# EDGAR Filing Document

**Accession Number:** 0001109957
**File Stem:** 0001104659-23-029493
**Filing Date:** 2023-3
**Character Count:** 248006
**Document Hash:** 8a3a6fc86a8cc61858be93e65773fa13
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-029493.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0001104659-23-029493

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**EFFECTIVENESS DATE**: 20230307

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CULLEN FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001109957
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09871
- **FILM NUMBER:** 23712284

**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           |
| C000076265 | Class R1     | CHDRX           |
| C000076266 | Class R2     | CHDPX           |

### 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           |
| C000076267 | Class R1     | CIHRX           |
| C000076268 | Class R2     | CIHPX           |

### 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           |
| C000079422 | Class R1     | CUSSX           |
| C000079423 | Class R2     | CUSTX           |

### 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           |

### 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           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-09871</u>

<u>CULLEN FUNDS TRUST</u>

(exact name of registrant as specified in charter)

<u>645 Fifth Avenue, New York, NY 10022</u>

(Address of principal executive offices) (Zip code)

Brooks Cullen

645 Fifth Avenue

<u>New York, NY 10022</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>212-644-1800</u>

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>July 1, 2022 – December 31, 2022</u>

**Item 1.** **Report to Shareholders.**

(a) ![](tm237986d1_ncsrsimg001.jpg)

**Semi-Annual Report**

**December 31, 2022**

International High Dividend Fund

High Dividend Equity Fund

Small Cap Value Fund

Value Fund

Emerging Markets High Dividend Fund

Enhanced Equity Income Fund

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Shareholder Letter | 3 |
| Fund Performance | 6 |
| Disclosure of Fund Expenses | 27 |
| Schedule of Investments | 30 |
| Statements of Assets and Liabilities | 42 |
| Statements of Operations | 44 |
| Statements of Changes in Net Assets | 45 |
| Financial Highlights | 48 |
| Notes to Financial Statements | 69 |
| Additional Information | 78 |

---

Cullen Funds

**SHAREHOLDER LETTER**

**December 31, 2022 (Unaudited)**

Retail Class Performance for the six months ended December 31, 2022 for the Cullen High Dividend Equity Fund ("High Dividend Fund"), Cullen International High Dividend Fund ("International High Dividend Fund"), Cullen Small Cap Value Fund ("Small Cap Fund"), Cullen Value Fund ("Value Fund"), Cullen Emerging Markets High Dividend Fund ("Emerging Markets High Dividend Fund"), and Cullen Enhanced Equity Income Fund ("Enhanced Equity Income Fund") versus their respective benchmarks was as follows:

---

| | |
|:---|:---|
| **Fund/Benchmark** | **Performance** |
| Cullen International High Dividend Fund | 5.02% |
| MSCI EAFE Index | 6.49% |
| Cullen High Dividend Equity Fund | 7.52% |
| S&P 500 Index | 2.31% |
| Cullen Small Cap Value Fund | 7.94% |
| Russell 2000 Value Index | 3.42% |
| Cullen Value Fund | 6.97% |
| S&P 500 Index | 2.31% |
| Cullen Emerging Markets High Dividend Fund | 2.92% |
| MSCI Emerging Markets Index | -2.99% |
| Cullen Enhanced Equity Income Fund | 7.92% |
| Cboe S&P 500 BuyWrite Index | -1.31% |

---

Please refer to the financial highlights for each Fund's respective share class performance on pages 48-68 of this report.

**Portfolio Review - International High Dividend Fund**

The International High Dividend Fund's performance versus the MSCI EAFE Index during the period was primarily due to the Fund's allocations to Communication Services and Information Technology sectors as well as stock selection within Healthcare and Consumer Discretionary. Partially offsetting relative performance during the period was the Fund's strong stock selection within Materials and Real Estate.

**Portfolio Review - High Dividend Fund**

The High Dividend Fund's performance versus the S&P 500 Index during the period was primarily due to the Fund's strong stock selection within Consumer Discretionary and Real Estate. The Fund's overweight allocation to Energy, the best performing sector for the period, also contributed to relative and absolute performance. The Fund's stock selection within Industrials and Healthcare as well as an overweight allocation to Real Estate partially offset relative performance.

**Portfolio Review - Small Cap Fund**

The Small Cap Fund's performance versus the Russell 2000 Value Index during the period was primarily due to strong stock selection within the Financials, Consumer Discretionary, and Information Technology sectors. Partially offsetting relative performance was the Fund's stock selection within Energy and Healthcare.

**Portfolio Review - Value Fund**

The Value Fund's performance versus the S&P 500 Index during the period was primarily due to strong stock selection within Consumer Discretionary as well as an overweight allocation to Industrials and Financials. The Fund's stock selection in Healthcare and Materials was a slight drag on relative performance.

**Portfolio Review - Emerging Markets High Dividend Fund**

The Emerging Markets High Dividend Fund's performance versus the MSCI Emerging Markets Index during the period was primarily due to strong stock selection within Financials, Real Estate and Consumer Staples. Partially offsetting relative performance was the Fund's underweight exposure to Information Technology and an overweight exposure to Real Estate.

**Portfolio Review - Enhanced Equity Income Fund**

The Enhanced Equity Income Fund's performance versus the CBOE S&P 500 BuyWrite Index during the period was primarily due to the Fund's stock selection in Energy and Consumer Discretionary sectors as well as an overweight allocation to Real Estate. Stock selection within Healthcare and Financials slightly offset relative performance. The Fund's use of covered call options<sup>1</sup> during the period contributed premiums of approximately 3.6% of average net assets during the period.

Cullen Funds

**SHAREHOLDER LETTER**

**December 31, 2022 (Continued) (Unaudited)**

**Outlook**

Global inflation appears to have peaked and is decisively falling as one of the most widely watched economic releases, US monthly Consumer Price Index (CPI), showed year-over-year headline inflation declining from a decades-high reading of 9.0% in June to 7.1% in November. The less volatile core CPI measure peaked in September at 6.6% and has since declined to 6.0% in November. The combination of decelerating economic growth, more stable commodity prices and a moderation in wage and shelter inflation point to headline and core inflation moving closer to the Federal Reserve's (Fed) target. This has brought considerable relief to financial markets as Fed futures predict lower peak rates and interest rate cuts considerably earlier than the Fed's current communicated plans.

Despite all these concerns, there is reason for optimism. Equity bear markets typically bottom before fundamentals improve – past bear markets have typically troughed approximately two quarters before earnings per share (EPS) bottoms. On the one hand, markets could be supported by weaker growth and the several rate cuts being discounted into Fed futures as a result of higher recession probabilities and a shift in focus back to growth in a pre-election year. On the other hand, a soft landing could counterintuitively be a more bearish outcome as it would serve to maintain a more restrictive monetary policy. Looking ahead, the Fed expects to pause its rate hike cycle as inflation declines to more acceptable levels. Historically, after the peak in CPI and after a Fed pause, Growth has surprisingly underperformed Value over the subsequent year.

Value stocks still represent an attractive investment from a valuation perspective. Despite the recent relative outperformance of Value stocks, the valuation spread between Growth and Value stocks in the S&P 500 is still historically wide. The recent market leadership of Value stocks has several long-term secular tailwinds for sustained outperformance. First, while near-term inflation may subside, the underpinnings of several inflationary trends including globalization, demographic trends, and the unmitigated rise of global sovereign debt coupled with rising rates will continue to build, benefitting Value stocks:

As we have regularly pointed out, the key to success in the stock market is to invest with a discipline and invest for the long term, and not to lose focus and be distracted by bear markets and recessions. We believe we could be entering a period where earnings<sup>2</sup> and dividend yield<sup>3</sup> along with dividend growth<sup>4</sup> become more important.

Sincerely,

![](image_001.jpg)

James P. Cullen

*Chairman and Chief Executive Officer*

*<sup>1</sup> Covered call option is an options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset in an attempt to generate increased income from the asset.* 

** 

*<sup>2</sup>* *The Price-to-Earnings Ratio, or Price/Earnings, is a ratio that measures current share price relative to earnings per share.*

** 

*<sup>3</sup>* *A dividend yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price.*

** 

*<sup>4</sup>* *Dividend growth is the annualized percentage rate of growth that a particular stock's dividend undergoes over a period of time.*

*The above outlook reflects the opinions of the authors, is subject to change, is not guaranteed, and should not be considered investment advice.*

*The Cullen International High Dividend Fund, Cullen High Dividend Equity Fund, Cullen Value Fund, Cullen Emerging Markets High Dividend Fund, and Cullen Enhanced Equity Income Fund's investment objectives are capital appreciation and current income. The Cullen Small Cap Value Fund's objective is capital appreciation.*

***Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You can obtain performance data current to the most recent month end by calling 1-877-485-8586 or visiting our website: www.cullenfunds.com. The Cullen Funds impose a 2% redemption fee on shares held less than seven days. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.***

***Mutual fund investing involves risk. Principal loss is possible. The Funds may also invest in medium- and small-capitalization companies, which will involve additional risks such as limited liquidity and greater volatility.***

*The S&P 500 Index is an unmanaged index commonly used to measure performance of U.S. stocks. The MSCI EAFE Index is an unmanaged index of common stocks in Europe, Australia, Asia and the Far East. The Russell 2500 Value Index is an unmanaged index commonly used to measure performance of small capitalization stocks. The MSCI Emerging Markets Index is an unmanaged index of common stocks of in global emerging economies. The MSCI Emerging Markets Index is an unmanaged index of common stocks of in global emerging economies. The CBOE S&P 500 BuyWrite Index is an unmanaged index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index, which itself is also unmanaged index commonly used to measure performance of U.S. stocks. It is not possible to invest directly in an index.*

*Fund holdings and/or sector allocations are subject to change and are not recommendations to buy or sell any security. Please refer to each Fund's Schedule of Investments in the report for complete fund holdings information.*

*Current and future portfolio holdings are subject to risk.*

*Investment performance reflects fee waivers. In the absence of such waivers, total returns would be reduced.*

Cullen Funds

**SHAREHOLDER LETTER**

**December 31, 2022 (Continued) (Unaudited)**

***Must be accompanied or preceded by a current prospectus.***

*The Cullen Funds are distributed by Paralel Distributors LLC. FINRA Member Firm*

Cullen International High Dividend Fund - Retail Class

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg002.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(12/15/2005)** |
| Cullen International High Dividend Fund - *Retail* | 5.02% | -10.63% | 0.75% | 2.36% | 2.83% |
| MSCI EAFE Index | 6.49% | -14.01% | 2.03% | 5.16% | 4.17% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The MSCI EAFE Index is an unmanaged index of common stocks in Europe, Australia, Asia and the Far East.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen International High Dividend Fund - Class C

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg003.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(12/15/2005)** |
| Cullen International High Dividend Fund - *Class C* | 4.66% | -11.30% | -0.01% | 1.61% | 2.09% |
| MSCI EAFE Index | 6.49% | -14.01% | 2.03% | 5.16% | 4.17% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The MSCI EAFE Index is an unmanaged index of common stocks in Europe, Australia, Asia and the Far East.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen International High Dividend Fund - Class I

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $1,000,000 Investment**

![](tm237986d1_ncsrsimg004.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(12/15/2005)** |
| Cullen International High Dividend Fund - *Class I* | 5.22% | -10.36% | 1.02% | 2.63% | 3.11% |
| MSCI EAFE Index | 6.49% | -14.01% | 2.03% | 5.16% | 4.17% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The MSCI EAFE Index is an unmanaged index of common stocks in Europe, Australia, Asia and the Far East.*

*This chart assumes an initial gross investment of $1,000,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen International High Dividend Fund - Class R2

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg005.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(3/4/2010)** |
| Cullen International High Dividend Fund - *Class R2* | 4.92% | -10.71% | 0.55% | 2.15% | 3.17% |
| MSCI EAFE Index | 6.49% | -14.01% | 2.03% | 5.16% | 5.22% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The MSCI EAFE Index is an unmanaged index of common stocks in Europe, Australia, Asia and the Far East.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen High Dividend Equity Fund - Retail Class

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg006.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(8/1/2003)** |
| Cullen High Dividend Equity Fund - *Retail* | 7.52% | -3.73% | 5.78% | 8.93% | 7.83% |
| S&P 500 Index | 2.31% | -18.11% | 9.42% | 12.56% | 9.44% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The Standard & Poor's 500® Stock Index (S&P 500®) is a capitalization-weighted index, representing the aggregate market value of the common equity of 500 large-capitalization stocks primarily traded on the New York Stock Exchange.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen High Dividend Equity Fund - Class C

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg007.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(10/7/2004)** |
| Cullen High Dividend Equity Fund - *Class C* | 7.14% | -4.45% | 4.99% | 8.12% | 6.47% |
| S&P 500 Index | 2.31% | -18.11% | 9.42% | 12.56% | 9.10% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The Standard & Poor's 500® Stock Index (S&P 500®) is a capitalization-weighted index, representing the aggregate market value of the common equity of 500 large-capitalization stocks primarily traded on the New York Stock Exchange.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen High Dividend Equity Fund - Class I

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $1,000,000 Investment**

![](tm237986d1_ncsrsimg008.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(10/7/2004)** |
| Cullen High Dividend Equity Fund - *Class I* | 7.65% | -3.54% | 6.05% | 9.20% | 7.53% |
| S&P 500 Index | 2.31% | -18.11% | 9.42% | 12.56% | 9.10% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The Standard & Poor's 500® Stock Index (S&P 500®) is a capitalization-weighted index, representing the aggregate market value of the common equity of 500 large-capitalization stocks primarily traded on the New York Stock Exchange.*

*This chart assumes an initial gross investment of $1,000,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen High Dividend Equity Fund - Class R1

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg009.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(3/3/2010)** |
| Cullen High Dividend Equity Fund - *Class R1* | 7.30% | -4.23% | 5.26% | 8.39% | 8.81% |
| S&P 500 Index | 2.31% | -18.11% | 9.42% | 12.56% | 12.28% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The Standard & Poor's 500® Stock Index (S&P 500®) is a capitalization-weighted index, representing the aggregate market value of the common equity of 500 large-capitalization stocks primarily traded on the New York Stock Exchange.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen High Dividend Equity Fund - Class R2

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg010.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(3/4/2010)** |
| Cullen High Dividend Equity Fund - *Class R2* | 7.43% | -4.01% | 5.51% | 8.63% | 9.13% |
| S&P 500 Index | 2.31% | -18.11% | 9.42% | 12.56% | 12.25% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The Standard & Poor's 500® Stock Index (S&P 500®) is a capitalization-weighted index, representing the aggregate market value of the common equity of 500 large-capitalization stocks primarily traded on the New York Stock Exchange.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Small Cap Value Fund - Retail Class

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg011.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(10/1/2009)** |
| Cullen Small Cap Value Fund - *Retail* | 7.94% | 0.19% | 8.49% | 7.21% | 7.89% |
| Russell 2000 Value Index | 3.42% | -14.48% | 4.13% | 8.48% | 9.58% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The Russell 2000 Value Index is a small-cap stock market index of the smallest 2,000 stocks in the Russell 3000 Index, which measures performance of the 3,000 largest publicly held companies incorporated in America as measured by total market capitalization.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Small Cap Value Fund - Class C

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg012.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(10/1/2009)** |
| Cullen Small Cap Value Fund - *Class C* | 7.56% | -0.65% | 7.66% | 6.41% | 7.09% |
| Russell 2000 Value Index | 3.42% | -14.48% | 4.13% | 8.48% | 9.58% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The Russell 2000 Value Index is a small-cap stock market index of the smallest 2,000 stocks in the Russell 3000 Index, which measures performance of the 3,000 largest publicly held companies incorporated in America as measured by total market capitalization.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Small Cap Value Fund - Class I

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $1,000,000 Investment**

![](tm237986d1_ncsrsimg013.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(10/1/2009)** |
| Cullen Small Cap Value Fund - *Class I* | 8.03% | 0.36% | 8.74% | 7.45% | 8.14% |
| Russell 2000 Value Index | 3.42% | -14.48% | 4.13% | 8.48% | 9.58% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The Russell 2000 Value Index is a small-cap stock market index of the smallest 2,000 stocks in the Russell 3000 Index, which measures performance of the 3,000 largest publicly held companies incorporated in America as measured by total market capitalization.*

*This chart assumes an initial gross investment of $1,000,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Value Fund - Retail Class

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg014.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(8/31/2012)** |
| Cullen Value Fund - *Retail* | 6.97% | -5.71% | 6.32% | 9.76% | 9.45% |
| S&P 500 Index | 2.31% | -18.11% | 9.42% | 12.56% | 12.37% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The Standard & Poor's 500® Stock Index (S&P 500®) is a capitalization-weighted index, representing the aggregate market value of the common equity of 500 large-capitalization stocks primarily traded on the New York Stock Exchange.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Value Fund - Class C

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg015.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(8/31/2012)** |
| Cullen Value Fund - *Class C* | 6.54% | -6.44% | 5.52% | 8.94% | 8.63% |
| S&P 500 Index | 2.31% | -18.11% | 9.42% | 12.56% | 12.37% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The Standard & Poor's 500® Stock Index (S&P 500®) is a capitalization-weighted index, representing the aggregate market value of the common equity of 500 large-capitalization stocks primarily traded on the New York Stock Exchange.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Value Fund - Class I

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $1,000,000 Investment**

![](tm237986d1_ncsrsimg016.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(8/31/2012)** |
| Cullen Value Fund - *Class I* | 7.12% | -5.50% | 6.58% | 10.03% | 9.72% |
| S&P 500 Index | 2.31% | -18.11% | 9.42% | 12.56% | 12.37% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The Standard & Poor's 500® Stock Index (S&P 500®) is a capitalization-weighted index, representing the aggregate market value of the common equity of 500 large-capitalization stocks primarily traded on the New York Stock Exchange.*

*This chart assumes an initial gross investment of $1,000,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Emerging Markets High Dividend Fund - Retail Class

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg017.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(8/31/2012)** |
| Cullen Emerging Markets High Dividend Fund - *Retail* | 2.92% | -13.23% | 0.01% | 2.26% | 2.99% |
| MSCI Emerging Markets Index | -2.99% | -20.09% | -1.40% | 1.44% | 2.50% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The MSCI Emerging Markets Index is an unmanaged index of common stocks in global emerging economies.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Emerging Markets High Dividend Fund - Class C

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg018.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(8/31/2012)** |
| Cullen Emerging Markets High Dividend Fund - *Class C* | 2.56% | -13.85% | -0.75% | 1.49% | 2.21% |
| MSCI Emerging Markets Index | -2.99% | -20.09% | -1.40% | 1.44% | 2.50% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The MSCI Emerging Markets Index is an unmanaged index of common stocks in global emerging economies.*

*This chart assumes an initial gross investment of $10,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Emerging Markets High Dividend Fund - Class I

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $1,000,000 Investment**

![](tm237986d1_ncsrsimg019.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Annualized**<br>**Since Inception**<br>**(8/31/2012)** |
| Cullen Emerging Markets High Dividend Fund - *Class I* | 3.03% | -13.00% | 0.25% | 2.52% | 3.26% |
| MSCI Emerging Markets Index | -2.99% | -20.09% | -1.40% | 1.44% | 2.50% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The MSCI Emerging Markets Index is an unmanaged index of common stocks in global emerging economies.*

*This chart assumes an initial gross investment of $1,000,000 made on 12/31/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Enhanced Equity Income Fund - Retail Class

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg020.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | **Annualized**<br>**Since Inception**<br>**(12/15/2015)** |
| Cullen Enhanced Equity Income Fund - *Retail* | 7.92% | 0.50% | 6.62% | 7.71% |
| Cboe S&P 500 BuyWrite Index | -1.31% | -11.37% | 2.73% | 4.74% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The CBOE S&P 500 BuyWrite Index is a benchmark index designed to show the hypothetical performance of a portfolio that engages in a buy-write strategy using S&P 500 index call options.*

*This chart assumes an initial gross investment of $10,000 made on 12/15/2015 (commencement of operations). Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Enhanced Equity Income Fund - Class C

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $10,000 Investment**

![](tm237986d1_ncsrsimg021.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | **Annualized**<br>**Since Inception**<br>**(12/15/2015)** |
| Cullen Enhanced Equity Income Fund - *Class C* | 7.59% | -0.18% | 5.83% | 6.92% |
| Cboe S&P 500 BuyWrite Index | -1.31% | -11.37% | 2.73% | 4.74% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The CBOE S&P 500 BuyWrite Index is a benchmark index designed to show the hypothetical performance of a portfolio that engages in a buy-write strategy using S&P 500 index call options.*

*This chart assumes an initial gross investment of $10,000 made on 12/15/2015 (commencement of operations). Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Enhanced Equity Income Fund - Class I

**FUND PERFORMANCE**

**December 31, 2022 (Unaudited)**

**Growth of $1,000,000 Investment**

![](tm237986d1_ncsrsimg022.jpg)

**Average Annual Total Return as of December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**6 Months** | <br>**1 Year** | <br>**5 Year** | **Annualized**<br>**Since Inception**<br>**(12/15/2015)** |
| Cullen Enhanced Equity Income Fund - *Class I* | 8.14% | 0.86% | 6.90% | 7.99% |
| Cboe S&P 500 BuyWrite Index | -1.31% | -11.37% | 2.73% | 4.74% |

---

***Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.cullenfunds.com.***

*The CBOE S&P 500 BuyWrite Index is a benchmark index designed to show the hypothetical performance of a portfolio that engages in a buy-write strategy using S&P 500 index call options.*

*This chart assumes an initial gross investment of $1,000,000 made on 12/15/2015 (commencement of operations). Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.*

Cullen Funds

**DISCLOSURE OF FUND EXPENSES**

**December 31, 2022 (Unaudited)**

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; service fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

**Actual Expenses**

The first sets of lines of the tables below provide information about actual account values and actual expenses. Although the Funds charge no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by the Funds' transfer agent. If you request that redemption be made by wire transfer, currently a $15.00 fee is charged by the Funds' transfer agent. You will be charged a 2% redemption fee if you redeem or exchange shares of the Funds within seven (7) days of purchase. IRA accounts will be charged a $15.00 annual maintenance fee. The examples below include, but are not limited to, management fees, shareholder servicing fees, fund accounting, custody and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses. You may use the information within these lines, together with the amount you invested, to estimate the expenses that you paid over the six-month period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second set of lines within the tables below provide information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br><br>**Net Expense**<br>**Ratio<sup>(a)</sup>** |<br>**Beginning**<br>**Account Value**<br>**July 1, 2022** |<br>**Ending**<br>**Account Value**<br>**December 31, 2022** | **Expenses Paid**<br>**During Period July 1,**<br>**2022**<br>**to December 31,**<br>**2022<sup>(b)</sup>** |
| Cullen International High Dividend Fund |  |  |  |  |
| Retail |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.25% | $1000.00 | $1050.25 | $6.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.25% | $1000.00 | $1018.90 | $6.36 |
| Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 2.00% | $1000.00 | $1046.63 | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 2.00% | $1000.00 | $1015.12 | $10.16 |
| Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.00% | $1000.00 | $1052.16 | $5.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.00% | $1000.00 | $1020.16 | $5.09 |
| Class R2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.50% | $1000.00 | $1049.17 | $7.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.50% | $1000.00 | $1017.63 | $7.64 |

---

Cullen Funds

**DISCLOSURE OF FUND EXPENSES**

**December 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br><br>**Net Expense**<br>**Ratio<sup>(a)</sup>** |<br>**Beginning**<br>**Account Value**<br>**July 1, 2022** |<br>**Ending**<br>**Account Value**<br>**December 31, 2022** | **Expenses Paid**<br>**During Period July 1,**<br>**2022**<br>**to December 31,**<br>**2022<sup>(b)</sup>** |
| Cullen High Dividend Equity Fund |  |  |  |  |
| Retail |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.00% | $1000.00 | $1075.24 | $5.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.00% | $1000.00 | $1020.16 | $5.09 |
| Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.75% | $1000.00 | $1071.44 | $9.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.75% | $1000.00 | $1016.38 | $8.89 |
| Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 0.75% | $1000.00 | $1076.55 | $3.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 0.75% | $1000.00 | $1021.42 | $3.82 |
| Class R1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.50% | $1000.00 | $1073.05 | $7.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.50% | $1000.00 | $1017.64 | $7.63 |
| Class R2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.25% | $1000.00 | $1074.32 | $6.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.25% | $1000.00 | $1018.90 | $6.36 |
| Cullen Small Cap Value Fund |  |  |  |  |
| Retail |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.25% | $1000.00 | $1079.44 | $6.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.25% | $1000.00 | $1018.90 | $6.36 |
| Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 2.00% | $1000.00 | $1075.62 | $10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 2.00% | $1000.00 | $1015.12 | $10.16 |
| Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.00% | $1000.00 | $1080.32 | $5.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.00% | $1000.00 | $1020.16 | $5.09 |
| Cullen Value Fund |  |  |  |  |
| Retail |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.00% | $1000.00 | $1069.72 | $5.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.00% | $1000.00 | $1020.16 | $5.09 |
| Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.75% | $1000.00 | $1065.37 | $9.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.75% | $1000.00 | $1016.38 | $8.89 |
| Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 0.75% | $1000.00 | $1071.21 | $3.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 0.75% | $1000.00 | $1021.42 | $3.82 |
| Cullen Emerging Markets High Dividend Fund |  |  |  |  |
| Retail |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.25% | $1000.00 | $1029.21 | $6.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.25% | $1000.00 | $1018.90 | $6.36 |
| Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 2.00% | $1000.00 | $1025.60 | $10.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 2.00% | $1000.00 | $1015.12 | $10.16 |
| Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.00% | $1000.00 | $1030.30 | $5.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.00% | $1000.00 | $1020.16 | $5.09 |

---

Cullen Funds

**DISCLOSURE OF FUND EXPENSES**

**December 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br><br>**Net Expense**<br>**Ratio<sup>(a)</sup>** |<br>**Beginning**<br>**Account Value**<br>**July 1, 2022** |<br>**Ending**<br>**Account Value**<br>**December 31, 2022** | **Expenses Paid**<br>**During Period July 1,**<br>**2022**<br>**to December 31,**<br>**2022<sup>(b)</sup>** |
| Cullen Enhanced Equity Income Fund |  |  |  |  |
| Retail |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.00% | $1000.00 | $1079.23 | $5.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.00% | $1000.00 | $1020.16 | $5.09 |
| Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 1.75% | $1000.00 | $1075.86 | $9.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 1.75% | $1000.00 | $1016.38 | $8.89 |
| Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | 0.75% | $1000.00 | $1081.36 | $3.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | 0.75% | $1000.00 | $1021.42 | $3.82 |

---

*<sup>(a)</sup>* *Annualized, based on the Fund's most recent fiscal half year expenses. Such figures do not reflect acquired fund fees and expenses.* 

*<sup>(b)</sup>* *Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184), divided by 365. Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Funds' prospectuses for more information regarding waivers and/or reimbursements.* 

Cullen International High Dividend Fund

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS - 93.25%** |  |  |
| *Australia **-** 3.80%* |  |  |
| &nbsp;&nbsp;&nbsp;Rio Tinto Ltd. | 89272 | $7045856 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | 43593 | 887164 |
|  |  | 7933020 |
| *Brazil **-** 2.71%* |  |  |
| &nbsp;&nbsp;&nbsp;Vale SA | 333200 | 5645091 |
| *Canada **-** 2.65%* |  |  |
| &nbsp;&nbsp;&nbsp;BCE, Inc. | 62720 | 2756544 |
| &nbsp;&nbsp;&nbsp;Power Corp. of Canada | 118084 | 2777678 |
|  |  | 5534222 |
| *Finland **-** 2.93%* |  |  |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | 163382 | 6113959 |
| *France **-** 9.85%* |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 26515 | 1509737 |
| &nbsp;&nbsp;&nbsp;Compagnie de Saint-Gobain SA | 69760 | 3412706 |
| &nbsp;&nbsp;&nbsp;Compagnie Generale des |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etablissements Michelin | 34706 | 966812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euroapi<sup>(a)</sup> | 2340 | 34695 |
| &nbsp;&nbsp;&nbsp;Sanofi | 52850 | 5096126 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE - Sponsored ADR | 106971 | 6640760 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement | 112760 | 2897294 |
|  |  | 20558130 |
| *Germany **-** 9.00%* |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | 114130 | 4271490 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 204861 | 4076020 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 11793 | 3814677 |
| &nbsp;&nbsp;&nbsp;Siemens AG | 47940 | 6608568 |
|  |  | 18770755 |
| *Hong Kong **-** 1.87%* |  |  |
| &nbsp;&nbsp;&nbsp;Xinyi Glass Holdings Ltd. | 2115256 | 3908095 |
| *Ireland **-** 1.72%* |  |  |
| &nbsp;&nbsp;&nbsp;Smurfit Kappa Group PLC | 96948 | 3592914 |
| *Italy **-** 0.80%* |  |  |
| &nbsp;&nbsp;&nbsp;Enel SpA | 308455 | 1658909 |

---

---

| | | |
|:---|:---|:---|
| | <br>**Shares** | **Value**<br>**(Note 2)** |
| *Japan **-** 11.97%* |  |  |
| &nbsp;&nbsp;&nbsp;Denka Co., Ltd. | 79646 | $1820141 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph and Telephone Corp. | 222398 | 6342460 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | 157235 | 1778905 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | 303680 | 6487332 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron Ltd. | 18590 | 5462276 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 225950 | 3082533 |
|  |  | 24973647 |
| *Mexico **-** 4.93%* |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola FEMSA SAB. de C.V. | 983770 | 6658426 |
| &nbsp;&nbsp;&nbsp;TF Administradora Industrial S de RL de CV | 2538203 | 3636704 |
|  |  | 10295130 |
| *Netherlands **-** 3.83%* |  |  |
| &nbsp;&nbsp;&nbsp;NN Group N.V. | 38819 | 1587388 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 227040 | 6400475 |
|  |  | 7987863 |
| *Norway **-** 2.44%* |  |  |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | 257325 | 5082201 |
| *Singapore **-** 5.70%* |  |  |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | 2137725 | 4378212 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | 327800 | 7508536 |
|  |  | 11886748 |
| *Spain **-** 1.64%* |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola Sociedad Anonima | 292921 | 3419401 |
| *Sweden **-** 2.47%* |  |  |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB | 485255 | 4885545 |
| &nbsp;&nbsp;&nbsp;Aktiebolaget Volvo | 15085 | 272489 |
|  |  | 5158034 |
| *Switzerland **-** 14.51%* |  |  |
| &nbsp;&nbsp;&nbsp;Nestle SA | 54756 | 6324835 |
| &nbsp;&nbsp;&nbsp;Novartis AG - Sponsored ADR | 83720 | 7595078 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 12430 | 3905973 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | 163770 | 3043866 |
| &nbsp;&nbsp;&nbsp;Unilever PLC - Sponsored ADR | 51697 | 2602944 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group Ltd. | 14218 | 6797304 |
|  |  | 30270000 |

---

See Notes to Financial Statements.

Cullen International High Dividend Fund

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Continued) (Unaudited)**

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| *Taiwan **-** 1.33%* |  |  |
| &nbsp;&nbsp;&nbsp;Ase Technology Holding Co., Ltd. | 910500 | $2766444 |
| &nbsp;&nbsp;&nbsp;Quanta Computer, Inc. | 5 | 12 |
|  |  | 2766456 |
| *United Kingdom **-** 9.10%* |  |  |
| &nbsp;&nbsp;&nbsp;3I Group PLC | 332042 | 5354982 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | 705629 | 7288056 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC - Sponsored ADR | 87655 | 3504447 |
| &nbsp;&nbsp;&nbsp;Britvic PLC | 248741 | 2317457 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | 1395 | 61062 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | 171584 | 462399 |
|  |  | 18988403 |
| **TOTAL COMMON STOCKS<br> (Cost $164,492,313)** |  | 194542978 |
| **PREFERRED STOCK - 2.56%** |  |  |
| *South Korea **-** 2.56%* |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | 133199 | 5337731 |
| **TOTAL PREFERRED STOCK<br> (Cost $5,566,028)** |  | 5337731 |
| **TOTAL INVESTMENTS - 95.81%<br> (Cost $170,058,341)** |  | $199880709 |
| **Other Assets In Excess of Liabilities - 4.19%** |  | 8736328 |
| **NET ASSETS - 100.00%** |  | $208617037 |

---

*<sup>(a)</sup> Non-income producing security.* <br>*ADR - American Depositary Receipt*

---

| | | |
|:---|:---|:---|
| <br>**Sector Diversification** | **% of Net**<br>**Assets** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS** |  |  |
| Financials | 23.42% | $48849246 |
| Materials | 15.12 | 31538762 |
| Consumer Staples | 10.51 | 21931570 |
| Industrials | 8.84 | 18440603 |
| Health Care | 8.39 | 17519036 |
| Communications | 7.16 | 14953929 |
| Energy | 6.25 | 13041235 |
| Technology | 3.95 | 8228732 |
| Real Estate | 3.84 | 8014916 |
| Utilities | 3.83 | 7975604 |
| Consumer Discretionary | 1.94 | 4049345 |
| **TOTAL COMMON STOCKS** | 93.25% | 194542978 |

---

---

| | | |
|:---|:---|:---|
| <br>**Sector Diversification** | **% of Net**<br>**Assets** | **Value**<br>**(Note 2)** |
| **PREFERRED STOCK** |  |  |
| Technology | 2.56% | $5337731 |
| **TOTAL PREFERRED STOCK** | 2.56% | 5337731 |
| **TOTAL INVESTMENTS** | 95.81 | 199880709 |
| Other Assets In Excess of Liabilities | 4.19 | 8736328 |
| **NET ASSETS** | 100.00% | $208617037 |

---

*Percentages are stated as a percent of net assets.*

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS - 98.58%** |  |  |
| *Banking **-** 8.54%* |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 733000 | $24276960 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 270600 | 12239238 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 215170 | 28854297 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 465741 | 20040835 |
|  |  | 85411330 |
| *Consumer Staple Products **-** 11.45%* |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 415240 | 18980620 |
| &nbsp;&nbsp;&nbsp;Diageo PLC - Sponsored ADR | 83667 | 14908623 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 180754 | 24537355 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 295195 | 29876686 |
| &nbsp;&nbsp;&nbsp;Unilever PLC - Sponsored ADR | 521145 | 26239651 |
|  |  | 114542935 |
| *Financial Services **-** 2.56%* |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 301760 | 25655635 |
| *Health Care **-** 14.53%* |  |  |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 180265 | 31843812 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 290000 | 22538800 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 285785 | 31707846 |
| &nbsp;&nbsp;&nbsp;Novartis AG - Sponsored ADR | 309620 | 28088726 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 609153 | 31213000 |
|  |  | 145392184 |
| *Industrial Products **-** 12.05%* |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 149760 | 17959219 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 103100 | 25580141 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 401162 | 25674368 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 342260 | 34540879 |
| &nbsp;&nbsp;&nbsp;Siemens AG | 244500 | 16819155 |
|  |  | 120573762 |
| *Industrial Services **-** 2.12%* |  |  |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 122022 | 21212304 |
| *Insurance **-** 4.66%* |  |  |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 141260 | 31161956 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 82291 | 15428740 |
|  |  | 46590696 |
| ***Materials **-** 2.22%****  |  |  |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 440500 | 22196795 |

---

---

| | | |
|:---|:---|:---|
| | <br>**Shares** | **Value**<br>**(Note 2)** |
| *Media **-** 1.78%* |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 509550 | $17818964 |
| *Oil & Gas **-** 8.82%* |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 167600 | 30082524 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 231000 | 27258000 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 279915 | 30874625 |
|  |  | 88215149 |
| *Real Estate **-** 5.20%* |  |  |
| &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | 117300 | 7927134 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 750000 | 18802500 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 782478 | 25352287 |
|  |  | 52081921 |
| *Retail & Wholesale - Discretionary **-** 5.13%* |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 144175 | 25015804 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 131961 | 26291910 |
|  |  | 51307714 |
| *Retail & Wholesale - Staples **-** 2.01%* |  |  |
| &nbsp;&nbsp;&nbsp;Target Corp. | 134717 | 20078222 |
| *Software & Tech Services **-** 1.40%* |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 58470 | 14022275 |
| *Tech Hardware & Semiconductors **-** 6.52%* |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 51235 | 28647026 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 541600 | 25801824 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 407279 | 10764384 |
|  |  | 65213234 |
| *Telecommunications **-** 4.04%* |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 858974 | 15813711 |
| &nbsp;&nbsp;&nbsp;BCE, Inc. | 560643 | 24640260 |
|  |  | 40453971 |

---

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Continued) (Unaudited)**

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| *Utilities **-** 5.55%* |  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 276400 | $28466436 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 323205 | 27019938 |
|  |  | 55486374 |
| **TOTAL COMMON STOCKS<br> (Cost $552,927,952)** |  | 986253465 |
| **TOTAL INVESTMENTS - 98.58%<br> (Cost $552,927,952)** |  | $986253465 |
| **Other Assets In Excess of Liabilities - 1.42%** |  | 14167700 |
| **NET ASSETS - 100.00%** |  | $1000421165 |

---

*ADR - American Depositary Receipt*

---

| | | |
|:---|:---|:---|
| <br>**Sector Diversification** | **% of Net**<br>**Assets** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS** |  |  |
| Financials | 15.76% | $157657661 |
| Health Care | 14.53 | 145392184 |
| Industrials | 14.17 | 141786066 |
| Consumer Staples | 13.46 | 134621157 |
| Energy | 8.82 | 88215149 |
| Technology | 7.92 | 79235509 |
| Communications | 5.82 | 58272935 |
| Utilities | 5.55 | 55486374 |
| Real Estate | 5.20 | 52081921 |
| Consumer Discretionary | 5.13 | 51307714 |
| Materials | 2.22 | 22196795 |
| **TOTAL COMMON STOCKS** | 98.58% | 986253465 |
| **TOTAL INVESTMENTS** | 98.58 | 986253465 |
| Other Assets In Excess of Liabilities | 1.42 | 14167700 |
| **NET ASSETS** | 100.00% | $1000421165 |

---

*Percentages are stated as a percent of net assets.*

See Notes to Financial Statements.

Cullen Small Cap Value Fund

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS - 96.82%** |  |  |
| *Banking **-** 21.16%* |  |  |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 8320 | $392205 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 7010 | 343210 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 20090 | 492205 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc. | 13620 | 526413 |
| &nbsp;&nbsp;&nbsp;Premier Financial Corp. | 12600 | 339822 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp. | 16900 | 364702 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 3870 | 295513 |
|  |  | 2754070 |
| *Consumer Discretionary Products **-** 11.09%* |  |  |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | 3000 | 223830 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | 1730 | 151513 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 2220 | 234587 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 10600 | 368880 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc. | 3106 | 21960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc.<sup>(a)</sup> | 49584 | 442289 |
|  |  | 1443059 |
| *Consumer Discretionary Services **-** 3.30%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Denny's Corp.<sup>(a)</sup> | 38779 | 357155 |
| &nbsp;&nbsp;&nbsp;Ruth's Hospitality Group, Inc. | 4690 | 72601 |
|  |  | 429756 |
| *Consumer Staple Products **-** 4.21%* |  |  |
| &nbsp;&nbsp;&nbsp;Vector Group Ltd. | 46190 | 547813 |
| *Health Care **-** 12.83%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 12500 | 502875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc.<sup>(a)</sup> | 19230 | 227106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corp.<sup>(a)</sup> | 6370 | 501001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Varex Imaging Corp.<sup>(a)</sup> | 21620 | 438886 |
|  |  | 1669868 |
| *Industrial Products **-** 7.32%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mayville Engineering Co., Inc.<sup>(a)</sup> | 15590 | 197369 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Inc. | 17700 | 523920 |
| &nbsp;&nbsp;&nbsp;Timken Co. | 3280 | 231798 |
|  |  | 953087 |
| *Industrial Services **-** 11.20%* |  |  |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 960 | 89549 |
| &nbsp;&nbsp;&nbsp;BGSF, Inc. | 36720 | 562550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copa Holdings SA<sup>(a)</sup> | 4290 | 356799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 75480 | 449106 |
|  |  | 1458004 |

---

---

| | | |
|:---|:---|:---|
| | <br>**Shares** | **Value**<br>**(Note 2)** |
| *Materials **-** 3.14%* |  |  |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 1610 | $107612 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp. | 10950 | 300906 |
|  |  | 408518 |
| *Oil & Gas **-** 11.07%* |  |  |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 5100 | 295443 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 11630 | 285749 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 6866 | 340348 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 4150 | 215344 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Corp. | 10560 | 304643 |
|  |  | 1441527 |
| *Real Estate **-** 1.72%* |  |  |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 6490 | 104164 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | 11340 | 120091 |
|  |  | 224255 |
| *Software & Tech Services **-** 4.50%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unisys Corp.<sup>(a)</sup> | 114590 | 585555 |
| *Tech Hardware & Semiconductors **-** 1.69%* |  |  |
| &nbsp;&nbsp;&nbsp;Comtech Telecommunications Corp. | 12187 | 147950 |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | 857 | 72614 |
|  |  | 220564 |
| *Utilities **-** 3.59%* |  |  |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 6780 | 466871 |
| **TOTAL COMMON STOCKS <br> (Cost $11,027,734)** |  | 12602947 |
| **TOTAL INVESTMENTS - 96.82%<br> (Cost $11,027,734)** |  | $12602947 |
| **Other Assets In Excess of Liabilities - 3.18%** |  | 413340 |
| **NET ASSETS - 100.00%** |  | $13016287 |

---

*<sup>(a)</sup> Non-income producing security.*

---

| | | |
|:---|:---|:---|
| <br>**Sector Diversification** | **% of Net**<br>**Assets** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS** |  |  |
| Financials | 21.16% | $2754070 |
| Industrials | 18.52 | 2411091 |
| Consumer Discretionary | 14.39 | 1872815 |
| Health Care | 12.83 | 1669868 |
| Energy | 11.07 | 1441527 |
| Technology | 6.19 | 806119 |

---

See Notes to Financial Statements.

Cullen Small Cap Value Fund

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Continued) (Unaudited)**

---

| | | |
|:---|:---|:---|
| <br>**Sector Diversification** | **% of Net**<br>**Assets** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS (continued)** |  |  |
| Consumer Staples | 4.21% | $547813 |
| Utilities | 3.59 | 466871 |
| Materials | 3.14 | 408518 |
| Real Estate | 1.72 | 224255 |
| **TOTAL COMMON STOCKS** | 96.82% | 12602947 |
| **TOTAL INVESTMENTS** | 96.82 | 12602947 |
| Other Assets In Excess of Liabilities | 3.18 | 413340 |
| **NET ASSETS** | 100.00% | $13016287 |

---

*Percentages are stated as a percent of net assets.*

See Notes to Financial Statements.

Cullen Value Fund

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | <br>**Shares** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS - 97.56%** |  |  |
| *Banking **-** 8.55%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 17700 | $586224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 12680 | 573517 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 6884 | 923144 |
|  |  | 2082885 |
| *Consumer Discretionary Products **-** 2.13%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 12900 | 519225 |
| *Consumer Staple Products **-** 5.79%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc. | 11794 | 786070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC - Sponsored ADR | 12393 | 623988 |
|  |  | 1410058 |
| *Financial Services **-** 5.26%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 4300 | 635325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 7604 | 646492 |
|  |  | 1281817 |
| *Health Care **-** 22.72%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 13132 | 944847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cigna Corp. | 2364 | 783288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 4245 | 749879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 7005 | 544429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 10228 | 1134797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 20098 | 1029821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 631 | 347485 |
|  |  | 5534546 |
| *Industrial Products **-** 12.96%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3M Co. | 3230 | 387341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co.<sup>(a)</sup> | 2775 | 528610 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 3279 | 813553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 8183 | 825828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 5700 | 230166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | 5400 | 371466 |
|  |  | 3156964 |
| *Industrial Services **-** 1.84%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 3774 | 448653 |
| *Insurance **-** 7.11%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. | 6391 | 866620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 3925 | 865855 |
|  |  | 1732475 |

---

---

| | | |
|:---|:---|:---|
| <br>&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;&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;&nbsp;&nbsp;&nbsp; | <br>**Shares** | **Value**<br>**(Note 2)** |
| *Materials **-** 2.97%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.<sup>(a)</sup> | 14400 | $366768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | 2800 | 358148 |
|  |  | 724916 |
| *Media **-** 3.48%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 14300 | 500071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co.<sup>(a)</sup> | 3992 | 346825 |
|  |  | 846896 |
| *Oil & Gas **-** 7.53%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 5089 | 913425 |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 7798 | 920164 |
|  |  | 1833589 |
| *Retail & Wholesale - Discretionary **-** 3.35%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 4091 | 815091 |
| *Retail & Wholesale - Staples **-** 1.72%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 4507 | 418475 |
| *Software & Tech Services **-** 2.84%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 8476 | 692828 |
| *Tech Hardware & Semiconductors **-** 7.35%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 4800 | 467424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.<sup>(a)</sup> | 6778 | 708775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 12901 | 614604 |
|  |  | 1790803 |
| *Telecommunications **-** 1.96%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 12100 | 476740 |
| **TOTAL COMMON STOCKS<br> (Cost $14,801,989)** |  | 23765961 |
| **TOTAL INVESTMENTS - 97.56%<br> (Cost $14,801,989)** |  | $23765961 |
| **Other Assets In Excess of Liabilities - 2.44%** |  | 593495 |
| **NET ASSETS - 100.00%** |  | $24359456 |

---

*<sup>(a)</sup> Non-income producing security.*

*ADR - American Depositary Receipt*

See Notes to Financial Statements.

Cullen Value Fund

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Continued) (Unaudited)**

---

| | | |
|:---|:---|:---|
| <br>**Sector Diversification** | **% of Net**<br>**Assets** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS** |  |  |
| Health Care | 22.72% | $5534546 |
| Financials | 20.92 | 5097177 |
| Industrials | 14.80 | 3605617 |
| Technology | 10.19 | 2483631 |
| Energy | 7.53 | 1833589 |
| Consumer Staples | 7.51 | 1828533 |
| Consumer Discretionary | 5.48 | 1334316 |
| Communications | 5.44 | 1323636 |
| Materials | 2.97 | 724916 |
| **TOTAL COMMON STOCKS** | 97.56% | 23765961 |
| **TOTAL INVESTMENTS** | 97.56 | 23765961 |
| Other Assets In Excess of Liabilities | 2.44 | 593495 |
| **NET ASSETS** | 100.00% | $24359456 |

---

*Percentages are stated as a percent of net assets.*

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | <br>**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br> **(Note 2)** |
| **COMMON STOCKS - 91.04%** |  |  |
| *Brazil **-** 5.11%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA | 313206 | $1660828 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLC Agricola SA | 854654 | 7579985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale SA | 394445 | 6682706 |
|  |  | 15923519 |
| ***Cayman Islands **-** 5.71%****  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Longfor Group Holdings Ltd.<sup>(a)(b)</sup> | 1518000 | 4671143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 309200 | 13110192 |
|  |  | 17781335 |
| ***Chile **-** 1.18%****  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vina Concha y Toro SA | 2916003 | 3678306 |
| ***China **-** 3.71%****  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp. | 7325300 | 4581166 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd. | 477000 | 2639650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co., Ltd. | 3223000 | 4331687 |
|  |  | 11552503 |
| ***Czech Republic **-** 0.01%****  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Komercni banka, A.S. | 822 | 23754 |
| ***Egypt **-** 0.69%****  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Diagnostics Holdings PLC<sup>(a)(b)</sup> | 3353550 | 2145548 |
| ***Greece **-** 8.36%****  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eurobank Ergasias Services and Holdings SA<sup>(c)</sup> | 5343110 | 6018247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization SA | 217730 | 3400737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mytilineos SA | 291590 | 6334965 |
| &nbsp;&nbsp;&nbsp;&nbsp;OPAP SA | 725730 | 10267415 |
|  |  | 26021364 |
| ***Hong Kong **-** 14.50%****  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 956024 | 10557747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd.<sup>(c)</sup> | 1044500 | 11461208 |
| &nbsp;&nbsp;&nbsp;&nbsp;BOC Aviation Ltd.<sup>(a)(b)</sup> | 828020 | 6897903 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Yongda Automobiles Services Holdings Ltd. | 2232400 | 1651437 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIMC Enric Holdings Ltd. | 6787000 | 6831566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nine Dragons Paper Holdings Ltd. | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;PAX Global Technology Ltd. | 4849300 | 4174060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinyi Glass Holdings Ltd. | 1932900 | 3571178 |
|  |  | 45145100 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *India **-** 10.43%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - Sponsored ADR | 365820 | $8007800 |
| &nbsp;&nbsp;&nbsp;&nbsp;NHPC Ltd. | 11930000 | 5727001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil and Natural Gas Corp. Ltd. | 2478000 | 4411028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Power Grid Corp. of India Ltd. | 3063000 | 7897045 |
| &nbsp;&nbsp;&nbsp;&nbsp;PowerGrid Infrastructure Investment Trust<sup>(a)(b)</sup> | 4187600 | 6447173 |
|  |  | 32490047 |
| *Indonesia **-** 4.24%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 26508744 | 8404604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT | 19919000 | 4796739 |
|  |  | 13201343 |
| *Kazakhstan **-** 2.90%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.kz Joint Stock Co. | 126184 | 9022156 |
| *Mexico **-** 12.00%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arca Continental SAB. de C.V. | 1185329 | 9613291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco del Bajio SA<sup>(a)(b)</sup> | 2087391 | 6575016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Mexico SAB. de C.V. | 1087286 | 3833246 |
| &nbsp;&nbsp;&nbsp;&nbsp;TF Administradora Industrial S de RL de CV | 4520971 | 6477588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Property Mexico SA de C.V. | 3815634 | 10873279 |
|  |  | 37372420 |
| *Russia **-** 0.00%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Globaltrans Investment PLC - Sponsored GDR<sup>(b)(c)(d)</sup> | 25467 | – |
| *South Africa **-** 2.80%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | 205185 | 8035062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sasol Ltd. | 43073 | 687386 |
|  |  | 8722448 |
| *South Korea **-** 5.09%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Korea Infrastructure Fund | 868274 | 7617768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mondi PLC | 14950 | 255689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | 168450 | 7393817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | 10600 | 295098 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Telecom Co., Ltd. | 7712 | 289307 |
|  |  | 15851679 |

---

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Continued) (Unaudited)**

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| *Taiwan **-** 8.19%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ase Technology Holding Co., Ltd. | 1044828 | $3174584 |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 186969 | 3780315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Computer, Inc. | 5 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinbon Electronics Co., Ltd. | 349000 | 3117638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunonwealth Electric Machine Industry Co., Ltd. | 877200 | 1215154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 117123 | 8724492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wiwynn Corp. | 212723 | 5502170 |
|  |  | 25514365 |
| *Thailand **-** 1.71%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thai Beverage PLC | 10430000 | 5332865 |
| *United Kingdom **-** 1.88%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Airtel Africa PLC<sup>(a)(b)</sup> | 4345900 | 5856126 |
| *Vietnam **-** 2.53%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gemadept Corp. | 2475000 | 4763162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ho Chi minh City Securities Corp. | 3687000 | 3122415 |
|  |  | 7885577 |
| **TOTAL COMMON STOCKS <br>(Cost $251,491,330)** |  | 283520455 |
| **PARTICIPATORY NOTES - 3.42%** |  |  |
| *China **-** 3.42%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Huayu Automotive Systems Co., Ltd. | 47981 | 119612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Midea Group Co., Ltd. | 1413298 | 10531070 |
|  |  | 10650682 |
| **TOTAL PARTICIPATORY NOTES<br> (Cost $12,014,337)** |  | 10650682 |
| **PREFERRED STOCK - 0.11%** |  |  |
| *Brazil **-** 0.11%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA | 74669 | 353644 |
| **TOTAL PREFERRED STOCK<br> (Cost $357,788)** |  | 353644 |
| **TOTAL INVESTMENTS - 94.57%<br> (Cost $263,863,455)** |  | $294524781 |
| **Other Assets In Excess of Liabilities - 5.43%** |  | 16896764 |
| **NET ASSETS - 100.00%** |  | $311421545 |

---

*<sup>(a)</sup>* *All or a portion of the security is exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of December 31, 2022, these securities had an aggregate value of $32,592,909 or 10.47% of net assets.*

*<sup>(b)</sup>* *Security was issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of December 31, 2022, the aggregate market value of these securities was $32,592,909, representing 10.47% of net assets.* 

*<sup>(c)</sup>* *Non-income producing security.* 

*<sup>(d)</sup>* *As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.* 

** 

*ADR - American Depositary Receipt*

*GDR - Gross Depositary Receipt*

---

| | | |
|:---|:---|:---|
| <br>**Sector Diversification** | **% of Net**<br>**Assets** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS** |  |  |
| Financials | 20.80% | $64741168 |
| Technology | 14.41 | 44889244 |
| Real Estate | 9.14 | 28469183 |
| Communications | 8.81 | 27453101 |
| Materials | 8.80 | 27396955 |
| Consumer Staples | 8.41 | 26204447 |
| Consumer Discretionary | 7.51 | 23380060 |
| Utilities | 6.41 | 19959011 |
| Energy | 4.14 | 12903422 |
| Industrials | 1.92 | 5978316 |
| Health Care | 0.69 | 2145548 |
| **TOTAL COMMON STOCKS** | 91.04% | 283520455 |
| **PARTICIPATORY NOTES** |  |  |
| Consumer Discretionary | 3.42 | 10650682 |
| **TOTAL PARTICIPATORY NOTES** | 3.42% | 10650682 |
| **PREFERRED STOCK** |  |  |
| Financials | 0.11 | 353644 |
| **TOTAL PREFERRED STOCK** | 0.11% | 353644 |
| **TOTAL INVESTMENTS** | 94.57 | 294524781 |
| Other Assets In Excess of Liabilities | 5.43 | 16896764 |
| **NET ASSETS** | 100.00% | $311421545 |

---

*Percentages are stated as a percent of net assets.*

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | <br>**Shares** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS - 96.36%** |  |  |
| *Banking **-** 7.79%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc.<sup>(a)</sup> | 85616 | $3872412 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 37660 | 5050206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | 108939 | 4687645 |
|  |  | 13610263 |
| *Consumer Staple Products **-** 10.73%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 93610 | 4278913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 153200 | 5928840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 34724 | 3514416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC - Sponsored ADR | 99980 | 5033993 |
|  |  | 18756162 |
| *Financial Services **-** 2.73%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley<sup>(a)</sup> | 56072 | 4767242 |
| *Health Care **-** 16.33%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 74301 | 5345957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 28452 | 5026046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 87738 | 6818997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc.<sup>(a)</sup> | 55388 | 6145298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG - Sponsored ADR<sup>(a)</sup> | 57455 | 5212318 |
|  |  | 28548616 |
| *Industrial Products **-** 7.03%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 32071 | 2052544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 52025 | 5250363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | 72400 | 4980396 |
|  |  | 12283303 |
| *Insurance **-** 2.65%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp.<sup>(a)</sup> | 34181 | 4634944 |
| *Materials **-** 6.50%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow, Inc. | 114053 | 5747131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto PLC - Sponsored ADR<sup>(a)</sup> | 78848 | 5613977 |
|  |  | 11361108 |
| *Media **-** 1.95%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 97619 | 3413736 |

---

---

| | | |
|:---|:---|:---|
| | <br>**Shares** | **Value**<br>**(Note 2)** |
| *Oil & Gas **-** 10.10%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 32270 | $5792142 |
| &nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 50861 | 6587517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp.<sup>(a)</sup> | 47895 | 5282819 |
|  |  | 17662478 |
| *Real Estate **-** 6.68%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 200285 | 5021145 |
| &nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 205156 | 6647054 |
|  |  | 11668199 |
| *Retail & Wholesale - Discretionary **-** 1.81%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co. | 18227 | 3162567 |
| *Tech Hardware & Semiconductors **-** 7.61%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 6449 | 3605830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 95516 | 4550382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | 195000 | 5153850 |
|  |  | 13310062 |
| *Telecommunications **-** 6.80%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BCE, Inc. | 110372 | 4850849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 178385 | 7028369 |
|  |  | 11879218 |
| *Utilities **-** 7.65%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp.<sup>(a)</sup> | 62628 | 6450058 |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | 237102 | 6928120 |
|  |  | 13378178 |
| **TOTAL COMMON STOCKS<br> (Cost $163,808,984)** |  | 168436076 |
| **TOTAL INVESTMENTS - 96.36% <br> (Cost $163,808,984)** |  | $168436076 |
| **Other Assets In Excess of Liabilities - 3.64%** |  | 6368732 |
| **NET ASSETS - 100.00%** |  | $174804808 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options as of December 31, 2022.* 

*ADR - American Depositary Receipt*

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Continued) (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Call Options**<br>**Written** | **Notional**<br>**Amount** | **Number of**<br>**Contracts** |<br>**Value** |
| **WRITTEN OPTIONS - (0.19%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All state Corp., Expires January, 2023, Exercise Price $140.00 | $(4623960) | (341) | $(39215) |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., Expires January, 2023, Exercise Price $50.00 | (3871688) | (856) | (15408) |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp., Expires January, 2023, Exercise Price $105.00 | (6447174) | (626) | (59470) |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co, Inc., Expires January, 2023, Exercise Price $113.00 | (6135535) | (553) | (71337) |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, Expires January, 2023, Exercise Price $93.00 | (4761120) | (560) | (20720) |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG - Sponsored ADR, Expires January, 2023, Exercise Price $92.50 | (5207328) | (574) | (45346) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto PLC - Sponsored ADR, Expires January, 2023, Exercise Price $74.10 | (5610560) | (788) | (66980) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp., Expires January, 2023, Exercise Price $115.00 | (2647200) | (240) | (28320) |
| **TOTAL WRITTEN OPTIONS<br> (Premiums received $484,939)** |  |  | (346796) |

---

---

| | | |
|:---|:---|:---|
| <br>**Sector Diversification** | **% of<br> Net**<br>**Assets** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS** |  |  |
| Health Care | 16.33% | $28548616 |
| Financials | 13.17 | 23012449 |
| Consumer Staples | 10.73 | 18756162 |
| Energy | 10.10 | 17662478 |
| Communications | 8.75 | 15292954 |
| Utilities | 7.65 | 13378178 |
| Technology | 7.61 | 13310062 |
| Industrials | 7.03 | 12283303 |
| Real Estate | 6.68 | 11668199 |
| Materials | 6.50 | 11361108 |
| Consumer Discretionary | 1.81 | 3162567 |
| **TOTAL COMMON STOCKS** | 96.36% | 168436076 |
| **TOTAL INVESTMENTS** | 96.36 | 168436076 |
| Other Assets In Excess of Liabilities | 3.64 | 6368732 |
| **NET ASSETS** | 100.00% | $174804808 |
| **WRITTEN OPTIONS** |  |  |
| Equity | (0.19) | (346796) |
| **TOTAL WRITTEN OPTIONS** | (0.19)% | (346796) |

---

*Percentages are stated as a percent of net assets.*

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2022 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Cullen**<br>**International**<br>**High Dividend**<br>**Fund** |<br>**Cullen High**<br>**Dividend Equity**<br>**Fund** |<br>**Cullen Small**<br>**Cap Value Fund** |<br>**Cullen Value**<br>**Fund** | **Cullen**<br>**Emerging**<br>**Markets High**<br>**Dividend Fund** | **Cullen**<br>**Enhanced**<br>**Equity Income**<br>**Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investments, at value | $199880709 | $986253465 | $12602947 | $23765961 | $294524781 | $168436076 |
| Cash | 4575938 | 10528061 | 326286 | 441932 | 16543019 | 4517769 |
| Foreign currencies, at value (Cost –, –, –, –, $330,073 and –) |  |  |  |  | 329978 |  |
| Receivable for investments sold | 2680996 |  |  |  | 789938 |  |
| Receivable for fund shares sold | 675855 | 2121298 | 52713 |  | 633978 | 1883588 |
| Dividends receivable | 1523426 | 3538103 | 16618 | 57076 | 746439 | 508548 |
| Receivable due from Investment Advisor |  |  | 32634 | 22162 |  |  |
| Prepaid expenses and other assets | 50751 | 78359 | 28758 | 118944 | 49345 | 43037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 209387675 | 1002519286 | 13059956 | 24406075 | 313617478 | 175389018 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Written options, at value (Premiums received –, –, –, –, – and (484939)) |  |  |  |  |  | 346796 |
| Payable to Investment Advisor | 131209 | 566121 |  |  | 220098 | 28786 |
| Payable for investments purchased |  |  |  |  | 301033 |  |
| Payable for shares redeemed | 534160 | 1347784 |  |  | 1490775 | 144105 |
| Distribution fees payable | 1883 | 50395 | 333 | 1174 | 2788 | 8476 |
| Trustees' fees and expenses payable | 20682 | 20681 | 20682 | 20682 | 20681 | 20682 |
| Professional fees payable | 27636 | 19680 | 11438 | 11438 | 11858 | 11461 |
| Capital gains tax payable |  |  |  |  | 37433 |  |
| Accrued expenses and other liabilities | 55068 | 93460 | 11216 | 13325 | 111267 | 23904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 770638 | 2098121 | 43669 | 46619 | 2195933 | 584210 |
| **NET ASSETS** | $208617037 | $1000421165 | $13016287 | $24359456 | $311421545 | $174804808 |
| **NET ASSETS CONSIST OF** |  |  |  |  |  |  |
| Paid in capital | $218758495 | $529469303 | $11613493 | $15496379 | $372779178 | $179503164 |
| Total distributable earnings | (10141458) | 470951862 | 1402794 | 8863077 | (61357633) | (4698356) |
| **NET ASSETS** | $208617037 | $1000421165 | $13016287 | $24359456 | $311421545 | $174804808 |
| **INVESTMENTS, AT COST** | $170058341 | $552927952 | $11027734 | $14801989 | $263863455 | $163808984 |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2022 (Unaudited) (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cullen**<br>**International**<br>**High Dividend**<br>**Fund** | <br>**Cullen High**<br>**Dividend Equity**<br>**Fund** | <br>**Cullen Small**<br>**Cap Value Fund** | <br>**Cullen Value**<br>**Fund** | **Cullen**<br>**Emerging**<br>**Markets High**<br>**Dividend Fund** | **Cullen**<br>**Enhanced**<br>**Equity Income**<br>**Fund** |
| **PRICING OF SHARES** |  |  |  |  |  |  |
| **Retail:** |  |  |  |  |  |  |
| Net Asset Value, offering and redemption price per share | $9.53 | $14.86 | $13.20 | $13.37 | $9.79 | $10.64 |
| Net Assets | $4756878 | $104238917 | $1080162 | $1992666 | $7788851 | $5434792 |
| Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 499280 | 7014917 | 81852 | 149081 | 795920 | 510638 |
| **Class C:** |  |  |  |  |  |  |
| Net Asset Value, offering and redemption price per share | $9.48 | $14.56 | $11.56 | $13.34 | $9.64 | $10.66 |
| Net Assets | $978434 | $31702968 | $128024 | $863318 | $1312560 | $8721186 |
| Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 103236 | 2177547 | 11076 | 64711 | 136152 | 818473 |
| **Class I:** |  |  |  |  |  |  |
| Net Asset Value, offering and redemption price per share | $9.63 | $14.87 | $13.70 | $13.32 | $9.87 | $10.73 |
| Net Assets | $202881088 | $863344646 | $11808101 | $21503472 | $302320134 | $160648830 |
| Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 21075749 | 58049406 | 861610 | 1614263 | 30633275 | 14977760 |
| **Class R1:** |  |  |  |  |  |  |
| Net Asset Value, offering and redemption price per share |  | $11.76 |  |  |  |  |
| Net Assets |  | $761812 |  |  |  |  |
| Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) |  | 64798 |  |  |  |  |
| **Class R2:** |  |  |  |  |  |  |
| Net Asset Value, offering and redemption price per share | $11.19 \* | $12.05 |  |  |  |  |
| Net Assets | $637 | $372822 |  |  |  |  |
| Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 57 | 30941 |  |  |  |  |

---

\* Per share amounts may not recalculate due to rounding.

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF OPERATIONS**

**Six Months Ended Dec** **ember 31, 2022 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cullen**<br>**International**<br>**High Dividend**<br>**Fund** | <br>**Cullen High**<br>**Dividend Equity**<br>**Fund** | <br>**Cullen Small**<br>**Cap Value Fund** | <br>**Cullen Value**<br>**Fund** | **Cullen**<br>**Emerging**<br>**Markets High**<br>**Dividend Fund** | **Cullen**<br>**Enhanced**<br>**Equity Income**<br>**Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends\* | $2366063 | $16044378 | $158215 | $275573 | $8520638 | $3027133 |
| Interest and other income | 106624 | 204651 | 5888 | 9138 | 142909 | 99042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 2472687 | 16249029 | 164103 | 284711 | 8663547 | 3126175 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory fees (Note 6) | 936964 | 5137834 | 57612 | 119882 | 1506065 | 835405 |
| Administrative fees | 41606 | 172718 | 4440 | 5967 | 62032 | 29939 |
| Distribution fees (Note 7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail | 5336 | 133545 | 1233 | 2523 | 9353 | 5617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 5236 | 161057 | 437 | 4163 | 6885 | 39496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  | 1829 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 |  | 783 |  |  |  |  |
| Registration and filing fees | 39395 | 51751 | 29183 | 20906 | 18222 | 49974 |
| Custody fees | 35738 | 17589 | 1382 | 1538 | 162421 | 6050 |
| Transfer agent fees | 37457 | 84382 | 23325 | 24528 | 25547 | 30010 |
| Legal fees | 60254 | 71973 | 57987 | 69918 | 65136 | 63205 |
| Professional fees | 37373 | 29758 | 29757 | 29757 | 58003 | 29792 |
| Trustees' fees | 40682 | 40682 | 40682 | 40681 | 40682 | 40682 |
| Other expenses | 19771 | 80930 | 8044 | 9143 | 29494 | 21478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 1259812 | 5984831 | 254082 | 329006 | 1983840 | 1151648 |
| Less expenses reimbursed from Investment Advisor (Note 6) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail | (7141) | (191009) | (16448) | (19515) | (11430) | (13125) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (1741) | (57618) | (1498) | (8192) | (2124) | (23098) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (302606) | (1583297) | (176717) | (204682) | (447944) | (443609) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  | (390) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | (1) | (342) | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 948323 | 4152175 | 59419 | 96617 | 1522342 | 671816 |
| **NET INVESTMENT INCOME** | 1524364 | 12096854 | 104684 | 188094 | 7141205 | 2454359 |
| Net realized gain/(loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (11296267) | 39951602 | (53693) | 124853 | (21243375) | (7845100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  |  |  |  | 1546222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains tax |  |  |  |  | 1218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;transactions | (29675) | (12699) | – | (63) | (205858) | (392) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | (11325942) | 39938903 | (53693) | 124790 | (21448015) | (6299270) |
| Net change in unrealized appreciation/ depreciation on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 19339874 | 23856562 | 648254 | 1343554 | 23076137 | 17342484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  |  |  |  | 173511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains tax |  |  |  |  | 47555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related translations | 43836 | (1884) | – | – | 45595 | (345) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation | 19383710 | 23854678 | 648254 | 1343554 | 23169287 | 17515650 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 8057768 | 63793581 | 594561 | 1468344 | 1721272 | 11216380 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $9582132 | $75890435 | $699245 | $1656438 | $8862477 | $13670739 |
| \*Foreign taxes withheld on dividends | $333547 | $121775 | $– | $1273 | $594026 | $18561 |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cullen International High Dividend** | **Cullen International High Dividend** | | |
|  | **Fund** | **Fund** | **Cullen High Dividend Equity Fund** | **Cullen High Dividend Equity Fund** |
|  | **Six Months Ended** | | **Six Months Ended** | |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
| | **2022 (Unaudited)** | **June 30, 2022** | **2022 (Unaudited)** | **June 30, 2022** |
| **OPERATIONS** |  |  |  |  |
| Net investment income | $1524364 | $5889917 | $12096854 | $24563624 |
| Net realized gain/(loss) | (11325942) | 6438001 | 39938903 | 75095864 |
| Net change in unrealized appreciation/depreciation | 19383710 | (39265624) | 23854678 | (129196213) |
| Net Increase/(Decrease) in net assets resulting from operations | 9582132 | (26937706) | 75890435 | (29536725) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (36595) | (151717) | (7189493) | (13011729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (5452) | (29042) | (2125822) | (3516986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1806800) | (5776176) | (61128636) | (103965155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  | (108) | (62150) | (88657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 | (5) | (15) | (32948) | (123112) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) in net assets from distributions | (1848852) | (5957058) | (70539049) | (120705639) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 3)** |  |  |  |  |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 1619732 | 786660 | 5183082 | 9426721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 27000 | 192103 | 1060941 | 2865036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 78230294 | 83087035 | 101388089 | 150098266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  | 490 | 14612 | 26922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 |  | 12 | 97023 | 114381 |
| Dividends reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 32937 | 140001 | 6944031 | 12618091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 4816 | 25756 | 2083144 | 3441842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1027378 | 3477819 | 49802848 | 84916705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  | 108 | 62150 | 88657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 | 5 | 15 | 32948 | 123063 |
| Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (1273701) | (2182717) | (15065588) | (28346390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (163474) | (332611) | (3381297) | (5214494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (58774363) | (68281620) | (157784918) | (236496563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  | (12441) | (3895) | (30650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 |  | (3731) | (411385) | (479265) |
| Redemption fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 38 | 63 | 29 | 8306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 | – | – | 3 | – |
| Net Increase/(Decrease) in net assets derived from capital share transactions | 20730662 | 16896942 | (9978183) | (6839362) |
| Net Increase/(Decrease) in net assets | 28463942 | (15997822) | (4626797) | (157081726) |
| **NET ASSETS** |  |  |  |  |
| Beginning of year | 180153095 | 196150917 | 1005047962 | 1162129688 |
| End of year | $208617037 | $180153095 | $1000421165 | $1005047962 |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cullen Small Cap Value Fund** | **Cullen Small Cap Value Fund** | **Cullen Value Fund** | **Cullen Value Fund** |
|  | **Six Months Ended** | | **Six Months Ended** | |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
| | **2022 (Unaudited)** | **June 30, 2022** | **2022 (Unaudited)** | **June 30, 2022** |
| **OPERATIONS** | | | | |
| Net investment income | $104684 | $94851 | $188094 | $410096 |
| Net realized gain/(loss) | (53693) | 1031566 | 124790 | 2071455 |
| Net change in unrealized appreciation/depreciation | 648254 | (1662285) | 1343554 | (4157227) |
| Net Increase/(Decrease) in net assets resulting from operations | 699245 | (535868) | 1656438 | (1675676) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (76776) | (71660) | (114903) | (240710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (9777) | (14094) | (46551) | (58616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (863842) | (881059) | (1264464) | (2644369) |
| &nbsp;&nbsp;&nbsp;Net (decrease) in net assets from distributions | (950395) | (966813) | (1425918) | (2943695) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 3)** |  |  |  |  |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 865637 | 77112 | 7898 | 155983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 66466 | 28954 | 45000 | 443000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 4550489 | 976989 | 2349290 | 609710 |
| Dividends reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 76776 | 71660 | 114903 | 240710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 9777 | 14094 | 46551 | 58616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 862057 | 878227 | 1264464 | 2644369 |
| Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (205711) | (321944) | (96882) | (285356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (6763) | (288464) | (18939) | (184926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1236779) | (438735) | (3109029) | (2650597) |
| Redemption fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 230 | – | – | – |
| Net Increase in net assets derived from capital share transactions | 4982179 | 997893 | 603256 | 1031509 |
| Net Increase/(Decrease) in net assets | 4731029 | (504788) | 833776 | (3587862) |
| **NET ASSETS** |  |  |  |  |
| Beginning of year | 8285258 | 8790046 | 23525680 | 27113542 |
| End of year | $13016287 | $8285258 | $24359456 | $23525680 |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cullen Emerging Markets High** | **Cullen Emerging Markets High** | **Cullen Enhanced Equity Income** | **Cullen Enhanced Equity Income** |
|  | **Dividend Fund** | **Dividend Fund** | **Fund** | **Fund** |
|  | **Six Months Ended** | | **Six Months Ended** | |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
| | **2022 (Unaudited)** | **June 30, 2022** | **2022 (Unaudited)** | **June 30, 2022** |
| **OPERATIONS** |  |  |  |  |
| Net investment income | $7141205 | $12847707 | $2454359 | $2953100 |
| Net realized gain/(loss) | (21448015) | (3605333) | (6299270) | 6777335 |
| Net change in unrealized appreciation/depreciation | 23169287 | (71430338) | 17515650 | (20164814) |
| Net Increase/(Decrease) in net assets resulting from operations | 8862477 | (62187964) | 13670739 | (10434379) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (164443) | (285414) | (142453) | (254918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (25965) | (47243) | (198368) | (579307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (6792521) | (11146405) | (4540137) | (8507389) |
| &nbsp;&nbsp;&nbsp;Net (decrease) in net assets from distributions | (6982929) | (11479062) | (4880958) | (9341614) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 3)** |  |  |  |  |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 1048911 | 2030293 | 2679050 | 1393802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 26000 | 2153448 | 2679434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 71180856 | 160004060 | 44968341 | 120087666 |
| Dividends reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 145486 | 253167 | 124754 | 245668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 24880 | 45318 | 168203 | 452316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 6384031 | 10632604 | 4292317 | 7777319 |
| Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (962177) | (2666582) | (632192) | (574298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (122662) | (160989) | (1122514) | (1739631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (79355773) | (86101429) | (56914148) | (20174720) |
| Redemption fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  |  |  | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2030 | 54 | 816 | – |
| Net Increase/(Decrease) in net assets derived from capital share transactions | (1654418) | 84062496 | (4281925) | 110148039 |
| Net Increase in net assets | 225130 | 10395470 | 4507856 | 90372046 |
| **NET ASSETS** |  |  |  |  |
| Beginning of year | 311196415 | 300800945 | 170296952 | 79924906 |
| End of year | $311421545 | $311196415 | $174804808 | $170296952 |

---

See Notes to Financial Statements.

Cullen International High Dividend Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>J**une 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>J**une 30, 2018** |
| **Retail** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $9.16 | $10.94 | $8.79 | $9.55 | $9.88 | $10.30 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.06 | 0.24 | 0.28 | 0.19 | 0.26 | 0.20 |
| Net realized and unrealized gain/(loss) | 0.39 | (1.71) | 2.15 | (0.66) | (0.27) | (0.36) |
| Total from Investment Operations | 0.45 | (1.47) | 2.43 | (0.47) | (0.01) | (0.16) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.08) | (0.31) | (0.28) | (0.29) | (0.32) | (0.26) |
| Total Distributions | (0.08) | (0.31) | (0.28) | (0.29) | (0.32) | (0.26) |
| Net Increase/(Decrease) in net asset value | 0.37 | (1.78) | 2.15 | (0.76) | (0.33) | (0.42) |
| Net Asset Value, End of Period | $9.53 | $9.16 | $10.94 | $8.79 | $9.55 | $9.88 |
| **TOTAL RETURN** **<sup>(b)</sup>** | 5.02% | (13.71)% | 27.95% | (4.99)% | (0.04)% | (1.60)% |
| **RATIOS/SUPPLEMENTAL DATA:** **<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $4757 | $4188 | $6267 | $5438 | $7202 | $9761 |
| Ratio of operating expenses to average net assets excluding waivers | 1.58 %<sup>(d)</sup> | 1.51% | 1.52% | 1.55% | 1.54% | 1.46% |
| Ratio of operating expenses to average net assets including waivers | 1.25 %<sup>(d)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of net investment income to average net assets excluding waivers | 1.05 %<sup>(d)</sup> | 1.97% | 2.57% | 1.71% | 2.45% | 1.68% |
| Ratio of net investment income to average net assets including waivers | 1.38 %<sup>(d)</sup> | 2.23% | 2.84% | 2.01% | 2.74% | 1.89% |
| Portfolio turnover rate | 33% | 75% | 57% | 64% | 39% | 31% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

See Notes to Financial Statements.

Cullen International High Dividend Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class C** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $9.11 | $10.90 | $8.78 | $9.53 | $9.85 | $10.27 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.03 | 0.20 | 0.22 | 0.11 | 0.20 | 0.18 |
| Net realized and unrealized gain/(loss) | 0.39 | (1.75) | 2.12 | (0.65) | (0.27) | (0.41) |
| Total from Investment Operations | 0.42 | (1.55) | 2.34 | (0.54) | (0.07) | (0.23) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.05) | (0.24) | (0.22) | (0.21) | (0.25) | (0.19) |
| Total Distributions | (0.05) | (0.24) | (0.22) | (0.21) | (0.25) | (0.19) |
| Net Increase/(Decrease) in net asset value | 0.37 | (1.79) | 2.12 | (0.75) | (0.32) | (0.42) |
| Net Asset Value, End of Period | $9.48 | $9.11 | $10.90 | $8.78 | $9.53 | $9.85 |
| **TOTAL RETURN<sup>(b)</sup>** | 4.66% | (14.38)% | 26.92% | (5.71)% | (0.70)% | (2.34)% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $978 | $1071 | $1387 | $1084 | $2556 | $3047 |
| Ratio of operating expenses to average net assets excluding waivers | 2.33 %<sup>(d)</sup> | 2.26% | 2.27% | 2.29% | 2.29% | 2.21% |
| Ratio of operating expenses to average net assets including waivers | 2.00 %<sup>(d)</sup> | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Ratio of net investment income to average net assets excluding waivers | 0.30 %<sup>(d)</sup> | 1.64% | 1.93% | 0.92% | 1.80% | 1.55% |
| Ratio of net investment income to average net assets including waivers | 0.64 %<sup>(d)</sup> | 1.90% | 2.20% | 1.21% | 2.09% | 1.76% |
| Portfolio turnover rate | 33% | 75% | 57% | 64% | 39% | 31% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

See Notes to Financial Statements.

Cullen International High Dividend Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class I** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $9.25 | $11.03 | $8.86 | $9.63 | $9.95 | $10.37 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.08 | 0.34 | 0.32 | 0.21 | 0.29 | 0.30 |
| Net realized and unrealized gain/(loss) | 0.39 | (1.80) | 2.15 | (0.67) | (0.26) | (0.43) |
| Total from Investment Operations | 0.47 | (1.46) | 2.47 | (0.46) | 0.03 | (0.13) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.09) | (0.32) | (0.30) | (0.31) | (0.35) | (0.29) |
| Total Distributions | (0.09) | (0.32) | (0.30) | (0.31) | (0.35) | (0.29) |
| Net Increase/(Decrease) in net asset value | 0.38 | (1.78) | 2.17 | (0.77) | (0.32) | (0.42) |
| Net Asset Value, End of Period | $9.63 | $9.25 | $11.03 | $8.86 | $9.63 | $9.95 |
| **TOTAL RETURN** **<sup>(b)</sup>** | 5.22% | (13.49)% | 28.24% | (4.81)% | 0.34% | (1.34)% |
| **RATIOS/SUPPLEMENTAL DATA:** **<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $202881 | $174893 | $188481 | $137044 | $148416 | $234350 |
| Ratio of operating expenses to average net assets excluding waivers | 1.33 %<sup>(d)</sup> | 1.26% | 1.27% | 1.30% | 1.29% | 1.22% |
| Ratio of operating expenses to average net assets including waivers | 1.00 %<sup>(d)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets excluding waivers | 1.30 %<sup>(d)</sup> | 2.90% | 2.86% | 1.99% | 2.71% | 2.60% |
| Ratio of net investment income to average net assets including waivers | 1.64 %<sup>(d)</sup> | 3.16% | 3.13% | 2.29% | 3.00% | 2.82% |
| Portfolio turnover rate | 33% | 75% | 57% | 64% | 39% | 31% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

See Notes to Financial Statements.

Cullen International High Dividend Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class R2** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $10.76 | $12.78 | $10.23 | $11.06 | $11.38 | $11.82 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.06 | 0.37 | 0.30 | 0.17 | 0.28 | 0.24 |
| Net realized and unrealized gain/(loss) | 0.46 | (2.12) | 2.51 | (0.75) | (0.30) | (0.45) |
| Total from Investment Operations | 0.52 | (1.75) | 2.81 | (0.58) | (0.02) | (0.21) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.09) | (0.27) | (0.26) | (0.25) | (0.30) | (0.23) |
| Total Distributions | (0.09) | (0.27) | (0.26) | (0.25) | (0.30) | (0.23) |
| Net Increase/(Decrease) in net asset value | 0.43 | (2.02) | 2.55 | (0.83) | (0.32) | (0.44) |
| Net Asset Value, End of Period | $11.19 | $10.76 | $12.78 | $10.23 | $11.06 | $11.38 |
| **TOTAL RETURN<sup>(b)</sup>** | 4.92% | (13.85)% | 27.70% | (5.24)% | (0.19)% | (1.80)% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $1 | $1 | $4 | $4 | $45 | $62 |
| Ratio of operating expenses to average net assets excluding waivers | 1.70 %<sup>(d)</sup> | 1.25% | 1.54% | 1.54% | 1.54% | 1.46% |
| Ratio of operating expenses to average net assets including waivers | 1.50 %<sup>(d)</sup> | 1.25% | 1.50% | 1.50% | 1.50% | 1.46% |
| Ratio of net investment income to average net assets excluding waivers | 0.93 %<sup>(d)</sup> | 2.99% | 2.56% | 1.51% | 2.57% | 1.97% |
| Ratio of net investment income to average net assets including waivers | 1.13 %<sup>(d)</sup> | 2.99% | 2.60% | 1.55% | 2.61% | 1.97% |
| Portfolio turnover rate | 33% | 75% | 57% | 64% | 39% | 31% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Retail** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $14.83 | $17.09 | $14.07 | $16.91 | $17.68 | $18.61 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.17 | 0.33 | 0.37 | 0.37 | 0.38 | 0.38 |
| Net realized and unrealized gain/(loss) | 0.94 | (0.78) | 4.26 | (2.13) | 1.08 | 0.52 |
| Total from Investment Operations | 1.11 | (0.45) | 4.63 | (1.76) | 1.46 | 0.90 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (1.08) | (1.81) | (1.61) | (1.08) | (2.23) | (1.83) |
| Total Distributions | (1.08) | (1.81) | (1.61) | (1.08) | (2.23) | (1.83) |
| Net Increase/(Decrease) in net asset value | 0.03 | (2.26) | 3.02 | (2.84) | (0.77) | (0.93) |
| Net Asset Value, End of Period | $14.86 | $14.83 | $17.09 | $14.07 | $16.91 | $17.68 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.52% | (3.53)% | 35.10% | (11.27)% | 9.74% | 4.61% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $104239 | $106659 | $129052 | $122691 | $180108 | $203509 |
| Ratio of operating expenses to average net assets excluding waivers | 1.36 %<sup>(d)</sup> | 1.34% | 1.34% | 1.33% | 1.32% | 1.32% |
| Ratio of operating expenses to average net assets including waivers | 1.00 %<sup>(d)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets excluding waivers | 1.80 %<sup>(d)</sup> | 1.62% | 2.04% | 1.99% | 1.88% | 1.69% |
| Ratio of net investment income to average net assets including waivers | 2.16 %<sup>(d)</sup> | 1.96% | 2.38% | 2.32% | 2.20% | 2.01% |
| Portfolio turnover rate | 28% | 16% | 40% | 41% | 41% | 16% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class C** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $14.55 | $16.82 | $13.87 | $16.69 | $17.50 | $18.46 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.11 | 0.20 | 0.25 | 0.25 | 0.25 | 0.24 |
| Net realized and unrealized gain/(loss) | 0.92 | (0.77) | 4.21 | (2.10) | 1.05 | 0.52 |
| Total from Investment Operations | 1.03 | (0.57) | 4.46 | (1.85) | 1.30 | 0.76 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (1.02) | (1.70) | (1.51) | (0.97) | (2.11) | (1.72) |
| Total Distributions | (1.02) | (1.70) | (1.51) | (0.97) | (2.11) | (1.72) |
| Net Increase/(Decrease) in net asset value | 0.01 | (2.27) | 2.95 | (2.82) | (0.81) | (0.96) |
| Net Asset Value, End of Period | $14.56 | $14.55 | $16.82 | $13.87 | $16.69 | $17.50 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.14% | (4.30)% | 34.16% | (11.94)% | 8.88% | 3.85% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $31703 | $31861 | $35626 | $35533 | $54940 | $62291 |
| Ratio of operating expenses to average net assets excluding waivers | 2.11 %<sup>(d)</sup> | 2.09% | 2.09% | 2.08% | 2.07% | 2.07% |
| Ratio of operating expenses to average net assets including waivers | 1.75 %<sup>(d)</sup> | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of net investment income to average net assets excluding waivers | 1.05 %<sup>(d)</sup> | 0.88% | 1.30% | 1.24% | 1.12% | 0.95% |
| Ratio of net investment income to average net assets including waivers | 1.41 %<sup>(d)</sup> | 1.22% | 1.64% | 1.57% | 1.44% | 1.27% |
| Portfolio turnover rate | 28% | 16% | 40% | 41% | 41% | 16% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** | <br>**For the Year**<br>**Ended**<br>**June 30, 2022** | <br>**For the Year**<br>**Ended**<br>**June 30, 2021** | <br>**For the Year**<br>**Ended**<br>**June 30, 2020** | <br>**For the Year**<br>**Ended**<br>**June 30, 2019** | <br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class I** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $14.84 | $17.11 | $14.07 | $16.92 | $17.69 | $18.62 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.18 | 0.37 | 0.41 | 0.41 | 0.42 | 0.43 |
| Net realized and unrealized gain/(loss) | 0.95 | (0.79) | 4.28 | (2.14) | 1.08 | 0.52 |
| Total from Investment Operations | 1.13 | (0.42) | 4.69 | (1.73) | 1.50 | 0.95 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (1.10) | (1.85) | (1.65) | (1.12) | (2.27) | (1.88) |
| Total Distributions | (1.10) | (1.85) | (1.65) | (1.12) | (2.27) | (1.88) |
| Net Increase/(Decrease) in net asset value | 0.03 | (2.27) | 3.04 | (2.85) | (0.77) | (0.93) |
| Net Asset Value, End of Period | $14.87 | $14.84 | $17.11 | $14.07 | $16.92 | $17.69 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.65% | (3.35)% | 35.58% | (11.10)% | 10.02% | 4.87% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $863345 | $865159 | $995683 | $915992 | $1364116 | $1426692 |
| Ratio of operating expenses to average net assets excluding waivers | 1.11 %<sup>(d)</sup> | 1.08% | 1.09% | 1.08% | 1.07% | 1.07% |
| Ratio of operating expenses to average net assets including waivers | 0.75 %<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income to average net assets excluding waivers | 2.06 %<sup>(d)</sup> | 1.88% | 2.29% | 2.24% | 2.13% | 1.96% |
| Ratio of net investment income to average net assets including waivers | 2.41 %<sup>(d)</sup> | 2.21% | 2.63% | 2.57% | 2.45% | 2.28% |
| Portfolio turnover rate | 28% | 16% | 40% | 41% | 41% | 16% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class R1** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $11.94 | $14.07 | $11.79 | $14.34 | $15.35 | $16.39 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.10 | 0.20 | 0.24 | 0.24 | 0.26 | 0.25 |
| Net realized and unrealized gain/(loss) | 0.76 | (0.62) | 3.53 | (1.78) | 0.89 | 0.47 |
| Total from Investment Operations | 0.86 | (0.42) | 3.77 | (1.54) | 1.15 | 0.72 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (1.04) | (1.71) | (1.49) | (1.01) | (2.16) | (1.76) |
| Total Distributions | (1.04) | (1.71) | (1.49) | (1.01) | (2.16) | (1.76) |
| Net Increase/(Decrease) in net asset value | (0.18) | (2.13) | 2.28 | (2.55) | (1.01) | (1.04) |
| Net Asset Value, End of Period | $11.76 | $11.94 | $14.07 | $11.79 | $14.34 | $15.35 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.30% | (4.04)% | 34.49% | (11.72)% | 9.14% | 4.09% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $762 | $700 | $733 | $560 | $646 | $374 |
| Ratio of operating expenses to average net assets excluding waivers | 1.61 %<sup>(d)</sup> | 1.58% | 1.59% | 1.58% | 1.57% | 1.57% |
| Ratio of operating expenses to average net assets including waivers | 1.50 %<sup>(d)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| Ratio of net investment income to average net assets excluding waivers | 1.56 %<sup>(d)</sup> | 1.38% | 1.79% | 1.76% | 1.70% | 1.46% |
| Ratio of net investment income to average net assets including waivers | 1.67 %<sup>(d)</sup> | 1.46% | 1.88% | 1.84% | 1.77% | 1.53% |
| Portfolio turnover rate | 28% | 16% | 40% | 41% | 41% | 16% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class R2** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $12.21 | $14.35 | $11.99 | $14.57 | $15.55 | $16.57 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.12 | 0.24 | 0.28 | 0.28 | 0.29 | 0.27 |
| Net realized and unrealized gain/(loss) | 0.78 | (0.64) | 3.60 | (1.82) | 0.92 | 0.50 |
| Total from Investment Operations | 0.90 | (0.40) | 3.88 | (1.54) | 1.21 | 0.77 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (1.06) | (1.74) | (1.52) | (1.04) | (2.19) | (1.79) |
| Total Distributions | (1.06) | (1.74) | (1.52) | (1.04) | (2.19) | (1.79) |
| Net Increase/(Decrease) in net asset value | (0.16) | (2.14) | 2.36 | (2.58) | (0.98) | (1.02) |
| Net Asset Value, End of Period | $12.05 | $12.21 | $14.35 | $11.99 | $14.57 | $15.55 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.43% | (3.82)% | 34.83% | (11.53)% | 9.45% | 4.38% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $373 | $669 | $1036 | $920 | $1191 | $1179 |
| Ratio of operating expenses to average net assets excluding waivers | 1.36 %<sup>(d)</sup> | 1.33% | 1.35% | 1.58% | 1.57% | 1.57% |
| Ratio of operating expenses to average net assets including waivers | 1.25 %<sup>(d)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of net investment income to average net assets excluding waivers | 1.80 %<sup>(d)</sup> | 1.58% | 2.04% | 1.75% | 1.64% | 1.29% |
| Ratio of net investment income to average net assets including waivers | 1.91 %<sup>(d)</sup> | 1.66% | 2.14% | 2.08% | 1.96% | 1.61% |
| Portfolio turnover rate | 28% | 16% | 40% | 41% | 41% | 16% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

See Notes to Financial Statements.

Cullen Small Cap Value Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Retail** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $13.21 | $15.98 | $9.40 | $11.36 | $12.35 | $13.88 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup> | 0.12 | 0.14 | 0.01 | 0.05 | (0.02) | (0.07) |
| Net realized and unrealized gain/(loss) | 0.91 | (1.06) | 6.57 | (1.65) | (0.36) | 0.98 |
| Total from Investment Operations | 1.03 | (0.92) | 6.58 | (1.60) | (0.38) | 0.91 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (1.04) | (1.85) | – | (0.36) | (0.61) | (2.44) |
| Total Distributions | (1.04) | (1.85) | – | (0.36) | (0.61) | (2.44) |
| Net Increase/(Decrease) in net asset value | (0.01) | (2.77) | 6.58 | (1.96) | (0.99) | (1.53) |
| Net Asset Value, End of Period | $13.20 | $13.21 | $15.98 | $9.40 | $11.36 | $12.35 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.94% | (6.35)% | 70.00% | (14.79)% | (2.28)% | 7.38% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $1080 | $373 | $637 | $267 | $415 | $440 |
| Ratio of operating expenses to average net assets excluding waivers | 4.57 %<sup>(d)</sup> | 4.25% | 4.87% | 7.38% | 7.67 %<sup>(e)(f)</sup> | 8.02% |
| Ratio of operating expenses to average net assets including waivers | 1.25 %<sup>(d)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of net investment (loss) to average net assets excluding waivers | (1.62)%<sup>(d)</sup> | (2.10)% | (3.55)% | (5.65)% | (6.63)%<sup>(e)(g)</sup> | (7.34)% |
| Ratio of net investment income/(loss) to average net assets including waivers | 1.70 %<sup>(d)</sup> | 0.90% | 0.07% | 0.48% | (0.21)% | (0.57)% |
| Portfolio turnover rate | 31% | 31% | 70% | 111% | 140% | 34% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Revised from 9.51% for Retail class, 10.29% for Class C and 9.30% for Class I.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Revised from (8.47%) for Retail class, (9.25%) for Class C and (8.25%) for Class I.* 

See Notes to Financial Statements.

Cullen Small Cap Value Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class C** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $11.66 | $14.43 | $8.56 | $10.41 | $11.46 | $13.14 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup> | 0.05 | (0.00)<sup>(b)</sup> | (0.08) | (0.02) | (0.10) | (0.16) |
| Net realized and unrealized gain/(loss) | 0.81 | (0.92) | 5.95 | (1.50) | (0.34) | 0.92 |
| Total from Investment Operations | 0.86 | (0.92) | 5.87 | (1.52) | (0.44) | 0.76 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.96) | (1.85) | – | (0.33) | (0.61) | (2.44) |
| Total Distributions | (0.96) | (1.85) | – | (0.33) | (0.61) | (2.44) |
| Net Increase/(Decrease) in net asset value | (0.10) | (2.77) | 5.87 | (1.85) | (1.05) | (1.68) |
| Net Asset Value, End of Period | $11.56 | $11.66 | $14.43 | $8.56 | $10.41 | $11.46 |
| **TOTAL RETURN<sup>(c)</sup>** | 7.56% | (7.11)% | 68.57% | (15.32)% | (3.01)% | (6.56)% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(d)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $128 | $65 | $336 | $399 | $58 | $55 |
| Ratio of operating expenses to average net assets excluding waivers | 5.41 %<sup>(e)</sup> | 5.04% | 5.96% | 7.22% | 8.30 %<sup>(f)(g)</sup> | 8.79% |
| Ratio of operating expenses to average net assets including waivers | 2.00 %<sup>(e)</sup> | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Ratio of net investment (loss) to average net assets excluding waivers | (2.56)%<sup>(e)</sup> | (3.07)% | (4.62)% | (5.49)% | (7.26)%<sup>(f)(h)</sup> | (8.11)% |
| Ratio of net investment income/(loss) to average net assets including waivers | 0.86 %<sup>(e)</sup> | (0.03)% | (0.66)% | (0.27)% | (0.96)% | (1.32)% |
| Portfolio turnover rate | 31% | 31% | 70% | 111% | 140% | 34% |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Revised from 9.51% for Retail class, 10.29% for Class C and 9.30% for Class I.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Revised from (8.47%) for Retail class, (9.25%) for Class C and (8.25%) for Class I.* 

See Notes to Financial Statements.

Cullen Small Cap Value Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class I** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $13.69 | $16.45 | $9.68 | $11.66 | $12.63 | $14.11 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup> | 0.13 | 0.18 | 0.05 | 0.08 | 0.01 | (0.04) |
| Net realized and unrealized gain/(loss) | 0.94 | (1.09) | 6.75 | (1.69) | (0.37) | 1.00 |
| Total from Investment Operations | 1.07 | (0.91) | 6.80 | (1.61) | (0.36) | 0.96 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (1.06) | (1.85) | (0.03) | (0.37) | (0.61) | (2.44) |
| Total Distributions | (1.06) | (1.85) | (0.03) | (0.37) | (0.61) | (2.44) |
| Net Increase/(Decrease) in net asset value | 0.01 | (2.76) | 6.77 | (1.98) | (0.97) | (1.48) |
| Net Asset Value, End of Period | $13.70 | $13.69 | $16.45 | $9.68 | $11.66 | $12.63 |
| **TOTAL RETURN<sup>(b)</sup>** | 8.03% | (6.11)% | 70.34% | (14.49)% | (2.07)% | 7.62% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $11808 | $7848 | $7817 | $3570 | $3810 | $3684 |
| Ratio of operating expenses to average net assets excluding waivers | 4.38 %<sup>(d)</sup> | 4.00% | 4.72% | 7.57% | 7.50 %<sup>(e)(f)</sup> | 7.81% |
| Ratio of operating expenses to average net assets including waivers | 1.00 %<sup>(d)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment (loss) to average net assets excluding waivers | (1.54)%<sup>(d)</sup> | (1.85)% | (3.38)% | (5.80)% | (6.45)%<sup>(e)(g)</sup> | (7.13)% |
| Ratio of net investment income/(loss) to average net assets including waivers | 1.83 %<sup>(d)</sup> | 1.15% | 0.34% | 0.77% | 0.05% | (0.32)% |
| Portfolio turnover rate | 31% | 31% | 70% | 111% | 140% | 34% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Revised from 9.51% for Retail class, 10.29% for Class C and 9.30% for Class I.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Revised from (8.47%) for Retail class, (9.25%) for Class C and (8.25)% for Class I.* 

See Notes to Financial Statements.

Cullen Value Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Retail** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $13.27 | $15.85 | $13.87 | $16.56 | $15.35 | $15.30 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.09 | 0.20 | 0.25 | 0.26 | 0.23 | 0.20 |
| Net realized and unrealized gain/(loss) | 0.83 | (1.10) | 3.99 | (0.93) | 1.21 | 1.03 |
| Total from Investment Operations | 0.92 | (0.90) | 4.24 | (0.67) | 1.44 | 1.23 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.82) | (1.68) | (2.26) | (2.02) | (0.23) | (1.18) |
| Total Distributions | (0.82) | (1.68) | (2.26) | (2.02) | (0.23) | (1.18) |
| Net Increase/(Decrease) in net asset value | 0.10 | (2.58) | 1.98 | (2.69) | 1.21 | 0.05 |
| Net Asset Value, End of Period | $13.37 | $13.27 | $15.85 | $13.87 | $16.56 | $15.35 |
| **TOTAL RETURN<sup>(b)</sup>** | 6.97% | (6.72)% | 33.12% | (5.38)% | 9.48% | 7.97% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $1993 | $1947 | $2231 | $1358 | $792 | $626 |
| Ratio of operating expenses to average net assets excluding waivers | 2.93 %<sup>(d)</sup> | 2.23% | 2.31% | 2.25% | 1.97 %<sup>(e)(f)</sup> | 2.04% |
| Ratio of operating expenses to average net assets including waivers | 1.00 %<sup>(d)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income/(loss) to average net assets excluding waivers | (0.56)%<sup>(d)</sup> | 0.07% | 0.34% | 0.50% | 0.49 %<sup>(e)(g)</sup> | 0.24% |
| Ratio of net investment income to average net assets including waivers | 1.38 %<sup>(d)</sup> | 1.30% | 1.65% | 1.75% | 1.46% | 1.28% |
| Portfolio turnover rate | 27% | 36% | 40% | 18% | 5% | 2% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Revised from 2.18% for Retail class, 2.94% for Class C and 1.93% for Class I.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Revised from 0.28% for Retail class, (0.42%) for Class C and 0.54% for Class I.* 

See Notes to Financial Statements.

Cullen Value Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class C** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $13.24 | $15.82 | $13.85 | $16.55 | $15.34 | $15.28 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.04 | 0.09 | 0.12 | 0.15 | 0.12 | 0.09 |
| Net realized and unrealized gain/(loss) | 0.82 | (1.11) | 4.00 | (0.93) | 1.20 | 1.04 |
| Total from Investment Operations | 0.86 | (1.02) | 4.12 | (0.78) | 1.32 | 1.13 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.76) | (1.56) | (2.15) | (1.92) | (0.11) | (1.07) |
| Total Distributions | (0.76) | (1.56) | (2.15) | (1.92) | (0.11) | (1.07) |
| Net Increase/(Decrease) in net asset value | 0.10 | (2.58) | 1.97 | (2.70) | 1.21 | 0.06 |
| Net Asset Value, End of Period | $13.34 | $13.24 | $15.82 | $13.85 | $16.55 | $15.34 |
| **TOTAL RETURN<sup>(b)</sup>** | 6.54% | (7.45)% | 32.18% | (6.11)% | 8.64% | 7.25% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $863 | $783 | $596 | $360 | $404 | $203 |
| Ratio of operating expenses to average net assets excluding waivers | 3.72 %<sup>(d)</sup> | 3.01% | 3.05% | 2.93% | 2.65 %<sup>(e)(f)</sup> | 2.78% |
| Ratio of operating expenses to average net assets including waivers | 1.75 %<sup>(d)</sup> | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of net investment (loss) to average net assets excluding waivers | (1.34)%<sup>(d)</sup> | (0.66)% | (0.49)% | (0.20)% | (0.13)%<sup>(e)(g)</sup> | (0.49)% |
| Ratio of net investment income to average net assets including waivers | 0.63 %<sup>(d)</sup> | 0.60% | 0.81% | 0.98% | 0.77% | 0.54% |
| Portfolio turnover rate | 27% | 36% | 40% | 18% | 5% | 2% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Revised from 2.18% for Retail class, 2.94% for Class C and 1.93% for Class I.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Revised from 0.28% for Retail class, (0.42%) for Class C and 0.54% for Class I.* 

See Notes to Financial Statements.

Cullen Value Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class I** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $13.22 | $15.80 | $13.84 | $16.55 | $15.34 | $15.29 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.11 | 0.24 | 0.28 | 0.31 | 0.27 | 0.24 |
| Net realized and unrealized gain/(loss) | 0.82 | (1.10) | 3.98 | (0.93) | 1.21 | 1.03 |
| Total from Investment Operations | 0.93 | (0.86) | 4.26 | (0.62) | 1.48 | 1.27 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.83) | (1.72) | (2.30) | (2.09) | (0.27) | (1.22) |
| Total Distributions | (0.83) | (1.72) | (2.30) | (2.09) | (0.27) | (1.22) |
| Net Increase/(Decrease) in net asset value | 0.10 | (2.58) | 1.96 | (2.71) | 1.21 | 0.05 |
| Net Asset Value, End of Period | $13.32 | $13.22 | $15.80 | $13.84 | $16.55 | $15.34 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.12% | (6.51)% | 33.42% | (5.12)% | 9.74% | 8.25% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $21503 | $20795 | $24287 | $21644 | $39111 | $35213 |
| Ratio of operating expenses to average net assets excluding waivers | 2.69 %<sup>(d)</sup> | 1.98% | 2.08% | 1.88% | 1.74 %<sup>(e)(f)</sup> | 1.80% |
| Ratio of operating expenses to average net assets including waivers | 0.75 %<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income/(loss) to average net assets excluding waivers | (0.31)%<sup>(d)</sup> | 0.31% | 0.59% | 0.84% | 0.73 %<sup>(e)(g)</sup> | 0.47% |
| Ratio of net investment income to average net assets including waivers | 1.62 %<sup>(d)</sup> | 1.54% | 1.92% | 1.97% | 1.72% | 1.52% |
| Portfolio turnover rate | 27% | 36% | 40% | 18% | 5% | 2% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Revised from 2.18% for Retail class, 2.94% for Class C and 1.93% for Class I.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Revised from 0.28% for Retail class, (0.42%) for Class C and 0.54% for Class I.* 

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Retail** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $9.74 | $12.30 | $8.95 | $10.26 | $10.55 | $10.67 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.22 | 0.36 | 0.29 | 0.27 | 0.42 | 0.33 |
| Net realized and unrealized gain/(loss) | 0.05 | (2.54) | 3.30 | (1.23) | (0.35) | (0.05) |
| Total from Investment Operations | 0.27 | (2.18) | 3.59 | (0.96) | 0.07 | 0.28 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.22) | (0.38) | (0.24) | (0.35) | (0.36) | (0.40) |
| Total Distributions | (0.22) | (0.38) | (0.24) | (0.35) | (0.36) | (0.40) |
| Net Increase/(Decrease) in net asset value | 0.05 | (2.56) | 3.35 | (1.31) | (0.29) | (0.12) |
| Net Asset Value, End of Period | $9.79 | $9.74 | $12.30 | $8.95 | $10.26 | $10.55 |
| **TOTAL RETURN<sup>(b)</sup>** | 2.92% | (17.95)% | 40.49% | (9.47)% | 0.66% | 2.48% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $7789 | $7492 | $9819 | $10199 | $15576 | $14749 |
| Ratio of operating expenses to average net assets excluding waivers | 1.56 %<sup>(d)</sup> | 1.49% | 1.52% | 1.49% | 1.43% | 1.52% |
| Ratio of operating expenses to average net assets including waivers | 1.25 %<sup>(d)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of net investment income to average net assets excluding waivers | 4.22 %<sup>(d)</sup> | 2.91% | 2.35% | 2.51% | 4.01% | 2.59% |
| Ratio of net investment income to average net assets including waivers | 4.53 %<sup>(d)</sup> | 3.15% | 2.62% | 2.75% | 4.19% | 2.86% |
| Portfolio turnover rate | 42% | 87% | 80% | 70% | 77% | 48% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class C** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $9.59 | $12.14 | $8.84 | $10.14 | $10.45 | $10.57 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.18 | 0.28 | 0.21 | 0.19 | 0.34 | 0.24 |
| Net realized and unrealized gain/(loss) | 0.05 | (2.51) | 3.26 | (1.21) | (0.35) | (0.05) |
| Total from Investment Operations | 0.23 | (2.23) | 3.47 | (1.02) | (0.01) | 0.19 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.18) | (0.32) | (0.17) | (0.28) | (0.30) | (0.31) |
| Total Distributions | (0.18) | (0.32) | (0.17) | (0.28) | (0.30) | (0.31) |
| Net Increase/(Decrease) in net asset value | 0.05 | (2.55) | 3.30 | (1.30) | (0.31) | (0.12) |
| Net Asset Value, End of Period | $9.64 | $9.59 | $12.14 | $8.84 | $10.14 | $10.45 |
| **TOTAL RETURN<sup>(b)</sup>** | 2.56% | (18.58)% | 39.51% | (10.20)% | (0.08)% | 1.71% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $1313 | $1405 | $1869 | $1467 | $2039 | $2412 |
| Ratio of operating expenses to average net assets excluding waivers | 2.31 %<sup>(d)</sup> | 2.24% | 2.27% | 2.24% | 2.18% | 2.28% |
| Ratio of operating expenses to average net assets including waivers | 2.00 %<sup>(d)</sup> | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Ratio of net investment income to average net assets excluding waivers | 3.53 %<sup>(d)</sup> | 2.20% | 1.65% | 1.75% | 3.22% | 1.85% |
| Ratio of net investment income to average net assets including waivers | 3.84 %<sup>(d)</sup> | 2.44% | 1.92% | 1.99% | 3.40% | 2.13% |
| Portfolio turnover rate | 42% | 87% | 80% | 70% | 77% | 48% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class I** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $9.82 | $12.39 | $9.01 | $10.33 | $10.61 | $10.73 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.23 | 0.48 | 0.33 | 0.29 | 0.45 | 0.37 |
| Net realized and unrealized gain/(loss) | 0.05 | (2.65) | 3.32 | (1.23) | (0.35) | (0.07) |
| Total from Investment Operations | 0.28 | (2.17) | 3.65 | (0.94) | 0.10 | 0.30 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.23) | (0.40) | (0.27) | (0.38) | (0.38) | (0.42) |
| Total Distributions | (0.23) | (0.40) | (0.27) | (0.38) | (0.38) | (0.42) |
| Net Increase/(Decrease) in net asset value | 0.05 | (2.57) | 3.38 | (1.32) | (0.28) | (0.12) |
| Net Asset Value, End of Period | $9.87 | $9.82 | $12.39 | $9.01 | $10.33 | $10.61 |
| **TOTAL RETURN<sup>(b)</sup>** | 3.03% | (17.75)% | 40.91% | (9.26)% | 0.93% | 2.72% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $302320 | $302300 | $289113 | $237242 | $332377 | $393127 |
| Ratio of operating expenses to average net assets excluding waivers | 1.31 %<sup>(d)</sup> | 1.24% | 1.27% | 1.24% | 1.18% | 1.28% |
| Ratio of operating expenses to average net assets including waivers | 1.00 %<sup>(d)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets excluding waivers | 4.44 %<sup>(d)</sup> | 3.95% | 2.71% | 2.73% | 4.22% | 2.93% |
| Ratio of net investment income to average net assets including waivers | 4.75 %<sup>(d)</sup> | 4.19% | 2.98% | 2.97% | 4.40% | 3.21% |
| Portfolio turnover rate | 42% | 87% | 80% | 70% | 77% | 48% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Retail** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $10.15 | $11.44 | $8.95 | $10.15 | $9.87 | $10.66 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.15 | 0.29 | 0.26 | 0.25 | 0.24 | 0.23 |
| Net realized and unrealized gain/(loss) | 0.63 | (0.60) | 2.77 | (0.86) | 0.60 | (0.27) |
| Total from Investment Operations | 0.78 | (0.31) | 3.03 | (0.61) | 0.84 | (0.04) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.29) | (0.98) | (0.54) | (0.38) | (0.56) | (0.75) |
| From tax return of capital | – | – | – | (0.21) | – | – |
| Total Distributions | (0.29) | (0.98) | (0.54) | (0.59) | (0.56) | (0.75) |
| Net Increase/(Decrease) in net asset value | 0.49 | (1.29) | 2.49 | (1.20) | 0.28 | (0.79) |
| Net Asset Value, End of Period | $10.64 | $10.15 | $11.44 | $8.95 | $10.15 | $9.87 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.92% | (3.19)% | 34.77% | (6.08)% | 8.69% | (0.51)% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $5435 | $3078 | $2395 | $1899 | $2243 | $2064 |
| Ratio of operating expenses to average net assets excluding waivers | 1.58 %<sup>(d)</sup> | 1.56% | 1.81% | 1.94% | 1.86 %<sup>(e)(f)</sup> | 2.05% |
| Ratio of operating expenses to average net assets including waivers | 1.00 %<sup>(d)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets excluding waivers | 2.21 %<sup>(d)</sup> | 2.01% | 1.72% | 1.66% | 1.48 %<sup>(e)(g)</sup> | 1.17% |
| Ratio of net investment income to average net assets including waivers | 2.79 %<sup>(d)</sup> | 2.57% | 2.53% | 2.60% | 2.34% | 2.22% |
| Portfolio turnover rate | 106% | 93% | 139% | 170% | 192% | 157% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Revised from 2.03% for Retail class, 2.78% for Class C and 1.78% for Class I.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Revised from 1.31% for Retail class, 0.56% for Class C and 1.55% for Class I.* 

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class C** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $10.16 | $11.47 | $8.98 | $10.17 | $9.89 | $10.67 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.10 | 0.20 | 0.18 | 0.17 | 0.16 | 0.15 |
| Net realized and unrealized gain/(loss) | 0.65 | (0.59) | 2.77 | (0.85) | 0.60 | (0.26) |
| Total from Investment Operations | 0.75 | (0.39) | 2.95 | (0.68) | 0.76 | (0.11) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.25) | (0.92) | (0.46) | (0.33) | (0.48) | (0.67) |
| From tax return of capital | – | – | – | (0.18) | – | – |
| Total Distributions | (0.25) | (0.92) | (0.46) | (0.51) | (0.48) | (0.67) |
| Net Increase/(Decrease) in net asset value | 0.50 | (1.31) | 2.49 | (1.19) | 0.28 | (0.78) |
| Net Asset Value, End of Period | $10.66 | $10.16 | $11.47 | $8.98 | $10.17 | $9.89 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.59% | (3.88)% | 33.66% | (6.72)% | 7.86% | (1.17)% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $8721 | $7127 | $6590 | $4311 | $5216 | $4961 |
| Ratio of operating expenses to average net assets excluding waivers | 2.33 %<sup>(d)</sup> | 2.32% | 2.55% | 2.67% | 2.56 %<sup>(e)(f)</sup> | 2.80% |
| Ratio of operating expenses to average net assets including waivers | 1.75 %<sup>(d)</sup> | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of net investment income to average net assets excluding waivers | 1.37 %<sup>(d)</sup> | 1.24% | 0.96% | 0.88% | 0.78 %<sup>(e)(g)</sup> | 0.42% |
| Ratio of net investment income to average net assets including waivers | 1.95 %<sup>(d)</sup> | 1.81% | 1.76% | 1.80% | 1.59% | 1.47% |
| Portfolio turnover rate | 106% | 93% | 139% | 170% | 192% | 157% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Revised from 2.03% for Retail class, 2.78% for Class C and 1.78% for Class I.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Revised from 1.31% for Retail class, 0.56% for Class C and 1.55% for Class I.* 

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**FINANCIAL HIGHLIGHTS**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months**<br>**Ended**<br>**December**<br>**31, 2022**<br>**(Unaudited)** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2022** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2021** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2020** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2019** |<br><br>**For the Year**<br>**Ended**<br>**June 30, 2018** |
| **Class I** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Period | $10.23 | $11.51 | $9.00 | $10.21 | $9.92 | $10.70 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.16 | 0.31 | 0.29 | 0.28 | 0.26 | 0.26 |
| Net realized and unrealized gain/(loss) | 0.65 | (0.59) | 2.78 | (0.88) | 0.61 | (0.27) |
| Total from Investment Operations | 0.81 | (0.28) | 3.07 | (0.60) | 0.87 | (0.01) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| From distributable earnings | (0.31) | (1.00) | (0.56) | (0.39) | (0.58) | (0.77) |
| From tax return of capital | – | – | – | (0.22) | – | – |
| Total Distributions | (0.31) | (1.00) | (0.56) | (0.61) | (0.58) | (0.77) |
| Net Increase/(Decrease) in net asset value | 0.50 | (1.28) | 2.51 | (1.21) | 0.29 | (0.78) |
| Net Asset Value, End of Period | $10.73 | $10.23 | $11.51 | $9.00 | $10.21 | $9.92 |
| **TOTAL RETURN<sup>(b)</sup>** | 8.14% | (2.90)% | 35.09% | (5.92)% | 9.03% | (0.24)% |
| **RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |  |
| Net Assets, End of Period (000s) | $160649 | $160092 | $70940 | $39697 | $44980 | $39675 |
| Ratio of operating expenses to average net assets excluding waivers | 1.32 %<sup>(d)</sup> | 1.28% | 1.54% | 1.68% | 1.64 %<sup>(e)(f)</sup> | 1.80% |
| Ratio of operating expenses to average net assets including waivers | 0.75 %<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income to average net assets excluding waivers | 2.42 %<sup>(d)</sup> | 2.20% | 1.96% | 1.91% | 1.69 %<sup>(e)(g)</sup> | 1.42% |
| Ratio of net investment income to average net assets including waivers | 2.99 %<sup>(d)</sup> | 2.73% | 2.75% | 2.84% | 2.58% | 2.47% |
| Portfolio turnover rate | 106% | 93% | 139% | 170% | 192% | 157% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Revised from 2.03% for Retail class, 2.78% for Class C and 1.78% for Class I.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Revised from 1.31% for Retail class, 0.56% for Class C and 1.55% for Class I.* 

See Notes to Financial Statements.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2022 (Unaudited)**

**NOTE 1 - ORGANIZATION**

The Cullen Funds Trust (the "Trust") is an open end management investment company created as a Delaware business trust on March 25, 2000 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust currently offers six separate series to investors: the Cullen International High Dividend Fund, the Cullen High Dividend Equity Fund, the Cullen Small Cap Value Fund, the Cullen Value Fund, the Cullen Emerging Markets High Dividend Fund and the Cullen Enhanced Equity Income Fund (each a "Fund" and collectively, the "Funds"). The Funds are open end, diversified management investment companies registered under the 1940 Act. The investment objectives of the Cullen International High Dividend Fund, the Cullen High Dividend Equity Fund, the Cullen Value Fund, the Cullen Emerging Markets High Dividend Fund and the Cullen Enhanced Equity Income Fund are long-term capital appreciation and current income. The investment objective of the Cullen Small Cap Value Fund is long-term capital appreciation.

The Trust offers Retail Class, Class C, Class I, Class R1 and Class R2 Shares, except the Cullen Value Fund, the Cullen Emerging Markets High Dividend Fund and the Cullen Enhanced Equity Income Fund, which offer only Retail Class, Class C and Class I shares. However, the Cullen Small Cap Value Fund has not experienced any subscriptions in Class R1 and R2 shares since inception. As of December 31, 2022, the Cullen International High Dividend Fund Class R1 has no shares outstanding. Each class of shares differs principally in its respective distribution expenses and shareholder servicing expenses. Each class of shares has identical rights to earnings, assets, and voting privileges, except for the class specific expenses and exclusive rights to vote on matters affecting only individual classes.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States ("GAAP"). Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies.*

*Valuation of Securities* – Securities that are primarily traded on a national or foreign securities exchange are valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the National Association of Securities Dealers Automated Quotation ("NASDAQ") National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities are 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. Money market mutual funds are valued at the net asset value ("NAV") of shares held by the Funds on the day of valuation.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Funds' adviser, Cullen Capital Management, LLC, as the valuation designee with respect to the fair valuation of each Fund's portfolio securities, subject to oversight by and periodic reporting to the Board of Trustees. 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 valuation designee. The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates at the time of valuation. Exchange rates are provided daily by recognized independent pricing agents.

*Option Contracts* – Option contracts shall typically be valued using reliable market quotations from the primary exchange on which the respective options are traded on the day of valuation or, if there has been no trade on such day, at the mean between the bid and asked prices. Any options for which market quotations are not readily available are valued at fair value as determined in good faith by the valuation designee, which may include a Black-Scholes model, the Cox-Rubenstein Binomial Option Pricing Model, or other appropriate option pricing model deemed appropriate. As of December 31, 2022, all written option contracts held are exchange-traded.

*Participatory Notes/Warrants* – The Funds may gain exposure to securities in certain foreign markets through investments in participatory notes ("P-notes"). The Funds may purchase P-notes pending ability to invest directly in a foreign market due to restrictions applicable to foreign investors or other market factors. P-notes are generally issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying security. P-notes involve transaction costs, which may be higher than those applicable to the equity securities. An investment in a P-note may involve risks, including counterparty risk, beyond those normally associated with a direct investment in the underlying security. The Funds must rely on the creditworthiness of the counterparty and would have no rights against the issuer of the underlying security. Furthermore, the P-note's performance may differ from that of the underlying security. The holder of the P-note is entitled to receive from the bank or broker-dealer an amount equal to dividends paid by the issuer of the underlying security; however, the holder is not entitled to the same rights (e.g. voting rights) as an owner of the underlying security. There is also no assurance that there will be a secondary trading market for a P-note or that the trading price of a P-note will equal the value of the underlying security. P-notes are generally valued based upon the value of a related underlying security that trades actively in the market.

Portfolio securities that are primarily traded on foreign securities exchanges are generally valued at the last reported trade or closing price of such securities on their respective exchanges, except when an occurrence subsequent to the time a value was so established is likely to have changed such value. In such an event, the fair value of those securities is determined in good faith through consideration of other factors in accordance with procedures established by, and under the general supervision of, the Board of Trustees. The Funds use a fair valuation model provided by independent pricing vendors, which is intended to reflect fair value when a security's value is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day of the New York Stock Exchange ("NYSE"). The Funds' procedures set forth certain triggers that instruct when to use the fair valuation model. The value assigned to a security by the fair valuation model is a determination of fair value made under the Funds' valuation procedures and under the supervision of the Board of Trustees. In such a case, a Fund's value for a security may be different from the last sales price (or the latest closing price) and there is no guarantee that a fair valued security will be sold at the price at which a Fund is valuing the security. In such a circumstance, the affected securities would be considered level 2.

The Trust follows the authoritative guidance for fair value measurements. FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation approaches used to measure fair value.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2022 (Continued) (Unaudited)**

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1 – unadjusted quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities, quoted prices in inactive markets, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).

The Trust's policy is to disclose transfers between levels based on valuations at the end of the reporting period. The portfolio may hold securities which are periodically fair valued in accordance with the Trust's fair value procedures. This may result in movements between levels 1, 2 and 3 throughout the period. Pursuant to the Trust's fair value procedures noted previously, equity securities (including exchange traded securities and open-end regulated investment companies), exchange traded derivatives (i.e. options) and money market instruments are generally categorized as level 1 securities in the fair value hierarchy. Fixed income securities and non-exchange traded derivatives are generally categorized as level 2 securities in the fair value hierarchy. Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. Provided pre-defined triggers have been met, the Board of Trustees has approved independent pricing vendors that calculate fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets. These valuations are typically categorized as level 2 or level 3 securities in the fair value hierarchy.

The following is a summary of the inputs used as of December 31, 2022 in valuing each Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br>**Prices** | **Level 2 - Other Significant**<br>**Observable Inputs** | **Level 3 - Significant**<br>**Unobservable Inputs** |<br>**Total** |
| **Cullen International High Dividend Fund** |  |  |  |  |
| Common Stocks | $36172581 | $158370397 | $– | $194542978 |
| Preferred Stock | – | 5337731 | – | 5337731 |
| Total | $36172581 | $163708128 | $– | $199880709 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br>**Prices** | **Level 2 - Other Significant**<br>**Observable Inputs** | **Level 3 - Significant**<br>**Unobservable Inputs** |<br>**Total** |
| **Cullen High Dividend Equity Fund** |  |  |  |  |
| Common Stocks | $986253465 | $– | $– | $986253465 |
| Total | $986253465 | $– | $– | $986253465 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities at Value** **<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br>**Prices** | **Level 2 - Other Significant**<br>**Observable Inputs** | **Level 3 - Significant**<br>**Unobservable Inputs** |<br>**Total** |
| **Cullen Small Cap Value Fund** |  |  |  |  |
| Common Stocks | $12602947 | $– | $– | $12602947 |
| Total | $12602947 | $– | $– | $12602947 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities at Value** **<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br>**Prices** | **Level 2 - Other Significant**<br>**Observable Inputs** | **Level 3 - Significant**<br>**Unobservable Inputs** |<br>**Total** |
| **Cullen Value Fund** |  |  |  |  |
| Common Stocks | $23765961 | $– | $– | $23765961 |
| Total | $23765961 | $– | $– | $23765961 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities at Value** **<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br>**Prices** | **Level 2 - Other Significant**<br>**Observable Inputs** | **Level 3 - Significant**<br>**Unobservable Inputs** |<br>**Total** |
| **Cullen Emerging Markets High Dividend Fund** |  |  |  |  |
| Common Stocks | $73252347 | $210268108 | $– | $283520455 |
| Participatory Notes<sup>(b)</sup> |  | 10650682 |  | 10650682 |
| Preferred Stock | – | 353644 | – | 353644 |
| Total | $73252347 | $221272434 | $– | $294524781 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities at Value** **<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br>**Prices** | **Level 2 - Other Significant**<br>**Observable Inputs** | **Level 3 - Significant**<br>**Unobservable Inputs** |<br>**Total** |
| **Cullen Enhanced Equity Income Fund** |  |  |  |  |
| Common Stocks | $168436076 | $– | $– | $168436076 |
| Total | $168436076 | $– | $– | $168436076 |
| **Other Financial Instruments** **<sup>(c)</sup>** |  |  |  |  |
| Written Options | $(346796) | $– | $– | $(346796) |
| Total | $(346796) | $– | $– | $(346796) |

---

*<sup>(a)</sup>* *For detailed descriptions and other security classifications, see the accompanying Schedule of Investments.* 

*<sup>(b)</sup>* *Participatory notes (P-notes) are generally valued based upon the value of a related underlying security that trades actively in the market and are classified as level 2 in the fair value hierarchy.* 

**

*<sup>(c)</sup>* *Other financial instruments are derivative instruments reflected in the Schedule of Investments.* 

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2022 (Continued) (Unaudited)**

*Distributions to Shareholders* – Dividends from net investment income, if any, are declared and paid quarterly for the Cullen International High Dividend Fund, the Cullen Small Cap Value Fund, the Cullen Value Fund, the Cullen Emerging Markets High Dividend Fund and the Cullen Enhanced Equity Income Fund and monthly for the Cullen High Dividend Equity Fund. Distributions from realized capital gains, if any, are declared and paid at least annually.

*Federal Income Taxes* – The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and plan to distribute substantially all of their taxable income to their shareholders in a manner which results in no tax expense to the Funds. Therefore, no federal income or excise tax provision is recorded.

As of and during the six months ended December 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

*Use of Estimates* – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates.

*Guarantees and Indemnification* – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. Based on experience, however, the Funds expect the risk of loss to be remote.

*Income and Expenses* – Within each Fund, dividend income is recognized on the ex-dividend date or as soon as information is available. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its respective net assets.

*Foreign Currency Transactions* – The Funds isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations in foreign exchange rates are included with the net realized and unrealized gain or loss from foreign currency related transactions. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund's accounts and the U.S. dollar equivalent of the amounts actually received or paid.

*Other* – Investment and shareholder transactions are recorded on trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sales proceeds on a specific identification cost basis.

The effect of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | | **Liability Derivatives Statement** | **Liability Derivatives Statement** |
|  | **Asset Derivatives Statement of** | **Asset Derivatives Statement of** | **of Assets and Liabilities** | **of Assets and Liabilities** |
| | **Assets and Liabilities Location** | **Assets and Liabilities Location** | **Location** | **Location** |
| | **Location** | **Fair Value** | **Location** | **Fair Value** |
| **Cullen Enhanced Equity Income Fund** | | | | |
| Equity Contracts (Written Options) | N/A | $&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | Written Options, at value | $(346796) |
| Total |  | $– |  | $(346796) |

---

The effect of derivatives instruments on the Statements of Operations for the six months ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Risk Exposure** | <br>**Statement of Operations Location** |<br>**Realized Gain/**<br>**(Loss) on**<br>**Derivatives** | **Change in**<br>**Unrealized**<br>**Appreciation/**<br>**Depreciation on**<br>**Derivatives** |
| **Cullen Enhanced Equity Income Fund** |  |  |  |
| Equity Contracts (Written Options) | Net realized gain on written options/Net change in unrealized appreciation on written options | $1546222 | $173511 |
| Total |  | $1546222 | $173511 |

---

The Cullen Enhanced Equity Income Fund had the following monthly average written call option notional value during the six months ended December 31, 2022:

---

| | |
|:---|:---|
| | **Monthly Average Written Option Notional Value** |
| **Cullen Enhanced Equity Income Fund** | $32587284 |

---

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2022 (Continued) (Unaudited)**

**NOTE 3 - CAPITAL SHARE TRANSACTIONS**

Share transactions were as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** |
| Cullen International High Dividend Fund |  |  |
| Retail |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 178682 | 78077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 3894 | 13739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (140560) | (207312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 42016 | (115496) |
| Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2957 | 19303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 588 | 2551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (17856) | (31487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (14311) | (9633) |
| Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 8511365 | 7938570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 119348 | 342137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (6461807) | (6457256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 2168906 | 1823451 |
| Class R1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | – | (974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | – | (927) |
| Class R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | 1 | (286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 1 | (286) |
| Cullen High Dividend Equity Fund |  |  |
| Retail |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 338722 | 564312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 470165 | 767745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (987880) | (1687880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (178993) | (355823) |
| Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 70217 | 175970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 144012 | 213550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (226660) | (317807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (12431) | 71713 |
| Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 6694931 | 9029922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 3368442 | 5161114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (10322325) | (14092264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (258952) | 98772 |
| Class R1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1204 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 5315 | 6695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (312) | (2193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 6207 | 6483 |
| Class R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 7872 | 8125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 2746 | 9083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (34505) | (34554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (23887) | (17346) |

---

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2022 (Continued) (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** |
| Cullen Small Cap Value Fund |  |  |
| Retail |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 62240 | 5181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 5953 | 5086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (14569) | (21917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 53624 | (11650) |
| Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5214 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 865 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (537) | (21110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 5542 | (17748) |
| Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 309553 | 65709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 64401 | 60272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (85592) | (27865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 288362 | 98116 |
| Cullen Value Fund |  |  |
| Retail |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 575 | 10251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 8688 | 16164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (6949) | (20406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 2314 | 6009 |
| Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3403 | 29174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 3520 | 3946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1375) | (11632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 5548 | 21488 |
| Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 169844 | 40265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 96013 | 178150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (224181) | (182617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 41676 | 35798 |
| Cullen Emerging Markets High Dividend Fund |  |  |
| Retail |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 110486 | 176735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 16075 | 23720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (100116) | (229096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 26445 | (28641) |
| Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 2415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 2809 | 4317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (13091) | (14207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (10282) | (7475) |
| Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 7368557 | 14011777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 699165 | 994977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (8226803) | (7543430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (159081) | 7463324 |

---

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2022 (Continued) (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** |
| Cullen Enhanced Equity Income Fund |  |  |
| Retail |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 255264 | 122619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 12364 | 22207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (60190) | (51075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 207438 | 93751 |
| Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 206792 | 239360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 16638 | 40799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (106440) | (153197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 116990 | 126962 |
| Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4304038 | 10580709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 423675 | 704814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (5398089) | (1799489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (670376) | 9486034 |

---

**NOTE 4 - INVESTMENT TRANSACTIONS**

Purchases and sales of investments, excluding short-term investments, for the six months ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Purchases of Securities** | **Proceeds from Sales of**<br>**Securities** |
| Cullen International High Dividend Fund | $84046090 | $55658285 |
| Cullen High Dividend Equity Fund | 280993083 | 338184490 |
| Cullen Small Cap Value Fund | 7702218 | 3473587 |
| Cullen Value Fund | 6311396 | 7134726 |
| Cullen Emerging Markets High Dividend Fund | 123223943 | 116711047 |
| Cullen Enhanced Equity Income Fund | 167926448 | 173588164 |

---

**NOTE 5 - FEDERAL TAX INFORMATION**

As of June 30, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Undistributed Net**<br>**Investment**<br>**Income/(Loss)** | **Accumulated Net**<br>**Realized**<br>**Gain/(Loss)** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Total** |
| Cullen International High Dividend Fund | $182258 | $(26395817) | $8338821 | $(17874738) |
| Cullen High Dividend Equity Fund | 35709 | 57140180 | 408424587 | 465600476 |
| Cullen Small Cap Value Fund | 76658 | 618540 | 958746 | 1653944 |
| Cullen Value Fund |  | 1197301 | 7435256 | 8632557 |
| Cullen Emerging Markets High Dividend Fund | 348654 | (66378791) | 2792956 | (63237181) |
| Cullen Enhanced Equity Income Fund | 896469 |  | (14384606) | (13488137) |

---

As of December 31, 2022, the costs of investments for federal tax purposes and accumulated net unrealized appreciation/ (depreciation) in investments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross**<br>**Appreciation**<br>**(excess of value**<br>**over tax cost)** | **Gross**<br>**Depreciation**<br>**(excess of tax**<br>**cost over value)** | **Net**<br>**Appreciation/**<br>**(Depreciation)**<br>**of Foreign Currency** |<br>**Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Cost of**<br>**Investments for**<br>**Income Tax**<br>**Purposes** |
| Cullen International High Dividend Fund | $17917036 | $(12516563) | $(66350) | $5334123 | $158049857 |
| Cullen High Dividend Equity Fund | 410431484 | (3427629) | 2171 | 407006026 | 572637823 |
| Cullen Small Cap Value Fund | 1637091 | (652423) |  | 984668 | 6795089 |
| Cullen Value Fund | 7578942 | (328848) |  | 7250094 | 15870791 |
| Cullen Emerging Markets High Dividend Fund | 22040291 | (25740300) | (43206) | (3743215) | 289798571 |
| Cullen Enhanced Equity Income Fund | 1821090 | (19014684) | 209 | (17193385) | 182985457 |

---

The Funds may periodically make reclassifications among certain of their capital accounts as a result of the recognition and characterization of certain income and capital gain distributions determined annually in accordance with federal tax regulations, which may differ from GAAP. These principles require that permanent financial reporting and tax differences be reclassified in the capital accounts. For the Funds' most recent year end, as a result of permanent book-to-tax differences arising primarily from the treatment of foreign currency, passive foreign investment companies, excise taxes paid, taxable overdistribution and the use of tax equalization, reclassification adjustments were made to increase (decrease) the amounts listed below:

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2022 (Continued) (Unaudited)**

---

| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Paid-in Capital** | **Total Distributable**<br>**Earnings** |
| Cullen Emerging Markets High Dividend Fund | $(31424) | $(31424) |
| Cullen High Dividend Equity Fund | 5694150 | (5694150) |

---

At June 30, 2022, the following Funds had capital loss carryforwards which will reduce each Fund's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Internal Revenue Code (the "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.

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **No Expiration**<br>**Short-Term** |<br>**Total** |
| Cullen International High Dividend Fund | $(26395817) | $(26395817) |
| Cullen Emerging Markets High Dividend Fund | (66378791) | (66378791) |

---

The tax composition of dividends paid during the year ended June 30, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Ordinary**<br>**Income** | **Long-Term**<br>**Capital**<br>**Gain** |
| Cullen International High Dividend Fund | $5957058$| $– |
| Cullen High Dividend Equity Fund | 32668221 | 88037418 |
| Cullen Small Cap Value Fund | 174829 | 791984 |
| Cullen Value Fund | 1364080 | 1579615 |
| Cullen Emerging Markets High Dividend Fund | 11479062 |  |
| Cullen Enhanced Equity Income Fund | 9341614 |  |

---

The tax composition of dividends paid during the year ended June 30, 2021 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Ordinary**<br>**Income** | **Long-Term**<br>**Capital**<br>**Gain** |
| Cullen International High Dividend Fund | $5203456$| $– |
| Cullen High Dividend Equity Fund | 27782665 | 82668138 |
| Cullen Small Cap Value Fund | 12981 |  |
| Cullen Value Fund | 617451 | 3098112 |
| Cullen Emerging Markets High Dividend Fund | 6595559 |  |
| Cullen Enhanced Equity Income Fund | 3212850 |  |

---

**NOTE 6 - INVESTMENT ADVISORY AND OTHER AGREEMENTS**

The Trust has an agreement with Cullen Capital Management, LLC (the "Investment Advisor"), with which certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. Under the terms of the agreement, the Funds will compensate the Investment Advisor for its management services at the annual rate of 1.00% of each Fund's average daily net assets. Through October 31, 2023, the Investment Advisor has agreed to absorb expenses to the extent that the Cullen International High Dividend Fund's total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.25%, 2.00%, 1.00%, 1.75% and 1.50% of the average daily net assets of the Retail Class, Class C, Class I, Class R1 and Class R2, respectively; the Cullen High Dividend Equity Fund's total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.00%, 1.75%, 0.75%, 1.50% and 1.25% of the average daily net assets of the Retail Class, Class C, Class I, Class R1 and Class R2 , respectively; and the Cullen Small Cap Value Fund's total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.25%, 2.00%, 1.00%, 1.75% and 1.50% of the average daily net assets of the Retail Class, Class C, Class I, Class R1 and Class R2, respectively; the Cullen Value Fund's total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.00%, 1.75% and 0.75% of the average daily net assets of the Retail Class, Class C and Class I, respectively; the Cullen Emerging Markets High Dividend Fund's total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.25%, 2.00% and 1.00% of the average daily net assets of the Retail Class, Class C, and Class I, respectively; and the Cullen Enhanced Equity Income Fund's total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.00%, 1.75% and 0.75% of the average daily net assets of the Retail Class, Class C and Class I, respectively. To the extent that the Investment Advisor reimburses a Fund or waives fees otherwise payable by a Fund to the Investment Advisor during any year with respect to a class of the Fund, and the total expenses borne by such respective class, (including the Investment Advisor's fee and any such reimbursement but excluding all acquired fund fees and expenses, interest, taxes, and extraordinary expenses) does not exceed the limits described above, the Fund agrees to reimburse the Investment Adviser for such reimbursements or fee waivers, provided that such do not exceed the lesser of (i) the expense limitation in effect at the time of the waiver, and (ii) the expense limitation in effect at the time of the reimbursement. Any amounts that may be payable by a Fund to the Investment Advisor after the third year following the time the expenses were initially incurred by the Fund or waived/reimbursed by the Investment Advisor to the Fund, whichever is later, shall be extinguished and the Fund shall have no further obligation to pay the Investment Advisor for such reimbursement or fee waiver.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2022 (Continued) (Unaudited)**

As of December 31, 2022, reimbursed expenses for each Fund subject to potential recovery by year of expiration are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiring** | **Expiring** | **Expiring** | **Expiring** |
| | **June 30, 2023** | **June 30, 2024** | **June 30, 2025** | **December 31, 2025** |
| Cullen International High Dividend Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | $9085 | $14679 | $13727 | $7141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2864 | 3109 | 3235 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 215599 | 450232 | 468124 | 302606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 | 1 | 2 | – | 1 |
| &nbsp;&nbsp;&nbsp;Total | $227549 | $468022 | $485086 | $311489 |
| Cullen High Dividend Equity Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | $231711 | $417669 | $417900 | $191009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 71511 | 117996 | 119314 | 57618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1752927 | 3143828 | 3273352 | 1583297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 | 258 | 564 | 636 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 | 1573 | 945 | 763 | 342 |
| &nbsp;&nbsp;&nbsp;Total | $2057980 | $3681002 | $3811965 | $1832656 |
| Cullen Small Cap Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | $7622 | $24890 | $18685 | $16448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2732 | 14222 | 5954 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 139950 | 227747 | 233171 | 176717 |
| &nbsp;&nbsp;&nbsp;Total | $150304 | $266859 | $257810 | $194663 |
| Cullen Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | $8556 | $24262 | $28452 | $19515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2636 | 4266 | 8470 | 8192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 171309 | 309438 | 300843 | 204682 |
| &nbsp;&nbsp;&nbsp;Total | $182501 | $337966 | $337765 | $232389 |
| Cullen Emerging Markets High Dividend Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | $15961 | $26960 | $21366 | $11430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2264 | 4441 | 4115 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 368059 | 701345 | 730005 | 447944 |
| &nbsp;&nbsp;&nbsp;Total | $386284 | $732746 | $755486 | $461498 |
| Cullen Enhanced Equity Income Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | $10831 | $16642 | $16115 | $13125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 23316 | 40315 | 40651 | 23098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 197292 | 405839 | 533880 | 443609 |
| &nbsp;&nbsp;&nbsp;Total | $231439 | $462796 | $590646 | $479832 |

---

The investment advisory fees with respect to each Fund payable to the Investment Advisor (subject to any fee reductions pursuant to the expense limitation agreements in effect at any time) is paid by such Fund as of each month-end. To the extent any fee reductions or expense reimbursements made pursuant to the expense limitation agreements exceed the investment advisory fee payable to the Investment Advisor for a month, the Investment Advisor remits payment representing the difference to the applicable Fund shortly following each month end.

Effective May 2, 2022, Paralel Technologies LLC ("PRT") began serving as the Funds' administrator and provides all administrative and fund accounting services to the Funds. Effective May 11, 2022, an employee of PRT was named Chief Compliance Officer of the Funds pursuant to a compliance agreement with PRT. Prior to May 2, 2022, ALPS Fund Services, Inc. served as the Funds' administrator and fund accountant. Brown Brothers Harriman serves as the Funds' custodian.

**NOTE 7 - DISTRIBUTION PLAN**

The Funds have adopted a Service and Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes payments by the Funds in connection with the distribution of shares at an annual rate, as determined from time to time by the Board of Trustees, of up to 0.25%, 1.00%, 0.50% and 0.25% of the average daily net assets of Retail Class, Class C, Class R1, and Class R2, respectively. Effective October 3, 2022, Paralel Distributors LLC began serving as The Funds' distributor. Prior to October 3, 2022, ALPS Distributors was the Funds' distributor. The Funds' compensate the distributor for any activities or expenses primarily intended to result in the sale of shares of the Funds. This may include, but is not limited to, advertising, compensation for sales and marketing activities of financial institutions and others such as dealers and distributors, shareholder account servicing, the printing and mailing of prospectuses to other than current shareholders and the printing and mailing of sales literature. The expenses of the Plan are reflected as distribution fees in the Statement of Operations.

**NOTE 8 - SHAREHOLDER SERVICES FEE**

The Trust has adopted a Shareholder Servicing Plan (the "Servicing Plan") with respect to the Funds' Class R1 and Class R2 shares. For providing certain account administration services to participants in retirement plans that are beneficial owners of such shares, the Servicing Plan authorizes each Fund to compensate plan administrators or other intermediaries up to 0.25% of the average daily net assets of Class R1 and Class R2. The expenses of the Servicing Plan, if any, are reflected as shareholder services fees in the Statement of Operations.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2022 (Continued) (Unaudited)**

**NOTE 9 - FOREIGN INVESTMENT RISK**

The Funds invest in securities traded on exchanges outside the United States. Further, each Fund invests in securities issued by companies domiciled outside the United States, which may be subject to political, social and economic uncertainty to a greater extent and may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices in some countries; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends.

**NOTE 10 - SIGNIFICANT SHAREHOLDERS**

At December 31, 2022, the Cullen Small Cap Value Fund had two affiliated shareholders who held 33.42% and 6.08% of the Fund's outstanding shares and the Cullen Value Fund had two affiliated shareholders who held 37.42% and 6.51% of the Fund's outstanding shares. Investment activities of these shareholders could have a material effect on the respective Funds.

Cullen Funds

**ADDITIONAL INFORMATION**

**December 31, 2022 (Unaudited)**

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report may be distributed to others only if preceded or accompanied by a current prospectus. The Funds are distributed by Paralel Distributors, Inc., a member of the FINRA.

**How to Obtain a Copy of the Funds' Proxy Voting Policy**

A description of the policies and procedures that the Funds uses to determine how to vote proxies relating to portfolio securities is available (1) without charge upon request by calling 1-877-485-8586; (2) at www.cullenfunds.com; and (3) on the U.S. Securities and Exchange Commission's website at www.sec.gov. The Funds' proxy voting record is available on the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ended June 30.

**Quarterly Filings on Form N-PORT**

The Funds files their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Form N-PORT is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Information included in the Funds' N-PORT will also be available upon request by calling 1-877-485-8586.

**Funds' Liquidity Risk Management Program**

Pursuant to Rule 22e-4 under the 1940 Act, Cullen Funds Trust has adopted a liquidity risk management program ("Program") with respect to the Trust and each series of the Fund (each, a "Fund"). The Program's principal objectives include assessing, managing and periodically reviewing each Fund's liquidity risk. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors' interests in the Fund.

The Board of Trustees has appointed Cullen Capital Management LLC (the "Investment Adviser") as the program administrator for the Trust's Program. At the November 10, 2022 meeting of the Board of Trustees, the Investment Adviser provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation for the period July 1, 2021, through June 30, 2022. Among other things, such report noted that:

• each Fund had sufficient liquidity
to both meet redemptions and operate effectively on behalf of shareholders;

• there were no material changes
to the Program during the period;

• the implementation of the Program
was effective to manage each Fund's liquidity risk; and

• the Program operated adequately
during the period.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund's prospectus for more information regarding each Fund's exposure to liquidity risk and other principal risks to which an investment in any of the Funds may be subject.

![](tm237986d1_ncsrssp4img001.jpg)

**INVESTMENT ADVISOR**

Cullen Capital Management LLC

645 Fifth Avenue

New York, NY 10022

**DISTRIBUTOR**

Paralel Distributors LLC

1700 Broadway, Suite 1850

Denver, CO 80290

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

PricewaterhouseCoopers LLP

1900 16th Street, Suite 1600

Denver, CO 80202

**LEGAL COUNSEL**

Sidley Austin LLP

One South Dearborn Street

Chicago, IL 60603

**ADMINISTRATOR AND ACCOUNTANT**

Paralel Technologies LLC

1700 Broadway, Suite 1850

Denver, CO 80290

**TRANSFER AGENT AND DIVIDEND DISBURSING AGENT**

Paralel Technologies LLC

1700 Broadway, Suite 1850

Denver, CO 80290

**CUSTODIAN**

Brown Brothers Harriman

50 Post Office Square

Boston, MA 02110

Must be accompanied or preceded by a prospectus.

Paralel Distributors LLC is the Distributor for the Cullen Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 Applicable.

**Item 2.** **Code of Ethics.**

Not applicable to semi-annual report.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable to semi-annual report.

**Item 4.** **Principal Accountant Fees and Services.**

Not applicable to semi-annual report.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Schedule of Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments is included
 as part of the Report to Shareholders filed under Item 1 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the Registrant.

**Item 10.** **Submission of Matters to Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 11.** **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive
 officer and principal financial officer have evaluated the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940, as amended) within 90 days of this filing and have concluded that the Registrant's
 disclosure controls and procedures were effective, as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There was no change in the Registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
 Company Act of 1940, as amended) during the period covered by this report that has materially
 affected, or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 13.** **Exhibits.**

(a)(1) Not applicable to semi-annual report.

---

| | |
|:---|:---|
| [(a)(2)](tm237986d1_ex99-cert.htm) | [Certifications pursuant to Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX99.CERT.](tm237986d1_ex99-cert.htm) |

---

[(b)](tm237986d1_ex99-906cert.htm) [Certifications pursuant to Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX99.906CERT.](tm237986d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CULLEN FUNDS TRUST

---

| | |
|:---|:---|
| By: | /s/ James P. Cullen |
|  | James P. Cullen |
|  | Chief Executive Officer |
| Date: | March 7, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James P. Cullen |
|  | James P. Cullen |
|  | Chief Executive Officer |
| Date: | March 7, 2023 |

---

---

| | |
|:---|:---|
| By: | /s/ Stephen O'Neil |
|  | Stephen O'Neil |
|  | Treasurer |
| Date: | March 7, 2023 |

---

## Ex-99.Cert

**EX-99.CERT**

I, James P. Cullen, Chief Executive Officer of Cullen Funds Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Cullen Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of trustees (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ James P. Cullen |
|  | James P. Cullen |
|  | Chief Executive Officer (Principal Executive Officer) |
| Date: | March 7, 2023 |

---

I, Stephen O'Neil, Treasurer of Cullen Funds Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Cullen Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of trustees (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Stephen O'Neil |
|  | Stephen O'Neil |
|  | Treasurer (Principal Financial Officer) |
| Date: | March 7, 2023 |

---

## Exhibit 99.906

**EX-99.906CERT**

James P. Cullen, Chief Executive Officer and Principal Executive Officer, and Stephen O'Neil, Chief Financial Officer and Principal Financial Officer of the Cullen Funds Trust (the "Registrant"), each certify to the best of their knowledge that:

1. The
 Registrant's report on Form N-CSR containing the financial statements for the period
 ended December 31, 2022 (the "Form N-CSRS") fully complies with the requirements
 of Section 13(a) or Section 15(d) of the Securities and Exchange Act of 1934, as amended;
 and

2. The
 information contained in the Form N-CSRS fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Chief Executive Officer,<br> Principal Executive Officer | Chief Financial Officer,<br> Principal Financial Officer |
| Cullen Funds Trust | Cullen Funds Trust |
| /s/ James P. Cullen | /s/ Stephen O'Neil |
| James P. Cullen | Stephen O'Neil |
| Date: March 7, 2023 | Date: March 7, 2023 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.