information about the respective Funds' portfolio holdings is not distributed to any person. However, certain persons receive information about the respective Funds' portfolio holdings on an ongoing basis. The Funds believe that these third parties have legitimate objectives in requesting such portfolio holdings information and operate in the best interest of the Funds' respective shareholders. Information about the Funds' portfolio holdings is not distributed to these persons unless:

● The disclosure is required pursuant to a regulatory request or court order or is legally required in the context of other legal proceedings;

● The disclosure is made to a mutual fund rating and/or ranking organization, or person performing similar functions, who is subject to a duty of confidentiality, including a duty not to trade on any non-public information;

● The disclosure is made to internal parties involved in the investment process, administration, operation or custody of the respective Funds, including, but not limited to the Board, attorneys, auditors or accountants;

● The disclosure is made: (a) in connection with a quarterly report, Form N-CSR filing or Form N-CSRS filing that is available to the public; or (b) relates to information that is otherwise available to the public;

● The disclosure is made with the prior written approval of either the Trust's CCO or his or her designee; or

● The disclosure is made to rating and/or ranking organizations as follows:

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| | | |
|:---|:---|:---|
| Name | Information Disclosed | Frequency |
| Standard and Poor's | All portfolio holding and top 10 holdings | Quarterly 15<sup>th</sup> day after quarter-end |
| Thomson Reuters | All portfolio holding and top 10 holdings | Quarterly 15<sup>th</sup> day after quarter-end |
| Lipper | All portfolio holding and top 10 holdings | Quarterly 15<sup>th</sup> day after quarter-end |
| Bloomberg | All portfolio holdings | Quarterly 15<sup>th</sup> day after quarter-end |
| Morningstar | All portfolio holdings | Quarterly 15<sup>th</sup> day after quarter-end |
| Valueline | Top 10 holdings | Quarterly 15<sup>th</sup> day after quarter-end |
| ICI | Top 10 holdings | Quarterly 20<sup>th</sup> day after quarter-end |

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Any disclosures to additional parties not described above are made with the approval of either the Trust's CCO or his or her designee, pursuant to the Funds' Portfolio Holdings Disclosure Policies. Currently, the Funds do not disclose information to parties not described above.

The Board exercises continuing oversight of the disclosure of each Fund's portfolio holdings by (1) overseeing the implementation and enforcement of the Portfolio Holdings Disclosure Policies, Codes of Ethics and other relevant policies of the respective Funds and their service providers by the Trust's CCO, (2) considering reports and recommendations by the Trust's CCO concerning any material compliance matters (as defined in Rule 38a-1 under 1940 Act), and (3) considering whether to approve any amendment to these Portfolio Holdings Disclosure Policies. The Board reserves the right to amend the Portfolio Holdings Disclosure Policies at any time without prior notice in its sole discretion.

None of the Adviser, its affiliates or employees, or the Fund may receive any direct or indirect compensation in connection with the disclosure of information about Fund portfolio securities. In addition, the Trust has adopted and approved policies and procedures, including a Code of Ethics and various policies regarding securities trading and trade allocations to address potential conflicts of interest that may arise. As part of its oversight, the Board receives reports from the Trust's Chief Compliance Officer regarding the Fund and its service providers' compliance with these policies, including, if applicable, information with respect to any violations of these procedures and how such violations/conflicts were resolved. In addition, material non-public holdings information may be provided without lag as part of the normal investment activities of the respective Funds to each of the following entities which, by explicit agreement or by virtue of their respective duties to the Funds, are required to maintain the confidentiality of the information disclosed and are prohibited from trading on the non-public information: Fund Administrator, Fund Accountant, Custodian, Transfer Agent, auditors, counsel to the Trust or the Trustees, broker-dealers (in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities), and regulatory authorities. Each entity is responsible for monitoring compliance with confidentiality duties and trading prohibitions. Portfolio holdings information not publicly available with the SEC or through the Funds' website may only be provided to additional third parties, in accordance with the Portfolio Holdings Disclosure Policies, when the applicable Fund has a legitimate business purpose and the third-party recipient is subject to a confidentiality agreement. Currently, no Fund makes portfolio holdings information publicly available to any additional parties.

There can be no assurance that the Portfolio Holdings Disclosure Policies and these procedures will protect the respective Funds from potential misuse of that information by individuals or entities to which it is disclosed.

**Additional Information on Distributions and Taxes**

Distributions

A shareholder will automatically receive all income dividends and capital gain distributions in additional full and fractional shares of the applicable Fund at their net asset value as of the date of payment unless the shareholder elects to receive such dividends or distributions in cash. Shareholders will receive a confirmation of each new transaction in their account. Each Fund will confirm all account activity, including the payment of dividend and capital gain distributions and transactions made as a result of a Systematic Withdrawal Plan or an Automatic Investment Plan. Shareholders may rely on these statements in lieu of stock certificates.

Taxes

The following information supplements and supersedes such discussion in the Funds' Prospectus titled "DISTRIBUTIONS AND TAXES.' The following is a summary of certain material U.S. federal income tax considerations relating to each Fund's qualification as a regulated investment company and the acquisition, ownership and disposition of shares of a Fund. This summary is based upon the Internal Revenue Code of 1986, as amended ("Internal Revenue Code"), regulations promulgated by the U.S. Treasury Department, current administrative interpretations and practices of the Internal Revenue Service ("IRS') (including administrative interpretations and practices expressed in private letter rulings which are binding on the IRS only with respect to the particular taxpayers who requested and received those rulings) and judicial decisions, all as currently in effect and all of which are subject to differing interpretations or to change, possibly with retroactive effect. This summary does not address any proposals to modify such tax laws. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax considerations described below. No advance ruling has been or will be sought from the IRS regarding any matter discussed in this summary. Except as otherwise discussed below, this summary does not discuss the impact that U.S. state and local taxes and taxes imposed by non-U.S. jurisdictions could have on the matters discussed in this summary. This summary is for general information only, and does not purport to discuss all aspects of U.S. federal income taxation that may be important to a particular shareholder in light of its investment or tax circumstances or to shareholders subject to special tax rules, such as U.S. expatriates; persons who mark to market Fund shares; subchapter S corporations; U.S. shareholders whose functional currency is not the U.S. dollar; financial institutions; insurance companies; broker dealers; RICs; REITs; trusts and estates; persons holding Fund shares as part of a "straddle," "hedge," "conversion transaction, "synthetic security" or other integrated investment; persons subject to the alternative minimum tax; persons holding their Fund shares through a partnership or similar pass through entity; tax exempt organizations; persons subject to special tax rules as a result of being treated as receiving any "excess inclusion income" from a Fund; shareholders subject to special tax accounting rules as a result of their use of "applicable financial statements" (within the meaning of Section 451(b)(3) of the Code); and foreign shareholders (except as otherwise discussed below). Unless otherwise noted, this discussion applies only to U.S. shareholders that hold shares as capital assets, which generally means as property held for investment. A U.S. shareholder is an individual who is a citizen or resident of the United States; a U.S. corporation (including an entity treated as a corporation); a trust if it (i) is subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (ii) has made a valid election to be treated as a U.S. person; or any estate the income of which is subject to U.S. federal income tax regardless of its source. Current and prospective shareholders are urged to consult their own tax advisors with respect to the specific U.S. federal, state, local and non-U.S. tax consequences of investing in the Fund.

General. Dividends and other distributions by a Fund are generally treated under the Internal Revenue Code as received by the shareholders at the time the dividend or distribution is made. However, any dividend or distribution declared by a Fund in October, November or December of any calendar year and payable to shareholders of record on a specified date in such a month shall be deemed to have been received by each shareholder on December 31 of such calendar year and to have been paid by the Fund not later than such December 31, provided such dividend is actually paid by the Fund during January of the following calendar year.

Distributions of net investment income. Each Fund receives income generally in the form of dividends on its investments. Except as described below this income, less expenses incurred in the operation of the applicable Fund, and the excess of net short-term capital gain over net long-term capital loss, constitute such Fund's investment company taxable income, from which dividends can be paid to you. Any distributions by such Fund from such income will be taxable to the Fund's shareholders as ordinary income, whether the Fund's shareholders take dividends in cash or in additional shares.

Distributions of long-term capital gains. Each Fund may derive capital gains and losses in connection with sales or other dispositions of its portfolio securities. Distributions of net short-term capital gain, as noted above, are included in ordinary income dividends. Distributions from net long-term capital gain will be taxable to you as long-term capital gain, regardless of how long you have held your shares in the Fund, provided the distributions are properly designated by the Fund as capital gain dividends. Any net capital gain (the excess of net long-term capital gain over net short-term capital loss) realized by a Fund generally will be distributed once each year, and may be distributed more frequently, if necessary, in order to reduce or eliminate excise or income taxes on the Funds.

Qualified dividend income and ordinary REIT dividends. Distributions comprised of dividends from domestic corporations and certain foreign corporations (generally, corporations incorporated in a possession of the United States and some corporations eligible for treaty benefits under certain treaties with the United States or dividends with respect to classes of stock of a foreign corporation that are readily tradable on an established securities market in the United States) are treated as "qualified dividend income" eligible for taxation at a maximum tax rate of 20% in the hands of non-corporate shareholders. In order for dividends paid by a Fund to be qualified dividend income, the Fund must meet holding period and other requirements with respect to dividend-paying stocks in its portfolio, and the non-corporate stockholder must meet holding period and other requirements with respect to the Fund's shares. To the extent that a Fund engages in securities lending with respect to stock paying qualified dividend income, it may be limited in its ability to pay qualified dividend income to its shareholders. Additionally, special tax rules applicable to straddles may terminate or suspend the holding period of stocks considered to be part of a straddle, limiting the Fund's ability to designate distributions as qualified dividend income. Fund dividends representing distributions of short-term capital gains (including a portion of premiums received by the Funds as the seller (writer) of expired unexercised options contracts) cannot be designated as qualified dividend income and will not qualify for the reduced rates. In addition, dividends from foreign securities may not be eligible for treated as qualified dividend income, and dividends from REITs are generally not eligible for treatment as qualified dividend income. However, a non-corporate taxpayer that is a direct REIT shareholder may claim a 20% "qualified business income" deduction for ordinary REIT dividends, and a regulated investment company may report dividends as eligible for this deduction to the extent the regulated investment company's income is derived from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable holding period requirements. To the extent that a Fund engages in securities lending with respect to stock paying ordinary REIT dividends, it may be limited in its ability to pay ordinary REIT dividends that qualify for the 20% deduction to its shareholders. Qualified dividend income or ordinary REIT dividend treatment will be available only with respect to dividends properly designated by the Fund as eligible for such treatment. The Funds cannot predict the percentage (if any) of their distributions which will qualify for taxation to non-corporate shareholders as qualified dividend income or ordinary REIT dividends.

Information on the tax character of distributions. Each Fund will inform its shareholders of the amount of their distributions at the time they are paid, and will advise shareholders of the treatment of distributions for federal income tax purposes as ordinary income dividends, qualified dividend income, income eligible for the dividends received deduction, capital gain dividends, ordinary REIT dividends or return of capital shortly after the close of each calendar year.

Dividends-received deduction for corporations. If you are a corporate shareholder, you should note that it is expected that a portion of the dividends paid by any Fund that are derived from dividends of domestic corporations may be eligible for the dividends-received deduction. If certain conditions are met, including satisfaction of holding period requirements that must be satisfied by both you and the Fund, you will be allowed to deduct a portion of these qualified dividends, thereby reducing the tax that you would otherwise be required to pay on these dividends. The dividends-received deduction will be available only with respect to dividends properly designated by the Fund as eligible for such treatment. The rules noted above that terminate or suspend the holding period of underlying stocks may limit the Fund's ability to designate distributions as eligible for the dividends-received deduction. Substitute payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be treated as dividends eligible for the dividends-received paid deduction. All dividends (including the deducted portion) must be included in your alternative minimum taxable income calculation.

Distributions in Excess of Earnings and Profits. Distributions in excess of a Fund's current and accumulated earnings and profits will, as to each shareholder, be treated as a tax-free return of capital to the extent of a shareholder's basis in shares of the Fund, and as a capital gain thereafter (if the shareholder holds shares of the Fund as capital assets). Distributions in excess of a Fund's minimum distribution requirements, but not in excess of the Fund's current and accumulated earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital. Shareholders receiving dividends or distributions in the form of additional shares will generally be treated for U.S. federal income tax purposes as receiving a distribution in an amount equal to the amount of money that the shareholders receiving cash dividends or distributions will receive and will have a cost basis in the shares received equal to such amount.

Qualification to be taxed as a regulated investment company. Each Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code by satisfying certain requirements with respect to the nature of its income and the composition of its portfolios, and by making required distributions of its income and gains. As regulated investment companies, the Funds generally pay no U.S. federal income tax on the income and gains they distribute to their respective shareholders, provided that they satisfy a minimum distribution requirement. The Board reserves the right not to maintain the qualification of any Fund as a regulated investment company if it determines such course of action to be beneficial to shareholders. In such case, the Fund can be subject to federal, and possibly state, corporate taxes on its taxable income and gains, and distributions to you can be taxed as ordinary income, eligible for taxation at the reduced rate applicable to qualified dividend income for non-corporate shareholders and for the dividends-received deduction available to corporate shareholders, to the extent of the Fund's earnings and profits.

Excise tax distribution requirements. To avoid federal excise taxes, each Fund must distribute to its shareholders by December 31 of each year, at a minimum, the following amounts: 98% of its taxable ordinary income earned during the calendar year; 98.2% of its capital gain net income earned during the twelve-month period ending October 31; and 100% of any undistributed amounts from the prior year. Each Fund intends to declare and pay these amounts in December (or pay in January amounts that, for federal income tax purposes, are treated by you as received in December) to avoid these excise taxes, but can give no assurances that its distributions will be sufficient to eliminate all taxes.

Redemption of Fund shares. Redemptions and exchanges of Fund shares are taxable transactions for tax purposes. If you hold your shares as a capital asset, the gain or loss that you realize will be capital gain or loss and will be long-term or short-term, generally depending on how long you held your shares.

All or a portion of any loss that you realize upon the redemption or exchange of your Fund shares will be disallowed to the extent that you buy other shares in the same Fund (through reinvestment of dividends or otherwise) within 30 days before or after your share redemption. Any loss disallowed under these rules will be added to your tax basis in the new shares you buy.

Any loss realized by a shareholder on the redemption or exchange of Fund shares held by the shareholder for six months or less will be treated for U.S. federal income tax purposes as a long-term capital loss to the extent of any distributions or deemed distributions of long-term capital gains received by the shareholder with respect to such share.

The Funds impose a 2% redemption fee if a shareholder redeems or exchanges shares within seven (7) days of purchase, which will reduce the amount of gain, or increase the amount of loss, that would otherwise be reportable for income tax purposes. The redemption fee cannot be separately claimed as a deduction.

A Fund is also generally required by law to provide you and the IRS with cost basis information for shares of the Fund acquired on or after January 1, 2012, and sold, redeemed or exchanged after that date. This information includes the adjusted cost basis of your shares, the gross proceeds from disposition, and whether the gain or loss is long-term or short-term. The adjusted cost basis of your shares will be based on the default reporting method selected by a Fund, unless you timely inform the Fund, before a sale, redemption or exchange, that you are selecting a different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments through an IRA or other tax-advantaged account. You should consult with your tax advisors to determine the best cost basis method for your situation, and to obtain more information about how these requirements apply to you. For shares of a Fund acquired before January 1, 2012, these requirements will not apply, but the Fund will continue to report the gross proceeds received by a shareholder from the disposition of such shares. To obtain the default cost basis reporting method or to elect a different method offered by a Fund, please contact the Fund's Transfer Agent.

Investment in complex securities. The Funds may invest in complex securities and enter into transactions (such as call options on stocks held in their portfolios, as discussed above) which are subject to numerous special and complex tax rules. These rules could affect whether gains and losses recognized by a Fund are treated as ordinary or capital, accelerate the recognition of income to a Fund without a corresponding receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to regulated investment companies) and/or defer the Fund's ability to recognize losses. Consequently, these rules may affect the amount, timing or character of the income distributed to you by a Fund. Special tax rules also may require each Fund to mark to market (i.e., treat as sold on the last day of the taxable year) certain types of positions in its portfolio and may result in the recognition of income without a corresponding receipt of cash. In addition, to maintain its status as a regulated investment company, each Fund faces restrictions on the amount of assets that it may invest in master limited partnerships ("MLPs"), and the income that it derives from MLPs. Each Fund intends to monitor transactions, make appropriate tax elections and make appropriate entries in its books and records to lessen the effect of these tax rules and avoid any possible disqualification for the special treatment afforded regulated investment companies under the Internal Revenue Code.

Investments by Qualified Retirement Plans. Class R6 shareholders should be aware that a retirement plan that qualifies for tax-exempt treatment under the Internal Revenue Code and that invests in the Fund is not subject to federal income tax on the dividends and capital gain distributions it receives from the Fund, or on gains that it realizes on redemption or exchange of shares of the Fund. Instead, tax is imposed on beneficiaries who receive distributions from the plan. Taxation of plan distributions depends upon the features of the plan and the circumstances of the distribution.

Medicare tax. A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and gain recognized on a redemption of shares) of U.S. individuals with income exceeding $200,000 or $250,000 if married, and of trusts and estates.

Capital Loss Carryforwards. As of June 30, 2025, the following Funds had capital loss carryforwards which will reduce each Fund's taxable income arising from future net realized capital gain on investments, if any, to the extent permitted by the Internal Revenue Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax.

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| | | | |
|:---|:---|:---|:---|
|  | No Expiration <br> Short-Term | No Expiration<br> Long-Term | Total |
| &nbsp;&nbsp;International High Dividend Fund | $(23825606) |  | $(23825606) |
| &nbsp;&nbsp;Emerging Markets High Dividend Fund | $(85115137) |  | $(85115137) |
| &nbsp;&nbsp;Enhanced Equity Income Fund |  | $(651384) | $(651384) |

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In the event that a Fund were to experience an ownership change as defined under the Internal Revenue Code, the loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to limitation.

Other Tax Considerations. Dividends and interest received by the Funds may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of the value of the assets of the International High Dividend Fund or the Emerging Markets High Dividend Fund consist of stock or securities in foreign corporations and at the close of the taxable year such Fund qualifies for taxation as a regulated investment company, such Fund may file an election with the IRS pursuant to which the Fund's shareholders will be required to include their proportionate share of such foreign taxes in their U.S. income tax returns as gross income, treat such amounts as taxes paid by them, and deduct these amounts in computing taxable income, or alternatively, use them as foreign tax credits against their U.S. income taxes. The International High Dividend Fund and the Emerging Markets High Dividend Fund intend to report annually to their respective shareholders the amount per share of such foreign taxes and other information needed to claim the foreign tax credit. The Funds' ability to claim foreign tax credits is subject to a number of requirements, including holding period requirements that must be satisfied by both the shareholders and Funds, which, as discussed above, may enter into transactions that terminate or suspend the holding period for some securities. Withholding taxes on dividends on stocks or securities in foreign corporations while such stocks or securities are lent out by a Fund are not eligible for the foreign tax credit "pass through" described in this paragraph. Taxes not "passed through" for tax purposes will not be available to shareholders for foreign tax credit purposes. A non-U.S. person invested in a Fund in a year that the Fund elects to "pass through" its foreign taxes may be treated as receiving additional dividend income subject to U.S. withholding tax. A foreign tax credit may not exceed the investor's U.S. federal income tax otherwise payable with respect to the investor's non-U.S. source income.

Passive Foreign Investment Companies. If a Fund purchases shares in a passive foreign investment company ("PFIC"), it may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains.

If the Fund were to invest in a PFIC and elect to treat the PFIC as a "qualified electing fund" under the Internal Revenue Code, in lieu of the foregoing requirements, the Fund might be required to include in income each year a portion of the ordinary earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund. In order to make this election, the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be difficult or impossible to obtain. Alternatively, the Fund may make a mark-to-market election that would result in the Fund being treated as if it had sold and repurchased its PFIC stock at the end of each year. In such case, the Fund would report any such gains as ordinary income and would deduct any such losses as ordinary losses to the extent of previously recognized gains. The election must be made separately for each PFIC owned by the Fund and, once made, would be effective for all subsequent taxable years, unless revoked with the consent of the IRS. By electing to treat a PFIC as a qualified electing fund or making a mark-to-market election with respect to a PFIC, the Fund could potentially eliminate the adverse tax consequences described in the previous paragraph with respect to its ownership of shares in a PFIC, but in any particular year may be required to include in income each year an amount that exceeds the distributions it receives from the PFIC and its proceeds from dispositions of PFIC stock. The Fund may have to distribute this "phantom" income and gain to satisfy the annual minimum distribution requirement for the Fund to retain its status as a regulated investment company and avoid U.S. federal income and excise tax.

Backup Withholding. Some shareholders may be subject to a withholding tax on ordinary income dividends, capital gain dividends and redemption payments ("backup withholding"). Generally, shareholders subject to backup withholdings will be non-corporate shareholders for whom no certified taxpayer identification number is on file with the applicable Fund, or who, to the Fund's knowledge, have furnished an incorrect number. When establishing an account, an investor must certify under penalty of perjury that such number is correct and that the investor is not otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally may be allowed as a refund or credit against a shareholder's federal income tax liability, provided that the required information is timely forwarded to the IRS.

Buying a Dividend. If the NAV at the time a shareholder purchases shares of the Fund reflects undistributed net investment income, recognized net capital gain, or unrealized appreciation in the value of the assets of the Fund, distributions of such amounts will be taxable to the shareholder in the manner described above, although such distributions economically constitute a return of capital to the shareholder. Prior to purchasing shares of the Fund, an investor should carefully consider such tax liability which may be incurred by reason of any subsequent distributions of net investment income and capital gains.

Taxation of Non-U.S. Shareholders. Taxation of a shareholder who, as to the United States, is a nonresident alien individual or foreign corporation ("non-U.S. shareholder"), depends on whether the income from a Fund is "effectively connected" with a U.S. trade or business carried on by such shareholder. If the income from a Fund is not effectively connected with a U.S. trade or business carried on by a non-U.S. shareholder, distributions of ordinary dividends are generally subject to a 30% U.S. withholding tax unless a reduced rate of withholding is provided for under an applicable income tax treaty and the non-U.S. shareholder provides the Fund in a timely manner with a properly completed and valid IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form) claiming an exemption from, or a reduced rate of, U.S. withholding tax under the tax treaty. Distributions of net capital gains, if and to the extent they are properly reported as "capital gain dividends," and gains realized on the sale of shares of a Fund, are generally not subject to withholding tax, except in certain circumstances, including if the non-U.S. shareholder is a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during the calendar year. Distributions of short-term capital gains and qualified net interest income, if and to the extent they are properly reported as "short-term capital gain dividends" or "interest-related dividends," are generally not subject to U.S. withholding tax. In order to qualify for this exemption from withholding, a non-U.S. shareholder generally will need to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute Form). Non-U.S. shareholders are urged to consult their own tax advisers concerning the applicability of U.S. withholding tax.

However, if a non-U.S. shareholder conducts a trade or business in the United States and the investment in a Fund is effectively connected with that trade or business, the non-U.S. shareholder's dividends from the Fund, and any gains realized upon the sale of shares of the Fund, generally will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations, and, if the non-U.S. shareholder is a corporation, the non-U.S. shareholder may be subject to an additional "branch profits tax" imposed at the rate of 30% (or lower applicable treaty rate).

A 30% withholding tax is currently imposed on U.S.-source dividends, interest and other items paid to (i) foreign financial institutions (as defined in Section 1471(d)(4) of the Internal Revenue Code) unless they agree to collect and disclose to the Internal Revenue Service information regarding their direct and indirect United States account holders and (ii) certain other foreign entities unless they certify certain information regarding their direct and indirect United States owners. Under some circumstances, a shareholder may be eligible for refunds or credits of such taxes.

Investments in Underlying Regulated Investment Companies. If a Fund invests in underlying ETFs or other regulated investment companies, distributions of short-term capital gains by such underlying funds would be recognized as ordinary income by the Fund and would not be able to be offset by the Fund's capital losses or capital loss carryforwards (if any). Losses of an underlying fund would not offset any income or gain of the Fund. Losses realized by a Fund on the sale of shares of underlying funds may be indefinitely or permanently deferred under the wash sale rules. Each of these effects is caused by the Fund's investment in the underlying funds and may result in tax distributions to Fund shareholders being of higher magnitudes.

Reporting. Under Treasury Regulations, if a shareholder recognizes a loss with respect to shares of $2 million or more for an individual shareholder, or $10 million or more for a corporate shareholder, in any single taxable year (or a greater amount over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. Direct holders of portfolio securities are, in many cases, exempted from this reporting requirement, but under current guidance shareholders of regulated investment companies are not exempted. Significant penalties may be imposed in connection with the failure to comply with these reporting requirements. That a loss is reportable under these regulations does not affect the legal determination of whether or not the taxpayer's treatment of the loss is proper. Shareholders should consult with their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

The foregoing is only a general summary of certain provisions of the Internal Revenue Code and current Treasury regulations applicable to the Funds and their respective shareholders. The Internal Revenue Code and such regulations are subject to change by legislative or administrative action. Investors are urged to consult their own tax advisers regarding the application of federal, state, local and foreign tax laws.

**Calculation of Performance Data**

Each Fund's total return may be compared to relevant indices or benchmarks, including the S&P 500 Index (in the case of the High Dividend Fund, the Value Fund and the Enhanced Equity Income Fund), Russell 2000 Value Index (in the case of the Small Cap Value Fund), Russell 1000 Index (in the case of the Small Cap Value Fund), MSCI EAFE Index (in the case of the International High Dividend Fund), MSCI Emerging Markets Index (in the case of the Emerging Markets High Dividend Fund), CBOE S&P 500 BuyWrite Index (in the case of Enhanced Equity Income Fund) and indices or benchmarks published by Lipper, Inc.

Investors should note that the investment results of each Fund will fluctuate over time, and any presentation of a Fund's total return for any period should not be considered as a representation of what an investment may earn or what an investor's total return may be in any future period.

Each Fund will calculate its performance in accordance with the following formulas:

<u>Avera</u>g<u>e Annual Total Return</u>

Average annual total return quotations used in the Funds' prospectus are calculated according to the following formula:

P(1 + T)<sup>n</sup> = ERV

where P equals a hypothetical initial payment of $1,000; T equals average annual total return; n equals the number of years; and ERV equals the ending redeemable value at the end of the period of a hypothetical $1,000 payment made at the beginning of the period.

Under the foregoing formula, the time periods used in the prospectus will be based on rolling calendar quarters. Average annual total return, or "T" in the above formula, is computed by finding the average annual compounded rates of return over the period that would equate the initial amount invested to the ending redeemable value. Average annual total return assumes the reinvestment of all dividends and distributions.

<u>Avera</u>g<u>e Annual Total Return (after Taxes on Distributions)</u>

Each Fund's quotations of average annual total return (after taxes on distributions) are calculated according to the following formula:

P(1 + T)<sup>n</sup> = ATV<sub>D</sub>

where "P" equals a hypothetical initial payment of $1,000; "T" equals average annual total return; "n" equals the number of years; and "ATV<sub>D</sub>" equals the ending redeemable value at the end of the period of a hypothetical $1,000 payment made at the beginning of the period after taxes on distributions, not after taxes on redemption.

Dividends and other distributions, less the taxes due on such distributions, are assumed to be reinvested in shares at the prices in effect on the reinvestment dates, and taxes due are calculated using the highest individual marginal federal income tax rates on the reinvestment dates. ATV<sub>D</sub> will be adjusted to reflect the effect of any absorption of each Fund's expenses by the Adviser.

<u>Avera</u>g<u>e Annual Total Return (after Taxes on Distributions and Redemptions)</u>

Each Fund's quotations of average annual total return (after taxes on distributions and redemption) are calculated according to the following formula:

P(1 + T)<sup>n</sup> = ATV<sub>DR</sub>

where "P" equals a hypothetical initial payment of $1,000; "T" equals average annual total return; "n" equals the number of years; and "ATV<sub>DR</sub>" equals the ending redeemable value at the end of the period of a hypothetical $1,000 payment made at the beginning of the period after taxes on distributions and redemption.

Dividends and other distributions, less the taxes due on such distributions, are assumed to be reinvested in shares at the prices in effect on the reinvestment dates, and the taxes due are calculated using the highest individual marginal federal income tax rates on the reinvestment dates. Capital gains taxes resulting from the redemption are subtracted and the tax benefit from capital losses resulting from the redemption are added. ATV<sub>DR</sub> will be adjusted to reflect the effect of any absorption of each Fund's expenses by the Adviser.

Comparisons

Lipper, Inc. ("Lipper") and Other Independent Ranking Organizations. From time to time, each Fund's performance may be compared to the performance of other mutual funds in general or to the performance of particular types of mutual funds with similar investment goals, as tracked by independent organizations. Among these organizations, Lipper, a widely used independent research firm which ranks mutual funds by overall performance, investment objectives, and assets, may be cited. Lipper performance figures are based on changes in net asset value, with all income and capital gains dividends reinvested. Such calculations do not include the effect of any sales charges imposed by other funds. Each Fund will be compared to Lipper's appropriate fund category, that is, by fund objective and portfolio holdings. Each Fund's performance may also be compared to the average performance of its Lipper category.

Morningstar, Inc. Each Fund's performance may also be compared to the performance of other mutual funds by Morningstar, Inc., which rates funds on the basis of historical risk and total return. Morningstar's ratings range from five stars (highest) to one star (lowest) and represent Morningstar's assessment of the historical risk level and total return of a fund as a weighted average for 3-, 5-, and 10-year periods. Ratings are not absolute and do not represent future results.

Independent Sources. Evaluations of fund performance made by independent sources may also be used in advertisements concerning any Fund, including reprints of, or selections from, editorials or articles about the Fund, especially those with similar objectives. Sources for fund performance and articles about each Fund may include publications such as *Money, Forbes, Kiplinger's, Smart Money, Financial World, Business Week, U.S. News and World Report, The Wall Street Journal, Barron's* and a variety of investment newsletters.

Indices. Each Fund may compare its performance to a wide variety of indices. There are differences and similarities between the investments that a Fund may purchase and the investments measured by the indices.

Historical Asset Class Returns. From time to time, marketing materials may portray the historical returns of various asset classes. Such presentations will typically compare the average annual rates of return, U.S. Treasury bills, bonds, common stocks, and small stocks, as well as annual rates of inflation. There are important differences between each of these investments that should be considered in viewing any such comparison. The market value of stocks will fluctuate with market conditions, and small-stock prices generally will fluctuate more than large-stock prices. Stocks are generally more volatile than bonds. In return for this volatility, stocks have generally been assumed to be likely to perform better than bonds or cash over time. Bond prices generally will fluctuate inversely with interest rates and other market conditions, and the prices of bonds with longer maturities generally will fluctuate more than those of shorter-maturity bonds. Interest rates for bonds may be fixed at the time of issuance, and payment of principal and interest may be guaranteed by the issuer and, in the case of U.S. Treasury obligations, backed by the full faith and credit of the U.S. Treasury.

**Service Providers**

Custodian

Brown Brothers Harriman & Co., 140 Broadway, New York, NY 10005 acts as each Fund's Custodian of cash and securities. The Custodian holds all cash and, directly or through a book entry system or an agent, securities of each Fund, delivers and receives payment for securities sold by such Fund, collects income from investments of each Fund and performs other duties, all as directed by officers of the Trust. The Custodian does not exercise any supervisory function over the management of, or the purchase and sale of securities by, the Funds.

Fund Administrator

Ultimus Fund Solutions, LLC, 225 Pictoria Dr, Suite 450, Cincinnati, OH 45246, acts as the fund administrator and accountant for each Fund.

Transfer Agent and Dividend Disbursing Agent

Ultimus Fund Solutions, LLC, 225 Pictoria Dr, Suite 450, Cincinnati, OH 45246, acts as the Transfer Agent, dividend-paying agent, and shareholder servicing agent for each Fund.

Distributor

Paralel Distributors LLC 1700 Broadway, Suite 1850, Denver, CO 80290, serves as principal underwriter for each Fund and, as such, is the agent for the distribution of shares of each Fund.

Counsel

Sidley Austin LLP, 787 Seventh Avenue, New York, New York, 10019, is counsel for each Fund.

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP, 601 South Figueroa Street, Los Angeles, CA 90017, has been selected as the independent registered public accounting firm of each Fund. As such, they are responsible for auditing the annual financial statements of each Fund.

**Additional Information**

Each Fund's prospectus and this Statement of Additional Information omit certain information contained in the Registration Statement which the Trust has filed electronically with the SEC, and reference is hereby made to the Registration Statement for further information with respect to the Funds and the securities offered hereby. This Registration Statement is available for inspection by the public at the public reference facilities maintained by the SEC in Washington, D.C.

**Financial Statements**

The Funds' annual financial statements for the fiscal year ended June 30, 2025 have been filed with the SEC on Form N-CSR (the "2025 Financial Statements"). The audited financial statements, including the notes thereto (the "Audited Financial Statements") and the financial highlights in the 2025 Financial Statements are incorporated by reference into this SAI. The Audited Financial Statements have been audited by the Trust's independent registered public accounting firm, PricewaterhouseCoopers LLP, whose report thereon also appears in 2025 Financial Statements and is incorporated herein by reference.

A copy of the Funds' 2025 Financial Statements for the fiscal year ended June 30, 2025 is available at www.cullenfunds.com and may be obtained upon request and without charge by writing or by calling the Adviser, at the address and telephone number on the back cover of the Funds' prospectus.

**Appendix A**

RATINGS OF CORPORATE OBLIGATIONS,

COMMERCIAL PAPER, AND PREFERRED STOCK

<u>Ratin</u>g<u>s of Corporate Obligations</u>

<u>Mood</u>y<u>'s Investors Service, Inc. ("Moody's")</u>

Aaa: Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

<u>Aa</u>: Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

<u>A</u>: Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

<u>Baa</u>: Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

<u>Ba</u>: Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

<u>B</u>: Obligations rated B are considered speculative and are subject to high credit risk.

<u>Caa</u>: Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

<u>Ca</u>: Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

<u>C</u>: Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note*: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a (hyb) indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.

S&P Global Ratings ("S&P")

<u>AAA</u>: An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

<u>AA</u>: An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

<u>A</u>: An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

<u>BBB</u>: An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

<u>BB, B, CCC, CC and C</u>: Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

<u>BB</u>: An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

<u>B</u>: An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

<u>CCC</u>: An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

<u>CC</u>: An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

<u>C</u>: An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

<u>D</u>: An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\*Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating

Commercial Paper Ratings

S&P

Commercial paper ratings are graded into four categories, ranging from "A" for the highest quality obligations to "D" for the lowest. Issues assigned the A rating are regarded as having the greatest capacity for timely payment. Issues in this category are further refined with the designation 1, 2 and 3 to indicate the relative degree of safety. The "A-1" designation indicates that the degree of safety regarding timely payment is very strong. Those issues determined to possess overwhelming safety characteristics will be denoted with a plus sign designation.

<u>Mood</u>y<u>'s</u>

Moody's commercial paper ratings are opinions of the ability of the issuers to repay punctually promissory obligations not having an original maturity in excess of nine months. Moody's makes no representation that such obligations are exempt from registration under the Securities Act of 1933, nor does it represent that any specific note is a valid obligation of a rated issuer or issued in conformity with any applicable law. Moody's employs the following three designations, all judged to be investment grade, to indicate the relative repayment capacity of rated issuers:

Prime-1 Superior capacity for repayment

Prime-2 Strong capacity for repayment

Prime-3 Acceptable capacity for repayment

<u>Ratin</u>g<u>s of Preferred Stock</u>

S&P

Standard & Poor's preferred stock rating is an assessment of the capacity and willingness of an issuer to pay preferred stock dividends and any applicable sinking fund obligations. A preferred stock rating differs from a bond rating in as much as it is assigned to an equity issue, which issue is intrinsically different from, and subordinated to, a debt issue. Therefore, to reflect this difference, the preferred stock rating symbol will normally not be higher than the bond-rating symbol assigned to, or that would be assigned to, the senior debt of the same issuer.

The preferred stock ratings are based on the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Likelihood
 of payment—capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with
 the terms of the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Nature
 of and provisions of the obligation, and the promise we impute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Protection
 afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement under
 the laws of bankruptcy and other laws affecting creditors' rights.

<u>AAA</u>: An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

<u>AA</u>: An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

<u>A</u>: An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

<u>BBB</u>: An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

<u>BB, B, CCC</u>: Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

<u>CC</u>: The rating CC is reserved for a preferred stock issue in arrears on dividends or sinking fund payments but that is currently paying.

<u>C</u>: An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

<u>D</u>: An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

<u>NR:</u> This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy.

\* The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

<u>Mood</u>y<u>'s</u>

<u>Aaa</u>: Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

<u>Aa</u>: Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

<u>A</u>: Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

<u>Baa</u>: Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

<u>Ba</u>: Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

<u>B</u>: Obligations rated B are considered speculative and are subject to high credit risk.

<u>Caa</u>: Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

<u>Ca</u>: Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

<u>C</u>: Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note*: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**Appendix B**

PROXY VOTING POLICIES

<u>Polic</u>y <u>Statement:</u> The 1940 Act requires the Funds, when they invest in voting securities, to (i) disclose their proxy voting policies and procedures in their registration statement and (ii) file annually with the SEC and make available to their shareholders its actual proxy voting record. The Funds have delegated to Cullen Capital Management ("CCM") the responsibility to vote proxies.

Companion rules under the Advisers Act require CCM to (i) adopt proxy policies reasonably designed to ensure that CCM votes proxies in the best interests of its clients, including addressing material conflicts of interest, (ii) disclose to clients information about its proxy policies and (iii) maintain certain records relating to proxy voting. These requirements are designed to ensure greater transparency in the voting of proxies.

<u>Procedures</u>: The Funds have adopted the following procedures regarding this matter:

*1. Procedures:* The Board has adopted the procedures set forth in "Proxy Voting Policies and Procedures" (copy attached) to implement the Funds' policy and to monitor compliance with the Funds' policy. These policies delegate the responsibility for voting proxies to CCM in accordance with its policies and procedures.

*2. Compliance Responsibility:* CCM has adopted a proxy voting policy and is responsible for monitoring compliance with its policy and procedures.

*3. Disclosure:* CCM, with input and assistance from Fund counsel, is responsible for ensuring that appropriate disclosure is made in the Funds' prospectus and statement of additional information. See Chapter 10 for a discussion of the Funds' disclosure policy and procedures. In addition, the fund administrator subject to the terms and conditions of the Fund Administration Agreement and the oversight of Fund counsel, is responsible for filing Form N-PX with the SEC pursuant to Rule 30b1-4.

**PART C**

**OTHER INFORMATION**

**Item 28.** **Exhibits**

*(a)* *Declaration of Trust* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Certificate of Trust of Cullen Funds Trust dated March 25, 2000, incorporated by reference to Registrant's Initial Filing of the Registration Statement on Form N-1A filed March 27, 2000.](http://www.sec.gov/Archives/edgar/data/1109957/000089418900000222/0000894189-00-000222.txt)

(ii) [Amended Agreement and Declaration of Trust of Cullen Funds Trust dated May 10, 2001, incorporated by reference to Registrant's Post- Effective Amendment No. 22 on Form N-1A filed February 12, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089418909000365/amdagmt_decl.htm)

(iii) [Certificate of Correction of Certificate of Trust of Cullen Funds Trust dated February 6, 2007, incorporated by reference to Registrant's Post-Effective Amendment No. 19 on Form N-1A filed February 14, 2007.](http://www.sec.gov/Archives/edgar/data/1109957/000089418907000404/cert_correction.htm)

*(b)* *By-Laws*

(i) [By-Laws dated March 25, 2001, incorporated by reference to Registrant's Initial Filing of the Registration Statement on Form N-1A filed March 27, 2000.](http://www.sec.gov/Archives/edgar/data/1109957/000089418900000222/0000894189-00-000222.txt)

*(c)* *Instruments Defining Rights of Security Holders*

(i) Instruments Defining Rights of Security Holders incorporated
 by reference to the Agreement and Declaration of Trust and By-Laws.

*(d)* *Investment Advisory Agreements*

(i) [Investment Advisory Agreement between Cullen Funds Trust and Cullen Capital Management LLC on behalf of the Cullen High Dividend Equity Fund dated August 1, 2003, incorporated by reference to Registrant's Post-Effective Amendment No. 4 on Form N-1A filed August 1, 2003.](http://www.sec.gov/Archives/edgar/data/1109957/000089418903001081/advisory.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. [Amendment to Investment Advisory Agreement between Cullen Funds Trust and Cullen Capital Management LLC on behalf of the Cullen High Dividend Equity Fund dated October 5, 2004, incorporated by reference to Registrant's Post-Effective Amendment No. 25 on Form N-1A filed April 21, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089418909001175/ex-99_dia.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Investment Advisory Agreement between Cullen Funds Trust and Cullen Capital Management LLC on behalf of the Cullen International High Dividend Fund dated November 30, 2005, incorporated by reference to Registrant's Post-Effective Amendment No. 17 on Form N-1A filed December 15, 2005.](http://www.sec.gov/Archives/edgar/data/1109957/000089418905003307/invadv_agrmnt.htm)

(iii) [Investment Advisory Agreement between Cullen Funds Trust and Cullen Capital Management LLC on behalf of the Cullen Small Cap Value Fund dated August 6, 2009, incorporated by reference to Registrant's Post-Effective Amendment No. 29 on Form N-1A filed September 30, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089109209003732/e36574ex_diii.htm)

(iv) [Investment Advisory Agreement between Cullen Funds Trust and Cullen Capital Management LLC on behalf of the Cullen Value Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 36 on Form N-1A filed August 30, 2012.](http://www.sec.gov/Archives/edgar/data/1109957/000089109212004955/e49674-ex99d_iv.htm)

(v) [Investment Advisory Agreement between Cullen Funds Trust and Cullen Capital Management LLC on behalf of the Cullen Emerging Markets High Dividend Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 36 on Form N-1A filed August 30, 2012.](http://www.sec.gov/Archives/edgar/data/1109957/000089109212004955/e49674-ex99d_v.htm)

(vi) [Investment Advisory Agreement between Cullen Funds Trust and Cullen Capital Management LLC on behalf of the Cullen Enhanced Equity Income Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 48 on Form N-1A filed December 15, 2015.](http://www.sec.gov/Archives/edgar/data/1109957/000114420415070877/v426764_ex99-div.htm)

*(e)* *Distribution Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Distribution Agreement between Cullen Funds Trust and Paralel Distributors LLC dated October 3, 2022, incorporated by reference to Registrant's Post-Effective No. 60 on Form N-1A filed October 28, 2022.](http://www.sec.gov/Archives/edgar/data/1109957/000110465922112465/tm2227945d1_ex99-ei.htm)

*(f)* *Bonus or Profit Sharing Contracts* – Not applicable.

*(g)* *Custody Agreements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Custody Agreement between the Cullen Funds Trust and Brown Brothers Harriman & Co. dated January 22, 2018, incorporated by reference to Registrant's Post-Effective Amendment No. 43 on Form N-1A filed October 29, 2018.](http://www.sec.gov/Archives/edgar/data/1109957/000114420418055747/tv504560_ex99-gi.htm)

*(h)* *Other Material Contracts* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Master Services Agreement between the Cullen Funds Trust and Ultimus Fund Solutions, LLC dated August 15, 2025 (filed herewith).](ex99-hi.htm)

(ii) [Amended Shareholder Servicing Plan dated August 6, 2009, incorporated by reference to Registrant's Post-Effective Amendment No. 29 on Form N-1A filed September 30, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089109209003732/e36574ex_hix.htm)

(iii) [Amended Shareholder Servicing Plan dated August 24, 2012, incorporated by reference to Registrant's Post-Effective Amendment No. 36 on Form N-1A filed August 30, 2012.](http://www.sec.gov/Archives/edgar/data/1109957/000089109212004955/e49674-ex99h_xi.htm)

(iv) [Amended Shareholder Servicing Plan, incorporated by reference to Registrant's Post-Effective Amendment No. 48 on Form N-1A filed December 15, 2015.](http://www.sec.gov/Archives/edgar/data/1109957/000114420415070877/v426764_ex99-hvi.htm)

(v) [Operating Expenses Letter on behalf of Cullen High Dividend Equity Fund dated May 6, 2024, incorporated by reference to Registrant's Post-Effective Amendment No. 62 on Form N-1A filed on October 28, 2024.](https://www.sec.gov/Archives/edgar/data/1109957/000199937124013962/ex99-hvii.htm)

(vi) [Operating Expenses Letter on behalf of Cullen International High Dividend Fund dated May 6, 2024, incorporated by reference to Registrant's Post-Effective Amendment No. 62 on Form N-1A filed on October 28, 2024.](https://www.sec.gov/Archives/edgar/data/1109957/000199937124013962/ex99-hviii.htm)

(vii) [Operating Expenses Letter on behalf of Cullen Emerging Markets High Dividend Fund dated June 2, 2025, incorporated by reference to Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on August 5, 2025.](https://www.sec.gov/Archives/edgar/data/1109957/000199937124013962/ex99-hx.htm)

(viii) [Operating Expenses Letter on behalf of Cullen Value Fund dated May 6, 2024, incorporated by reference to Registrant's Post-Effective Amendment No. 62 on Form N-1A filed on October 28, 2024](https://www.sec.gov/Archives/edgar/data/1109957/000199937124013962/ex99-hix.htm) .

(ix) [Operating Expenses Letter on behalf of Cullen Small Cap Value Fund dated May 6, 2024, incorporated by reference to Registrant's Post-Effective Amendment No. 62 on Form N-1A filed on October 28, 2024.](https://www.sec.gov/Archives/edgar/data/1109957/000199937124013962/ex99-hxi.htm)

(x) [Operating Expenses Letter on behalf of Cullen Enhanced Equity Income Fund dated May 6, 2024, incorporated by reference to Registrant's Post-Effective Amendment No. 62 on Form N-1A filed on October 28, 2024.](https://www.sec.gov/Archives/edgar/data/1109957/000199937124013962/ex99-hxii.htm)

*(i)* *Legal Opinions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Opinion and Consent of Counsel for the Cullen High Dividend Equity Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 4 on Form N-1A filed August 1, 2003.](http://www.sec.gov/Archives/edgar/data/1109957/000089418903001081/legalopinion.txt)

(ii) [Opinion and Consent of Counsel for the Cullen High Dividend Equity Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 10 on Form N-1A filed October 7, 2004.](http://www.sec.gov/Archives/edgar/data/1109957/000089418904002089/counselopin.htm)

(iii) [Opinion and Consent of Counsel for the Cullen International High Dividend Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 19 on Form N-1A filed February 14, 2007.](http://www.sec.gov/Archives/edgar/data/1109957/000089418907000404/opinion.htm)

(iv) [Opinion and Consent of Counsel for the Cullen Small Cap Value Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 29 on Form N-1A filed September 30, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089109209003732/e36574ex_iiii.htm)

(v) [Opinion and Consent of Counsel for the Cullen Value Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 36 on Form N-1A filed August 30, 2012.](http://www.sec.gov/Archives/edgar/data/1109957/000089109212004955/e49674-ex99i_v.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Opinion and Consent of Counsel for the Cullen Emerging Markets High Dividend Fund, incorporated by reference to Registrant's Post- Effective Amendment No. 36 on Form N-1A filed August 30, 2012.](http://www.sec.gov/Archives/edgar/data/1109957/000089109212004955/e49674-ex99i_vi.htm)

(vii) [Opinion and Consent of Counsel for the Cullen Enhanced Equity Income Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 48 on Form N-1A filed December 15, 2015.](http://www.sec.gov/Archives/edgar/data/1109957/000114420415070877/v426764_ex99-ivii.htm)

(viii) [Opinion and Consent of Counsel for the Cullen Emerging Markets High Dividend Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 64 on Form N-1A filed August 5, 2025.](http://www.sec.gov/Archives/edgar/data/1109957/000199937125010617/ex99-iviii.htm)

*(j)* *[Consent of Independent Registered Public Accounting Firm](ex99-j.htm)* (filed herewith).

*(k)* *Omitted Financial Statements – Not applicable.* 

*(l)* *Initial Capital Agreements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Subscription for Shares of the Cullen High Dividend Equity Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 4 on Form N-1A filed August 1, 2003.](http://www.sec.gov/Archives/edgar/data/1109957/000089418903001081/subscriptionofshares.txt)

(ii) [Subscription for Shares of the Cullen International High Dividend Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 25 on Form N-1A filed April 21, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089418909001175/ex-99_lii.htm)

(iii) [Subscription for Shares of the Cullen Small Cap Value Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 29 on Form N-1A filed September 30, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089109209003732/e36574ex_liii.htm)

(iv) [Subscription for Shares of the Cullen Value Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 36 on Form N- 1A filed August 30, 2012.](http://www.sec.gov/Archives/edgar/data/1109957/000089109212004955/e49674-ex99l_iv.htm)

(v) [Subscription for Shares of the Cullen Emerging Markets High Dividend Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 36 on Form N-1A filed August 30, 2012.](http://www.sec.gov/Archives/edgar/data/1109957/000089109212004955/e49674-ex99l_v.htm)

(vi) [Subscription for Shares of the Cullen Enhanced Equity Income Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 48 on Form N-1A filed December 15, 2015.](http://www.sec.gov/Archives/edgar/data/1109957/000114420415070877/v426764_ex99-liv.htm)

*(m)* *Rule 12b-1 Plan* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Distribution Plan (Rule 12b-1 Plan) for Cullen High Dividend Equity Fund (Retail Class), incorporated by reference to Registrant's Post- Effective Amendment No. 4 on Form N-1A filed August 1, 2003.](http://www.sec.gov/Archives/edgar/data/1109957/000089418903001081/distribution12b1plan.txt)

(ii) [Distribution Plan (Rule 12b-1 Plan) for Cullen High Dividend Equity Fund (Class C), incorporated by reference to Registrant's Post- Effective Amendment No. 11 on Form N-1A filed October 28, 2004.](http://www.sec.gov/Archives/edgar/data/1109957/000089418904002235/cullenhd12b1.htm)

(iii) [Distribution Plan (Rule 12b-1 Plan) for Cullen International High Dividend Fund (Retail Class), incorporated by reference to Registrant's Post-Effective Amendment No. 25 filed on Form N-1A April 21, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089418909001175/ex-99_miv.htm)

(iv) [Distribution Plan (Rule 12b-1 Plan) for Cullen International High Dividend Fund (Class C), incorporated by reference to Registrant's Post- Effective Amendment No. 25 filed on Form N-1A April 21, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089418909001175/ex-99_mv.htm)

(v) [Distribution Plan (Rule 12b-1 Plan) for Cullen Small Cap Value Fund (Retail Class and Class C), incorporated by reference to Registrant's Post-Effective Amendment No. 30 on Form N-1A filed October 26, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089109209003989/e36815_485bpos.htm#b24)

(vi) [Distribution Plan (Rule 12b-1 Plan) for Cullen Value Fund (Retail Class and Class C), incorporated by reference to Registrant's Post-Effective Amendment No. 36 on Form N-1A filed August 30, 2012.](https://www.sec.gov/Archives/edgar/data/1109957/000089109212004955/e49674-ex99m_viii.htm)

(vii) [Distribution Plan (Rule 12b-1 Plan) for Cullen Emerging Markets High Dividend Fund (Retail Class and Class C), incorporated by reference to Registrant's Post-Effective Amendment No. 36 on Form N-1A filed August 30, 2012.](http://www.sec.gov/Archives/edgar/data/1109957/000089109212004955/e49674-ex99m_ix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [Distribution Plan (Rule 12b-1 Plan) for Cullen Enhanced Equity Income Fund (Retail Class and Class C), incorporated by reference to Registrant's Post-Effective Amendment No. 48 on Form N-1A filed December 15, 2015.](http://www.sec.gov/Archives/edgar/data/1109957/000114420415070877/v426764_ex99-mx.htm)

*(n)* *Rule 18f-3 Multiple Class Plan* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended and Restated Multiple Class Plan for Cullen High Dividend Fund dated February 12, 2009, incorporated by reference to Registrant's Post-Effective Amendment No. 25 filed on Form N-1A filed April 21, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089418909001175/ex-99_ni.htm)

(ii) [Amended and Restated Multiple Class Plan for Cullen International High Dividend Fund dated February 12, 2009, incorporated by reference to Registrant's Post-Effective Amendment No. 25 filed on Form N-1A filed April 21, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089418909001175/ex-99_nii.htm)

(iii) [Multiple Class Plan for Cullen Small Cap Value Fund dated August 6, 2009, incorporated by reference to Registrant's Post-Effective Amendment No. 29 on Form N-1A filed September 30, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089109209003732/e36574-ex_niii.htm)

(iv) [Multiple Class Plan for Cullen Value Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 36 on Form N-1A filed August 30, 2012.](http://www.sec.gov/Archives/edgar/data/1109957/000089109212004955/e49674-ex99n_iv.htm)

(v) [Multiple Class Plan for Cullen Emerging Markets High Dividend Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 36 on Form N-1A filed August 30, 2012.](http://www.sec.gov/Archives/edgar/data/1109957/000089109212004955/e49674-ex99n_v.htm)

(vi) [Multiple Class Plan for Cullen Enhanced Equity Income Fund, incorporated by reference to Registrant's Post-Effective Amendment No. 48 on Form N-1A filed December 15, 2015.](http://www.sec.gov/Archives/edgar/data/1109957/000114420415070877/v426764_ex99-niv.htm)

(vii) [Amended and Restated Multiple Class Plan for Cullen Emerging Markets High Dividend Fund dated June 2, 2025, incorporated by reference to Registrant's Post-Effective Amendment No. 64. on Form N-1A filed August 5, 2025.](http://www.sec.gov/Archives/edgar/data/1109957/000199937125010617/ex99-nvii.htm)

*(o)* *Reserved* 

*(p)* *Code of Ethics* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Code of Ethics for Registrant and Cullen Capital Management LLC dated April 1, 2022, incorporated by reference to Registrant's Form N- CSR filed September 22, 2022.](http://www.sec.gov/Archives/edgar/data/1109957/000139834422019008/fp0079339_ex99code.htm)

(ii) [Code of Ethics for Paralel Distributors LLC dated April 10, 2024, incorporated by reference to Registrant's Post-Effective Amendment No. 62 on Form N-1A filed on October 28, 2024.](https://www.sec.gov/Archives/edgar/data/1109957/000199937124013962/ex99-pii.htm)

*(q)* *Powers of Attorney* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Conformed Copy of Power of Attorney of Trustee, President, James P. Cullen, Trustee, Dr. Curtis J. Flanagan, Trustee, Matthew J. Dodds, Trustee, Robert J. Garry, Trustee, Stephen G. Fredericks, Treasurer, Jeffrey T. Battaglia, Vice President, John C. Gould, Vice President, Brooks, H. Cullen and Secretary, Rahul D. Sharma, dated February 12, 2009, incorporated by reference to Registrant's Post-Effective Amendment No. 25 on Form N-1A filed April 21, 2009.](http://www.sec.gov/Archives/edgar/data/1109957/000089418909001175/ex-99_hv.htm)

(ii) [Conformed Copy of Power of Attorney of Trustee, Robert J. Garry, Trustee, Stephen G. Fredericks, Trustee, Daniel J. Campbell, Executive Vice President, John C. Gould, Vice President, Brooks H. Cullen, Secretary, Rahul D. Sharma, and Treasurer, Jeffrey T. Battaglia, dated September 28, 2010, incorporated by reference to Registrant's Post-Effective Amendment No. 33 on Form N-1A filed October 27, 2011.](http://www.sec.gov/Archives/edgar/data/1109957/000089109211007166/e45667ex99q.htm)

(iii) [Conformed Copy of Power of Attorney of Trustee James H. Wildman dated October 28, 2013, incorporated by reference to Registrant's Post-Effective Amendment No. 40 on Form N-1A filed October 28, 2013.](http://www.sec.gov/Archives/edgar/data/1109957/000089109213008875/e55960ex99q-iii.htm)

(iv) [Conformed Copy of Power of Attorney of Trustee Jeffrey Hemmings dated September 14, 2015, incorporated by reference to Registrant's Post-Effective Amendment No. 44 on Form N-1A filed September 23, 2015.](http://www.sec.gov/Archives/edgar/data/1109957/000114420415056142/v420549_ex99-qiv.htm)

(v) [Conformed Copy of Power of Attorney of Trustee Walter Forman dated October 24, 2016, incorporated by reference to Registrant's Post- Effective Amendment No. 49 on Form N-1A filed October 28, 2016.](http://www.sec.gov/Archives/edgar/data/1109957/000114420416130164/v450960_ex99-qv.htm)

**Item 29.** **Persons Controlled by or Under Common Control with Registrant.**

No person is directly or indirectly controlled by or under common control with the Registrant.

**Item 30.** **Indemnification.**

Reference is made to Article VII of the Registrant's Agreement and Declaration of Trust. Pursuant to Rule 484 under the Securities Act of 1933, as amended, the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Act") may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue."

**Item 31.** **Business and Other Connections of the Investment Adviser.**

Cullen Capital Management LLC serves as the investment adviser for the Registrant. The business and other connections of Cullen Capital Management LLC are set forth in the Uniform Application for Investment Adviser Registration ("Form ADV") of Cullen Capital Management LLC as filed with the SEC (File No. 801-57576) on March 31, 2025 and which is incorporated by reference herein.

**Item 32.** **Principal Underwriters.**

(a) Paralel Distributors LLC acts as the distributor for the Registrant and the following investment companies:

Elevation Series Trust (33 series); Collaborative Investment Series Trust (7 series); Reaves Utility Income Fund (ATM Offering); Coller Secondaries Private Equity Opportunities Fund; Coller Private Credit Secondaries Fund; HarbourVest Private Investments Fund; Octagon XAI CLO Income Fund, and XAI Octagon Floating Rate & Alternative Income Trust (ATM Offering); Shelton Equity Premium Income ETF; Hashdex Nasdaq Crypto Index US ETF; Coinshares Valkyrie Bitcoin Fund.

(b) To the best of Registrant's knowledge, the directors and executive officers of Paralel Distributors LLC, are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name\*</u>** | &nbsp;&nbsp;**<u>Position with Underwriter</u>** | &nbsp;&nbsp;**<u>Positions with Cullen Funds Trust</u>** |
| &nbsp;&nbsp;Bradley Swenson | &nbsp;&nbsp;President, Chief Compliance Officer and FINOP | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Jeremy May | &nbsp;&nbsp;Chief Executive Officer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Christopher Moore | &nbsp;&nbsp;General Counsel | &nbsp;&nbsp;None |

---

\* The principal business address for each of the above directors and executive officers is 1700 Broadway, Suite 1850, Denver, Colorado 80290.

(c) Not applicable.

**Item 33.** **Location of Accounts and Records.**

(a) The Registrant maintains accounts, books and other documents required by Section 31(a) of the Investment Company Act of 1940 and the rules thereunder (collectively, "Records") at its offices at 645 Fifth Avenue, New York, NY 10017.

(b) Cullen Capital Management LLC maintains all Records relating to its services as investment adviser to the Registrant at 645 Fifth Avenue, New York, NY 10022.

(c) Ultimus Fund Solutions, LLC maintains all Records relating to its services as administrator, accounting agent and Transfer Agent of the Registrant at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

(d) Paralel Distributors LLC maintains all Records relating to its services as Distributor of the Registrant at 1700 Broadway, Suite 1850, Denver, Colorado 80290.

(e) Brown Brothers Harriman & Co. maintains all Records relating
 to its services as Custodian of the Registrant at 140 Broadway, New York, NY 10005.

**Item 34.** **Management Services Not Discussed in Parts A and B.**

Not applicable.

**Item 35.** **Undertakings.**

The Registrant hereby undertakes to furnish each person to whom a Prospectus for one or more of the series of the Registrant is delivered with a copy of the relevant latest annual report to shareholders, upon request and without charge.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement under rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York and the State of New York, on the 28<sup>th</sup> day of October, 2025.

---

| | |
|:---|:---|
| CULLEN FUNDS TRUST | CULLEN FUNDS TRUST |
| By: | /s/ James P. Cullen |
|  | James P. Cullen |
|  | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ James P. Cullen | Trustee and Chief Executive Officer | October 28, 2025 |
| James P. Cullen |  |  |
| /s/ Stephen G. Fredericks\* | Independent Trustee | October 28, 2025 |
| Stephen G. Fredericks |  |  |
| /s/ Robert J. Garry\* | Independent Trustee | October 28, 2025 |
| Robert J. Garry |  |  |
| /s/ Daniel J. Campbell\* | Independent Trustee | October 28, 2025 |
| Daniel J. Campbell |  |  |
| /s/ James H. Wildman\* | Independent Trustee | October 28, 2025 |
| James H. Wildman |  |  |
| /s/ Jeffrey Hemmings\* | Independent Trustee | October 28, 2025 |
| Jeffrey Hemmings |  |  |
| /s/ Walter Forman\* | Independent Trustee | October 28, 2025 |
| Walter Forman |  |  |
| /s/ Stephen O'Neil | Treasurer and Principal Accounting Officer | October 28, 2025 |
| Stephen O'Neil |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ James P. Cullen |
|  | James P. Cullen |
|  | Attorney in Fact |

---

**Exhibits**

(h)(i) [Master Services Agreement between the Cullen Funds Trust and Ultimus Fund Solutions, LLC dated August 15, 2025](ex99-hi.htm) <br> (j) [Consent of Independent Registered Public Accounting Firm](ex99-j.htm)

## Ex-99.(H)(I)

[Cullen Funds Trust 485BPOS](cullen_485bpos-102825.htm)

**Exhibit 99.(h)(i)**

**MASTER SERVICES AGREEMENT**

This Master Services Agreement (this "**Agreement**"), dated August 15, 2025, is between **Cullen Funds Trust** (the "**Trust**"), a Delaware statutory trust, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), a limited liability company organized under the laws of the state of Ohio.

**<u>Background</u>**

The Trust is an open-end management investment company registered or to be registered under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), and it desires that Ultimus perform certain services for each of its series listed on Schedule A (as amended from time to time) (individually referred to herein as a "**Fund**" and collectively as the "**Funds**"). Ultimus is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

1. Retention of Ultimus

The Trust retains Ultimus to act as the service provider on behalf of each Fund for the services set forth in each Addendum selected below (collectively, the "**Services**"), which are incorporated by reference into this Agreement. Ultimus accepts such employment to perform the selected Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Fund Accounting Addendum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Fund Administration Addendum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Transfer Agent and Shareholder Servicing Addendum

2. Allocation of Charges and Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** Ultimus shall furnish at its own expense the executive, supervisory, and clerical
personnel necessary to perform its obligations under this Agreement. Ultimus shall also pay all compensation of any officers of the Trust
who are affiliated persons of Ultimus, except when such person is serving as the Trust's chief compliance officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** The Trust, on behalf of each Fund, assumes and shall pay or cause to be paid all
other expenses of the Trust or a Fund not otherwise allocated under this Section 2, including, without limitation: organization costs;
taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, prospectuses,
statements of additional information, information statements, proxy statements and related materials; all expenses incurred in connection
with issuing and redeeming shares; the costs of custodial services; the cost of initial and ongoing registration or qualification of the
shares under federal and state securities laws; fees and reimbursable expenses of Trustees who are not affiliated persons of Ultimus or
the investment adviser(s) to the Trust; insurance premiums; interest; brokerage costs; litigation and other extraordinary or nonrecurring
expenses; and all fees and charges of investment advisers to the Trust.

3. Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** The Trust, on behalf of each Fund, shall pay for the Services to be provided by
Ultimus under this Agreement in accordance with, and in the manner set forth in, the fee letter attached to each addendum (each a "**Fee Letter** "), which may be amended from time to time. Each Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** If this Agreement becomes effective subsequent to the first day of a month, Ultimus'
compensation for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation
of the fees as set forth in the applicable Fee Letter. If this Agreement terminates before the last day of a month, Ultimus' compensation
for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees
as set forth in the applicable Fee Letter. The Trust shall promptly pay Ultimus' compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** In the event that the U.S. Securities and Exchange Commission (the "**SEC** "),
Financial Industry Regulatory Authority, Inc. ()"**FINRA** "), or any other regulator or self-regulatory authority adopts
regulations and requirements relating to the payment of fees to service providers or which would result in any material increases in costs
to provide the Services under this Agreement, the parties agree to negotiate in good faith amendments to this Agreement in order to comply
with such requirements and provide for additional compensation for Ultimus as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.*** In the event that any fees are disputed, the Trust shall, on or before the due
date, pay all undisputed amounts due hereunder and notify Ultimus in writing of any disputed fees which it is disputing in good faith.
Payment for such disputed fees shall be due on or before the tenth (10<sup>th</sup>) business day after the day on which Ultimus provides
to the Trust documentation which reasonably supports the disputed charges.

4. Reimbursement of Expenses

In addition to paying Ultimus the fees described in each Fee Letter, the Trust, on behalf of each Fund, agrees to reimburse Ultimus for its actual reimbursable expenses in providing services hereunder, if applicable, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Reasonable travel and lodging expenses incurred by officers and employees of Ultimus
in connection with required or requested in person attendance at meetings of the Trust's Board of Trustees (the "**Board** ")
or any committee thereof and shareholders' meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** All freight and other delivery charges incurred by Ultimus in delivering materials
on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** All direct telephone, telephone transmission and telecopy or other electronic
transmission expenses incurred by Ultimus in communication with the Trust, the Trust's investment adviser(s) or custodian, counsel
for the Trust or a Fund, counsel for the Trust's independent Trustees, the Trust's independent accountants, dealers or others
as required for Ultimus to perform the Services;

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 2 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** The cost of obtaining secondary security market quotes and any securities data,
including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities
master data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** The cost of electronic or other methods of storing records and materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.*** All fees and expenses incurred in connection with any licensing of software, subscriptions
to databases, custom programming or systems modifications required to provide any special reports or services requested by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.*** Any expenses Ultimus shall incur at the direction of an officer of the Trust thereunto
duly authorized other than an employee or other affiliated person of Ultimus who may otherwise be named as an authorized representative
of the Trust for certain purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.*** A reasonable allocation of the costs associated with the preparation of Ultimus'
Service Organization Control 1 Reports ()"**SOC 1 Reports** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9.*** A reasonable allocation of the cost of GainsKeeper<sup>®</sup> software, used
by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.10.*** Any additional expenses reasonably incurred by Ultimus in the performance of its
duties and obligations under this Agreement.

5. Maintenance of Books and Records; Record Retention

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** Ultimus shall maintain and keep current the accounts, books, records and other
documents relating to the Services as may be required by applicable law, rules, and regulations, including Federal Securities Laws as
defined under Rule 38a-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Ownership of Records

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus agrees that all such books, records, and other data (except computer programs
and procedures) developed to perform the Services (collectively, "**Client Records**") shall be the property of the Trust
or Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus agrees to provide the Client Records to the Trust or a Fund, at the expense
of the Trust or Fund, upon reasonable request, and to make such books and records available for inspection by the Trust, a Fund, or its
regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Ultimus agrees to furnish to the Trust or a Fund, at the expense of the Trust
or Fund, all Client Records in the electronic or other medium in which such material is then maintained by Ultimus as soon as practicable
after any termination of this Agreement. Unless otherwise required by applicable law, rules, or regulations, Ultimus shall promptly turn
over to the Trust or Fund or, upon the written request of the Trust or Fund, destroy the Client Records maintained by Ultimus pursuant
to this Agreement. If Ultimus is required by applicable law, rule, or regulation to maintain
any Client Records, it will provide the Trust or Fund with copies as soon as reasonably practical after the termination.

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 3 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** Ultimus agrees to keep confidential all Client Records, except when requested to
divulge such information by duly constituted authorities or court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** If Ultimus is requested or required to divulge such information by duly constituted
authorities or court process, Ultimus shall, unless prohibited by law, promptly notify the Trust or Fund of such request(s) so that the
Trust or Fund may seek, at the expense of the Trust or Fund, an appropriate protective order.

6. Subcontracting

Ultimus may, at its expense, subcontract with any entity or person concerning the provision of the Services; provided, however, that Ultimus shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor.

7. Effective Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** This Agreement shall become effective as of the date first above written with respect
to each Fund in existence on such date (or, if a particular Fund is not in existence on that date, on the date such Fund commences operation)
(the "**Agreement Effective Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.*** Each Addendum shall become effective as of the date first written in the Addendum
with respect to each Fund in existence on such date (or, if a particular Fund is not in existence on that date, on the date such Fund
commences operation).

8. Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.***  ***Initial Term.*** This Agreement shall continue in effect,
unless earlier terminated by either party as provided under this Section 8, for a period of three (3) years from the date first above
written (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.***  ***Renewal Terms.*** Immediately following the Initial Term this Agreement
shall automatically renew for successive one-year periods (a "**Renewal Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.***  ***Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Termination for Good Cause.* During the Initial Term or a Renewal Term,
a party (the "**Terminating Party**") may only terminate this Agreement against the other party (the "**Non-Terminating Party"**) for good cause. For purposes of this Agreement, "**good cause**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a material breach of this Agreement by the Non-Terminating Party that has not been
cured or remedied within 30 days after the Non-Terminating Party receives written notice of such breach from the Terminating Party;

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 4 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Non-Terminating Party takes a position regarding compliance with Federal Securities
Laws that the Terminating Party reasonably disagrees with, the Terminating Party provides 30 days' prior written notice of such
disagreement, and the parties fail to come to agreement on the position within the 30-day notice period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a final and unappealable judicial, regulatory, or administrative ruling or order
in which the Non-Terminating Party has been found guilty of criminal or unethical behavior in the conduct of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the authorization or commencement of, or involvement by way of pleading, answer,
consent, or acquiescence in, a voluntary or involuntary case under the Bankruptcy Code of the United States Code, as then in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if the Board approves liquidation of a Fund, this Agreement may be terminated
with respect to such Fund only, and such termination shall be deemed to be for "good cause"; provided that this Agreement
remains in full force and effect with respect to all non-liquidating Funds; the only exception being if the liquidating Fund is the last
or only Fund in the Trust, in which event this Agreement shall be terminated in its entirety upon liquidation of that sole remaining Fund
and such termination shall be deemed to be for "good cause".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Out-of-Scope Termination.* If the Trust or Fund demands services that are
beyond the scope of this Agreement and/or a Fund's investment strategy, structure, holdings, or other aspects of a Fund's
operations deviate in any material respect from those Ultimus understood to exist during the initial due diligence and onboarding stage,
such that Ultimus is (or will be) required to employ resources, whether in the form of additional man hours, investment or otherwise,
beyond what was originally anticipated by Ultimus (collectively, the "**Out-of-Scope Services** "), and the parties cannot
agree on appropriate terms relating to such Out-of-Scope Services, Ultimus may terminate this Agreement upon not less than 90 days'
prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *End-of-Term Termination.* A party can terminate this Agreement at the end
of the Initial Term or a Renewal Term by providing written notice of termination to the other party at least 150 days prior to the end
of the Initial Term or then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Early Termination.* Any termination of this Agreement in whole or in part
other than termination under Section 8.3.A-C is deemed an "**Early Termination.**" The Trust or Fund(s) effecting such
Early Termination shall be subject to an "**Early Termination Fee**" equal to the pro rated fee amount due to Ultimus through
the end of the then-current term as calculated in the applicable Fee Letter, including the repayment of any negotiated discounts provided
by Ultimus during the term of the Agreement.

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 5 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Final Payment.* Any unpaid compensation, reimbursement of expenses, or Early
Termination Fee is due to Ultimus within 15 calendar days of the termination date provided in the notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.***  ***No Waiver.*** Failure by either party to terminate this Agreement for
a particular cause shall not constitute a waiver of its right to subsequently terminate this Agreement for the same or any other cause.

9. Additional Funds or Classes of Shares

In the event that the Trust establishes one or more series or classes of shares after the Agreement Effective Date, each such series or class of shares shall become, at the discretion of the Trust and Ultimus, a Fund or class of shares of a Fund (as applicable) under this Agreement and shall be added to Schedule A and the applicable Fee Letter(s) as appropriate.

10. Standard of Care; Limits of Liability; Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.***  ***Standard of Care.*** Each party's duties are limited to those expressly
set forth in this Agreement and the parties do not assume any implied duties. Each party shall use its best efforts in the performance
of its duties and act in good faith in performing the Services or its obligations under this Agreement. Each party shall be liable for
any damages, losses or costs arising out of such party's failure to perform its duties under this Agreement to the extent such damages,
losses or costs arise out of its willful misfeasance, bad faith, gross negligence in the performance of its duties, or reckless disregard
of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. Limits of Liability

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing Services or duties pursuant to any oral, written, or electronic instruction,
notice, request, record, order, document, report, resolution, certificate, consent, data, authorization, instrument, or item of any kind
that Ultimus reasonably believes to be genuine and to have been signed, presented, or furnished by a duly authorized representative of
the Trust or any Fund (other than an employee or other affiliated persons of Ultimus who may otherwise be named as an authorized representative
of the Trust for certain purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) operating under its own initiative, in good faith and in accordance with the standard
of care set forth herein, in performing its duties or the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) unless manifestly incorrect, using valuation information provided by the Trust's
approved third-party pricing service(s) or the investment adviser(s) to the Fund for the purpose of valuing a Fund's portfolio holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any default, damages, costs, loss of data or documents, errors, delay, or other
loss whatsoever caused by events beyond Ultimus' reasonable control, including, without limitation (except as to being
manifestly incorrect), corrupt, faulty or inaccurate data provided to Ultimus by third-parties;

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 6 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any error, action or omission by the Trust or other past or current service provider;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any failure - unless requested to do so by the Trust or its investment adviser
- to properly register any Fund's shares in accordance with the Securities Act or any state blue sky laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus may apply to the Trust at any time for instructions and may consult with
counsel for the Trust or a Fund, counsel for the Trust's independent Trustees, and with accountants and other experts (approved
by the Trust) with respect to any matter arising in connection with Ultimus' duties or the Services. Ultimus shall not be liable
or accountable for any action taken or omitted by it in good faith in accordance with such instruction or with the reasonable opinion
of such Trust / Trust approved counsel, accountants, or other experts qualified to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A copy of the Trust's Agreement and Declaration of Trust (the "**Declaration of Trust**") is on file with the Secretary of State (or equivalent authority) of the state in which the Trust is organized, and
notice is hereby given that this instrument is executed on behalf of the Trust and not the Trustees individually and that the obligations
of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets
and property of the Trust (or if the matter relates only to a particular Fund, that Fund), and Ultimus shall look only to the assets of
the Trust (or the particular Fund, as applicable), for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Ultimus shall not be held to have notice of any change of authority of any officer,
agent, representative or employee of the Trust or any Fund or the Trust's or any Fund's investment adviser until receipt of
written notice thereof from the Trust or Fund (as applicable). As used in this Agreement, the term "**investment adviser** "
includes all sub-advisers or persons performing similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The Board has and retains sole responsibility for oversight of all compliance
matters relating to the Funds, including, but not limited to, compliance where applicable with the Investment Company Act, the Internal
Revenue Code of 1986, as amended (the "**Internal Revenue Code** "), the USA PATRIOT Act of 2001, the Sarbanes Oxley Act
of 2002 and the policies and limitations of each Fund relating to the portfolio investments as set forth in the prospectus and statement
of additional information. Ultimus' monitoring and other functions hereunder shall not relieve the Board of its primary day-to-day
responsibility for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* To the maximum extent permitted by law, the Trust agrees to limit Ultimus'
liability for the Trust's Losses (as defined below) to an amount that shall not exceed the total compensation received by Ultimus
under this Agreement during the most recent rolling 12-month period or the actual time period this Agreement has been in effect if less
than 12 months. This limitation shall apply regardless of
the cause of action or legal theory asserted.

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 7 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.* Barring willful misfeasance, bad faith or gross negligence in the performance
of its duties, or reckless disregard of its obligations and duties hereunder, Ultimus shall not be liable for lost revenues, special,
incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Ultimus
was advised of the possibility thereof. Ultimus shall not be liable for any corrupt, faulty or (unless manifestly so) inaccurate data
provided to Ultimus by any third-parties (including, without limitation, any investment adviser to the Funds) for use in delivering Ultimus'
Services to the Trust or a Fund and Ultimus shall have no duty to independently verify and confirm the accuracy of third-party data unless
manifestly incorrect. The parties acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. Indemnification

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each party (the "**Indemnifying Party**") agrees to indemnify, defend,
and protect the other party, including its trustees, directors, managers, officers, employees, and other agents (collectively, the "**Indemnitees** "
and each an "**Indemnitee** "), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses,
damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees and investigation expenses) (collectively,
" **Losses**") arising out of (1) the Indemnifying Party's failure to exercise the standard of care set forth above
unless such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or gross negligence; (2) any violation of
Applicable Law (defined below) by the Indemnifying Party or its affiliated persons or agents relating to this Agreement and the activities
thereunder; and (3) any material breach by the Indemnifying Party or its affiliated persons or agents of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Notwithstanding the foregoing provisions, the Trust or Fund shall indemnify Ultimus
for Ultimus' Losses arising from circumstances under Section 10.2.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Upon the assertion of a claim for which either party may be required to indemnify
the other, the Indemnitee shall promptly notify the Indemnifying Party of such assertion and shall keep the Indemnifying Party advised
with respect to all developments concerning such claim. Notwithstanding the foregoing, the failure of the Indemnitee to timely notify
the Indemnifying Party shall not relieve the Indemnifying Party of its indemnification obligations hereunder except to the extent that
the Indemnifying Party is materially prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* The Indemnifying Party shall have the option to participate with the Indemnitee
in the defense of such claim or to defend against said claim in its own name or in the name of the Indemnitee. The Indemnitee shall in
no case confess any claim or make any compromise in any case in which the Indemnifying Party may be required to indemnify the Indemnitee
except with the Indemnifying Party's prior written consent.

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 8 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.*** The provisions of this Section 10 shall survive termination of this Agreement.

11. Force Majeure.

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, pandemics, failure of the mails, transportation, communication, or power supply.

12. Representations and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1.***  ***Joint Representations.*** Each party represents and warrants, which representations
and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It is a corporation, partnership, trust, or other entity duly organized and validly
existing in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To the extent required by Applicable Law (defined below), it is duly registered
with all appropriate regulatory agencies or self-regulatory organizations and such registration will remain in full force and effect for
the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* For the duties and responsibilities under this Agreement, it is currently and will
continue to abide by all applicable federal and state laws, including, without limitation, federal and state securities laws; regulations,
rules, and interpretations of the SEC and its authorized regulatory agencies and organizations, including FINRA; and all other self-regulatory
organizations governing the transactions contemplated under this Agreement (collectively, "**Applicable Law** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It has duly authorized the execution and delivery of this Agreement and the performance
of the transactions, duties, and responsibilities contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* This Agreement constitutes a legal obligation of the party, subject to bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting the rights and remedies of creditors and secured
parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* Whenever, in the course of performing its duties under this Agreement, it determines
that a violation of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable Law may have occurred,
or with the passage of time could occur, it shall promptly notify the other party of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.***  ***Representations of the Trust.*** The Trust represents and warrants, which
representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* (1) as of the close of business on the Agreement Effective Date, each Fund that
is then in existence has authorized unlimited shares, and (2) no shares of any Fund will be offered to the public until the Trust's
registration statement under the Securities Act of 1933, as amended (the "**Securities Act** "),
and the Investment Company Act, has been declared or becomes effective and all required state securities law filings have been made.

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 9 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* It shall make best efforts to cause the investment adviser(s) and sub-advisers,
prime broker, custodian, legal counsel, independent accountants, and other service providers and agents, past or present, for each Fund
to cooperate with Ultimus and to provide it with such information, data, documents, and advice relating to the Fund as appropriate or
requested by Ultimus, in order to enable Ultimus to perform its duties and obligations under this Agreement. To the extent the Trust,
the Fund, the investment adviser(s) or any other service provider to the Fund is/are unable to supply Ultimus with all of the information
necessary for Ultimus to perform the Services, Ultimus will not be able to fully perform the Services and will not be responsible for
such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* In good faith and as far as the Trust is aware, the Trust's Agreement and
Declaration of Trust, Bylaws, registration statement and each Fund's organizational documents, and prospectus are true and accurate
and will remain true and accurate at all times during the term of this Agreement in conformance with applicable federal and state securities
laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Each of the employees of Ultimus that serves or has served at any time as an officer
of the Trust, including the CCO, President, Treasurer, Secretary and the AML Compliance Officer, shall be covered by the Trust's
Directors & Officers/Errors & Omissions insurance policy (the "**Policy**") and shall be subject to the provisions
of the Trust's Declaration of Trust and Bylaws regarding indemnification of its officers. The Trust shall provide Ultimus with proof
of current coverage, including a copy of the Policy, and shall notify Ultimus immediately should the Policy be canceled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* Any officer of the Trust shall be considered an individual who is authorized to
provide Ultimus with instructions and requests on behalf of the Trust (an "**Authorized Person**") (unless such authority
is limited in a writing from the Trust and received by Ultimus).

13. Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain
throughout the term of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry.
Upon request, a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage
that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.***  ***Notice of Termination.*** A party shall promptly notify the other party
should any of the notifying party's insurance coverage be canceled or reduced. Such notification shall include the date of change
and the reasons therefore.

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 10 of 16

14. Information Provided by the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective
Date, the Trust will furnish to Ultimus the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* copies of the Declaration of Trust and of any amendments thereto, certified by
the proper official of the state in which such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the Trust's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* certified copies of resolutions of the Board covering the approval of this Agreement,
authorization of a specified officer of the Trust to execute and deliver this Agreement and authorization for specified officers of the
Trust to instruct Ultimus thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* a list of all the officers of the Trust, together with specimen signatures of
those officers who are authorized to instruct Ultimus in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* the Trust's registration statement and all amendments thereto filed with
the SEC pursuant to the Securities Act and the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* the Trust's notification of registration under the Investment Company Act
on Form N-8A as filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* the Trust's current prospectus and statement of additional information for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* an accurate, current list of shareholders of each existing series of the Trust,
if applicable, showing each shareholder's address of record and number of shares owned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* copies of the current plan of distribution adopted by the Trust under Rule 12b-1
under the Investment Company Act for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(J)* copies of the current investment advisory agreement and current investment sub-advisory
agreement(s), if applicable, for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(K)* copies of the current underwriting agreement for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(L)* contact information for each Fund's service providers, including, but not
limited to, the Fund's administrator, custodian, transfer agent, independent accountants, legal counsel, underwriter and chief compliance
officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(M)* a copy of procedures adopted by the Trust in accordance with Rule 38a-1 under
the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.***  ***After the Agreement Effective Date.*** After the Agreement Effective Date,
the Trust will furnish to Ultimus any amendments to the items listed in Section 14.1.

15. Compliance with Law

The Trust assumes full responsibility for the preparation, contents, and distribution of each prospectus of a Fund and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over the Trust or a Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 11 of 16

16. Privacy and Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.***  ***Definition of Confidential Information.*** The term "**Confidential Information**" shall mean all information that either party discloses (a "**Disclosing Party**") to the other party
(a "**Receiving Party** "), whether in writing, electronically, or orally and in any form (tangible or intangible), that
is confidential, proprietary, or relates to clients or shareholders (each either existing or potential). Confidential Information includes,
but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* any information concerning technology, such as systems, source code, databases,
hardware, software, programs, applications, engaging protocols, routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* any unpublished information concerning research activities and plans, customers,
clients, shareholders, strategies and plans, costs, operational techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* any unpublished financial information, including information concerning revenues,
profits and profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Customer Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally, or marked appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.***  ***Definition of Customer Information.*** Any Customer Information will
remain the sole and exclusive property of the Trust. "**Customer Information**" shall mean all non-public, personally identifiable
information as defined by Gramm-Leach-Bliley Act of 1999, as amended, and its implementing regulations (*e.g.*, SEC Regulation S-P
and Federal Reserve Board Regulation P) (collectively, the "**GLB Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3. Treatment of Confidential Information

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Each party agrees that at all times during and after the terms of this Agreement,
it shall use, handle, collect, maintain, and safeguard Confidential Information in accordance with (1) the confidentiality and non-disclosure
requirements of this Agreement; (2) the GLB Act, as applicable and as it may be amended; and (3) such other Applicable Law, whether in
effect now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Without limiting the foregoing, the Receiving Party shall apply to any Confidential
Information at least the same degree of reasonable care used for its own confidential and proprietary information to avoid unauthorized
disclosure or use of Confidential Information under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each party further agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Receiving Party will hold all Confidential Information it obtains in strictest
confidence and will use and permit use of Confidential Information solely for the purposes of this Agreement or as otherwise provided
for in this Agreement, and consistent therewith, may disclose or provide access to its responsible employees or agents who have a need
to know and are under adequate confidentiality agreements or arrangements and make copies of Confidential Information to the extent reasonably
necessary to carry out its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the foregoing, the Receiving Party may release Confidential Information
as permitted or required by law or approved in writing by the Disclosing Party, which approval shall not be unreasonably withheld and
may not be withheld where the Receiving Party is likely to be exposed to civil or criminal liability or proceedings for failure to release
such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Additionally, Ultimus may provide Confidential Information (excluding Customer
Information) typically supplied in the investment company industry to companies that track or report price, performance or other information
regarding investment companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Receiving Party will immediately notify the Disclosing Party of any unauthorized
disclosure or use, and will cooperate fully with the Disclosing Party to protect all proprietary rights in any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.***  ***Severability.*** This provision and the obligations under this Section
16 shall survive termination of this Agreement.

17. Press Release

Within the first 60 days following the Agreement Effective Date, the Trust agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Ultimus; provided that Ultimus must obtain the Trust's written consent prior to publication of such release, which consent shall not be unreasonably denied by the Trust.

18. Non-Exclusivity

The services of Ultimus rendered to the Trust are not deemed to be exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a trustee, officer or employee of the Trust, or persons who are otherwise affiliated persons of the Trust to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

19. Arbitration

Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in Cincinnati, Ohio, according to the Commercial Arbitration Rules of the American Arbitration Association, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 13 of 16

This arbitration provision shall be enforced and interpreted exclusively in accordance with applicable federal law, including the Federal Arbitration Act. Any costs, fees, or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforcement of said award. The prevailing party shall also be entitled to an award of reasonable attorneys' fees and costs incurred in connection with the enforcement of this Agreement.

20. Notices

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by electronic mail overnight delivery, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1. If to the Trust:

 ****

Cullen Funds Trust

Attn: James Goldstein (CCO)

645 Fifth Avenue

New York, NY 10022

Email: jgoldstein@schafer-cullen.com

With a copy to:

Carla Teodoro, Esq.

Sidley Austin LLP

787 Seventh Ave.

New York, NY 10019

Email: cteodoro@sidley.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2. If to Ultimus:

 ****

Ultimus Fund Solutions, LLC

Attn: General Counsel

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

Email: <u>legal@ultimusfundsolutions.com</u>

21. General Provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1.***  ***Incorporation by Reference.*** This Agreement and its addendums, schedules,
exhibits, and other documents incorporated by reference express the entire understanding of the parties and supersede any other agreement
between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2.***  ***Conflicts.*** In the event of any conflict between this Agreement and
any appendices or Addendum thereto, this Agreement shall control.

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 14 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.3.***  ***Amendments.*** The parties may only amend, modify, or waive all or
part of this Agreement by written amendment or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4. Assignments.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Except as provided in this Section 21.4, this Agreement and the rights and duties
hereunder shall not be assignable by either of the parties except by the specific written consent of the non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The terms and provisions of this Agreement shall become automatically applicable
to any investment company that is the successor to the Trust because of reorganization, recapitalization, or change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Ultimus may, to the extent permitted by law and in its sole discretion, assign
all its rights and interests in this Agreement to an affiliate, parent, subsidiary or to the purchaser of substantially all of its business,
provided that Ultimus provides the Trust at least 90 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* This Agreement shall be binding upon, and shall inure to the benefit of, the parties
and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.5.***  ***Governing Law.*** This Agreement shall be construed in accordance with
the laws of the state of Ohio and the applicable provisions of the Investment Company Act. To the extent that the applicable laws of the
state of Ohio, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, the latter shall
control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.6.***  ***Headings.*** Section and paragraph headings in this Agreement are included
for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.7.***  ***Multiple Counterparts.*** This Agreement may be executed in two or
more counterparts, each of which when executed shall be deemed to be an original, but such counterparts shall together constitute but
one and the same instrument. A signed copy of this Agreement delivered by email or other means of electronic transmission will be deemed
to have the same legal effect as delivery of an original, signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.8.***  ***Severability.*** If any part, term or provision of this Agreement is
held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and
not be affected by such determination, and the rights and obligations of the parties shall be construed and enforced as if the Agreement
did not contain the particular part, term or provisions held to be illegal or invalid.

**Signatures are located on the next page.**

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 15 of 16

The parties duly executed this Agreement as of August 15, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Cullen Funds Trust** |  | **Ultimus Fund Solutions, LLC** |
| <br> By: | <br> /s/ Brooks Cullen | <br> By: | <br> /s/ Gary Tenkman |
| Name: | Brooks Cullen | Name: | Gary Tenkman |
| Title: | Vice President | Title: | Chief Executive Officer |

---

Cullen Funds Trust <br> Ultimus Master Services Agreement <br> August 15, 2025 Page 16 of 16

**SCHEDULE A**

**to the**

**Master Services Agreement<br> between**

**Cullen Funds Trust <br> and**

**Ultimus Fund Solutions, LLC <br> dated August 15, 2025**

**<u>Fund Portfolio(s)</u>**

**Cullen High Dividend Equity Fund<br> Cullen International High Dividend Fund <br> Cullen Small Cap Value Fund**

**Cullen Value Fund**

**Cullen Emerging Markets High Dividend Fund<br> Cullen Enhanced Equity Income Fund**

**<u>Fund Accounting Addendum</u> <br> for**

**Cullen Funds Trust**

This Fund Accounting Addendum, dated August 15, 2025, is between **Cullen Funds Trust** (the "**Trust**"), on its own behalf and on behalf of the Funds listed on Schedule A to that certain Master Services Agreement dated August 15, 2025, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Fund Accounting Services</u>**

1. Performance of Daily Accounting Services

Ultimus shall perform the following accounting services daily for each Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** calculate the net asset value per share utilizing prices obtained from the sources
described in subsection 1.2 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** obtain security prices from independent pricing services, or if such quotes are
unavailable and/or have been subject to override by the Fund's investment adviser, then obtain such prices from each Fund's
investment adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** verify and reconcile with the Funds' custodian cash and all daily activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** compute, as applicable, each Fund's net income and realized capital gains,
dividend payables, dividend factors, and weighted average portfolio maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** accrue income of each Fund based upon income estimates obtained from independent
pricing services, or if such income estimates are unavailable, then upon income estimates obtained from each Fund's investment adviser
or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** amortize premiums and accrete discounts on securities purchased at a price other
than face value, if requested by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** update fund accounting system to reflect rate changes, as received/obtained by
Ultimus, on variable interest rate instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** record investment trades received in proper form from each Fund or its authorized
agents on the industry standard T+1 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** calculate Fund expenses based on instructions from each Fund's administrator
or entity approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** determine the outstanding receivables and payables for all (1) security trades,
(2) Fund share transactions, and (3) income and expense accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** provide system generated accounting reports in connection with each Fund's
regular annual audit and other audits and examinations by regulatory agencies;

Cullen Funds Trust <br> Fund Accounting Addendum Page 1 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** provide such ad hoc periodic reports as agreed to by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** prepare and maintain the following records upon receipt of information in proper
form from each Fund or its authorized agents: (1) cash receipts journal; (2) cash disbursements journal; (3) dividend record; (4) purchase
and sales-portfolio securities journals; (5) subscription and redemption journals; (6) security ledgers; (7) broker ledger; (8) general
ledger; (9) daily expense accruals; (10) daily income accruals; (11) securities and monies borrowed or loaned and collateral therefore;
(12) foreign currency journals; and (13) trial balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14.*** provide information typically supplied in the investment company industry to companies
that track or report price, performance or other information with respect to investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15.*** provide accounting information to each Fund's independent registered public
accounting firm for preparation of the Fund's tax returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16.*** cooperate with, and take reasonable actions in the performance of its duties under
this Agreement, so that all necessary information is made available to each Fund's independent public accountants in connection
with any audit (regular annual or otherwise) or the preparation of any report requested by the Fund.

2. Accounting Services Related to Odd Lot Pricing

If, in addition to those services described under Section 1 [Performance of Daily Accounting Services] of this Fund Accounting Addendum, the Trust or a Fund's investment adviser informs Ultimus that one or more Fund(s) holds or will hold any security in a quantity constituting an odd lot (as opposed to a round lot), Ultimus will undertake to perform such additional procedures as are determined necessary by the Board to price such security, including, if applicable, the application of a discount to the pricing obtained from any independent pricing service(s); provided, however, that any such additional procedures to be performed in connection with securities held in quantities constituting an odd lot, are clearly delineated in a written odd lot pricing methodology and procedure approved by the Board; it being further understood and agreed by the parties hereto that Ultimus shall be compensated in the form of an odd lot pricing fee for performing such additional procedures, and, notwithstanding anything in the Agreement to the contrary, including, without limitation, any duty of care or indemnification obligation that Ultimus might otherwise owe to the Trust or any Fund, Ultimus will not be liable for any NAV error that may arise out of any incorrect, incomplete, or missing data provided to Ultimus by the Fund's investment adviser or any sub-adviser to the Fund as part of any odd lot pricing procedures approved by the Board, and the Trust hereby agrees to indemnify Ultimus for and hold Ultimus harmless from any such liability.

3. Derivatives Risk Management Program Support Services

Ultimus may, at the election of the Trust, provide certain of the Funds with the Derivatives Risk Management Program Support Services described below, in accordance with Rule 18f-4 under the Investment Company Act ("**Rule 18f-4**"):

&nbsp;&nbsp;&nbsp;&nbsp;a. Manage derivatives-specific data, update security master files, and load each Fund's
portfolio composition and derivatives-specific data into Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;b. Deliver daily derivatives exposure and value-at-risk ()"**VaR**") reports
generated by the Confluence software to each Fund's investment adviser ()"**Adviser**") and the Trust's Chief
Compliance Officer and make available reporting for weekly
stress testing and back-testing calculations performed by the Confluence software;

Cullen Funds Trust <br> Fund Accounting Addendum Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;c. Provide Adviser access to the Confluence software in order that Adviser may calculate
derivatives exposure for each Fund it advises and make other derivatives risk management calculations as required by Rule 18f-4 (e.g.,
daily VaR calculations, weekly back-testing, and weekly stress-testing);

&nbsp;&nbsp;&nbsp;&nbsp;d. Provide Adviser a board reporting template; and

&nbsp;&nbsp;&nbsp;&nbsp;e. Provide the Board access upon request to an independent derivatives expert (a
" **Derivatives Expert**") capable of supporting the Board's efforts in effecting compliance oversight as required
by Rule 18f-4 and the Trust's related Derivatives Risk Management Program.

In providing the Derivatives Risk Management Program Support Services, in each instance where Ultimus has committed to provide Adviser with access to VaR reports or other derivatives related information, Adviser may, with Ultimus' consent, elect to have Ultimus deliver the same reports and information to an Ultimus approved third party 18f-4 service provider/designee; with the understanding that delivery of such information to such third party 18f-4 service provider/designee may incur additional fees.

The Trust may elect to forego receipt of the Derivatives Risk Management Program Support Services and instead deliver (or cause to be delivered) to Ultimus derivatives data required to be reported monthly on Form N-PORT, in which case Ultimus' services (the "**18f-4/N-PORT Support Services**") will be limited to taking receipt of that derivatives data, manually loading that data into its reporting system, and reporting the required derivatives information on Form N-PORT monthly.

The Adviser has and retains sole responsibility for identifying derivative securities. Ultimus' provision of Derivatives Risk Management Program Support Services or 18f-4/N-PORT Support Services hereunder shall not relieve the Adviser of such ultimate responsibilities, and under no circumstances will Ultimus share in those responsibilities except as expressly agreed upon in this Fund Accounting Addendum.

4. Special Reports and Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Ultimus may agree (but shall be under no obligation) to provide additional special
reports upon the request of the Trust or a Fund's investment adviser, which may result in an additional charge, the amount of which
shall be agreed upon by the parties prior to the reports being made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** Ultimus may agree (but shall be under no obligation) to provide such other similar
services with respect to a Fund as may be reasonably requested by the Trust, which may result in an additional charge, the amount of which
shall be agreed upon between the parties prior to such services being provided.

**Signatures are located on the next page.**

Cullen Funds Trust <br> Fund Accounting Addendum Page 3 of 4

The parties duly executed this Fund Accounting Addendum as of August 15, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Cullen Funds Trust**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| <br> By: | <br> /s/ Brooks Cullen | <br> By: | <br> /s/ Gary Tenkman |
| Name: | Brooks Cullen | Name: | Gary Tenkman |
| Title: | Vice President | Title: | Chief Executive Officer |

---

Cullen Funds Trust <br> Fund Accounting Addendum Page 4 of 4

**<u>Fund Administration Addendum</u>** 

**for**

**Cullen Funds Trust**

This Fund Administration Addendum, dated August 15, 2025, is between **Cullen Funds Trust** (the "**Trust**"), on its own behalf and on behalf of the Funds listed in Scheduled A to that certain Master Services Agreement dated August 15, 2025, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

With respect to each Fund electing Fund Administration Services, Ultimus shall provide the following services subject to, and in compliance with the objectives, policies and limitations set forth in the Trust's Registration Statement, the Trust's organizational documents, bylaws, applicable laws and regulations, and resolutions and policies established by the Trust's Board:

1. In performing the Services, Ultimus will act as a liaison among the Trust's
service providers, including, but not limited to its: custodian, transfer agent, fund accountant and dividend disbursing agent, legal
counsel, and audit firm;

2. Upon request, assist each Fund in the evaluation and selection of other service
providers, such as independent public accountants, printers, EDGAR providers and proxy solicitors (such parties may be affiliates of Ultimus);

3. Prepare and maintain the Trust's operating expense budget to determine proper expense
accruals to be charged to each Fund in order to calculate its daily net asset value;

4. Prepare, or cause to be prepared, expense and financial reports, including Fund
budgets, expense reports, pro-forma financial statements, expense and profit/loss projections and fee waiver/expense reimbursement projections
on a periodic basis as mutually agreed;

5. Prepare authorization for the payment of Trust expenses and pay, from Trust assets,
all authorized bills of the Trust;

6. Determine income and capital gains available for distribution and calculate distributions
(whether monthly, quarterly or otherwise) required to meet Fund strategy, regulatory, income, and excise tax requirements, to be reviewed
(as applicable) by the Trust's independent public accountants;

7. Compute performance data required for inclusion in fund financial reports and
disseminate such data to information services covering the investment company industry, for sales literature of the Trust and other appropriate
purposes;

8. Provide other information typically supplied in the investment company industry
as mutually agreed, to companies that track or report price, performance or other information with respect to investment companies;

9. Prepare and coordinate the delivery of semi-annual and annual financial statements;

10. Coordinate the Trust's audits and examinations by:

Cullen Funds Trust <br> Fund Accounting Addendum Page 1 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. assisting each Fund's independent public accountants, or, upon approval of
the Trust, any regulatory body, in any requested review of a Fund's accounts and records, as mutually agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. providing appropriate financial schedules (as requested by a Fund's independent
public accountants or SEC examiners), as mutually agreed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. providing office facilities as may be required.

11. Facilitate, register, or prepare applicable notice or other filings as directed
by the Fund's investment adviser with respect to the Shares with the various state and territories of the United States and other
securities commissions, provided that all fees for the registration of Shares or for qualifying or continuing the qualification of the
Trust shall be paid by the Trust;

12. In consultation with legal counsel to the Trust, the investment adviser, officers
of the Trust and other relevant parties, collect, prepare and disseminate digital materials for quarterly meetings of the Board, including
agendas and selected financial information as agreed upon by the Trust and Ultimus from time to time; attend and participate in quarterly
Board meetings to the extent requested by the Board; and prepare or cause to be prepared minutes of the quarterly meetings of the Board.
As agreed upon by the Trust and Ultimus from time to time, Ultimus may provide the services described in this paragraph 12 in connection
with a total of four (4) Board meetings each year (one Board meeting each quarter), with any such work for additional Board meetings being
performed at Ultimus' then current hourly rate for such Board meeting and preparatory services. The current rate as of the date
of this Fund Administration Addendum for such Board meeting and preparatory services is $250.00 per hour and is subject to change.

13. In consultation with legal counsel for the Trust, assist in and monitor the preparation,
filing, printing and where applicable, dissemination to shareholders of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. post-effective amendments to the Trust's Registration Statement on Form N-1A
pursuant to Rule 485(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. periodic reports to the Trustees, shareholders and the SEC, including but not limited
to annual reports and semi-annual reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. notices pursuant to Rule 24f-2 (as applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. reports to the SEC on Forms N-CEN, N-CSR, N-PORT, and N-PX (as applicable).

14. Provide the Fund(s), with an end-to-end solution to prepare and transmit annual
and semi-annual shareholder reports designed to be compliant with the SEC's tailored shareholder reporting requirements (the "**Tailored Shareholder Report Services** "). Funds will be provided tailored shareholder report ()"**TSR**") templates to choose
from. A Fund may, upon written notification to Ultimus, opt out of the Tailored Shareholder Report Services, in which event, Ultimus will
extract from Ultimus' systems the data required to prepare a TSR and deliver that data in an electronic format to the Fund or its
designee (the "**Data Extract Only Services** ").

15. Monitor sales of Shares and ensure that the Shares are properly and duly registered with the SEC;

16. Review the Trust's federal, state, and local tax returns as prepared and signed by
the Trust's independent public accountants; and

Cullen Funds Trust <br> Fund Accounting Addendum Page 2 of 5

17. Monitor Fund holdings and operations for  **<u>post-trade compliance</u>** with
the Prospectus and Statement of Additional Information, SEC statutes, rules, regulations and policies and at the direction of the Fund's
independent public accountants and Trust counsel, monitor Fund holdings for compliance with IRS taxation limitations and restrictions
and applicable Federal Accounting Standards Board rules, statements and interpretations; provide periodic compliance reports to each investment
adviser or sub-adviser to the Trust, and assist the Trust, the Adviser and each sub-adviser to the Trust (collectively referred to as
" **Advisers**") in preparation of periodic compliance reports to the Trust, as applicable. Post-trade compliance testing
will be performed in accordance with testing policies and procedures, which in Ultimus' sole determination, are reasonably designed
to comport with industry standard post-trade compliance testing practices. Because such post-trade compliance testing is performed using
fund accounting data and data provided by third-party sources, including, without limitation the Adviser(s), its accuracy is dependent
upon the accuracy of such data, and the Trust agrees and acknowledges that Ultimus is not liable for the accuracy or inaccuracy of such
data. The Trust further agrees and acknowledges that the post-trade compliance testing performed by Ultimus shall not relieve the Trust
or the Adviser(s) of their responsibilities with respect to fund portfolio compliance, including on a pre-trade basis, and that Ultimus
shall not in the absence of its own gross negligence be held liable for any act or omission of the Trust or the Adviser with respect to
fund portfolio compliance. Moreover, and notwithstanding the foregoing, Ultimus' ability and therefor its obligation to perform
post-trade compliance testing shall be wholly-dependent upon its timely receipt from third-party sources, including as applicable the
Adviser(s), of all data necessary in Ultimus' sole determination to properly perform such post-trade compliance testing, and, should
Ultimus determine it to be necessary, the Adviser(s) shall be required to arrange for Ultimus to have secure look-through access to private
fund holdings.

18. Provide individuals reasonably acceptable to the Board to serve as officers of
the Trust, including, without limitation, individuals to serve as assistant treasurer and secretary, who will be responsible for the management
of certain of the Funds' affairs as determined and under supervision by the Board; (depending on the nature and scope of any such
officer appointment, Ultimus may be entitled to an additional fee (as set forth in the Fund Administration Fee Letter)).

**Special Reports and Services**

1. Ultimus may provide additional special reports upon the request of the Trust or
a Fund's investment adviser, which may result in an additional charge, the amount of which shall be agreed upon by the parties prior
to the reports being made available.

2. Ultimus may provide such other similar services with respect to a Fund as may
be reasonably requested by the Trust, such as assistance with information statements, Proxy Statements or Form N-14, which may result
in an additional charge, the amount of which shall be agreed upon between the parties prior to such services being provided.

**Additional Regulatory Services**

Ultimus may provide other regulatory services not specifically listed herein upon such terms and for such fees as the parties hereto agree. Such other regulatory services may include, without limitation, (i) the drafting of initial registration statements and amendments thereto pursuant to Rule 485(a) under the Securities Act of 1933, (ii) the drafting of proxy statements and related materials in connection with the Trust's shareholder meetings, and (iii) the preparation of materials for, attendance at, and drafting of minutes for organizational and special Board meetings.

**Tax Matters**

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Fund Administration Addendum shall be construed or have the effect of rendering tax advice. It is important that the Trust or a Fund consult a professional tax advisor regarding its individual tax situation.

Cullen Funds Trust <br> Fund Accounting Addendum Page 3 of 5

**Legal Representation**

Notwithstanding any provision of the Master Services Agreement or this Fund Administration Addendum to the contrary, Ultimus will not provide legal representation to the Trust or any Fund, including through the use of attorneys that are employees of, or contractually engaged by, Ultimus. The Trust acknowledges that in-house Ultimus attorneys exclusively represent Ultimus and will rely on outside counsel to review all services provided by in-house Ultimus attorneys and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between in-house Ultimus attorneys and the Trust, any information provided to Ultimus attorneys will not be privileged and may be subject to compulsory disclosure under certain circumstances. Ultimus represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

**Signatures are located on the next page.**

Cullen Funds Trust <br> Fund Accounting Addendum Page 4 of 5

The parties duly executed this Fund Administration Addendum as of August 15, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Cullen Funds Trust**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| <br> By: | <br> /s/ Brooks Cullen | <br> By: | <br> /s/ Gary Tenkman |
| Name: | Brooks Cullen | Name: | Gary Tenkman |
| Title: | Vice President | Title: | Chief Executive Officer |

---

Cullen Funds Trust <br> Fund Accounting Addendum Page 5 of 5

**<u>Transfer Agent and Shareholder Services Addendum</u><br> for**

**Cullen Funds Trust**

This Transfer Agent and Shareholder Services Addendum, dated August 15, 2025, is between **Cullen Funds Trust** (the "**Trust**"), on its own behalf and on behalf of the Funds listed on Schedule A to that certain Master Services Agreement, dated August 15, 2025, and **Ultimus Fund Solutions, LLC** ("**Ultimus**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Transfer Agent and Shareholder Services</u>**

1. Shareholder Transactions

Ultimus shall provide the Trust with shareholder transaction services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** process shareholder purchase, redemption, exchange, and transfer orders in accordance
with conditions set forth in the applicable Fund's prospectus(es) applying all applicable redemption or other miscellaneous fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** set up of account information, including address, account designations, dividend
and capital gains options, taxpayer identification numbers, banking instructions, automatic investment plans, systematic withdrawal plans
and cost basis disposition method,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** assist shareholders making changes to their account information included in 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** issue trade confirmations in compliance with Rule 10b-10 under the Securities Exchange
Act of 1934, as amended (the "**1934 Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** issue quarterly statements for shareholders, interested parties, broker firms,
branch offices and registered representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** act as a service agent and process income, dividend and capital gains distributions,
including the purchase of new shares, through dividend reimbursement and appropriate application of backup withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** record the issuance of shares and maintain pursuant to Rule 17Ad-10(e) of the
1934 Act a record of the total number of shares of each Fund which are authorized, based upon data provided to it by the Trust, and issued
and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** perform such services as are required to comply with Rules 17a-24 and 17Ad-17
of the 1934 Act (the "**Lost Shareholder Rules** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** provide cost basis reporting to shareholders on covered shares (shares purchased
after 1/1/2012), as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** withholding taxes on pension accounts and in accordance with state requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** produce, print, mail and file U.S. Treasury Department Forms 1099 and other appropriate
forms required by federal authorities with respect to distributions for shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** administer and perform all other customary services of a transfer agent, including,
but not limited to, answering routine customer inquiries regarding shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** process all standing instruction orders (Automatic Investment Plans ()"**AIPs** ")
and Systematic Withdrawal Plan ()"**SWPs** ")) including the debit of shareholder banks for automatic purchases.

2. Shareholder Information Services

Ultimus shall provide the Trust with shareholder information services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** make information available to a shareholder servicing unit and other remote access
units (including to external companies that track or report price, performance or other information regarding the Trust and / or on the
Trust's behalf) regarding trade date, share price, current holdings, yields, and dividend information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** produce detailed history of transactions through duplicate or special order statements upon request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** provide mailing labels for distribution of financial reports, prospectuses, proxy
statements or marketing material to current shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.4.*** respond as appropriate to all inquiries and communications from shareholders relating
to shareholder accounts.

3. Compliance Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***AML Reporting.*** Ultimus agrees to provide anti-money laundering services
to the Trust's direct shareholders domiciled in the United States and to operate the Trust's customer identification program
for these shareholders, in each case in accordance with the written procedures developed by Ultimus and adopted or approved by the Board
and with applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Regulatory Reporting.*** Ultimus agrees to provide reports to the federal
and applicable state authorities, including the SEC, and to the Funds' auditors. Applicable state authorities are those governmental
agencies located in states in which the Fund is registered to sell shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***IRS Reporting.*** Ultimus will prepare and distribute appropriate Internal
Revenue Service ()"**IRS**") forms for shareholder income and capital gains (including the calculation of qualified income),
sale of fund shares, distributions from retirement accounts and education savings accounts, fair market value reporting on IRAs, contributions,
rollovers and conversions to IRAs and education savings accounts and required minimum distribution notifications and issue tax withholding
reports to the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Pay-to-Play Reports.*** Ultimus will provide quarterly reporting for
Fund accounts subject to pay-to-play rules.

4. Dealer/Load Processing

For each Fund with a share class that charges a sales load (either front-end or back-end), Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** provide reports for tracking rights of accumulation and purchases made under a letter of intent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** account for separation of shareholder investments from transaction sale charges
for purchase of Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** calculate fees due under Rule 12b-1 plans for distribution and marketing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** track sales and commission statistics by dealer and provide for
payment of commissions on shareholder purchases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** applying appropriate Front End Sales Load ()"**FESL**") breakpoint
and Contingent Deferred Sales Charges ()"**CDSCs**") automatically during trade processing.

5. Shareholder Account Maintenance

For each direct shareholder account, Ultimus agrees to perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** maintain all shareholder records for each account in each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.***

as dividend disbursing agent, on or before the payment date of any dividend or distribution, notify the Fund's custodian of the estimated amount of cash required to pay such dividend or distribution; prepare and distribute to shareholders any funds to which they are entitled by reason of any dividend or distribution and in the case of shareholders entitled to receive additional shares of the Fund by reason of any such dividend or distribution, make appropriate credit to their respective accounts and prepare and mail to such shareholders a confirmation statement with respect to such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** issue customer statements on a scheduled cycle, and provide duplicate second and
third-party copies if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** record shareholder account information changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.5.*** maintain account documentation files for each shareholder.

6. uTRANSACT Web Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.*** Provide and maintain an internet portal for shareholders and registered investment
advisers to access and perform various online capabilities on their investment accounts with the Funds.

7. PLAID

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** Provide online bank account verification services using third-party PLAID technology.

8. Other Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.*** Ultimus shall perform other services for the Trust that are mutually agreed upon
in a writing signed by the parties for mutually agreed fees, if any, and all reimbursable expenses incurred by Ultimus; provided, however
that the Trust may retain third parties to perform such other services. These services may include performing internal audit examinations;
mailing the annual reports of the Funds; preparing an annual list of shareholders; and mailing notices of shareholders' meetings,
proxies, and proxy statements.

9. National Securities Clearing Corporation Processing

Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.1.*** process accounts through Networking and the purchase, redemption, transfer and
exchange of shares in such accounts through Fund/SERV (Networking and Fund/SERV being programs operated by the National Securities Clearing
Corporation (the "**NSCC**") on behalf of NSCC's participants, including the Trust), in accordance with, instructions
transmitted to and received by Ultimus by transmission from NSCC on behalf of broker-dealers and banks or in accordance with the instructions
of authorized persons, as hereinafter defined on the dealer file maintained by Ultimus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.2.*** issue instructions to each Fund's custodian for the settlement of transactions
between the Fund and NSCC (acting on behalf of its broker-dealer and bank participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.3.*** provide account and transaction information from the affected
Trust's records on an appropriate computer system in accordance with NSCC's Networking and Fund/SERV rules for those broker-dealers;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.4.*** maintain shareholder accounts through Networking.

10. Tax Matters

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Transfer Agent and Shareholder Services Addendum shall be construed or have the effect of rendering tax advice. It is important that the Trust or a Fund consult a professional tax advisor regarding its individual tax situation.

**Signatures are located on the next page.**

The parties duly executed this Transfer Agent and Shareholder Services Addendum as of August 15, 2025.

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| | | | |
|:---|:---|:---|:---|
|  | **Cullen Funds Trust**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| <br> By: | <br> /s/ Brooks Cullen | <br> By: | <br> /s/ Gary Tenkman |
| Name: | Brooks Cullen | Name: | Gary Tenkman |
| Title: | Vice President | Title: | Chief Executive Officer |

---

## Ex-99.(J)

[Cullen Funds Trust 485BPOS](cullen_485bpos-102825.htm)

**Exhibit 99.(j)**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Cullen Funds Trust of our report dated August 25, 2025, relating to the financial statements and financial highlights of Cullen International High Dividend Fund, Cullen High Dividend Equity Fund, Cullen Small Cap Value Fund, Cullen Value Fund, Cullen Emerging Markets High Dividend Fund and Cullen Enhanced Equity Income Fund, which appears in Cullen Funds Trust's Annual Report on Form N-CSR for the year ended June 30, 2025. We also consent to the references to us under the headings "Financial Statements", "Independent Registered Public Accounting Firm", "Service Providers" and "Financial Highlights" in such Registration Statement.

/s/PricewaterhouseCoopers LLP

Los Angeles, California

October 28, 2025