# EDGAR Filing Document

**Accession Number:** 0001109957
**File Stem:** 0001999371-26-005518
**Filing Date:** 2026-3
**Character Count:** 263539
**Document Hash:** c1ca90711a3eafed8f23338df806b073
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005518.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001999371-26-005518

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09871
- **FILM NUMBER:** 26740014

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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 **811-09871**

**Cullen Funds Trust**

(Exact name of registrant as specified in charter)

**645 Fifth Avenue, New York, NY 10022**

(Address of principal executive offices) (Zip code)

**Brooks Cullen**

**645 Fifth Avenue, New York, NY 10022**

(Name and address of agent for service)

Registrant's telephone number, including area code: **212-644-1800**

Date of fiscal year end: **June 30**

Date of reporting period: **December 31, 2025**

**Item 1. Reports to Stockholders.** 

(a) ![Image](i7563ceeda1f9e8af8af8b41e.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Emerging Markets High Dividend Fund

## Class C

#### CEMGX
This Semi-annual shareholder report contains important information about the Cullen Emerging Markets High Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $109 | 2.00% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the MSCI Emerging Markets Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](ic194949484dd72b651d4c749.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen Emerging Markets High Dividend Fund** | **MSCI Emerging Markets Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10522 | $11119 |
| **Dec-2017** | $13525 | $15264 |
| **Dec-2018** | $11216 | $13041 |
| **Dec-2019** | $13292 | $15443 |
| **Dec-2020** | $14303 | $18270 |
| **Dec-2021** | $15123 | $17805 |
| **Dec-2022** | $13028 | $14228 |
| **Dec-2023** | $16306 | $15626 |
| **Dec-2024** | $17678 | $16799 |
| **Dec-2025** | $23028 | $22438 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$1,631,097,414

* Number of Portfolio Holdings79

* Advisory Fee (net of waivers)$6,156,137

* Portfolio turnover41%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen Emerging Markets High Dividend Fund | 30.26% | 9.99% | 8.70% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

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

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](ie4a4528f758ede5a38530d5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Food | 0.1% |
| Asset Management | 0.2% |
| Specialty Finance | 0.5% |
| Electrical Equipment | 1.3% |
| Home & Office Products | 1.4% |
| Beverages | 1.5% |
| Oil & Gas Producers | 1.5% |
| Industrial Intermediate Prod | 1.7% |
| Telecommunications | 1.7% |
| Insurance | 2.1% |
| Machinery | 2.1% |
| Transportation Equipment | 2.3% |
| Capital Markets | 2.4% |
| Tobacco & Cannabis | 2.4% |
| Electronic Equipment, Instruments & Components | 2.6% |
| E-Commerce Discretionary | 3.0% |
| Banks | 3.1% |
| Reit | 3.1% |
| Leisure Facilities & Services | 3.5% |
| Real Estate Owners & Developers | 3.8% |
| Transportation & Logistics | 4.1% |
| Internet Media & Services | 4.2% |
| Electric Utilities | 4.3% |
| Automotive | 4.4% |
| Metals & Mining | 6.8% |
| Technology Hardware | 8.9% |
| Semiconductors | 12.6% |
| Banking | 14.4% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](iea02cec474757f643cd84b8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Vietnam | 0.5% |
| Panama | 0.8% |
| Malaysia | 0.9% |
| Kazakhstan | 1.1% |
| Luxembourg | 1.7% |
| Poland | 1.8% |
| Philippines | 2.3% |
| Hong Kong | 3.3% |
| United Kingdom | 3.7% |
| Greece | 4.1% |
| Mexico | 4.1% |
| United Arab Emirates | 4.5% |
| Brazil | 4.9% |
| India | 8.2% |
| South Korea | 17.6% |
| Taiwan | 19.7% |
| China | 20.8% |

---

![Image](i7563ceeda1f9e8af8af8b41e.jpg)

#### Cullen Emerging Markets High Dividend Fund

#### Semi-Annual - December 31, 2025

#### Class C

#### CEMGX

#### Phone:800-644-6595

#### Email: www.cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CEMGX

![Image](i7563ceeda1f9e8af8af8b41e.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Emerging Markets High Dividend Fund

## Class I

#### CEMFX
This Semi-annual shareholder report contains important information about the Cullen Emerging Markets High Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $55 | 1.00% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the MSCI Emerging Markets Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](ifc5a994525a83ac975aa5bb1.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen Emerging Markets High Dividend Fund** | **MSCI Emerging Markets Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10621 | $11119 |
| **Dec-2017** | $13788 | $15264 |
| **Dec-2018** | $11547 | $13041 |
| **Dec-2019** | $13828 | $15443 |
| **Dec-2020** | $15032 | $18270 |
| **Dec-2021** | $16047 | $17805 |
| **Dec-2022** | $13962 | $14228 |
| **Dec-2023** | $17646 | $15626 |
| **Dec-2024** | $19323 | $16799 |
| **Dec-2025** | $25428 | $22438 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$1,631,097,414

* Number of Portfolio Holdings79

* Advisory Fee (net of waivers)$6,156,137

* Portfolio turnover41%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen Emerging Markets High Dividend Fund | 31.59% | 11.09% | 9.78% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

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

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](ie4a4528f758ede5a38530d5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Food | 0.1% |
| Asset Management | 0.2% |
| Specialty Finance | 0.5% |
| Electrical Equipment | 1.3% |
| Home & Office Products | 1.4% |
| Beverages | 1.5% |
| Oil & Gas Producers | 1.5% |
| Industrial Intermediate Prod | 1.7% |
| Telecommunications | 1.7% |
| Insurance | 2.1% |
| Machinery | 2.1% |
| Transportation Equipment | 2.3% |
| Capital Markets | 2.4% |
| Tobacco & Cannabis | 2.4% |
| Electronic Equipment, Instruments & Components | 2.6% |
| E-Commerce Discretionary | 3.0% |
| Banks | 3.1% |
| Reit | 3.1% |
| Leisure Facilities & Services | 3.5% |
| Real Estate Owners & Developers | 3.8% |
| Transportation & Logistics | 4.1% |
| Internet Media & Services | 4.2% |
| Electric Utilities | 4.3% |
| Automotive | 4.4% |
| Metals & Mining | 6.8% |
| Technology Hardware | 8.9% |
| Semiconductors | 12.6% |
| Banking | 14.4% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](iea02cec474757f643cd84b8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Vietnam | 0.5% |
| Panama | 0.8% |
| Malaysia | 0.9% |
| Kazakhstan | 1.1% |
| Luxembourg | 1.7% |
| Poland | 1.8% |
| Philippines | 2.3% |
| Hong Kong | 3.3% |
| United Kingdom | 3.7% |
| Greece | 4.1% |
| Mexico | 4.1% |
| United Arab Emirates | 4.5% |
| Brazil | 4.9% |
| India | 8.2% |
| South Korea | 17.6% |
| Taiwan | 19.7% |
| China | 20.8% |

---

![Image](i7563ceeda1f9e8af8af8b41e.jpg)

#### Cullen Emerging Markets High Dividend Fund

#### Semi-Annual - December 31, 2025

#### Class I

#### CEMFX

#### Phone:800-644-6595

#### Email: www.cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CEMFX

![Image](i7563ceeda1f9e8af8af8b41e.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Emerging Markets High Dividend Fund

## Class R6

#### CEMEX
This Semi-annual shareholder report contains important information about the Cullen Emerging Markets High Dividend Fund (the "Fund") for the period of November 25, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Class | $47 | 0.90% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the MSCI Emerging Markets Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie464abc6b8e05f5e248dd674.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen Emerging Markets High Dividend Fund** | **MSCI Emerging Markets Index** |
| **Nov-2025** | $10000 | $10000 |
| **Dec-2025** | $10390 | $10400 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$1,631,097,414

* Number of Portfolio Holdings79

* Advisory Fee (net of waivers)$6,156,137

* Portfolio turnover41%

## Average Annual Total Return

---

| | |
|:---|:---|
| | **Since Inception (November 25, 2025)** |
| Cullen Emerging Markets High Dividend Fund | 3.90% |
| MSCI Emerging Markets Index | 4.00% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

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

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](ie4a4528f758ede5a38530d5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Food | 0.1% |
| Asset Management | 0.2% |
| Specialty Finance | 0.5% |
| Electrical Equipment | 1.3% |
| Home & Office Products | 1.4% |
| Beverages | 1.5% |
| Oil & Gas Producers | 1.5% |
| Industrial Intermediate Prod | 1.7% |
| Telecommunications | 1.7% |
| Insurance | 2.1% |
| Machinery | 2.1% |
| Transportation Equipment | 2.3% |
| Capital Markets | 2.4% |
| Tobacco & Cannabis | 2.4% |
| Electronic Equipment, Instruments & Components | 2.6% |
| E-Commerce Discretionary | 3.0% |
| Banks | 3.1% |
| Reit | 3.1% |
| Leisure Facilities & Services | 3.5% |
| Real Estate Owners & Developers | 3.8% |
| Transportation & Logistics | 4.1% |
| Internet Media & Services | 4.2% |
| Electric Utilities | 4.3% |
| Automotive | 4.4% |
| Metals & Mining | 6.8% |
| Technology Hardware | 8.9% |
| Semiconductors | 12.6% |
| Banking | 14.4% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](iea02cec474757f643cd84b8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Vietnam | 0.5% |
| Panama | 0.8% |
| Malaysia | 0.9% |
| Kazakhstan | 1.1% |
| Luxembourg | 1.7% |
| Poland | 1.8% |
| Philippines | 2.3% |
| Hong Kong | 3.3% |
| United Kingdom | 3.7% |
| Greece | 4.1% |
| Mexico | 4.1% |
| United Arab Emirates | 4.5% |
| Brazil | 4.9% |
| India | 8.2% |
| South Korea | 17.6% |
| Taiwan | 19.7% |
| China | 20.8% |

---

![Image](i7563ceeda1f9e8af8af8b41e.jpg)

#### Cullen Emerging Markets High Dividend Fund

#### Semi-Annual - December 31, 2025

#### Class R6

#### CEMEX

#### Phone:800-644-6595

#### Email: www.cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CEMEX

![Image](i7563ceeda1f9e8af8af8b41e.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Emerging Markets High Dividend Fund

## Retail Class

#### CEMDX
This Semi-annual shareholder report contains important information about the Cullen Emerging Markets High Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail Class | $68 | 1.25% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the MSCI Emerging Markets Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](if18c6fe56ee5fd68746ef6f0.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen Emerging Markets High Dividend Fund** | **MSCI Emerging Markets Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10601 | $11119 |
| **Dec-2017** | $13722 | $15264 |
| **Dec-2018** | $11469 | $13041 |
| **Dec-2019** | $13704 | $15443 |
| **Dec-2020** | $14851 | $18270 |
| **Dec-2021** | $15819 | $17805 |
| **Dec-2022** | $13726 | $14228 |
| **Dec-2023** | $17309 | $15626 |
| **Dec-2024** | $18905 | $16799 |
| **Dec-2025** | $24809 | $22438 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$1,631,097,414

* Number of Portfolio Holdings79

* Advisory Fee (net of waivers)$6,156,137

* Portfolio turnover41%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen Emerging Markets High Dividend Fund | 31.23% | 10.81% | 9.51% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

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

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](ie4a4528f758ede5a38530d5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Food | 0.1% |
| Asset Management | 0.2% |
| Specialty Finance | 0.5% |
| Electrical Equipment | 1.3% |
| Home & Office Products | 1.4% |
| Beverages | 1.5% |
| Oil & Gas Producers | 1.5% |
| Industrial Intermediate Prod | 1.7% |
| Telecommunications | 1.7% |
| Insurance | 2.1% |
| Machinery | 2.1% |
| Transportation Equipment | 2.3% |
| Capital Markets | 2.4% |
| Tobacco & Cannabis | 2.4% |
| Electronic Equipment, Instruments & Components | 2.6% |
| E-Commerce Discretionary | 3.0% |
| Banks | 3.1% |
| Reit | 3.1% |
| Leisure Facilities & Services | 3.5% |
| Real Estate Owners & Developers | 3.8% |
| Transportation & Logistics | 4.1% |
| Internet Media & Services | 4.2% |
| Electric Utilities | 4.3% |
| Automotive | 4.4% |
| Metals & Mining | 6.8% |
| Technology Hardware | 8.9% |
| Semiconductors | 12.6% |
| Banking | 14.4% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](iea02cec474757f643cd84b8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Vietnam | 0.5% |
| Panama | 0.8% |
| Malaysia | 0.9% |
| Kazakhstan | 1.1% |
| Luxembourg | 1.7% |
| Poland | 1.8% |
| Philippines | 2.3% |
| Hong Kong | 3.3% |
| United Kingdom | 3.7% |
| Greece | 4.1% |
| Mexico | 4.1% |
| United Arab Emirates | 4.5% |
| Brazil | 4.9% |
| India | 8.2% |
| South Korea | 17.6% |
| Taiwan | 19.7% |
| China | 20.8% |

---

![Image](i7563ceeda1f9e8af8af8b41e.jpg)

#### Cullen Emerging Markets High Dividend Fund

#### Semi-Annual - December 31, 2025

#### Retail Class

#### CEMDX

#### Phone:800-644-6595

#### Email: www.cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CEMDX

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Enhanced Equity Income Fund

## Class C

#### ENHCX
This Semi-annual shareholder report contains important information about the Cullen Enhanced Equity Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $89 | 1.75% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the S&P 500 Index, which is a broad-based index and the Cboe S&P 500 BuyWrite Index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](i0bb2c655364a4dd9083fd0b9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cullen Enhanced Equity Income Fund** | **S&P 500<sup>®</sup> Index** | **CBOE S&P 500<sup>®</sup> BuyWrite Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11042 | $11196 | $10707 |
| **Dec-2017** | $12105 | $13640 | $12099 |
| **Dec-2018** | $11370 | $13042 | $11522 |
| **Dec-2019** | $13310 | $17149 | $13329 |
| **Dec-2020** | $13365 | $20304 | $12962 |
| **Dec-2021** | $16099 | $26132 | $15616 |
| **Dec-2022** | $16070 | $21399 | $13841 |
| **Dec-2023** | $16063 | $27025 | $15477 |
| **Dec-2024** | $17002 | $33786 | $18591 |
| **Dec-2025** | $18136 | $39827 | $20248 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$141,675,141

* Number of Portfolio Holdings39

* Advisory Fee (net of waivers)$334,405

* Portfolio turnover67%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen Enhanced Equity Income Fund | 6.67% | 6.30% | 6.13% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| CBOE S&P 500<sup>®</sup> BuyWrite Index | 8.91% | 9.33% | 7.31% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

The S&P 500 is an unmanaged index commonly used to measure performance of U.S. stocks. 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.

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](i42bed706272b99edd81452a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Containers & Packaging | 1.9% |
| Retail - Discretionary | 2.0% |
| Semiconductors | 2.1% |
| Aerospace & Defense | 2.3% |
| Cable & Satellite | 2.4% |
| Technology Services | 2.5% |
| Chemicals | 2.5% |
| Health Care Facilities & Services | 2.8% |
| Insurance | 2.8% |
| Tobacco & Cannabis | 2.8% |
| Beverages | 2.9% |
| Wholesale - Consumer Staples | 3.0% |
| Transportation Equipment | 3.2% |
| Technology Hardware | 4.1% |
| Transportation & Logistics | 4.4% |
| Telecommunications | 5.9% |
| Reit | 6.2% |
| Electric Utilities | 6.3% |
| Biotech & Pharma | 7.2% |
| Medical Equipment & Devices | 7.9% |
| Oil & Gas Producers | 10.0% |
| Banking | 14.8% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](i939ceac4d3d0e8def32836d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.9% |
| Ireland | 6.4% |
| United States | 90.7% |

---

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Cullen Enhanced Equity Income Fund

#### Semi-Annual - December 31, 2025

#### Class C

#### ENHCX

#### Phone:800-644-6595

#### Email: info@cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-ENHCX

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Enhanced Equity Income Fund

## Class I

#### ENHNX
This Semi-annual shareholder report contains important information about the Cullen Enhanced Equity Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $38 | 0.75% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the S&P 500 Index, which is a broad-based index and the Cboe S&P 500 BuyWrite Index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](i9eee7d7405e921cb24a920c4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cullen Enhanced Equity Income Fund** | **S&P 500<sup>®</sup> Index** | **CBOE S&P 500<sup>®</sup> BuyWrite Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11158 | $11196 | $10707 |
| **Dec-2017** | $12350 | $13640 | $12099 |
| **Dec-2018** | $11721 | $13042 | $11522 |
| **Dec-2019** | $13847 | $17149 | $13329 |
| **Dec-2020** | $14049 | $20304 | $12962 |
| **Dec-2021** | $17091 | $26132 | $15616 |
| **Dec-2022** | $17239 | $21399 | $13841 |
| **Dec-2023** | $17405 | $27025 | $15477 |
| **Dec-2024** | $18601 | $33786 | $18591 |
| **Dec-2025** | $20047 | $39827 | $20248 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$141,675,141

* Number of Portfolio Holdings39

* Advisory Fee (net of waivers)$334,405

* Portfolio turnover67%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen Enhanced Equity Income Fund | 7.77% | 7.37% | 7.20% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| CBOE S&P 500<sup>®</sup> BuyWrite Index | 8.91% | 9.33% | 7.31% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

The S&P 500 is an unmanaged index commonly used to measure performance of U.S. stocks. 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.

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](i42bed706272b99edd81452a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Containers & Packaging | 1.9% |
| Retail - Discretionary | 2.0% |
| Semiconductors | 2.1% |
| Aerospace & Defense | 2.3% |
| Cable & Satellite | 2.4% |
| Technology Services | 2.5% |
| Chemicals | 2.5% |
| Health Care Facilities & Services | 2.8% |
| Insurance | 2.8% |
| Tobacco & Cannabis | 2.8% |
| Beverages | 2.9% |
| Wholesale - Consumer Staples | 3.0% |
| Transportation Equipment | 3.2% |
| Technology Hardware | 4.1% |
| Transportation & Logistics | 4.4% |
| Telecommunications | 5.9% |
| Reit | 6.2% |
| Electric Utilities | 6.3% |
| Biotech & Pharma | 7.2% |
| Medical Equipment & Devices | 7.9% |
| Oil & Gas Producers | 10.0% |
| Banking | 14.8% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](i939ceac4d3d0e8def32836d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.9% |
| Ireland | 6.4% |
| United States | 90.7% |

---

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Cullen Enhanced Equity Income Fund

#### Semi-Annual - December 31, 2025

#### Class I

#### ENHNX

#### Phone:800-644-6595

#### Email: info@cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-ENHNX

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Enhanced Equity Income Fund

## Retail Class

#### ENHRX
This Semi-annual shareholder report contains important information about the Cullen Enhanced Equity Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail Class | $51 | 1.00% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the S&P 500 Index, which is a broad-based index and the Cboe S&P 500 BuyWrite Index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](ideb96a2513a761e1337b070f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cullen Enhanced Equity Income Fund** | **S&P 500<sup>®</sup> Index** | **CBOE S&P 500<sup>®</sup> BuyWrite Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11130 | $11196 | $10707 |
| **Dec-2017** | $12284 | $13640 | $12099 |
| **Dec-2018** | $11630 | $13042 | $11522 |
| **Dec-2019** | $13704 | $17149 | $13329 |
| **Dec-2020** | $13874 | $20304 | $12962 |
| **Dec-2021** | $16839 | $26132 | $15616 |
| **Dec-2022** | $16923 | $21399 | $13841 |
| **Dec-2023** | $17058 | $27025 | $15477 |
| **Dec-2024** | $18178 | $33786 | $18591 |
| **Dec-2025** | $19532 | $39827 | $20248 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$141,675,141

* Number of Portfolio Holdings39

* Advisory Fee (net of waivers)$334,405

* Portfolio turnover67%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen Enhanced Equity Income Fund | 7.45% | 7.08% | 6.92% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| CBOE S&P 500<sup>®</sup> BuyWrite Index | 8.91% | 9.33% | 7.31% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

The S&P 500 is an unmanaged index commonly used to measure performance of U.S. stocks. 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.

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](i42bed706272b99edd81452a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Containers & Packaging | 1.9% |
| Retail - Discretionary | 2.0% |
| Semiconductors | 2.1% |
| Aerospace & Defense | 2.3% |
| Cable & Satellite | 2.4% |
| Technology Services | 2.5% |
| Chemicals | 2.5% |
| Health Care Facilities & Services | 2.8% |
| Insurance | 2.8% |
| Tobacco & Cannabis | 2.8% |
| Beverages | 2.9% |
| Wholesale - Consumer Staples | 3.0% |
| Transportation Equipment | 3.2% |
| Technology Hardware | 4.1% |
| Transportation & Logistics | 4.4% |
| Telecommunications | 5.9% |
| Reit | 6.2% |
| Electric Utilities | 6.3% |
| Biotech & Pharma | 7.2% |
| Medical Equipment & Devices | 7.9% |
| Oil & Gas Producers | 10.0% |
| Banking | 14.8% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](i939ceac4d3d0e8def32836d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.9% |
| Ireland | 6.4% |
| United States | 90.7% |

---

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Cullen Enhanced Equity Income Fund

#### Semi-Annual - December 31, 2025

#### Retail Class

#### ENHRX

#### Phone:800-644-6595

#### Email: info@cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-ENHRX

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen High Dividend Equity Fund

## Class C

#### CHVCX
This Semi-annual shareholder report contains important information about the Cullen High Dividend Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $92 | 1.75% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared to the S&P 500 Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](i1412c5a7e7faaa3fe174be65.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen High Dividend Equity Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10974 | $11196 |
| **Dec-2017** | $12695 | $13640 |
| **Dec-2018** | $11981 | $13042 |
| **Dec-2019** | $14231 | $17149 |
| **Dec-2020** | $13513 | $20304 |
| **Dec-2021** | $16951 | $26132 |
| **Dec-2022** | $16198 | $21399 |
| **Dec-2023** | $16510 | $27025 |
| **Dec-2024** | $17888 | $33786 |
| **Dec-2025** | $20954 | $39827 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$643,626,422

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$2,025,745

* Portfolio turnover11%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen High Dividend Equity Fund | 17.14% | 9.17% | 7.68% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

The S&P 500 is an unmanaged index commonly used to measure performance of U.S. stocks.

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](i1a5f1f37c6503c5e2b8d05a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Chemicals | 0.7% |
| Health Care Facilities & Services | 1.2% |
| Advertising & Marketing | 1.2% |
| Transportation & Logistics | 1.2% |
| Beverages | 1.3% |
| Cable & Satellite | 1.5% |
| Retail - Consumer Staples | 1.6% |
| Specialized Reits | 1.7% |
| Software | 2.5% |
| Household Products | 2.7% |
| Electrical Equipment | 2.8% |
| Industrial Conglomerates | 3.3% |
| Technology Hardware | 3.4% |
| Reit | 3.5% |
| Institutional Financial Services | 3.6% |
| Telecommunications | 3.7% |
| Medical Equipment & Devices | 4.0% |
| Semiconductors | 4.0% |
| Tobacco & Cannabis | 4.4% |
| Retail - Discretionary | 4.6% |
| Electric Utilities | 5.9% |
| Insurance | 6.5% |
| Aerospace & Defense | 6.6% |
| Oil & Gas Producers | 6.6% |
| Biotech & Pharma | 9.4% |
| Banking | 12.1% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](ib66c7e9da0c6d65dbc11e366.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.1% |
| Germany | 3.3% |
| United Kingdom | 3.9% |
| Ireland | 5.6% |
| Switzerland | 6.2% |
| United States | 79.9% |

---

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Cullen High Dividend Equity Fund

#### Semi-Annual - December 31, 2025

#### Class C

#### CHVCX

#### Phone:800-644-6595

#### Email: info@cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CHVCX

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen High Dividend Equity Fund

## Class I

#### CHDVX
This Semi-annual shareholder report contains important information about the Cullen High Dividend Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $40 | 0.75% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared to the S&P 500 Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](iac67d362b7ba5ad24b5f1534.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen High Dividend Equity Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11054 | $11196 |
| **Dec-2017** | $12947 | $13640 |
| **Dec-2018** | $12346 | $13042 |
| **Dec-2019** | $14800 | $17149 |
| **Dec-2020** | $14199 | $20304 |
| **Dec-2021** | $18002 | $26132 |
| **Dec-2022** | $17364 | $21399 |
| **Dec-2023** | $17884 | $27025 |
| **Dec-2024** | $19563 | $33786 |
| **Dec-2025** | $23150 | $39827 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$643,626,422

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$2,025,745

* Portfolio turnover11%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen High Dividend Equity Fund | 18.34% | 10.27% | 8.76% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

The S&P 500 is an unmanaged index commonly used to measure performance of U.S. stocks.

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](i1a5f1f37c6503c5e2b8d05a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Chemicals | 0.7% |
| Health Care Facilities & Services | 1.2% |
| Advertising & Marketing | 1.2% |
| Transportation & Logistics | 1.2% |
| Beverages | 1.3% |
| Cable & Satellite | 1.5% |
| Retail - Consumer Staples | 1.6% |
| Specialized Reits | 1.7% |
| Software | 2.5% |
| Household Products | 2.7% |
| Electrical Equipment | 2.8% |
| Industrial Conglomerates | 3.3% |
| Technology Hardware | 3.4% |
| Reit | 3.5% |
| Institutional Financial Services | 3.6% |
| Telecommunications | 3.7% |
| Medical Equipment & Devices | 4.0% |
| Semiconductors | 4.0% |
| Tobacco & Cannabis | 4.4% |
| Retail - Discretionary | 4.6% |
| Electric Utilities | 5.9% |
| Insurance | 6.5% |
| Aerospace & Defense | 6.6% |
| Oil & Gas Producers | 6.6% |
| Biotech & Pharma | 9.4% |
| Banking | 12.1% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](ib66c7e9da0c6d65dbc11e366.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.1% |
| Germany | 3.3% |
| United Kingdom | 3.9% |
| Ireland | 5.6% |
| Switzerland | 6.2% |
| United States | 79.9% |

---

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Cullen High Dividend Equity Fund

#### Semi-Annual - December 31, 2025

#### Class I

#### CHDVX

#### Phone:800-644-6595

#### Email: info@cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CHDVX

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen High Dividend Equity Fund

## Retail Class

#### CHDEX
This Semi-annual shareholder report contains important information about the Cullen High Dividend Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail Class | $53 | 1.00% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared to the S&P 500 Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](i43835582293a5b5497d0ba75.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen High Dividend Equity Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11033 | $11196 |
| **Dec-2017** | $12884 | $13640 |
| **Dec-2018** | $12254 | $13042 |
| **Dec-2019** | $14663 | $17149 |
| **Dec-2020** | $14032 | $20304 |
| **Dec-2021** | $17728 | $26132 |
| **Dec-2022** | $17068 | $21399 |
| **Dec-2023** | $17523 | $27025 |
| **Dec-2024** | $19127 | $33786 |
| **Dec-2025** | $22578 | $39827 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$643,626,422

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$2,025,745

* Portfolio turnover11%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen High Dividend Equity Fund | 18.04% | 9.98% | 8.48% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

The S&P 500 is an unmanaged index commonly used to measure performance of U.S. stocks.

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](i1a5f1f37c6503c5e2b8d05a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Chemicals | 0.7% |
| Health Care Facilities & Services | 1.2% |
| Advertising & Marketing | 1.2% |
| Transportation & Logistics | 1.2% |
| Beverages | 1.3% |
| Cable & Satellite | 1.5% |
| Retail - Consumer Staples | 1.6% |
| Specialized Reits | 1.7% |
| Software | 2.5% |
| Household Products | 2.7% |
| Electrical Equipment | 2.8% |
| Industrial Conglomerates | 3.3% |
| Technology Hardware | 3.4% |
| Reit | 3.5% |
| Institutional Financial Services | 3.6% |
| Telecommunications | 3.7% |
| Medical Equipment & Devices | 4.0% |
| Semiconductors | 4.0% |
| Tobacco & Cannabis | 4.4% |
| Retail - Discretionary | 4.6% |
| Electric Utilities | 5.9% |
| Insurance | 6.5% |
| Aerospace & Defense | 6.6% |
| Oil & Gas Producers | 6.6% |
| Biotech & Pharma | 9.4% |
| Banking | 12.1% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](ib66c7e9da0c6d65dbc11e366.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.1% |
| Germany | 3.3% |
| United Kingdom | 3.9% |
| Ireland | 5.6% |
| Switzerland | 6.2% |
| United States | 79.9% |

---

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Cullen High Dividend Equity Fund

#### Semi-Annual - December 31, 2025

#### Retail Class

#### CHDEX

#### Phone:800-644-6595

#### Email: info@cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CHDEX

![Image](i66a0b01cd94c4f280b1c898a.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen International High Dividend Fund

## Class C

#### CIHCX
This Semi-annual shareholder report contains important information about the Cullen International High Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $105 | 2.00% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the MSCI EAFE Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](ifa890115ec9e468d6c088fae.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen International High Dividend Fund** | **MSCI EAFE Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10004 | $10100 |
| **Dec-2017** | $11695 | $12628 |
| **Dec-2018** | $9767 | $10887 |
| **Dec-2019** | $11736 | $13284 |
| **Dec-2020** | $11964 | $14322 |
| **Dec-2021** | $13180 | $15935 |
| **Dec-2022** | $11691 | $13632 |
| **Dec-2023** | $13623 | $16118 |
| **Dec-2024** | $14058 | $16735 |
| **Dec-2025** | $18094 | $21959 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$393,114,621

* Number of Portfolio Holdings62

* Advisory Fee (net of waivers)$1,475,114

* Portfolio turnover46%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen International High Dividend Fund | 28.71% | 8.62% | 6.11% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

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

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](i6be2668e4f2c590c351068dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Containers & Packaging | 0.1% |
| Food | 0.2% |
| Electronic Equipment, Instruments & Components | 0.5% |
| Engineering & Construction | 0.5% |
| Health Care Facilities & Services | 0.7% |
| Machinery | 0.9% |
| Reit | 1.2% |
| Building Products | 1.4% |
| Home & Office Products | 1.4% |
| Retail - Consumer Staples | 1.5% |
| Transportation Equipment | 1.5% |
| Asset Management | 1.6% |
| Transportation & Logistics | 1.7% |
| Beverages | 1.8% |
| Aerospace & Defense | 2.0% |
| Semiconductors | 2.9% |
| Diversified Industrials | 3.3% |
| Oil & Gas Producers | 3.7% |
| Telecommunications | 4.0% |
| Technology Hardware | 4.1% |
| Tobacco & Cannabis | 5.6% |
| Metals & Mining | 6.5% |
| Biotech & Pharma | 8.2% |
| Electric Utilities | 8.4% |
| Automotive | 8.7% |
| Banking | 13.3% |
| Insurance | 14.3% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](ia2a1b22100e44c90de607338.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Singapore | 0.1% |
| Brazil | 0.6% |
| Poland | 1.0% |
| Norway | 1.3% |
| Denmark | 1.8% |
| Sweden | 1.9% |
| Netherlands | 2.6% |
| Mexico | 2.7% |
| Spain | 3.0% |
| Taiwan | 3.4% |
| Australia | 4.0% |
| Ireland | 4.2% |
| China | 4.6% |
| France | 4.7% |
| Canada | 5.2% |
| South Korea | 6.8% |
| Switzerland | 7.2% |
| Italy | 7.8% |
| Germany | 9.9% |
| United Kingdom | 12.0% |
| Japan | 15.2% |

---

![Image](i66a0b01cd94c4f280b1c898a.jpg)

#### Cullen International High Dividend Fund

#### Semi-Annual - December 31, 2025

#### Class C

#### CIHCX

#### Phone:800-644-6595

#### Email: www.cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CIHCX

![Image](i66a0b01cd94c4f280b1c898a.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen International High Dividend Fund

## Class I

#### CIHIX
This Semi-annual shareholder report contains important information about the Cullen International High Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $52 | 1.00% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the MSCI EAFE Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibf364dc310b1ad7a71714b5d.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen International High Dividend Fund** | **MSCI EAFE Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10115 | $10100 |
| **Dec-2017** | $11935 | $12628 |
| **Dec-2018** | $10070 | $10887 |
| **Dec-2019** | $12215 | $13284 |
| **Dec-2020** | $12589 | $14322 |
| **Dec-2021** | $14005 | $15935 |
| **Dec-2022** | $12553 | $13632 |
| **Dec-2023** | $14785 | $16118 |
| **Dec-2024** | $15394 | $16735 |
| **Dec-2025** | $20027 | $21959 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$393,114,621

* Number of Portfolio Holdings62

* Advisory Fee (net of waivers)$1,475,114

* Portfolio turnover46%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen International High Dividend Fund | 30.10% | 9.73% | 7.19% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

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

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](i6be2668e4f2c590c351068dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Containers & Packaging | 0.1% |
| Food | 0.2% |
| Electronic Equipment, Instruments & Components | 0.5% |
| Engineering & Construction | 0.5% |
| Health Care Facilities & Services | 0.7% |
| Machinery | 0.9% |
| Reit | 1.2% |
| Building Products | 1.4% |
| Home & Office Products | 1.4% |
| Retail - Consumer Staples | 1.5% |
| Transportation Equipment | 1.5% |
| Asset Management | 1.6% |
| Transportation & Logistics | 1.7% |
| Beverages | 1.8% |
| Aerospace & Defense | 2.0% |
| Semiconductors | 2.9% |
| Diversified Industrials | 3.3% |
| Oil & Gas Producers | 3.7% |
| Telecommunications | 4.0% |
| Technology Hardware | 4.1% |
| Tobacco & Cannabis | 5.6% |
| Metals & Mining | 6.5% |
| Biotech & Pharma | 8.2% |
| Electric Utilities | 8.4% |
| Automotive | 8.7% |
| Banking | 13.3% |
| Insurance | 14.3% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](ia2a1b22100e44c90de607338.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Singapore | 0.1% |
| Brazil | 0.6% |
| Poland | 1.0% |
| Norway | 1.3% |
| Denmark | 1.8% |
| Sweden | 1.9% |
| Netherlands | 2.6% |
| Mexico | 2.7% |
| Spain | 3.0% |
| Taiwan | 3.4% |
| Australia | 4.0% |
| Ireland | 4.2% |
| China | 4.6% |
| France | 4.7% |
| Canada | 5.2% |
| South Korea | 6.8% |
| Switzerland | 7.2% |
| Italy | 7.8% |
| Germany | 9.9% |
| United Kingdom | 12.0% |
| Japan | 15.2% |

---

![Image](i66a0b01cd94c4f280b1c898a.jpg)

#### Cullen International High Dividend Fund

#### Semi-Annual - December 31, 2025

#### Class I

#### CIHIX

#### Phone:800-644-6595

#### Email: www.cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CIHIX

![Image](i66a0b01cd94c4f280b1c898a.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen International High Dividend Fund

## Retail Class

#### CIHDX
This Semi-annual shareholder report contains important information about the Cullen International High Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail Class | $66 | 1.25% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the MSCI EAFE Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](if942347df960e55d1d293608.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen International High Dividend Fund** | **MSCI EAFE Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10079 | $10100 |
| **Dec-2017** | $11865 | $12628 |
| **Dec-2018** | $9982 | $10887 |
| **Dec-2019** | $12082 | $13284 |
| **Dec-2020** | $12424 | $14322 |
| **Dec-2021** | $13782 | $15935 |
| **Dec-2022** | $12317 | $13632 |
| **Dec-2023** | $14464 | $16118 |
| **Dec-2024** | $15029 | $16735 |
| **Dec-2025** | $19503 | $21959 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$393,114,621

* Number of Portfolio Holdings62

* Advisory Fee (net of waivers)$1,475,114

* Portfolio turnover46%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen International High Dividend Fund | 29.77% | 9.44% | 6.91% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

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

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](i6be2668e4f2c590c351068dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Containers & Packaging | 0.1% |
| Food | 0.2% |
| Electronic Equipment, Instruments & Components | 0.5% |
| Engineering & Construction | 0.5% |
| Health Care Facilities & Services | 0.7% |
| Machinery | 0.9% |
| Reit | 1.2% |
| Building Products | 1.4% |
| Home & Office Products | 1.4% |
| Retail - Consumer Staples | 1.5% |
| Transportation Equipment | 1.5% |
| Asset Management | 1.6% |
| Transportation & Logistics | 1.7% |
| Beverages | 1.8% |
| Aerospace & Defense | 2.0% |
| Semiconductors | 2.9% |
| Diversified Industrials | 3.3% |
| Oil & Gas Producers | 3.7% |
| Telecommunications | 4.0% |
| Technology Hardware | 4.1% |
| Tobacco & Cannabis | 5.6% |
| Metals & Mining | 6.5% |
| Biotech & Pharma | 8.2% |
| Electric Utilities | 8.4% |
| Automotive | 8.7% |
| Banking | 13.3% |
| Insurance | 14.3% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](ia2a1b22100e44c90de607338.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Singapore | 0.1% |
| Brazil | 0.6% |
| Poland | 1.0% |
| Norway | 1.3% |
| Denmark | 1.8% |
| Sweden | 1.9% |
| Netherlands | 2.6% |
| Mexico | 2.7% |
| Spain | 3.0% |
| Taiwan | 3.4% |
| Australia | 4.0% |
| Ireland | 4.2% |
| China | 4.6% |
| France | 4.7% |
| Canada | 5.2% |
| South Korea | 6.8% |
| Switzerland | 7.2% |
| Italy | 7.8% |
| Germany | 9.9% |
| United Kingdom | 12.0% |
| Japan | 15.2% |

---

![Image](i66a0b01cd94c4f280b1c898a.jpg)

#### Cullen International High Dividend Fund

#### Semi-Annual - December 31, 2025

#### Retail Class

#### CIHDX

#### Phone:800-644-6595

#### Email: www.cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CIHDX

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Small Cap Value Fund

## Class C

#### CUSCX
This Semi-annual shareholder report contains important information about the Cullen Small Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $104 | 2.00% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the Russell 1000 Index, which is a broad-based index and the Russell 2000 Value Index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](i381d1537908a77df844dfa0f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cullen Small Cap Value Fund** | **Russell 1000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11804 | $11205 | $13174 |
| **Dec-2017** | $11894 | $13636 | $14207 |
| **Dec-2018** | $10637 | $12983 | $12379 |
| **Dec-2019** | $12935 | $17063 | $15151 |
| **Dec-2020** | $14343 | $20640 | $15853 |
| **Dec-2021** | $17317 | $26101 | $20335 |
| **Dec-2022** | $17205 | $21108 | $17390 |
| **Dec-2023** | $18006 | $26708 | $19937 |
| **Dec-2024** | $18675 | $33255 | $21543 |
| **Dec-2025** | $18279 | $39030 | $24256 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$9,525,964

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$0

* Portfolio turnover21%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen Small Cap Value Fund | -2.12% | 4.97% | 6.22% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

The Russell 2000 Value Index is a small-cap stock market index of the smallest 2,000 stocks in the Russell 3000 Index. The Russell 1000 Index is an unmanaged index used to measure performance of the large-cap segment of the U.S. Equity universe.

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](ia232ab150520c1b6e133d665.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commercial Support Services | 1.2% |
| Electric Utilities | 1.3% |
| Medical Equipment & Devices | 2.1% |
| Food | 2.1% |
| Leisure Products | 2.7% |
| REITs | 3.0% |
| Apparel & Textile Products | 3.5% |
| Engineering & Construction | 3.5% |
| Reit | 4.0% |
| Oil & Gas Services & Equipment | 4.8% |
| Oil & Gas Producers | 5.2% |
| Leisure Facilities & Services | 5.3% |
| Real Estate Services | 8.9% |
| Home Construction | 9.0% |
| Chemicals | 9.0% |
| Specialty Finance | 12.7% |
| Banking | 21.7% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](i10fc778e6dea9b318270084a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 100.0% |

---

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Cullen Small Cap Value Fund

#### Semi-Annual - December 31, 2025

#### Class C

#### CUSCX

#### Phone:800-644-6595

#### Email: info@cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CUSCX

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Small Cap Value Fund

## Class I

#### CUSIX
This Semi-annual shareholder report contains important information about the Cullen Small Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $52 | 1.00% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the Russell 1000 Index, which is a broad-based index and the Russell 2000 Value Index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](i7781f54223e92d87f03e0bb1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cullen Small Cap Value Fund** | **Russell 1000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11924 | $11205 | $13174 |
| **Dec-2017** | $12136 | $13636 | $14207 |
| **Dec-2018** | $10957 | $12983 | $12379 |
| **Dec-2019** | $13459 | $17063 | $15151 |
| **Dec-2020** | $15084 | $20640 | $15853 |
| **Dec-2021** | $18385 | $26101 | $20335 |
| **Dec-2022** | $18451 | $21108 | $17390 |
| **Dec-2023** | $19512 | $26708 | $19937 |
| **Dec-2024** | $20451 | $33255 | $21543 |
| **Dec-2025** | $20204 | $39030 | $24256 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$9,525,964

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$0

* Portfolio turnover21%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen Small Cap Value Fund | -1.21% | 6.02% | 7.29% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

The Russell 2000 Value Index is a small-cap stock market index of the smallest 2,000 stocks in the Russell 3000 Index. The Russell 1000 Index is an unmanaged index used to measure performance of the large-cap segment of the U.S. Equity universe.

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](ia232ab150520c1b6e133d665.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commercial Support Services | 1.2% |
| Electric Utilities | 1.3% |
| Medical Equipment & Devices | 2.1% |
| Food | 2.1% |
| Leisure Products | 2.7% |
| REITs | 3.0% |
| Apparel & Textile Products | 3.5% |
| Engineering & Construction | 3.5% |
| Reit | 4.0% |
| Oil & Gas Services & Equipment | 4.8% |
| Oil & Gas Producers | 5.2% |
| Leisure Facilities & Services | 5.3% |
| Real Estate Services | 8.9% |
| Home Construction | 9.0% |
| Chemicals | 9.0% |
| Specialty Finance | 12.7% |
| Banking | 21.7% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](i10fc778e6dea9b318270084a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 100.0% |

---

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Cullen Small Cap Value Fund

#### Semi-Annual - December 31, 2025

#### Class I

#### CUSIX

#### Phone:800-644-6595

#### Email: info@cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CUSIX

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Small Cap Value Fund

## Retail Class

#### CUSRX
This Semi-annual shareholder report contains important information about the Cullen Small Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail Class | $65 | 1.25% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared with the Russell 1000 Index, which is a broad-based index and the Russell 2000 Value Index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](ic6929695b911d6b0d043f25c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cullen Small Cap Value Fund** | **Russell 1000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11890 | $11205 | $13174 |
| **Dec-2017** | $12071 | $13636 | $14207 |
| **Dec-2018** | $10882 | $12983 | $12379 |
| **Dec-2019** | $13328 | $17063 | $15151 |
| **Dec-2020** | $14889 | $20640 | $15853 |
| **Dec-2021** | $18105 | $26101 | $20335 |
| **Dec-2022** | $18139 | $21108 | $17390 |
| **Dec-2023** | $19124 | $26708 | $19937 |
| **Dec-2024** | $19986 | $33255 | $21543 |
| **Dec-2025** | $19711 | $39030 | $24256 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$9,525,964

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$0

* Portfolio turnover21%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen Small Cap Value Fund | -1.38% | 5.77% | 7.02% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

The Russell 2000 Value Index is a small-cap stock market index of the smallest 2,000 stocks in the Russell 3000 Index. The Russell 1000 Index is an unmanaged index used to measure performance of the large-cap segment of the U.S. Equity universe.

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](ia232ab150520c1b6e133d665.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commercial Support Services | 1.2% |
| Electric Utilities | 1.3% |
| Medical Equipment & Devices | 2.1% |
| Food | 2.1% |
| Leisure Products | 2.7% |
| REITs | 3.0% |
| Apparel & Textile Products | 3.5% |
| Engineering & Construction | 3.5% |
| Reit | 4.0% |
| Oil & Gas Services & Equipment | 4.8% |
| Oil & Gas Producers | 5.2% |
| Leisure Facilities & Services | 5.3% |
| Real Estate Services | 8.9% |
| Home Construction | 9.0% |
| Chemicals | 9.0% |
| Specialty Finance | 12.7% |
| Banking | 21.7% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](i10fc778e6dea9b318270084a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 100.0% |

---

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Cullen Small Cap Value Fund

#### Semi-Annual - December 31, 2025

#### Retail Class

#### CUSRX

#### Phone:800-644-6595

#### Email: info@cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www.cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CUSRX

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Value Fund

## Class C

#### CVLFX
This Semi-annual shareholder report contains important information about the Cullen Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www/cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $93 | 1.75% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared to the S&P 500 Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](i7b2ca4850f2de3daf1639626.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen Value Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11305 | $11196 |
| **Dec-2017** | $13200 | $13640 |
| **Dec-2018** | $12436 | $13042 |
| **Dec-2019** | $15305 | $17149 |
| **Dec-2020** | $15490 | $20304 |
| **Dec-2021** | $18458 | $26132 |
| **Dec-2022** | $17270 | $21399 |
| **Dec-2023** | $18041 | $27025 |
| **Dec-2024** | $19572 | $33786 |
| **Dec-2025** | $23390 | $39827 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$27,666,848

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$0

* Portfolio turnover14%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen Value Fund | 19.51% | 8.59% | 8.87% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www/cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

The S&P 500 is an unmanaged index commonly used to measure performance of U.S. stocks.

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](i73dfb43ab0920d468c251f26.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Wholesale - Consumer Staples | 1.1% |
| Cable & Satellite | 1.3% |
| Transportation & Logistics | 1.5% |
| Chemicals | 1.7% |
| Telecommunications | 1.8% |
| Food | 1.8% |
| Entertainment Content | 2.0% |
| Containers & Packaging | 2.1% |
| Specialty Finance | 2.4% |
| Electric Utilities | 2.4% |
| Household Products | 2.7% |
| Software | 2.7% |
| Industrial Conglomerates | 2.8% |
| Retail - Discretionary | 2.8% |
| Automotive | 3.0% |
| Institutional Financial Services | 3.8% |
| Medical Equipment & Devices | 3.9% |
| Semiconductors | 3.9% |
| Health Care Facilities & Services | 4.1% |
| Electrical Equipment | 4.1% |
| Oil & Gas Producers | 4.2% |
| Technology Hardware | 5.9% |
| Insurance | 6.7% |
| Biotech & Pharma | 8.6% |
| Aerospace & Defense | 9.5% |
| Banking | 13.2% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](i7a03b86c8b8db47636d304e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.1% |
| Canada | 1.5% |
| Bermuda | 1.7% |
| Switzerland | 3.3% |
| United Kingdom | 3.6% |
| Germany | 4.2% |
| Ireland | 5.5% |
| United States | 80.1% |

---

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Cullen Value Fund

#### Semi-Annual - December 31, 2025

#### Class C

#### CVLFX

#### Phone:800-644-6595

#### Email: info@cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www/cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CVLFX

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Value Fund

## Class I

#### CVLVX
This Semi-annual shareholder report contains important information about the Cullen Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www/cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $40 | 0.75% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared to the S&P 500 Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](if9e74c8650e2a9fd14f0f14f.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen Value Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11417 | $11196 |
| **Dec-2017** | $13462 | $13640 |
| **Dec-2018** | $12805 | $13042 |
| **Dec-2019** | $15927 | $17149 |
| **Dec-2020** | $16270 | $20304 |
| **Dec-2021** | $19590 | $26132 |
| **Dec-2022** | $18513 | $21399 |
| **Dec-2023** | $19519 | $27025 |
| **Dec-2024** | $21414 | $33786 |
| **Dec-2025** | $25835 | $39827 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$27,666,848

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$0

* Portfolio turnover14%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen Value Fund | 20.65% | 9.69% | 9.96% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www/cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

The S&P 500 is an unmanaged index commonly used to measure performance of U.S. stocks.

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](i73dfb43ab0920d468c251f26.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Wholesale - Consumer Staples | 1.1% |
| Cable & Satellite | 1.3% |
| Transportation & Logistics | 1.5% |
| Chemicals | 1.7% |
| Telecommunications | 1.8% |
| Food | 1.8% |
| Entertainment Content | 2.0% |
| Containers & Packaging | 2.1% |
| Specialty Finance | 2.4% |
| Electric Utilities | 2.4% |
| Household Products | 2.7% |
| Software | 2.7% |
| Industrial Conglomerates | 2.8% |
| Retail - Discretionary | 2.8% |
| Automotive | 3.0% |
| Institutional Financial Services | 3.8% |
| Medical Equipment & Devices | 3.9% |
| Semiconductors | 3.9% |
| Health Care Facilities & Services | 4.1% |
| Electrical Equipment | 4.1% |
| Oil & Gas Producers | 4.2% |
| Technology Hardware | 5.9% |
| Insurance | 6.7% |
| Biotech & Pharma | 8.6% |
| Aerospace & Defense | 9.5% |
| Banking | 13.2% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](i7a03b86c8b8db47636d304e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.1% |
| Canada | 1.5% |
| Bermuda | 1.7% |
| Switzerland | 3.3% |
| United Kingdom | 3.6% |
| Germany | 4.2% |
| Ireland | 5.5% |
| United States | 80.1% |

---

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Cullen Value Fund

#### Semi-Annual - December 31, 2025

#### Class I

#### CVLVX

#### Phone:800-644-6595

#### Email: info@cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www/cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CVLVX

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Semi-Annual Shareholder Report - December 31, 2025

# Cullen Value Fund

## Retail Class

#### CVLEX
This Semi-annual shareholder report contains important information about the Cullen Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www/cullenfunds.com/US/P/Documents/Mutual-Funds/. You can also request this information by contacting us at 800-644-6595.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail Class | $53 | 1.00% |

---

## How did the Fund perform over the past 10 years?
This chart shows the value of a $10,000 investment in the share class noted over the past ten years. The result is compared to the S&P 500 Index, which is a broad-based index.

### Total Return Based on a $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3dd5bcfbce4082e0a8847d66.jpg)

---

| | | |
|:---|:---|:---|
| | **Cullen Value Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11389 | $11196 |
| **Dec-2017** | $13394 | $13640 |
| **Dec-2018** | $12701 | $13042 |
| **Dec-2019** | $15762 | $17149 |
| **Dec-2020** | $16062 | $20304 |
| **Dec-2021** | $19295 | $26132 |
| **Dec-2022** | $18194 | $21399 |
| **Dec-2023** | $19133 | $27025 |
| **Dec-2024** | $20922 | $33786 |
| **Dec-2025** | $25185 | $39827 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## **Fund Statistics** 
* Net Assets$27,666,848

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$0

* Portfolio turnover14%

## Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cullen Value Fund | 20.38% | 9.41% | 9.68% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

Past performance does not ensure future results. Call 800-644-6595 or visit https://www/cullenfunds.com/US/P/Documents/Mutual-Funds/ for current month end performance.

The S&P 500 is an unmanaged index commonly used to measure performance of U.S. stocks.

## What did the Fund invest in?

#### INDUSTRY

#### (Expressed as % of Total Investment)
![Group By Industry Chart](i73dfb43ab0920d468c251f26.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Wholesale - Consumer Staples | 1.1% |
| Cable & Satellite | 1.3% |
| Transportation & Logistics | 1.5% |
| Chemicals | 1.7% |
| Telecommunications | 1.8% |
| Food | 1.8% |
| Entertainment Content | 2.0% |
| Containers & Packaging | 2.1% |
| Specialty Finance | 2.4% |
| Electric Utilities | 2.4% |
| Household Products | 2.7% |
| Software | 2.7% |
| Industrial Conglomerates | 2.8% |
| Retail - Discretionary | 2.8% |
| Automotive | 3.0% |
| Institutional Financial Services | 3.8% |
| Medical Equipment & Devices | 3.9% |
| Semiconductors | 3.9% |
| Health Care Facilities & Services | 4.1% |
| Electrical Equipment | 4.1% |
| Oil & Gas Producers | 4.2% |
| Technology Hardware | 5.9% |
| Insurance | 6.7% |
| Biotech & Pharma | 8.6% |
| Aerospace & Defense | 9.5% |
| Banking | 13.2% |

---

#### COUNTRY

#### (Expressed as % of Total Investment)
![Group By Country Chart](i7a03b86c8b8db47636d304e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.1% |
| Canada | 1.5% |
| Bermuda | 1.7% |
| Switzerland | 3.3% |
| United Kingdom | 3.6% |
| Germany | 4.2% |
| Ireland | 5.5% |
| United States | 80.1% |

---

![Image](i3942b1b0377a943ce72baeb5.jpg)

#### Cullen Value Fund

#### Semi-Annual - December 31, 2025

#### Retail Class

#### CVLEX

#### Phone:800-644-6595

#### Email: info@cullenfunds.com
For additional information about the Fund, including a prospectus and performance data, visit**https://www/cullenfunds.com/US/P/Documents/Mutual-Funds/**or call **800-644-6595.**

TSR-SAR 123125-CVLEX

(b) Not applicable

**Item 2. Code of Ethics.** Not applicable

**Item 3. Audit Committee Financial Expert.** Not applicable

**Item 4. Principal Accountant Fees and Services.** Not applicable

**Item 5. Audit Committee of Listed Companies.** Not applicable to open-end investment companies.

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](cullenncsrs123125001.jpg)

**Semi-Annual Financial Statements**

**and Additional Information** 

**December 31, 2025**

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**

---

| | |
|:---|:---|
| [Schedules of Investments](#cullenncsrsa001) | 2 |
| [Statements of Assets and Liabilities](#cullenncsrsa002) | 9 |
| [Statements of Operations](#cullenncsrsa003) | 11 |
| [Statements of Changes in Net Assets](#cullenncsrsa004) | 12 |
| [Financial Highlights](#cullenncsrsa005) | 15 |
| [Notes to Financial Statements](#cullenncsrsa006) | 34 |

---

**Cullen International High Dividend Fund**

**Schedule of Investments**

*December 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 94.94%** | **Shares** | **Fair Value** |
| **Australia - 3.95%** | | |
| Rio Tinto Ltd. | 129158 | $12652951 |
| Sonic Healthcare Ltd. | 191744 | 2892728 |
|  |  | 15545679 |
| **Brazil - 0.60%** |  |  |
| Petroleo Brasileiro S.A. | 399470 | 2375089 |
| **Canada - 5.14%** |  |  |
| Enbridge, Inc. | 199297 | 9536728 |
| Power Corp of Canada | 200683 | 10665995 |
|  |  | 20202723 |
| **China - 4.55%** |  |  |
| Midea Group Company Ltd. | 500187 | 5459645 |
| Zijin Mining Group Company Ltd. | 2715058 | 12440248 |
|  |  | 17899893 |
| **Denmark - 1.76%** |  |  |
| Novo Nordisk A/S, Class B | 135085 | 6913304 |
| **Finland - 0.04%** |  |  |
| UPM-Kymmene OYJ | 5161 | 150307 |
| **France - 4.60%** |  |  |
| BNP Paribas S.A. | 36171 | 3433100 |
| Cie de Saint-Gobain S.A. | 53125 | 5427338 |
| Cie Generale des Etablissements Michelin SCA | 74043 | 2462591 |
| Sanofi S.A. | 48105 | 4674866 |
| TotalEnergies S.E. | 500 | 32710 |
| Vinci S.A. | 14687 | 2071398 |
|  |  | 18102003 |
| **Germany - 9.80%** |  |  |
| Deutsche Post A.G. | 123145 | 6760533 |
| Deutsche Telekom A.G. | 70485 | 2290431 |
| Mercedes-Benz Group A.G. | 106488 | 7514960 |
| Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen | 13970 | 9226896 |
| Siemens A.G. | 45149 | 12684897 |
|  |  | 38477717 |
| **Ireland - 4.22%** |  |  |
| AIB Group plc | 1499450 | 16206462 |
| Smurfit WestRock plc | 9790 | 378579 |
|  |  | 16585041 |
| **Italy - 7.71%** |  |  |
| Enel SpA | 1109996 | 11575933 |
| UniCredit SpA | 225039 | 18749725 |
|  |  | 30325658 |
| **Japan - 15.08%** |  |  |
| Bridgestone Corporation | 439400 | 9858019 |
| Komatsu Ltd. | 113300 | 3616827 |
| MS&AD Insurance Group Holdings, Inc. | 307673 | 7234673 |
| Nippon Telegraph & Telephone Corporation | 2838298 | 2857706 |
| SoftBank Corporation | 7483315 | 10262570 |
| Tokio Marine Holdings, Inc. | 303425 | 11268815 |
| Toyota Motor Corporation | 659467 | 14130022 |
|  |  | 59228632 |
| **Mexico - 2.69%** |  |  |
| Coca-Cola Femsa S.A.B. de C.V. | 362262 | 3440038 |
| Grupo Financiero Banorte S.A.B de C.V. | 304439 | 2820291 |
| Prologis Property Mexico S.A. de C.V. | 1038631 | 4337986 |
|  |  | 10598315 |
| **Netherlands - 2.54%** |  |  |
| NN Group N.V. | 129500 | 10001563 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 94.94% (Continued)** | **Shares** | **Fair Value** |
| **Norway - 1.33%** | | |
| DNB Bank ASA | 186930 | $5220509 |
| **Poland - 0.98%** |  |  |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | 161678 | 3835450 |
| **Singapore - 0.08%** |  |  |
| CapLand Ascendas REIT | 72009 | 158536 |
| United Overseas Bank Ltd. | 6441 | 175679 |
|  |  | 334215 |
| **South Korea - 2.65%** |  |  |
| KT&G Corporation | 105995 | 10435658 |
| **Spain - 2.92%** |  |  |
| Iberdrola S.A. | 529191 | 11479690 |
| **Sweden - 1.87%** |  |  |
| Svenska Handelsbanken A.B., Class A | 100068 | 1460262 |
| Volvo A.B., Class B | 183798 | 5907227 |
|  |  | 7367489 |
| **Switzerland - 7.15%** |  |  |
| Julius Baer Group Ltd. | 100 | 7877 |
| Nestle S.A. | 5590 | 555627 |
| Novartis A.G. - ADR | 109430 | 15087114 |
| Roche Holding A.G. | 12500 | 5178747 |
| Zurich Insurance Group A.G. | 9560 | 7262501 |
|  |  | 28091866 |
| **Taiwan - 3.40%** |  |  |
| ASE Technology Holding Company Ltd. | 1433664 | 11441724 |
| Hon Hai Precision Industry Co Ltd. | 250000 | 1835893 |
| Quanta Computer, Inc. | 10000 | 86657 |
|  |  | 13364274 |
| **United Kingdom - 11.88%** |  |  |
| 3i Group plc | 145298 | 6391052 |
| BAE Systems plc | 344296 | 7954967 |
| British American Tobacco plc - ADR | 198473 | 11237541 |
| Coca-Cola Europacific Partners plc | 26295 | 2384956 |
| Diageo plc | 45794 | 989859 |
| National Grid plc | 629433 | 9685477 |
| Shell plc | 63454 | 2343717 |
| Tesco plc | 955582 | 5691009 |
|  |  | 46678578 |
| **Total Common Stocks (Cost $267,558,468)** |  | 373213653 |
| **PREFERRED STOCK — 4.04%** |  |  |
| **South Korea - 4.04%** |  |  |
| Samsung Electronics Company Ltd. | 257207 | 15896006 |
| **Total Preferred Stock (Cost $9,895,860)** |  | 15896006 |
| **Total Investments - 98.98%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $277,454,328)** |  | $389109659 |
| **Other Assets in Excess of Liabilities - 1.02%** |  | 4004962 |
| **NET ASSETS - 100.00%** |  | $393114621 |

---

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

*See Notes to Financial Statements*

**Cullen High Dividend Equity Fund**

**Schedule of Investments**

*December 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.81%** | **Shares** | **Fair Value** |
| *Communications - 6.31%* |  |  |
| AT&T, Inc. | 669310 | $16625661 |
| BCE, Inc. | 286514 | 6824763 |
| Comcast Corporation, Class A | 323158 | 9659193 |
| Omnicom Group, Inc. | 93023 | 7511607 |
|  |  | 40621224 |
| *Consumer Discretionary - 4.55%* |  |  |
| Genuine Parts Company | 108798 | 13377802 |
| Lowe's Companies, Inc. | 66046 | 15927653 |
|  |  | 29305455 |
| *Consumer Staples - 9.77%* |  |  |
| Altria Group, Inc. | 190280 | 10971545 |
| Diageo plc - ADR | 91873 | 7925884 |
| Philip Morris International, Inc. | 106065 | 17012826 |
| Target Corporation | 101751 | 9946160 |
| Unilever plc - ADR | 260769 | 17054292 |
|  |  | 62910707 |
| *Energy - 6.52%* |  |  |
| Chevron Corporation | 80608 | 12285465 |
| ConocoPhillips | 159150 | 14898032 |
| Exxon Mobil Corporation | 123069 | 14810123 |
|  |  | 41993620 |
| *Financials - 22.05%* |  |  |
| Bank of America Corporation | 404276 | 22235180 |
| Chubb Ltd. | 63756 | 19899523 |
| Citigroup, Inc. | 196114 | 22884543 |
| JPMorgan Chase & Company | 65291 | 21038066 |
| Morgan Stanley | 128319 | 22780472 |
| Travelers Companies, Inc. (The) | 73135 | 21213538 |
| Truist Financial Corporation | 239597 | 11790568 |
|  |  | 141841890 |
| *Health Care - 14.37%* |  |  |
| Becton Dickinson & Company | 37402 | 7258606 |
| Johnson & Johnson | 114862 | 23770690 |
| Medtronic plc | 188659 | 18122584 |
| Merck & Company, Inc. | 153145 | 16120043 |
| Novartis AG - ADR | 142388 | 19631034 |
| UnitedHealth Group, Inc. | 22838 | 7539052 |
|  |  | 92442009 |
| *Industrials - 13.73%* |  |  |
| General Dynamics Corporation | 58644 | 19743089 |
| Johnson Controls International plc | 147500 | 17663125 |
| RTX Corporation | 119637 | 21941426 |
| Siemens AG - ADR | 152080 | 21283596 |
| United Parcel Service, Inc., Class B | 78048 | 7741581 |
|  |  | 88372817 |
| *Materials - 0.71%* |  |  |
| Dow, Inc. | 195183 | 4563379 |
| *Real Estate - 5.14%* |  |  |
| Crown Castle, Inc. | 123963 | 11016592 |
| Healthpeak Properties, Inc. | 585386 | 9413007 |
| VICI Properties, Inc. | 450077 | 12656165 |
|  |  | 33085764 |
| *Technology - 9.81%* |  |  |
| Broadcom, Inc. | 49471 | 17121914 |
| Cisco Systems, Inc. | 283644 | 21849097 |
| Microsoft Corporation | 32840 | 15882081 |
| QUALCOMM, Inc. | 48529 | 8300885 |
|  |  | 63153977 |
| *Utilities - 5.85%* |  |  |
| Duke Energy Corporation | 149786 | 17556417 |
| NextEra Energy, Inc. | 250349 | 20098018 |
|  |  | 37654435 |
| **Total Common Stocks (Cost $288,009,538)** |  | 635945277 |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **Total Investments - 98.81%** |  |
| &nbsp;&nbsp;&nbsp;**(Cost $288,009,538)** | $635945277 |
| **Other Assets in Excess of Liabilities - 1.19%** | 7681145 |
| **NET ASSETS - 100.00%** | $643626422 |

---

ADR - &nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

*See Notes to Financial Statements*

**Cullen Small Cap Value Fund**

**Schedule of Investments**

*December 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.52%** | **Shares** | **Fair Value** |
| *Consumer Discretionary - 20.19%* |  |  |
| Carter's, Inc. | 3893 | $126250 |
| Crocs, Inc.<sup>(a)</sup> | 1298 | 111005 |
| M/I Homes, Inc.<sup>(a)</sup> | 3326 | 425562 |
| Malibu Boats, Inc., Class A<sup>(a)</sup> | 8844 | 249489 |
| Marriott Vacations Worldwide Corporation | 8687 | 501153 |
| Masterbrand, Inc.<sup>(a)</sup> | 38022 | 419763 |
| Under Armour, Inc., Class C<sup>(a)</sup> | 18850 | 90480 |
|  |  | 1923702 |
| *Consumer Staples - 2.07%* |  |  |
| John B Sanfilippo & Son, Inc. | 2790 | 196974 |
| *Energy - 9.81%* |  |  |
| Civitas Resources, Inc. | 4539 | 122962 |
| Coterra Energy, Inc. | 5895 | 155156 |
| Helmerich & Payne, Inc. | 9154 | 262537 |
| Select Water Solutions, Inc., Class A | 17831 | 187582 |
| Viper Energy, Inc., Class A | 5337 | 206168 |
|  |  | 934405 |
| *Financials - 33.97%* |  |  |
| Ameris Bancorp | 2653 | 197038 |
| Enterprise Financial Services Corporation | 5041 | 272214 |
| First Horizon Corporation | 18722 | 447455 |
| First Interstate BancSystem, Inc., Class A | 5245 | 181477 |
| LendingTree, Inc.<sup>(a)</sup> | 11836 | 628374 |
| loanDepot, Inc., Class A<sup>(a)</sup> | 176963 | 366313 |
| PennyMac Financial Services, Inc. | 1474 | 194332 |
| Simmons First National Corporation, Class A | 16816 | 316982 |
| SouthState Bank Corporation | 2798 | 263320 |
| WesBanco, Inc. | 11080 | 368299 |
|  |  | 3235804 |
| *Health Care - 2.02%* |  |  |
| Varex Imaging Corporation<sup>(a)</sup> | 16539 | 192679 |
| *Industrials - 4.67%* |  |  |
| Great Lakes Dredge & Dock Corporation<sup>(a)</sup> | 25123 | 329614 |
| Korn Ferry | 1745 | 115205 |
|  |  | 444819 |
| *Materials - 8.90%* |  |  |
| Avient Corporation | 11917 | 372287 |
| Huntsman Corporation | 15593 | 155930 |
| Quaker Chemical Corporation | 2330 | 319932 |
|  |  | 848149 |
| *Real Estate - 15.63%* |  |  |
| Cousins Properties, Inc. | 14620 | 376904 |
| Douglas Elliman, Inc.<sup>(a)</sup> | 255516 | 605573 |
| Highwoods Properties, Inc. | 10763 | 277901 |
| Newmark Group, Inc., Class A | 13154 | 228090 |
|  |  | 1488468 |
| *Utilities - 1.26%* |  |  |
| Portland General Electric Company | 2502 | 120071 |
| **Total Common Stocks (Cost $7,952,250)** |  | 9385071 |
| **Total Investments - 98.52%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $7,952,250)** |  | $9385071 |
| **Other Assets in Excess of Liabilities - 1.48%** |  | 140893 |
| **NET ASSETS - 100.00%** |  | $9525964 |

---

(a) &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

*See Notes to Financial Statements*

**Cullen Value Fund**

**Schedule of Investments**

*December 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.33%** | **Shares** | **Fair Value** |
| *Communications - 5.00%* |  |  |
| Comcast Corporation, Class A | 12155 | $363313 |
| Verizon Communications, Inc. | 11700 | 476541 |
| Walt Disney Company (The) | 4773 | 543024 |
|  |  | 1382878 |
| *Consumer Discretionary - 5.65%* |  |  |
| BorgWarner, Inc. | 9045 | 407568 |
| Daimler A.G. - ADR | 22750 | 399727 |
| Lowe's Companies, Inc. | 3145 | 758448 |
|  |  | 1565743 |
| *Consumer Staples - 5.46%* |  |  |
| Archer-Daniels-Midland Company | 5149 | 296016 |
| Magnum Ice Cream Company N.V. (The)<sup>(a)</sup> | 2479 | 39286 |
| Mondelez International, Inc., Class A | 8495 | 457286 |
| Unilever plc - ADR | 11016 | 720446 |
|  |  | 1513034 |
| *Energy - 4.13%* |  |  |
| Chevron Corporation | 4044 | 616346 |
| ConocoPhillips | 5621 | 526182 |
|  |  | 1142528 |
| *Financials - 25.74%* |  |  |
| Allstate Corporation (The) | 4396 | 915028 |
| American Express Company | 1759 | 650742 |
| Bank of America Corporation | 15380 | 845900 |
| Chubb Ltd. | 2860 | 892663 |
| Citigroup, Inc. | 12716 | 1483829 |
| JPMorgan Chase & Company | 2995 | 965049 |
| Morgan Stanley | 5890 | 1045652 |
| Truist Financial Corporation | 6575 | 323556 |
|  |  | 7122419 |
| *Health Care - 16.33%* |  |  |
| Becton Dickinson & Company | 2033 | 394544 |
| Bristol-Myers Squibb Company | 6960 | 375422 |
| Cigna Group (The) | 2202 | 606056 |
| Johnson & Johnson | 3988 | 825317 |
| Medtronic plc | 7005 | 672901 |
| Merck & Company, Inc. | 5697 | 599666 |
| Pfizer, Inc. | 21860 | 544314 |
| UnitedHealth Group, Inc. | 1510 | 498466 |
|  |  | 4516686 |
| *Industrials - 17.55%* |  |  |
| Boeing Company (The)<sup>(a)</sup> | 2417 | 524779 |
| Canadian National Railway Company | 4242 | 419322 |
| General Dynamics Corporation | 2325 | 782735 |
| Johnson Controls International plc | 6950 | 832262 |
| RTX Corporation | 6897 | 1264909 |
| Sensata Technologies Holding plc | 8175 | 272146 |
| Siemens A.G. - ADR | 5400 | 755730 |
|  |  | 4851883 |
| *Materials - 3.77%* |  |  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 14400 | 465264 |
| Packaging Corporation of America | 2800 | 577444 |
|  |  | 1042708 |
| *Technology - 12.33%* |  |  |
| Applied Materials, Inc. | 4157 | 1068307 |
| Arrow Electronics, Inc.<sup>(a)</sup> | 5622 | 619432 |
| Cisco Systems, Inc. | 12901 | 993764 |
| Oracle Corporation | 3750 | 730913 |
|  |  | 3412416 |
| *Utilities - 2.37%* |  |  |
| NextEra Energy, Inc. | 8155 | 654683 |
| **Total Common Stocks (Cost $14,331,459)** |  | 27204978 |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **Total Investments - 98.33%** |  |
| &nbsp;&nbsp;&nbsp;**(Cost $14,331,459)** | $27204978 |
| **Other Assets in Excess of Liabilities - 1.67%** | 461870 |
| **NET ASSETS - 100.00%** | $27666848 |

---

(a) Non-income producing security.

ADR - American Depositary Receipt

*See Notes to Financial Statements*

**Cullen Emerging Markets High Dividend Fund**

**Schedule of Investments**

*December 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 93.1%** | **Shares** | **Fair Value** |
| **Brazil - 3.23%** |  |  |
| Axia Energia | 1512080 | 13969764 |
| Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 4082280 | 22073226 |
| Petroleo Brasileiro S.A. | 2407569 | 14314444 |
| SLC Agricola S.A. | 778579 | 2281160 |
|  |  | 52638594 |
| **China - 15.93%** | **China - 15.93%** | **China - 15.93%** |
| Alibaba Group Holding Ltd. | 2626200 | 48186413 |
| BYD Company Ltd., Class H | 10000 | 122515 |
| China Construction Bank Corporation, Class H | 46215185 | 45664597 |
| Midea Group Company Ltd. | 1802739 | 19677269 |
| PetroChina Company Ltd., Class H | 8768000 | 9440895 |
| Sands China Ltd. | 3013000 | 7587938 |
| Tencent Holdings Ltd. | 872192 | 67128589 |
| Trip.com Group Ltd. | 17200 | 1224353 |
| Zijin Mining Group Company Ltd. | 13268646 | 60796215 |
|  |  | 259828784 |
| **Greece - 4.05%** | **Greece - 4.05%** | **Greece - 4.05%** |
| Eurobank S.A. | 9530422 | 38347856 |
| OPAP S.A. | 1233720 | 27683332 |
|  |  | 66031188 |
| **Hong Kong - 3.31%** | **Hong Kong - 3.31%** | **Hong Kong - 3.31%** |
| AIA Group Ltd. | 3340100 | 34290581 |
| Galaxy Entertainment Group Ltd. | 4001000 | 19699838 |
|  |  | 53990419 |
| **India - 8.14%** | **India - 8.14%** | **India - 8.14%** |
| Embassy Office Parks REIT | 3315668 | 16064470 |
| ICICI Bank Ltd. - ADR | 1381613 | 41172067 |
| IRB InvIT Fund 144A<sup>(a)</sup> | 14800000 | 10243987 |
| NHPC Ltd. | 18933411 | 16693618 |
| NTPC Ltd. | 4081000 | 14968375 |
| Oil & Natural Gas Corporation Ltd. | 1000 | 2675 |
| Power Grid Corporation of India Ltd. | 1969632 | 5800450 |
| REC Ltd. | 1944663 | 7722465 |
| State Bank of India | 1847687 | 20198312 |
|  |  | 132866419 |
| **Kazakhstan - 1.05%** | **Kazakhstan - 1.05%** | **Kazakhstan - 1.05%** |
| Kaspi.KZ JSC - ADR<sup>(b)</sup> | 100 | 7813 |
| NAC Kazatomprom JSC | 306636 | 17110289 |
|  |  | 17118102 |
| **Luxembourg - 1.68%** | **Luxembourg - 1.68%** | **Luxembourg - 1.68%** |
| Millicom International Cellular S.A. | 493371 | 27352488 |
| **Malaysia - 0.90%** | **Malaysia - 0.90%** | **Malaysia - 0.90%** |
| CIMB Group Holdings Bhd | 100 | 203 |
| Tenaga Nasional Bhd | 4350274 | 14708172 |
|  |  | 14708375 |
| **Mexico - 4.11%** | **Mexico - 4.11%** | **Mexico - 4.11%** |
| Arca Continental S.A.B. de C.V. | 1116922 | 12062462 |
| Coca-Cola Femsa S.A.B. de C.V. | 1278135 | 12137163 |
| Grupo Financiero Banorte S.A.B. de C.V. | 1968578 | 18236703 |
| Prologis Property Mexico S.A. de C.V. | 5864438 | 24493636 |
|  |  | 66929964 |
| **Panama - 0.82%** | **Panama - 0.82%** | **Panama - 0.82%** |
| Copa Holdings S.A., Class A | 111185 | 13410023 |
| **Philippines - 2.26%** | **Philippines - 2.26%** | **Philippines - 2.26%** |
| DigiPlus Interactive Corporation | 8128000 | 2237444 |
| International Container Terminal Services, Inc. | 3599730 | 34682191 |
|  |  | 36919635 |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCKS — 93.19% (Continued)** | **Shares** | **Fair Value** | **Fair Value** |
| **Poland - 1.80%** |  |  |  |
| Bank Polska Kasa Opieki S.A. | 1 | $| 57 |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | 1235744 |  | 29315271 |
|  |  |  | 29315328 |
| **Saudi Arabia - 0.02%** | **Saudi Arabia - 0.02%** | **Saudi Arabia - 0.02%** | **Saudi Arabia - 0.02%** |
| Saudi Arabian Oil Company | 55500 |  | 352590 |
| **South Korea - 17.53%** | **South Korea - 17.53%** | **South Korea - 17.53%** | **South Korea - 17.53%** |
| Hyundai Motor Company | 142001 |  | 29171347 |
| KB Financial Group, Inc. | 585636 |  | 50598145 |
| KIWOOM Securities Company Ltd. | 191900 |  | 38491419 |
| Korea Shipbuilding & Offshore Engineering Company | 130000 |  | 36658791 |
| KT&G Corporation | 394352 |  | 38825629 |
| Macquarie Korea Infrastructure Fund | 44989 |  | 350671 |
| Samsung Electronics Company Ltd. | 1107668 |  | 92017233 |
|  |  |  | 286113235 |
| **Taiwan - 19.66%** | **Taiwan - 19.66%** | **Taiwan - 19.66%** | **Taiwan - 19.66%** |
| ASE Technology Holding Company Ltd. | 7053207 |  | 56289931 |
| Hon Hai Precision Industry Company Ltd. | 5791000 |  | 42526618 |
| MediaTek, Inc. | 613570 |  | 27953520 |
| Quanta Computer, Inc. | 10000 |  | 86657 |
| Sinbon Electronics Company Ltd. | 109738 |  | 673014 |
| Sunonwealth Electric Machine Industry Company Ltd. | 4066329 |  | 20792845 |
| Taiwan Semiconductor Manufacturing Company Ltd. | 1455400 |  | 71870460 |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 161160 |  | 48974913 |
| Wiwynn Corporation | 359601 |  | 51383028 |
|  |  |  | 320550986 |
| **Turkey - 0.04%** | **Turkey - 0.04%** | **Turkey - 0.04%** | **Turkey - 0.04%** |
| KOC Holding A.S. | 174390 |  | 685769 |
| **United Arab Emirates - 4.47%** | **United Arab Emirates - 4.47%** | **United Arab Emirates - 4.47%** | **United Arab Emirates - 4.47%** |
| Air Arabia PJSC | 9044975 |  | 11476145 |
| Aldar Properties PJSC | 15924800 |  | 37722109 |
| Emaar Development PJSC | 96960 |  | 399952 |
| Emaar Properties PJSC | 373900 |  | 1430324 |
| Emirates NBD Bank PJSC | 2512800 |  | 19053986 |
| TECOM Group PJSC | 3113308 |  | 2890541<br>|
|  |  |  | 72973057 |
| **United Kingdom - 3.72%** | **United Kingdom - 3.72%** | **United Kingdom - 3.72%** | **United Kingdom - 3.72%** |
| Airtel Africa plc 144A<sup>(a)</sup> | 150572 |  | 720963 |
| Anglo American plc | 795123 |  | 33066261 |
| Metlen Energy & Metals plc<sup>(b)</sup> | 517175 |  | 26855187 |
|  |  |  | 60642411 |
| **Vietnam - 0.47%** | **Vietnam - 0.47%** | **Vietnam - 0.47%** | **Vietnam - 0.47%** |
| Gemadept Corporation | 3130600 |  | 7261088 |
| Ho Chi Minh City Securities Corporation | 526700 |  | 448596 |
|  |  |  | 7709684 |
| **Total Common Stocks (Cost $1,110,871,494)** |  |  | 1520137051 |
| **PARTICIPATION (EQUITY LINKED) NOTES — 4.91%** |  |  |  |
| **China - 4.91%** |  |  |  |
| Contemporary Amperex Technology Company Ltd.<sup>(b)</sup> | 802607 |  | 42180755 |
| Midea Group Company Ltd.<sup>(b)</sup> | 275000 |  | 3075385 |
| Weichai Power Company Ltd.<sup>(b)</sup> | 14119975 |  | 34753636 |
|  |  |  | 80009776 |
| **Total Participation (Equity Linked) Notes** | **Total Participation (Equity Linked) Notes** | **Total Participation (Equity Linked) Notes** | **Total Participation (Equity Linked) Notes** |
| **(Cost $65,882,237)** |  |  | 80009776 |

---

*See Notes to Financial Statements*

**Cullen Emerging Markets High Dividend Fund**

**Schedule of Investments (continued)**

*December 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS — 1.62%** | **Shares** | **Fair Value** |
| **Brazil - 1.62%** |  |  |
| Axia Energia<sup>(b) (b)</sup> | 390887 | $3504998 |
| Itau Unibanco Holding S.A. | 3195833 | 22886548 |
|  |  | 26391546 |
| **Total Preferred Stocks (Cost $23,889,723)** |  | 26391546 |
| **Total Investments - 99.72%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,200,643,454)** |  | $1626538373 |
| **Other Assets in Excess of Liabilities - 0.28%** |  | 4559041 |
| **NET ASSETS - 100.00%** |  | $1631097414 |

---

(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities
 Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December
 31, 2025, the total market value of Rule 144A securities is $10,964,950 or 0.67% of net assets.

(b) Non-income producing security.

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

*See Notes to Financial Statements*

**Cullen Enhanced Equity Income Fund**

**Schedule of Investments**

*December 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.41%** | **Shares** | **Fair Value** |
| *Communications - 8.15%* |  |  |
| BCE, Inc. | 167614 | $3992565 |
| Comcast Corporation, Class A | 110639 | 3307000 |
| Verizon Communications, Inc. | 104122 | 4240889 |
|  |  | 11540454 |
| *Consumer Discretionary - 1.94%* |  |  |
| Genuine Parts Company | 22350 | 2748156 |
| *Consumer Staples - 8.56%* |  |  |
| Altria Group, Inc. | 68176 | 3931028 |
| Keurig Dr Pepper, Inc. | 142830 | 4000668 |
| Sysco Corporation | 56918 | 4194288 |
|  |  | 12125984 |
| *Energy - 9.79%* |  |  |
| ConocoPhillips | 56298 | 5270056 |
| EOG Resources, Inc. | 43753 | 4594503 |
| Exxon Mobil Corporation | 33295 | 4006720 |
|  |  | 13871279 |
| *Financials - 17.68%* |  |  |
| American International Group, Inc. | 46005 | 3935728 |
| Bank of America Corporation<sup>(a)</sup> | 75661 | 4161355 |
| Citigroup, Inc. | 43000 | 5017669 |
| First Horizon Corporation<sup>(a)</sup> | 151535 | 3621687 |
| PNC Financial Services Group, Inc. (The) | 20049 | 4184828 |
| Truist Financial Corporation | 83926 | 4129998 |
|  |  | 25051265 |
| *Health Care - 17.53%* |  |  |
| Becton Dickinson & Company | 24048 | 4666995 |
| Bristol-Myers Squibb Company | 90732 | 4894084 |
| Medtronic plc | 65423 | 6284534 |
| Merck & Company, Inc.<sup>(a)</sup> | 48386 | 5093110 |
| UnitedHealth Group, Inc. | 11805 | 3896949 |
|  |  | 24835672 |
| *Industrials - 9.72%* |  |  |
| General Dynamics Corporation | 9657 | 3251126 |
| PACCAR, Inc.<sup>(a)</sup> | 40422 | 4426613 |
| Union Pacific Corporation | 12000 | 2775840 |
| United Parcel Service, Inc., Class B | 33508 | 3323658 |
|  |  | 13777237 |
| *Materials - 4.29%* |  |  |
| PPG Industries, Inc. | 34124 | 3496345 |
| Smurfit WestRock plc | 66740 | 2580836 |
|  |  | 6077181 |
| *Real Estate - 6.08%* |  |  |
| Healthpeak Properties, Inc. | 237925 | 3825834 |
| VICI Properties, Inc. | 170385 | 4791226 |
|  |  | 8617060 |
| *Technology - 8.44%* |  |  |
| Cisco Systems, Inc. | 73600 | 5669408 |
| International Business Machines Corporation | 11500 | 3406415 |
| QUALCOMM, Inc. | 16858 | 2883561 |
|  |  | 11959384 |
| *Utilities - 6.23%* |  |  |
| Duke Energy Corporation | 37374 | 4380607 |
| PPL Corporation | 126756 | 4438995 |
|  |  | 8819602 |
| **Total Common Stocks (Cost $133,902,612)** |  | 139423274 |
| **Total Investments - 98.41%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $133,902,612)** |  | $139423274 |
| **Other Assets in Excess of Liabilities - 1.59%** |  | 2251867 |
| **NET ASSETS - 100.00%** |  | $141675141 |

---

(a) Pledged security; a portion or all of the security pledged as collateral for
 written options in the amount of $14,743,666 as of December 31, 2025.

**SCHEDULE OF WRITTEN OPTION CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Notional Amount** | **Exercise** <br>**Price** | **Expiration** <br>**Date** | **Fair Value** |
| **Written Call Options - (0.08%)** | **Written Call Options - (0.08%)** | **Written Call Options - (0.08%)** | **Written Call Options - (0.08%)** | **Written Call Options - (0.08%)** | **Written Call Options - (0.08%)** |
| &nbsp;&nbsp;&nbsp;Bank of America Corporation | (379) | $(2084500) | $58.00 | January 2026 | $(11749) |
| &nbsp;&nbsp;&nbsp;First Horizon Corporation | (1515) | (3620850) | 25.00 | January 2026 | (37875) |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | (242) | (2547292) | 110.00 | January 2026 | (9680) |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | (404) | (4424204) | 113.60 | January 2026 | (30300) |
| &nbsp;&nbsp;&nbsp;Truist Financial Corporation | (420) | (2066820) | 50.00 | January 2026 | (22680) |
| **Total Written Call Options (Premiums received $165,042)** | **Total Written Call Options (Premiums received $165,042)** | **Total Written Call Options (Premiums received $165,042)** | **Total Written Call Options (Premiums received $165,042)** |  | $(112284) |

---

*See Notes to Financial Statements*

Cullen Funds

**STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets:** | **Cullen**<br> **International**<br> **High Dividend**<br> **Fund** | **Cullen High**<br> **Dividend Equity**<br> **Fund** | **Cullen Small Cap**<br> **Value Fund** | **Cullen Value**<br> **Fund** | **Cullen Emerging**<br> **Markets High**<br> **Dividend Fund** | **Cullen Enhanced** <br>**Equity Income** <br>**Fund** |
| Investments at Cost | $277454328 | $288009538 | $7952250 | $14331459 | $1200643454 | $133902612 |
| Investments at Value | $389109659 | $635945277 | $9385071 | $27204978 | $1626538373 | $139423274 |
| Total Securities at Value |  |  |  |  |  |  |
| Cash | 1184576 | 7953723 | 142763 | 438599 | 4060661 | 1831342 |
| Foreign currencies (cost - $) | 942875 |  |  |  |  |  |
| Cash Collateral |  |  |  |  |  | 65722 |
| Receivable for Securities Sold |  |  |  |  | 1778338 |  |
| Receivable for Fund Shares Sold | 207893 | 426316 |  | 6497 | 1046365 | 55721 |
| Dividends and Interest Receivable | 3292492 | 2708689 | 23740 | 58779 | 6048277 | 578373 |
| Receivable Due from Adviser |  |  | 45329 | 116317 |  |  |
| Prepaid Expenses and Other Assets | 43113 | 35446 | 25693 | 22798 | 96064 | 33059 |
| &nbsp;&nbsp;&nbsp;Total Assets | 394780608 | 647069451 | 9622596 | 27847968 | 1639568078 | 141987491 |
| **Liabilities:** |  |  |  |  |  |  |
| Written Options, at Value (Premiums $165,042) |  |  |  |  |  | 112284 |
| Investment Advisory Fees Payable | 265677 | 321276 |  | 89610 | 1156664 | 53200 |
| Payable for Securities Purchased | 772157 |  |  |  | 3936754 |  |
| Payable for Fund Shares Redeemed | 44981 | 2775875 |  |  | 481609 | 19090 |
| Distribution (12b-1) Fees Payable | 1978 | 32942 | 181 | 721 | 17524 | 8821 |
| Due to Broker |  |  |  |  | 635753 |  |
| Trustees' Fees and Expenses Payable | 21173 | 20614 | 21173 | 21172 | 20708 | 20709 |
| Professional Fees Payable | 29270 | 28875 | 29554 | 28876 | 4285 | 29321 |
| Accrued Expenses and Other Liabilities | 530751 | 263447 | 45724 | 40741 | 2217367 | 68925 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 1665987 | 3443029 | 96632 | 181120 | 8470664 | 312350 |
| **NET ASSETS** | $393114621 | $643626422 | $9525964 | $27666848 | $1631097414 | $141675141 |
| **NET ASSETS CONSIST OF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in-Capital | $303203831 | $275471408 | $8195895 | $14909749 | $1259025865 | $142005695 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated loss) | 89910790 | 368155014 | 1330069 | 12757099 | 372071549 | (330554) |
| **NET ASSETS** | $393114621 | $643626422 | $9525964 | $27666848 | $1631097414 | $141675141 |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)**

**December 31, 2025 (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cullen<br> International<br> High Dividend<br> Fund** | **Cullen High<br> Dividend Equity<br> Fund** | **Cullen Small Cap<br> Value Fund** | **Cullen Value<br> Fund** | **Cullen Emerging<br> Markets High<br> Dividend Fund** | **Cullen Enhanced<br> Equity Income<br> Fund** |
| **PRICING OF SHARES** |  |  |  |  |  |  |
| **Retail Class:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $6565647 | $71413290 | $343403 | $1827386 | $80447878 | $5161940 |
| &nbsp;&nbsp;&nbsp;Shares issued (unlimited number of beneficial interest authorized $0.001 par value) | 492709 | 5445571 | 26022 | 116922 | 4999649 | 498498 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $13.33 | $13.11 | $13.20 | $15.63 | $16.09 | $10.35 |
| **Class C:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $718784 | $19937770 | $121075 | $388552 | $1868943 | $9201571 |
| &nbsp;&nbsp;&nbsp;Shares issued (unlimited number of beneficial interest authorized $0.001 par value) | 54153 | 1572048 | 10529 | 24994 | 118372 | 882005 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $13.27 | $12.68 | $11.50 | $15.55 | $15.79 | $10.43 |
| **Class I:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | 385830190 | 552275362 | 9061486 | 25450910 | $1542805504 | $127311630 |
| &nbsp;&nbsp;&nbsp;Shares issued (unlimited number of beneficial interest authorized $0.001 par value) | 28626533 | 42053517 | 655546 | 1637198 | 95011991 | 12205159 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $13.48 | $13.13 | $13.82 | $15.55 | $16.24 | $10.43 |
| **R6 Class:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  |  |  | $5975089 |  |
| &nbsp;&nbsp;&nbsp;Shares issued (unlimited number of beneficial interest authorized $0.001 par value) |  |  |  |  | 367995 |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share |  |  |  |  | $16.24 |  |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF OPERATIONS (Unaudited)**

**For the Six Months Ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cullen<br> International<br> High Dividend<br> Fund** | **Cullen High<br> Dividend Equity<br> Fund** | **Cullen Small Cap<br> Value Fund** | **Cullen Value<br> Fund** | **Cullen Emerging<br> Markets High<br> Dividend Fund** | **Cullen Enhanced<br> Equity Income<br> Fund** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT INCOME:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $4902050 | $9162834 | $114592 | $260753 | $22757197 | $2801824 |
| &nbsp;&nbsp;&nbsp;Interest | 109609 | 92894 | 803 | 9472 | 262600 | 20343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 5011659 | 9255728 | 115395 | 270225 | 23019797 | 2822167 |
| &nbsp;&nbsp;&nbsp;**EXPENSES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 1834829 | 3355862 | 49031 | 133025 | 7286495 | 742677 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees - Retail Class | 7729 | 92725 | 448 | 2185 | 76913 | 6879 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees - Class C | 3466 | 105171 | 646 | 1949 | 8856 | 45618 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 69529 | 14548 | 1739 | 1514 | 641037 | 5567 |
| &nbsp;&nbsp;&nbsp;Administrative Fees | 47559 | 84761 | 4259 | 6486 | 178947 | 21205 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 41172 | 40614 | 41173 | 41173 | 40708 | 40708 |
| &nbsp;&nbsp;&nbsp;Registration and Filing Fees | 39739 | 45784 | 22472 | 22983 | 67047 | 23914 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 37237 | 65300 | 25823 | 25187 | 27175 | 31145 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 35427 | 35348 | 35427 | 35348 | 39545 | 35427 |
| &nbsp;&nbsp;&nbsp;Professional Fees | 32817 | 32501 | 33102 | 32502 | 33102 | 32868 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 57704 | 171920 | 17871 | 16369 | 114997 | 31541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 2207208 | 4044534 | 231991 | 318721 | 8514822 | 1017549 |
| &nbsp;&nbsp;&nbsp;Less expenses waived/reimbursed from Investment Advisor (Note #) | (359714) | (1330117) | (181858) | (214761) | (1130357) | (408272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 1847494 | 2714417 | 50133 | 103960 | 7384465 | 609277 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME** | 3164165 | 6541311 | 65262 | 166265 | 15635332 | 2212890 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 11251041 | 45057108 | 475892 | 1045261 | 57451935 | (1653746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options |  |  |  |  |  | 937174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Gains Tax |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (107953) | (2818) |  | 8 | (475927) | (1651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain/(loss) | 11143088 | 45054290 | 475892 | 1045269 | 56976008 | (718223) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 15484600 | 13804760 | 132360 | 1486164 | 156284891 | 2861209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options |  |  |  |  |  | 124889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Gains Tax |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | (391443) | 351 |  |  | (41764) | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | 15093157 | 13805111 | 132360 | 1486164 | 156243127 | 2986683 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 26236245 | 58859401 | 608252 | 2531433 | 213219135 | 2268460 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $29400410 | $65400712 | $673514 | $2697698 | $228854467 | $4481350 |
| &nbsp;&nbsp;&nbsp;\*Foreign taxes withheld on dividends | $638434 | $45274 | $— | $1179 | $2837068 | $17820 |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cullen International High Dividend Fund** | **Cullen International High Dividend Fund** | **Cullen High Dividend Equity Fund** | **Cullen High Dividend Equity Fund** |
|  | **Six Months Ended**<br> **December 31, 2025** | **Year Ended**<br> **June 30, 2025** | **Six Months Ended**<br> **December 31, 2025** | **Year Ended**<br> **June 30, 2025** |
|  | (Unaudited) |  | (Unaudited) |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $3164165 | $10392305 | $6541311 | $17399259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | 11143088 | 9328344 | 45054290 | 93643779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 15093157 | 35106269 | 13805111 | (31762266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting From Operations | 29400410 | 54826918 | 65400712 | 79280772 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| Distributions Paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (127750) | (205055) | (9237433) | (10001682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (9500) | (22501) | (2609786) | (2811523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (8467179) | (13211668) | (72444480) | (83221066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  |  |  | (5106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 |  | (10) |  | (3379) |
| Net Decrease in Net Assets from Distributions | (8604429) | (13439234) | (84291699) | (96042756) |
| **CAPITAL SHARE TRANSACTIONS (NOTE #)** |  |  |  |  |
| Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 1733923 | 4009146 <sup>(a)</sup> | 2377143 | 9784878 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 17729 |  | 509075 | 1378496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 50672420 | 104733812 | 30509407 | 103562451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  |  |  | 5873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 |  |  |  | 1158 |
| Distributions Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 118311 | 192045 | 8973222 | 9656987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 9198 | 21203 | 2567158 | 2752679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 5395982 | 8774409 | 63387753 | 69406411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  |  |  | 5106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 |  | 10 |  | 3378 |
| Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (1334303) | (3676918) | (10096257) | (23539448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (24624) | (199383) | (3009001) | (6335261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (22115850) | (113263020) | (98653803) | (237552828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  |  |  | (948999)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 |  | (818)<sup>(a)</sup> |  | (596990)<sup>(a)</sup> |
| Redemption Fee Proceeds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 1 |  | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0 <sup>(b)</sup> |  | 57 | 292 |
| Net Increase (Decrease) in Net Assets Derived From Capital Share Transactions | 34472787 | 590486 | (3435238) | (72415408) |
| **Net Increase (Decrease) in Net Assets** | 55268768 | 41978170 | (22326225) | (89177392) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 337845853 | 295867683 | 665952647 | 755130039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period | $393114621 | $337845853 | $643626422 | $665952647 |

---

<sup>(a)</sup> After the close of business on October 21, 2024, Class R1 and Class R2 shares of the Fund were converted to Retail Class shares of the Fund, equal to the relative aggregate net asset value of shareholder's Class R1 or Class R2 shares held immediately prior to the conversion.

<sup>(b)</sup> Less than $1.

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cullen Small Cap Value Fund** | **Cullen Small Cap Value Fund** | **Cullen Value Fund** | **Cullen Value Fund** |
|  | **Six Months Ended <br> December 31, 2025** | **Year Ended <br> June 30, 2025** | **Six Months Ended <br> December 31, 2025** | **Year Ended <br> June 30, 2025** |
|  | (Unaudited) |  | (Unaudited) |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $65262 | $129226 | $166265 | $412879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 475892 | (186460) | 1045269 | (86147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 132360 | (18442) | 1486164 | 2482737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting From Operations | 673514 | (75676) | 2697698 | 2809469 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| Distributions Paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (2892) | (17688) | (55162) | (62298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (812) | (5838) | (11076) | (13443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (95054) | (479416) | (848367) | (903794) |
| Net Decrease in Net Assets from Distributions | (98758) | (502942) | (914605) | (979535) |
| **CAPITAL SHARE TRANSACTIONS (NOTE #)** |  |  |  |  |
| Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 4454 | 103733 | 32890 | 53066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 32555 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 136535 | 1226196 | 164258 | 300940 |
| Distributions Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 2892 | 17688 | 55162 | 62298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 812 | 5838 | 11076 | 13443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 94774 | 478236 | 848352 | 903794 |
| Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (10793) | (128860) | (48338) | (191101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (5202) | (39569) | (16621) | (201382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (697258) | (2103711) | (178955) | (554256) |
| Net Increase (Decrease) in Net Assets Derived From Capital Share Transactions | (473786) | (407894) | 867824 | 386802 |
| **Net Increase (Decrease) in Net Assets** | 100970 | (986512) | 2650917 | 2216736 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 9424994 | 10411506 | 25015931 | 22799195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period | $9525964 | $9424994 | $27666848 | $25015931 |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cullen Emerging Markets High Dividend Fund** | **Cullen Emerging Markets High Dividend Fund** | **Cullen Enhanced Equity Income Fund** | **Cullen Enhanced Equity Income Fund** |
|  | **Six Months Ended <br> December 31, 2025** | **Year Ended <br> June 30, 2025** | **Six Months Ended <br> December 31, 2025** | **Year Ended <br> June 30, 2025** |
|  | (Unaudited) |  | (Unaudited) |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $15635332 | $29428278 | $2212890 | $5046351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 56976008 | (20329748) | (718223) | 3306031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 156243127 | 102448806 | 2986683 | 4544675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting From Operations | 228854467 | 111547336 | 4481350 | 12897057 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| Distributions Paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (688490) | (1288242) | (130731) | (177797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (10903) | (36555) | (149388) | (221238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (18117034) | (28843888) | (3651485) | (4644616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (35984) |  |  |  |
| Tax Return of Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class |  |  |  | (144548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  | (196389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  |  | (3778245) |
| Net Decrease in Net Assets from Distributions | (18852411) | (30168685) | (3931604) | (9162833) |
| **CAPITAL SHARE TRANSACTIONS (NOTE #)** |  |  |  |  |
| Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 24629832 | 31143783 | 400071 | 1401214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 5000 | 105187 | 543863 | 1989527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 334360003 | 549563014 | 7105036 | 24737216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 5883738 |  |  |  |
| Distributions Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 619315 | 1184698 | 109987 | 279697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 10595 | 35783 | 142586 | 392604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 13222656 | 22604708 | 3501421 | 8009686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 35984 |  |  |  |
| Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (3633274) | (20144281) | (1185598) | (1447629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (6490) | (232709) | (684190) | (2089603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (114190630) | (332388735) | (21258565) | (42497442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  |  |  |  |
| Redemption Fee Proceeds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 4311 | 1641 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (93) | 533 |  | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  |  |  |  |
| Net Increas (Decrease) in Net Assets Derived From Capital Share Transactions | 260940947 | 251873622 | (11325389) | (9223639) |
| **Net Increase (Decrease) in Net Assets** | 470943003 | 333252273 | (10775643) | (5489415) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 1160154411 | 826902138 | 152450784 | 157940199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period | $1631097414 | $1160154411 | $141675141 | $152450784 |

---

See Notes to Financial Statements.

**Cullen International High Dividend Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended December 31, 2025** | **For the Year Ended June 30, 2025** | **For the Year Ended June 30, 2024** | **For the Year Ended June 30, 2023** | **For the Year Ended June 30, 2022** | **For the Year Ended June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Retail Class** |  |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $12.59 | $11.11 | $10.17 | $9.16 | $10.94 | $8.79 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.09 | 0.36 | 0.30 | 0.29 | 0.24 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 1.55 | 1.60 | 1.08 | 1.00 | (1.71) | 2.15 |
| Total from Investment Operations | 1.64 | 1.96 | 1.38 | 1.29 | (1.47) | 2.43 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.90) | (0.48) | (0.44) | (0.28) | (0.31) | (0.28) |
| Total Distributions | (0.90) | (0.48) | (0.44) | (0.28) | (0.31) | (0.28) |
| Redemption Fees | 0.00 (b) |  |  |  |  |  |
| Net Increase/(Decrease) in net asset value | 0.74 | 1.48 | 0.94 | 1.01 | (1.78) | 2.15 |
| **Net Asset Value, End of Period** | $13.33 | $12.59 | $11.11 | $10.17 | $9.16 | $10.94 |
| **TOTAL RETURN (c)** | 8.11 %(e) | 18.16% | 13.92% | 14.28% | (13.71)% | 27.95% |
| **RATIOS/SUPPLEMENTAL DATA: (d)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $6566 | $5697 | $4480 | $4776 | $4188 | $6267 |
| Ratio of operating expenses to average net assets excluding waivers | 1.44 %(f) | 1.47% | 1.48% | 1.56% | 1.51% | 1.52% |
| Ratio of operating expenses to average net assets including waivers | 1.25 %(f) | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of net investment income to average net assets excluding waivers | 1.27 %(f) | 2.91% | 2.64% | 2.72% | 1.97% | 2.57% |
| Ratio of net investment income to average net assets including waivers | 1.46 %(f) | 3.13% | 2.87% | 3.03% | 2.23% | 2.84% |
| Portfolio turnover rate | 46 %(e) | 125% | 70% | 63% | 75% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Less than $0.005 per share.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

See Notes to Financial Statements.

**Cullen International High Dividend Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended December 31, 2025** | **For the Year Ended June 30, 2025** | **For the Year Ended June 30, 2024** | **For the Year Ended June 30, 2023** | **For the Year Ended June 30, 2022** | **For the Year Ended June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Class C** | | | | | | |
| **Net Asset Value, Beginning of Period** | $12.50 | $11.03 | $10.12 | $9.11 | $10.90 | $8.78 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.05 | 0.26 | 0.21 | 0.20 | 0.20 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.90 | 1.60 | 1.08 | 1.02 | (1.75) | 2.12 |
| Total from Investment Operations | 0.95 | 1.86 | 1.29 | 1.22 | (1.55) | 2.34 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.18) | (0.39) | (0.38) | (0.21) | (0.24) | (0.22) |
| Total Distributions | (0.18) | (0.39) | (0.38) | (0.21) | (0.24) | (0.22) |
| Net Increase/(Decrease) in net asset value | 0.77 | 1.47 | 0.91 | 1.01 | (1.79) | 2.12 |
| **Net Asset Value, End of Period** | $13.27 | $12.50 | $11.03 | $10.12 | $9.11 | $10.90 |
| **TOTAL RETURN (b)** | 7.65 %(d) | 17.30% | 13.02% | 13.50% | (14.38)% | 26.92% |
| **RATIOS/SUPPLEMENTAL DATA: (c)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $719 | $675 | $774 | $985 | $1071 | $1387 |
| Ratio of operating expenses to average net assets excluding waivers | 2.19 %(e) | 2.22% | 2.23% | 2.31% | 2.26% | 2.27% |
| Ratio of operating expenses to average net assets including waivers | 2.00 %(e) | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Ratio of net investment income to average net assets excluding waivers | 0.55 %(e) | 2.09% | 1.79% | 1.83% | 1.64% | 1.93% |
| Ratio of net investment income to average net assets including waivers | 0.74 %(e) | 2.31% | 2.02% | 2.14% | 1.90% | 2.20% |
| Portfolio turnover rate | 46 %(d) | 125% | 70% | 63% | 75% | 57% |

---

&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 returns are calculated assuming
 an initial investment made at the net asset value at the beginnig of the period, reinvestment of all dividends and capital gains distributions,
 if any, at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do
 not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total
 return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized.

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

See Notes to Financial Statements.

**Cullen International High Dividend Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended December 31, 2025** | **For the Year Ended June 30, 2025** | **For the Year Ended June 30, 2024** | **For the Year Ended June 30, 2023** | **For the Year Ended June 30, 2022** | **For the Year Ended June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $12.75 | $11.24 | $10.28 | $9.25 | $11.03 | $8.86 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.11 | 0.39 | 0.35 | 0.33 | 0.34 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.93 | 1.63 | 1.07 | 1.00 | (1.80) | 2.15 |
| Total from Investment Operations | 1.04 | 2.02 | 1.42 | 1.33 | (1.46) | 2.47 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.31) | (0.51) | (0.46) | (0.30) | (0.32) | (0.30) |
| Total Distributions | (0.31) | (0.51) | (0.46) | (0.30) | (0.32) | (0.30) |
| Redemption Fees | 0.00 (b) |  |  |  |  |  |
| Net Increase/(Decrease) in net asset value | 0.73 | 1.51 | 0.96 | 1.03 | (1.78) | 2.17 |
| **Net Asset Value, End of Period** | $13.48 | $12.75 | $11.24 | $10.28 | $9.25 | $11.03 |
| **TOTAL RETURN (c)** | 8.22 %(e) | 18.51% | 14.18% | 14.63% | (13.49)% | 28.24% |
| **RATIOS/SUPPLEMENTAL DATA: (d)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $385830 | $331474 | $290613 | $240839 | $174893 | $188481 |
| Ratio of operating expenses to average net assets excluding waivers | 1.20 %(f) | 1.22% | 1.23% | 1.30% | 1.26% | 1.27% |
| Ratio of operating expenses to average net assets including waivers | 1.00 %(f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets excluding waivers | 1.53 %(f) | 3.17% | 3.04% | 3.06% | 2.90% | 2.86% |
| Ratio of net investment income to average net assets including waivers | 1.73 %(f) | 3.39% | 3.27% | 3.36% | 3.16% | 3.13% |
| Portfolio turnover rate | 46 %(e) | 125% | 70% | 63% | 75% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Less than $0.005 per share.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

See Notes to Financial Statements.

**Cullen High Dividend Equity Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months<br> Ended<br> December 31, 2025** | **For the Year<br> Ended<br> June 30, 2025** | **For the Year<br> Ended<br> June 30, 2024** | **For the Year<br> Ended<br> June 30, 2023** | **For the Year<br> Ended<br> June 30, 2022** | **For the Year<br> Ended<br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $13.69 | $14.11 | $14.77 | $14.83 | $17.09 | $14.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.13 | 0.32 | 0.32 | 0.36 | 0.33 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 1.15 | 1.17 | 0.67 | 0.84 | (0.78) | 4.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.28 | 1.49 | 0.99 | 1.20 | (0.45) | 4.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (1.86) | (1.91) | (1.65) | (1.26) | (1.81) | (1.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.86) | (1.91) | (1.65) | (1.26) | (1.81) | (1.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | 0.00 (b) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | (0.58) | (0.42) | (0.66) | (0.06) | (2.26) | 3.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value, End of Period** | $13.11 | $13.69 | $14.11 | $14.77 | $14.83 | $17.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL RETURN (c)** | 9.52 %(e) | 11.69% | 7.41% | 8.26% | (3.53)% | 35.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA: (d)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, End of Period (in 000's) | $71413 | $72647 | $78463 | $94318 | $106659 | $129052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets excluding waivers | 1.40 %(f) | 1.36% | 1.35% | 1.36% | 1.34% | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets including waivers | 1.00 %(f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets excluding waivers | 1.36 %(f) | 1.90% | 1.91% | 2.04% | 1.62% | 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets including waivers | 1.76 %(f) | 2.26% | 2.26% | 2.40% | 1.96% | 2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 11 %(e) | 37% | 38% | 35% | 16% | 40% |

---

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

(b) Less
 than $0.005 per share.

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

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

(e) Not
 annualized.

(f) Annualized.

See Notes to Financial Statements.

**Cullen High Dividend Equity Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months<br> Ended<br> December 31, 2025** | **For the Year<br> Ended<br> June 30, 2025** | **For the Year<br> Ended<br> June 30, 2024** | **For the Year<br> Ended<br> June 30, 2023** | **For the Year<br> Ended<br> June 30, 2022** | **For the Year<br> Ended<br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $13.28 | $13.76 | $14.45 | $14.55 | $16.82 | $13.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.07 | 0.20 | 0.21 | 0.24 | 0.20 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 1.13 | 1.14 | 0.65 | 0.83 | (0.77) | 4.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.20 | 1.34 | 0.86 | 1.07 | (0.57) | 4.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (1.80) | (1.82) | (1.55) | (1.17) | (1.70) | (1.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.80) | (1.82) | (1.55) | (1.17) | (1.70) | (1.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | (0.60) | (0.48) | (0.69) | (0.10) | (2.27) | 2.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value, End of Period** | $12.68 | $13.28 | $13.76 | $14.45 | $14.55 | $16.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL RETURN (b)** | 9.19 %(d) | 10.79% | 6.61% | 7.46% | (4.30)% | 34.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA: (c)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, End of Period (in 000's) | $19938 | $20650 | $23433 | $30603 | $31861 | $35626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets excluding waivers | 2.15 %(e) | 2.11% | 2.10% | 2.11% | 2.09% | 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets including waivers | 1.75 %(e) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets excluding waivers | 0.61 %(e) | 1.14% | 1.15% | 1.29% | 0.88% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets including waivers | 1.01 %(e) | 1.50% | 1.50% | 1.65% | 1.22% | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 11 %(d) | 37% | 38% | 35% | 16% | 40% |

---

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

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

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

(d) Not
 annualized.

(e) Annualized.

See Notes to Financial Statements.

**Cullen High Dividend Equity Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months<br> Ended<br> December 31, 2025** | **For the Year<br> Ended<br> June 30, 2025** | **For the Year<br> Ended<br> June 30, 2024** | **For the Year<br> Ended<br> June 30, 2023** | **For the Year<br> Ended<br> June 30, 2022** | **For the Year<br> Ended<br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $13.71 | $14.13 | $14.78 | $14.84 | $17.11 | $14.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.14 | 0.35 | 0.35 | 0.40 | 0.37 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 1.17 | 1.17 | 0.68 | 0.84 | (0.79) | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.31 | 1.52 | 1.03 | 1.24 | (0.42) | 4.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (1.89) | (1.94) | (1.68) | (1.30) | (1.85) | (1.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.89) | (1.94) | (1.68) | (1.30) | (1.85) | (1.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | 0.00 (b) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | (0.58) | (0.42) | (0.65) | (0.06) | (2.27) | 3.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value, End of Period** | $13.13 | $13.71 | $14.13 | $14.78 | $14.84 | $17.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL RETURN (c)** | 9.69 %(e) | 11.93% | 7.73% | 8.52% | (3.35)% | 35.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA: (d)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, End of Period (in 000's) | $552275 | $572655 | $651821 | $802559 | $865159 | $995683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets excluding waivers | 1.15 %(f) | 1.11% | 1.10% | 1.11% | 1.08% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets including waivers | 0.75 %(f) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets excluding waivers | 1.61 %(f) | 2.14% | 2.15% | 2.29% | 1.88% | 2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets including waivers | 2.01 %(f) | 2.50% | 2.50% | 2.65% | 2.21% | 2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 11 %(e) | 37% | 38% | 35% | 16% | 40% |

---

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

(b) Less
 than $0.005 per share.

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

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

(e) Not
 annualized.

(f) Annualized.

See Notes to Financial Statements.

**Cullen Small Cap Value Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months<br> Ended<br> December 31, 2025** | **For the Year<br> Ended<br> June 30, 2025** | **For the Year<br> Ended<br> June 30, 2024** | **For the Year<br> Ended<br> June 30, 2023** | **For the Year<br> Ended<br> June 30, 2022** | **For the Year<br> Ended<br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $12.41 | $13.01 | $12.62 | $13.21 | $15.98 | $9.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.08 | 0.13 | 0.17 | 0.19 | 0.14 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.82 | (0.10) | 0.51 | 0.34 | (1.06) | 6.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.90 | 0.03 | 0.68 | 0.53 | (0.92) | 6.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (0.11) | (0.63) | (0.29) | (1.12) | (1.85) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.11) | (0.63) | (0.29) | (1.12) | (1.85) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 0.79 | (0.60) | 0.39 | (0.59) | (2.77) | 6.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value, End of Period** | $13.20 | $12.41 | $13.01 | $12.62 | $13.21 | $15.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL RETURN (b)** | 7.20 %(d) | (0.13)% | 5.39% | 3.95% | (6.35)% | 70.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA: (c)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, End of Period (in 000's) | $343 | $327 | $359 | $559 | $373 | $637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets excluding waivers | 4.96 %(e) | 4.50% | 4.07% | 4.88% | 4.25% | 4.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets including waivers | 1.25 %(e) | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment (loss) to average net assets excluding waivers | (2.60)%(e) | (2.27)% | (1.48)% | (2.21)% | (2.10)% | (3.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets including waivers | 1.11 %(e) | 0.98% | 1.34% | 1.42% | 0.90% | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 21 %(d) | 38% | 72% | 70% | 31% | 70% |

---

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

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

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

(d) Not
 annualized.

(e) Annualized.

See Notes to Financial Statements.

**Cullen Small Cap Value Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months<br> Ended<br> December 31, 2025** | **For the Year<br> Ended<br> June 30, 2025** | **For the Year<br> Ended<br> June 30, 2024** | **For the Year<br> Ended<br> June 30, 2023** | **For the Year<br> Ended<br> June 30, 2022** | **For the Year<br> Ended<br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.83 | $11.45 | $11.10 | $11.66 | $14.43 | $8.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) (a) | 0.02 | 0.03 | 0.08 | 0.08 | (0.00)(b) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.72 | (0.09) | 0.42 | 0.32 | (0.92) | 5.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.74 | (0.06) | 0.50 | 0.40 | (0.92) | 5.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (0.07) | (0.56) | (0.15) | (0.96) | (1.85) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.07) | (0.56) | (0.15) | (0.96) | (1.85) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 0.67 | (0.62) | 0.35 | (0.56) | (2.77) | 5.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value, End of Period** | $11.50 | $10.83 | $11.45 | $11.10 | $11.66 | $14.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL RETURN (c)** | 6.83 %(e) | (0.86)% | 4.47% | 3.28% | (7.11)% | 68.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA: (d)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, End of Period (in 000's) | $121 | $118 | $125 | $125 | $65 | $336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets excluding waivers | 5.71 %(f) | 5.22% | 4.81% | 5.62% | 5.04% | 5.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets including waivers | 2.00 %(f) | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment (loss) to average net assets excluding waivers | (3.36)%(f) | (2.99)% | (2.14)% | (2.90)% | (3.07)% | (4.62)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets including waivers | 0.35 %(f) | 0.23% | 0.67% | 0.72% | (0.03)% | (0.66)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 21 %(e) | 38% | 72% | 70% | 31% | 70% |

---

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

(b) Less
 than $0.005 per share.

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

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

(e) Not
 annualized.

(f) Annualized.

See Notes to Financial Statements.

**Cullen Small Cap Value Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months** <br> **Ended** <br> **December 31, 2025** | **For the Year <br> Ended <br> June 30, 2025** | **For the Year <br> Ended <br> June 30, 2024** | **For the Year <br> Ended <br> June 30, 2023** | **For the Year <br> Ended <br> June 30, 2022** | **For the Year <br> Ended <br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $13.01 | $13.60 | $13.19 | $13.69 | $16.45 | $9.68 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.10 | 0.17 | 0.22 | 0.24 | 0.18 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.86 | (0.11) | 0.52 | 0.35 | (1.09) | 6.75 |
| Total from Investment Operations | 0.96 | 0.06 | 0.74 | 0.59 | (0.91) | 6.80 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.15) | (0.65) | (0.33) | (1.09) | (1.85) | (0.03) |
| Total Distributions | (0.15) | (0.65) | (0.33) | (1.09) | (1.85) | (0.03) |
| Net Increase/(Decrease) in net asset value | 0.81 | (0.59) | 0.41 | (0.50) | (2.76) | 6.77 |
| **Net Asset Value, End of Period** | $13.82 | $13.01 | $13.60 | $13.19 | $13.69 | $16.45 |
| **TOTAL RETURN (b)** | 7.30 %(d) | 0.13% | 5.61% | 4.25% | (6.11)% | 70.34% |
| **RATIOS/SUPPLEMENTAL DATA: (c)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $9061 | $8980 | $9928 | $12288 | $7848 | $7817 |
| Ratio of operating expenses to average net assets excluding waivers | 4.71 %(e) | 4.22% | 3.80% | 4.56% | 4.00% | 4.72% |
| Ratio of operating expenses to average net assets including waivers | 1.00 %(e) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment (loss) to average net assets excluding waivers | (2.36)%(e) | (2.00)% | (1.16)% | (1.84)% | (1.85)% | (3.38)% |
| Ratio of net investment income to average net assets including waivers | 1.35 %(e) | 1.22% | 1.64% | 1.72% | 1.15% | 0.34% |
| Portfolio turnover rate | 21 %(d) | 38% | 72% | 70% | 31% | 70% |

---

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

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

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

(d) Not annualized.

(e) Annualized.

See Notes to Financial Statements.

**Cullen Value Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months** <br> **Ended** <br> **December 31, 2025** | **For the Year <br> Ended <br> June 30, 2025** | **For the Year <br> Ended <br> June 30, 2024** | **For the Year <br> Ended <br> June 30, 2023** | **For the Year <br> Ended <br> June 30, 2022** | **For the Year <br> Ended <br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Retail Class** |  |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $14.57 | $13.53 | $13.61 | $13.27 | $15.85 | $13.87 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.08 | 0.21 | 0.22 | 0.19 | 0.20 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 1.47 | 1.39 | 0.89 | 1.06 | (1.10) | 3.99 |
| Total from Investment Operations | 1.55 | 1.60 | 1.11 | 1.25 | (0.90) | 4.24 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.49) | (0.56) | (1.19) | (0.91) | (1.68) | (2.26) |
| Total Distributions | (0.49) | (0.56) | (1.19) | (0.91) | (1.68) | (2.26) |
| Net Increase/(Decrease) in net asset value | 1.06 | 1.04 | (0.08) | 0.34 | (2.58) | 1.98 |
| **Net Asset Value, End of Period** | $15.63 | $14.57 | $13.53 | $13.61 | $13.27 | $15.85 |
| **TOTAL RETURN (b)** | 10.68 %(d) | 12.23% | 8.70% | 9.67% | (6.72)% | 33.12% |
| **RATIOS/SUPPLEMENTAL DATA: (c)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $1827 | $1667 | $1617 | $1953 | $1947 | $2231 |
| Ratio of operating expenses to average net assets excluding waivers | 2.61 %(e) | 2.71% | 2.68% | 3.54% | 2.23% | 2.31% |
| Ratio of operating expenses to average net assets including waivers | 1.00 %(e) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income/(loss) to average net assets excluding waivers | (0.58)%(e) | (0.18)% | (0.04)% | (1.11)% | 0.07% | 0.34% |
| Ratio of net investment income to average net assets including waivers | 1.03 %(e) | 1.53% | 1.64% | 1.43% | 1.30% | 1.65% |
| Portfolio turnover rate | 14 %(d) | 19% | 27% | 27% | 36% | 40% |

---

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

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

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

(d) Not annualized.

(e) Annualized.

See Notes to Financial Statements.

**Cullen Value Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months** <br> **Ended** <br> **December 31, 2025** | **For the Year <br> Ended <br> June 30, 2025** | **For the Year <br> Ended <br> June 30, 2024** | **For the Year <br> Ended <br> June 30, 2023** | **For the Year <br> Ended <br> June 30, 2022** | **For the Year <br> Ended <br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $14.50 | $13.49 | $13.58 | $13.24 | $15.82 | $13.85 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.02 | 0.10 | 0.12 | 0.09 | 0.09 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 1.46 | 1.40 | 0.88 | 1.06 | (1.11) | 4.00 |
| Total from Investment Operations | 1.48 | 1.50 | 1.00 | 1.15 | (1.02) | 4.12 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.43) | (0.49) | (1.09) | (0.81) | (1.56) | (2.15) |
| Total Distributions | (0.43) | (0.49) | (1.09) | (0.81) | (1.56) | (2.15) |
| Net Increase/(Decrease) in net asset value | 1.05 | 1.01 | (0.09) | 0.34 | (2.58) | 1.97 |
| **Net Asset Value, End of Period** | $15.55 | $14.50 | $13.49 | $13.58 | $13.24 | $15.82 |
| **TOTAL RETURN (b)** | 10.29 %(d) | 11.42% | 7.85% | 8.88% | (7.45)% | 32.18% |
| **RATIOS/SUPPLEMENTAL DATA: (c)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $389 | $368 | $522 | $711 | $783 | $596 |
| Ratio of operating expenses to average net assets excluding waivers | 3.36 %(e) | 3.45% | 3.43% | 4.28% | 3.01% | 3.05% |
| Ratio of operating expenses to average net assets including waivers | 1.75 %(e) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of net investment (loss) to average net assets excluding waivers | (1.33)%(e) | (0.97)% | (0.79)% | (1.85)% | (0.66)% | (0.49)% |
| Ratio of net investment income to average net assets including waivers | 0.28 %(e) | 0.73% | 0.89% | 0.68% | 0.60% | 0.81% |
| Portfolio turnover rate | 14 %(d) | 19% | 27% | 27% | 36% | 40% |

---

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

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

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

(d) Not annualized.

(e) Annualized.

See Notes to Financial Statements.

**Cullen Value Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months** <br> **Ended** <br> **December 31, 2025** | **For the Year <br> Ended <br> June 30, 2025** | **For the Year <br> Ended <br> June 30, 2024** | **For the Year <br> Ended <br> June 30, 2023** | **For the Year <br> Ended <br> June 30, 2022** | **For the Year <br> Ended <br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $14.52 | $13.47 | $13.55 | $13.22 | $15.80 | $13.84 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.10 | 0.25 | 0.25 | 0.23 | 0.24 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 1.46 | 1.39 | 0.89 | 1.05 | (1.10) | 3.98 |
| Total from Investment Operations | 1.56 | 1.64 | 1.14 | 1.28 | (0.86) | 4.26 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.53) | (0.59) | (1.22) | (0.95) | (1.72) | (2.30) |
| Total Distributions | (0.53) | (0.59) | (1.22) | (0.95) | (1.72) | (2.30) |
| Net Increase/(Decrease) in net asset value | 1.03 | 1.05 | (0.08) | 0.33 | (2.58) | 1.96 |
| **Net Asset Value, End of Period** | $15.55 | $14.52 | $13.47 | $13.55 | $13.22 | $15.80 |
| **TOTAL RETURN (b)** | 10.83 %(d) | 12.56% | 8.98% | 9.96% | (6.51)% | 33.42% |
| **RATIOS/SUPPLEMENTAL DATA: (c)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $25451 | $22981 | $20660 | $19756 | $20795 | $24287 |
| Ratio of operating expenses to average net assets excluding waivers | 2.36 %(e) | 2.47% | 2.42% | 3.29% | 1.98% | 2.08% |
| Ratio of operating expenses to average net assets including waivers | 0.75 %(e) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income/(loss) to average net assets excluding waivers | (0.33)%(e) | 0.07% | 0.22% | (0.86)% | 0.31% | 0.59% |
| Ratio of net investment income to average net assets including waivers | 1.28 %(e) | 1.79% | 1.89% | 1.68% | 1.54% | 1.92% |
| Portfolio turnover rate | 14 %(d) | 19% | 27% | 27% | 36% | 40% |

---

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

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

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

(d) Not annualized.

(e) Annualized.

See Notes to Financial Statements.

**Cullen Emerging Markets High Dividend Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months** <br> **Ended** <br> **December 31, 2025** | **For the Year <br> Ended <br> June 30, 2025** | **For the Year <br> Ended <br> June 30, 2024** | **For the Year <br> Ended <br> June 30, 2023** | **For the Year <br> Ended <br> June 30, 2022** | **For the Year <br> Ended <br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Retail Class** |  |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $13.85 | $12.89 | $10.90 | $9.74 | $12.30 | $8.95 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.16 | 0.36 | 0.37 | 0.46 | 0.36 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.24 | 0.98 | 2.03 | 1.14 | (2.54) | 3.30 |
| Total from Investment Operations | 2.40 | 1.34 | 2.40 | 1.60 | (2.18) | 3.59 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.16) | (0.38) | (0.41) | (0.44) | (0.38) | (0.24) |
| Total Distributions | (0.16) | (0.38) | (0.41) | (0.44) | (0.38) | (0.24) |
| Redemption Fees | 0.00 (b) |  |  |  |  |  |
| Net Increase/(Decrease) in net asset value | 2.24 | 0.96 | 1.99 | 1.16 | (2.56) | 3.35 |
| **Net Asset Value, End of Period** | $16.09 | $13.85 | $12.89 | $10.90 | $9.74 | $12.30 |
| **TOTAL RETURN (c)** | 17.41 %(e) | 10.57% | 22.55% | 16.93% | (17.95)% | 40.49% |
| **RATIOS/SUPPLEMENTAL DATA: (d)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $80448 | $52852 | $36907 | $9734 | $7492 | $9819 |
| Ratio of operating expenses to average net assets excluding waivers | 1.40 %(f) | 1.46% | 1.47% | 1.54% | 1.49% | 1.52% |
| Ratio of operating expenses to average net assets including waivers | 1.25 %(f) | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of net investment income to average net assets excluding waivers | 1.91 %(f) | 2.60% | 2.85% | 2.85% | 2.91% | 2.35% |
| Ratio of net investment income to average net assets including waivers | 2.06 %(f) | 2.81% | 3.07% | 3.07% | 3.15% | 2.62% |
| Portfolio turnover rate | 41 %(e) | 118% | 74% | 65% | 87% | 80% |

---

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

(b) Less than $0.005 per share.

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

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

(e) Not annualized.

(f) Annualized.

See Notes to Financial Statements.

**Cullen Emerging Markets High Dividend Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months** <br> **Ended** <br> **December 31, 2025** | **For the Year <br> Ended <br> June 30, 2025** | **For the Year <br> Ended <br> June 30, 2024** | **For the Year <br> Ended <br> June 30, 2023** | **For the Year <br> Ended <br> June 30, 2022** | **For the Year <br> Ended <br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $13.58 | $12.66 | $10.73 | $9.59 | $12.14 | $8.84 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.08 | 0.25 | 0.24 | 0.37 | 0.28 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.22 | 0.96 | 2.04 | 1.13 | (2.51) | 3.26 |
| Total from Investment Operations | 2.30 | 1.21 | 2.28 | 1.50 | (2.23) | 3.47 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.09) | (0.29) | (0.35) | (0.36) | (0.32) | (0.17) |
| Total Distributions | (0.09) | (0.29) | (0.35) | (0.36) | (0.32) | (0.17) |
| Net Increase/(Decrease) in net asset value | 2.21 | 0.92 | 1.93 | 1.14 | (2.55) | 3.30 |
| **Net Asset Value, End of Period** | $15.79 | $13.58 | $12.66 | $10.73 | $9.59 | $12.14 |
| **TOTAL RETURN (b)** | 16.98 %(d) | 9.72% | 21.66% | 16.10% | (18.58)% | 39.51% |
| **RATIOS/SUPPLEMENTAL DATA: (c)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $1869 | $1623 | $1612 | $1405 | $1405 | $1869 |
| Ratio of operating expenses to average net assets excluding waivers | 2.16 %(e) | 2.21% | 2.22% | 2.29% | 2.24% | 2.27% |
| Ratio of operating expenses to average net assets including waivers | 2.00 %(e) | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Ratio of net investment income to average net assets excluding waivers | 0.95 %(e) | 1.82% | 1.85% | 3.46% | 2.20% | 1.65% |
| Ratio of net investment income to average net assets including waivers | 1.11 %(e) | 2.03% | 2.06% | 3.75% | 2.44% | 1.92% |
| Portfolio turnover rate | 41 %(d) | 118% | 74% | 65% | 87% | 80% |

---

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

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

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

(d) Not annualized.

(e) Annualized.

See Notes to Financial Statements.

**Cullen Emerging Markets High Dividend Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months** <br> **Ended** <br> **December 31, 2025** | **For the Year <br> Ended <br> June 30, 2025** | **For the Year <br> Ended <br> June 30, 2024** | **For the Year <br> Ended <br> June 30, 2023** | **For the Year <br> Ended <br> June 30, 2022** | **For the Year <br> Ended <br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $13.99 | $13.01 | $10.99 | $9.82 | $12.39 | $9.01 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.17 | 0.40 | 0.38 | 0.49 | 0.48 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.28 | 0.99 | 2.07 | 1.14 | (2.65) | 3.32 |
| Total from Investment Operations | 2.45 | 1.39 | 2.45 | 1.63 | (2.17) | 3.65 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.20) | (0.41) | (0.43) | (0.46) | (0.40) | (0.27) |
| Total Distributions | (0.20) | (0.41) | (0.43) | (0.46) | (0.40) | (0.27) |
| Redemption Fees | (0.00)(b) |  |  |  |  |  |
| Net Increase/(Decrease) in net asset value | 2.25 | 0.98 | 2.02 | 1.17 | (2.57) | 3.38 |
| **Net Asset Value, End of Period** | $16.24 | $13.99 | $13.01 | $10.99 | $9.82 | $12.39 |
| **TOTAL RETURN (c)** | 17.55 %(e) | 10.89% | 22.85% | 17.18% | (17.75)% | 40.91% |
| **RATIOS/SUPPLEMENTAL DATA: (d)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $1542806 | $1105949 | $788383 | $416125 | $302300 | $289113 |
| Ratio of operating expenses to average net assets excluding waivers | 1.15 %(f) | 1.22% | 1.22% | 1.29% | 1.24% | 1.27% |
| Ratio of operating expenses to average net assets including waivers | 1.00 %(f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets excluding waivers | 1.99 %(f) | 2.88% | 2.92% | 4.52% | 3.95% | 2.71% |
| Ratio of net investment income to average net assets including waivers | 2.14 %(f) | 3.10% | 3.14% | 4.81% | 4.19% | 2.98% |
| Portfolio turnover rate | 41 %(e) | 118% | 74% | 65% | 87% | 80% |

---

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

(b) Less than $0.005 per share.

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

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

(e) Not annualized.

(f) Annualized.

See Notes to Financial Statements.

**Cullen Emerging Markets High Dividend Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the Period <br> Ended<br> 12/31/2025\*** |
|  | **(Unaudited)** |
| **Class R6** | |
| **Net Asset Value, Beginning of Period** | $10.00 |
| **INCOME FROM INVESTMENT OPERATION:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 6.23 |
| Total from Investment Operations | 6.35 |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.11) |
| Total Distributions | (0.11) |
| Net Increase in net asset value | 6.24 |
| **Net Asset Value, End of Period** | $16.24 |
| **TOTAL RETURN (b)** |  |
|  | 63.53 %(d) |
| **RATIOS/SUPPLEMENTAL DATA: (c)** |  |
| Net assets, End of Period (in 000's) | $5975 |
| Ratio of operating expenses to average net assets excluding waivers | 1.14 %(e) |
| Ratio of operating expenses to average net assets including waivers | 0.90 %(e) |
| Ratio of net investment income to average net assets excluding waivers | 6.91 %(e) |
| Ratio of net investment income to average net assets including waivers | 7.15 %(e) |
| Portfolio turnover rate | 41 %(d) |

---

\* Class R6 shares inception date is August 8, 2025.

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

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

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

(d) Not annualized.

(e) Annualized.

See Notes to Financial Statements.

**Cullen Enhanced Equity Income Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months** <br> **Ended** <br> **December 31, 2025** | **For the Year <br> Ended <br> June 30, 2025** | **For the Year <br> Ended <br> June 30, 2024** | **For the Year <br> Ended <br> June 30, 2023** | **For the Year <br> Ended <br> June 30, 2022** | **For the Year <br> Ended <br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Retail Class** |  |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $10.30 | $10.06 | $10.29 | $10.15 | $11.44 | $8.95 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.15 | 0.32 | 0.34 | 0.32 | 0.29 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.16 | 0.52 | 0.07 | 0.38 | (0.60) | 2.77 |
| Total from Investment Operations | 0.31 | 0.84 | 0.41 | 0.70 | (0.31) | 3.03 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.26) | (0.33) | (0.34) | (0.39) | (0.98) | (0.54) |
| &nbsp;&nbsp;&nbsp;From tax return of capital |  | (0.27) | (0.30) | (0.17) |  |  |
| Total Distributions | (0.26) | (0.60) | (0.64) | (0.56) | (0.98) | (0.54) |
| Net Increase/(Decrease) in net asset value | 0.05 | 0.24 | (0.23) | 0.14 | (1.29) | 2.49 |
| **Net Asset Value, End of Period** | $10.35 | $10.30 | $10.06 | $10.29 | $10.15 | $11.44 |
| **TOTAL RETURN (b)** | 3.04 %(d) | 8.38% | 4.13% | 7.11% | (3.19)% | 34.77% |
| **RATIOS/SUPPLEMENTAL DATA: (c)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $5162 | $5815 | $5423 | $5154 | $3078 | $2395 |
| Ratio of operating expenses to average net assets excluding waivers | 1.55 %(e) | 1.52% | 1.50% | 1.53% | 1.56% | 1.81% |
| Ratio of operating expenses to average net assets including waivers | 1.00 %(e) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets excluding waivers | 2.26 %(e) | 2.50% | 2.86% | 2.54% | 2.01% | 1.72% |
| Ratio of net investment income to average net assets including waivers | 2.81 %(e) | 3.02% | 3.36% | 3.07% | 2.57% | 2.53% |
| Portfolio turnover rate | 67 %(d) | 150% | 125% | 176% | 93% | 139% |

---

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

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

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

(d) Not annualized.

(e) Annualized.

See Notes to Financial Statements.

**Cullen Enhanced Equity Income Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months** <br> **Ended** <br> **December 31, 2025** | **For the Year <br> Ended <br> June 30, 2025** | **For the Year <br> Ended <br> June 30, 2024** | **For the Year <br> Ended <br> June 30, 2023** | **For the Year <br> Ended <br> June 30, 2022** | **For the Year <br> Ended <br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $10.32 | $10.08 | $10.31 | $10.16 | $11.47 | $8.98 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.11 | 0.24 | 0.26 | 0.24 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.17 | 0.52 | 0.07 | 0.39 | (0.59) | 2.77 |
| Total from Investment Operations | 0.28 | 0.76 | 0.33 | 0.63 | (0.39) | 2.95 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.17) | (0.28) | (0.30) | (0.34) | (0.92) | (0.46) |
| &nbsp;&nbsp;&nbsp;From tax return of capital |  | (0.24) | (0.26) | (0.14) |  |  |
| Total Distributions | (0.17) | (0.52) | (0.56) | (0.48) | (0.92) | (0.46) |
| Net Increase/(Decrease) in net asset value | 0.11 | 0.24 | (0.23) | 0.15 | (1.31) | 2.49 |
| **Net Asset Value, End of Period** | $10.43 | $10.32 | $10.08 | $10.31 | $10.16 | $11.47 |
| **TOTAL RETURN (b)** | 2.67 %(d) | 7.56% | 3.35% | 6.39% | (3.88)% | 33.66% |
| **RATIOS/SUPPLEMENTAL DATA: (c)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $9202 | $9106 | $8592 | $10016 | $7127 | $6590 |
| Ratio of operating expenses to average net assets excluding waivers | 2.30 %(e) | 2.28% | 2.26% | 2.29% | 2.32% | 2.55% |
| Ratio of operating expenses to average net assets including waivers | 1.75 %(e) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of net investment income to average net assets excluding waivers | 1.50 %(e) | 1.73% | 2.10% | 1.72% | 1.24% | 0.96% |
| Ratio of net investment income to average net assets including waivers | 2.05 %(e) | 2.26% | 2.61% | 2.26% | 1.81% | 1.76% |
| Portfolio turnover rate | 67 %(d) | 150% | 125% | 176% | 93% | 139% |

---

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

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

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

(d) Not annualized.

(e) Annualized.

See Notes to Financial Statements.

**Cullen Enhanced Equity Income Fund**

**FINANCIAL HIGHLIGHTS**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months** <br> **Ended** <br> **December 31, 2025** | **For the Year <br> Ended <br> June 30, 2025** | **For the Year <br> Ended <br> June 30, 2024** | **For the Year <br> Ended <br> June 30, 2023** | **For the Year <br> Ended <br> June 30, 2022** | **For the Year <br> Ended <br> June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $10.39 | $10.15 | $10.38 | $10.23 | $11.51 | $9.00 |
| **INCOME FROM INVESTMENT OPERATION:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.16 | 0.34 | 0.36 | 0.35 | 0.31 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.17 | 0.52 | 0.07 | 0.39 | (0.59) | 2.78 |
| Total from Investment Operations | 0.33 | 0.86 | 0.43 | 0.74 | (0.28) | 3.07 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.29) | (0.34) | (0.35) | (0.42) | (1.00) | (0.56) |
| &nbsp;&nbsp;&nbsp;From tax return of capital |  | (0.28) | (0.31) | (0.17) |  |  |
| Total Distributions | (0.29) | (0.62) | (0.66) | (0.59) | (1.00) | (0.56) |
| Net Increase/(Decrease) in net asset value | 0.04 | 0.24 | (0.23) | 0.15 | (1.28) | 2.51 |
| **Net Asset Value, End of Period** | $10.43 | $10.39 | $10.15 | $10.38 | $10.23 | $11.51 |
| **TOTAL RETURN (b)** | 3.26 %(d) | 8.57% | 4.38% | 7.45% | (2.90)% | 35.09% |
| **RATIOS/SUPPLEMENTAL DATA: (c)** |  |  |  |  |  |  |
| Net assets, End of Period (in 000's) | $127312 | $137530 | $143926 | $217611 | $160092 | $70940 |
| Ratio of operating expenses to average net assets excluding waivers | 1.30 %(e) | 1.27% | 1.25% | 1.28% | 1.28% | 1.54% |
| Ratio of operating expenses to average net assets including waivers | 0.75 %(e) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income to average net assets excluding waivers | 2.50 %(e) | 2.74% | 3.08% | 2.76% | 2.20% | 1.96% |
| Ratio of net investment income to average net assets including waivers | 3.05 %(e) | 3.26% | 3.58% | 3.29% | 2.73% | 2.75% |
| Portfolio turnover rate | 67 %(d) | 150% | 125% | 176% | 93% | 139% |

---

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

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

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

(d) Not annualized.

(e) Annualized.

See Notes to Financial Statements.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**December 31, 2025**

**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, and Class I Shares of each Fund. The Cullen Emerging Markets High Dividend Fund also offers R6 Class Shares, inception date August 5, 2025. 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.

Effective October 2, 2024, Cullen International High Dividend Fund and Cullen High Dividend Equity Fund Class R1 and Class R2 shares were no longer available for purchase. The Class R1 and Class R2 shares were converted to Retail Class shares after the close of business on October 21, 2024, equal to the relative aggregate net asset value of the shareholder's Class R1 or Class R2 shares held immediately prior to the conversion.

The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is a component of a Fund that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the Fund's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Advisor acts as the Funds' CODM. Each Fund is considered an operating segment, and their performance and operating results are reviewed to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**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, 2025, all written option contracts held are exchange-traded.

*Equity Linked Certificates/Warrants* – The Funds may gain exposure to securities in certain foreign markets through investments in equity linked certificates ("ELCs"). The Funds may purchase ELCs pending ability to invest directly in a foreign market due to restrictions applicable to foreign investors or other market factors. ELCs are generally issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying security. ELCs involve transaction costs, which may be higher than those applicable to the equity securities. An investment in an ELC 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 ELC's performance may differ from that of the underlying security. The holder of the ELC 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 an ELC or that the trading price of an ELC will equal the value of the underlying security. ELCs are generally valued based upon the value of a related underlying security that trades actively in the market.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

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.

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, 2025 in valuing each Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted** **Prices** | **Level 2 - Other Significant** **Observable Inputs** | **Level 3 - Significant** **Unobservable Inputs** | **Total** |
| **Cullen International High Dividend Fund** |  |  |  |  |
| Common Stocks | $373213653 | $— | $— | $3731213653 |
| Preferred Stock | 15896006 |  |  | 15896006 |
| Total | $389109659 | $— | $— | $389109659 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted** **Prices** | **Level 2 - Other Significant** **Observable Inputs** | **Level 3 - Significant** **Unobservable Inputs** | **Total** |
| **Cullen High Dividend Equity Fund** | | | | |
| Common Stocks | $635945277 | $— | $— | $635945277 |
| Total | $635945277 | $— | $— | $635945277 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted** **Prices** | **Level 2 - Other Significant** **Observable Inputs** | **Level 3 - Significant** **Unobservable Inputs** | **Total** |
| **Cullen Small Cap Value Fund** | | | | |
| Common Stocks | $9385071 | $— | $— | $9385071 |
| Total | $9385071 | $— | $— | $9385071 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted** **Prices** | **Level 2 - Other Significant** **Observable Inputs** | **Level 3 - Significant** **Unobservable Inputs** | **Total** |
| **Cullen Value Fund** | | | | |
| Common Stocks | $27204978 | $— | $— | $27204978 |
| Total | $27204978 | $— | $— | $27204978 |

---

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted** **Prices** | **Level 2 - Other Significant** **Observable Inputs** | **Level 3 - Significant** **Unobservable Inputs** | **Total** |
| **Cullen Emerging Markets High Dividend Fund** | | | | |
| Common Stocks | $1520137051 | $— | $— | $1520137051 |
| Preferred Stocks | 26391546 |  |  | 26391546 |
| Participation (Equity Linked) Notes<sup>(b)</sup> |  | 80009776 |  | 80009776 |
| Total | $1546528597 | $80009776 | $— | $1626538373 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted** **Prices** | **Level 2 - Other Significant** **Observable Inputs** | **Level 3 - Significant** **Unobservable Inputs** | **Total** |
| **Cullen Enhanced Equity Income Fund** |  |  |  |  |
| Common Stocks | $139423274 | $— | $— | $139423274 |
| Total | $139423274 | $— | $— | $139423274 |
| **Other Financial Instruments<sup>(c)</sup>** |  |  |  |  |
| Written Options | $(112284) | $— | $— | $(112284) |
| Total | $(112284) | $— | $— | $(112284) |

---

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

*<sup>(b)</sup>* *Participation (Equity Linked) 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.* 

*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, 2025, 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.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

The effect of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives Statement of Assets and Liabilities Location** | **Asset Derivatives Statement of Assets and Liabilities Location** | **Liability Derivatives Statement of Assets and Liabilities Location** | **Liability Derivatives Statement of Assets and Liabilities Location** |
| | **Location** | **Fair Value** | **Location** | **Fair Value** |
| **Cullen Enhanced Equity Income Fund** | | | | |
| Equity Contracts (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | $— | Written options, at value | $(112284) |
| Total |  | $— |  | $(112284) |

---

The effect of derivatives instruments on the Statements of Operations for the six months ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/(Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| **Cullen Emerging Markets High Dividend Fund** | | | |
| Equity Contracts (Rights) | Net realized gain/(loss) on investment securities/Net change in unrealized appreciation/depreciation on investment securities | $430174 | $(448812) |
| Total |  | $430174 | $(448812) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/(Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| **Cullen Enhanced Equity Income Fund** | | | |
| Equity Contracts (Written Options) | Net realized gain/(loss) on written options/Net change in unrealized appreciation/depreciation on written options | $937174 | $124889 |
| Total |  | $937174 | $124889 |

---

The average value of rights contracts for the period in which the Cullen Emerging Markets High Dividend Fund held rights during the six months ended December 31, 2025, is noted below:

---

| | |
|:---|:---|
| | **Average Rights Value** |
| **Cullen Emerging Markets High Dividend Fund** | $74802 |

---

The average written call option notional value during the six months ended December 31, 2025 for Cullen Enhanced Equity Income Fund was:

---

| | |
|:---|:---|
| | **Average Written Option Notional Value** |
| **Cullen Enhanced Equity Income Fund** | $18812355 |

---

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** 

**December 31, 2025**

**NOTE 3 - CAPITAL SHARE TRANSACTIONS**

Share transactions were as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br> **December 31, 2025** | **Year Ended**<br> **June 30, 2025** |
| **Cullen International High Dividend Fund** |  |  |
| *Retail Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 135372 | 361565 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 9229 | 16644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (104449) | (329007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 40152 | 49202 |
| *Class C* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 728 | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1895) | (18072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/decrease in shares outstanding | 187 | (16212) |
| *Class I* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3911208 | 9148631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 415131 | 755107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1702673) | (9760796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 2623666 | 142942 |
| *Class R2* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  | (61)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) in shares outstanding |  | (60) |
| **Cullen High Dividend Equity Fund**  |  |  |
| *Retail Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 170711 | 697820 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 686183 | 752730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (719803) | (1703245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/decrease in shares outstanding | 137091 | (252695) |
| *Class C* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 36282 | 102660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 203515 | 221719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (222203) | (472871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/decrease in shares outstanding | 17594 | (148492) |
| *Class I* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2205112 | 7565453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 4835209 | 5392981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (6762214) | (17323848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/decrease in shares outstanding | 278107 | (4365414) |
| *Class R1* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested |  | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  | (81450)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) in shares outstanding |  | (80479) |
| *Class R2* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested |  | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  | (49816)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) in shares outstanding |  | (49428) |

---

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br> **December 31, 2025** | **Year Ended**<br> **June 30, 2025** |
| **Cullen Small Cap Value Fund** |  |  |
| *Retail Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 336 | 7004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 207 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (859) | (9573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (316) | (1246) |
| *Class C* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 65 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (445) | (3564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (380) | (26) |
| *Class I* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 9563 | 79601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 6512 | 34119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (50890) | (153480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (34815) | (39760) |
| **Cullen Value Fund** |  |  |
| *Retail Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2127 | 3863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 3568 | 4641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3196) | (13557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (2499) | (5053) |
| *Class C* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 720 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1074) | (14364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (354) | (13357) |
| *Class I* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 10870 | 22094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 55159 | 67592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (11863) | (40058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 54166 | 49628 |
| **Cullen Emerging Markets High Dividend Fund**  |  |  |
| *Retail Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1877683 | 2429789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 39849 | 90712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (715735) | (1586592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 91201797 | 933909 |
| *Class C* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1791 | 8578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 699 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3634) | (19205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (1144) | (7831) |
| *Class I* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 25047421 | 42580813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 843276 | 1712452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (9954482) | (25803050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 15936215 | 18490215 |
| *Class R6\** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Shares sold  | 365721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 2277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 367995 |  |

---

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br> **December 31, 2025**  | **Year Ended**<br> **June 30, 2025** |
| **Cullen Enhanced Equity Income Fund** |  |  |
| *Retail Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 38222 | 135489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 10717 | 26895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (114944) | (136701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (66005) | 25683 |
| *Class C* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 51355 | 191535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 13882 | 37722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (65878) | (199007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (641) | 30250 |
| *Class I* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 676101 | 2329629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 338120 | 763375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2040937) | (4040258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (1026716) | (947254) |

---

*<sup>\*</sup>* *Class R6 shares inception date is August 8, 2025.*

*<sup>(a)</sup>* *After the close of business on October 21, 2024, Class R1 and Class R2 shares of the Fund were converted to Retail Class shares of the Fund, equal to the relative aggregate net asset value of the shareholder's Class R1 or Class R2 shares held immediately prior to the conversion.*

**NOTE 4 - INVESTMENT TRANSACTIONS**

Purchases and sales of investments, excluding short-term investments, for the six months ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds from Sales of**<br> **Securities** |
| Cullen International High Dividend Fund | $187004013 | $163114094 |
| Cullen High Dividend Equity Fund | 71750171 | 134895261 |
| Cullen Small Cap Value Fund | 1990531 | 2668583 |
| Cullen Value Fund | 3592017 | 3640242 |
| Cullen Emerging Markets High Dividend Fund | 837120677 | 577052211 |
| Cullen Enhanced Equity Income Fund | 97752323 | 110163386 |

---

**NOTE 5 - FEDERAL TAX INFORMATION**

As of June 30, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Undistributed Net Investment**<br> **Income/(Loss)** | **Accumulated Net Realized**<br> **Gain/(Loss)** | **Unrealized Appreciation/**<br> **(Depreciation)** | **Total** |
| Cullen International High Dividend Fund | $4802739 | $(23825606) | $88137676 | $69114809 |
| Cullen High Dividend Equity Fund | 111910 | 52811350 | 334123092 | 387046352 |
| Cullen Small Cap Value Fund | 28178 | (370956) | 1098091 | 755313 |
| Cullen Value Fund | 130104 | (358312) | 11202193 | 10973985 |
| Cullen Emerging Markets High Dividend Fund | 3908892 | (85115137) | 243275738 | 162069493 |
| Cullen Enhanced Equity Income Fund |  | (651384) | (228953) | (880337) |

---

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** 

**December 31, 2025**

As of June 30, 2025 the costs of investments for federal tax purposes and accumulated net unrealized appreciation/(depreciation) in investments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross Appreciation <br> (excess of value**<br> **over tax cost)** | **Gross Depreciation <br> (excess of tax**<br> **cost over value)** | **Net Appreciation/(Depreciation)**<br> **of Foreign Currency/**<br> **Derivatives** | **Net Unrealized Appreciation/**<br> **(Depreciation)** | **Cost of Investments for Income Tax**<br> **Purposes<sup>(a)</sup>** |
| Cullen International High Dividend Fund | $89352972 | $(1384910) | $169614 | $88137676 | $245468386 |
| Cullen High Dividend Equity Fund | 334206147 | (84213) | 1158 | 334123092 | 310071263 |
| Cullen Small Cap Value Fund | 1949769 | (851678) |  | 1098091 | 8357162 |
| Cullen Value Fund | 11244607 | (42414) |  | 11202193 | 13519586 |
| Cullen Emerging Markets High Dividend Fund | 255292038 | (12094672) | 78372 | 243275738 | 903723777 |
| Cullen Enhanced Equity Income Fund | 7158900 | (7316077) | (71776) | (228953) | 151046008 |

---

*(a)* *Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to various book-to-tax differences. Those differences primarily relate to wash sales, partnership investments, straddles, and passive foreign investment company adjustments for the Funds.* 

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, return of capital, taxable over distribution and the use of tax equalization, reclassification adjustments were made to increase (decrease) the amounts listed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | &nbsp;&nbsp;&nbsp; **Total Distributable**<br> **Earnings** |
| Cullen International High Dividend Fund | $90326 | $(90326) |
| Cullen High Dividend Equity Fund | 6941682 | (6941682) |
| Cullen Emerging Markets High Dividend Fund | 142555 | (142555) |

---

At June 30, 2025, 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:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **No Expiration**<br> **Short-Term** | **No Expiration** <br> **Long-Term** | **Total** |
| Cullen International High Dividend Fund | $(23825606) | $— | $(23825606) |
| Cullen Emerging Markets High Dividend Fund | (85115137) |  | (85115137) |
| Cullen Enhanced Equity Income Fund |  | (651384) | (651384) |

---

Capital losses arising in the post-October period of the current fiscal year may be deferred to the next fiscal year if the fund elects to defer the recognition of these losses. When this election is made, any losses recognized during the period are treated as having occurred on the first day of the next fiscal year separate from and in addition to the application of normal capital loss carry forwards as described above.

Cullen Small Cap Value Fund and Cullen Value Fund elected to treat post-October capital losses of $370,956 and $358,312, respectively, as having been incurred in the following fiscal year December 31, 2025.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

The tax composition of distributions paid during the year ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** |<br>**Ordinary Income** | **Long-Term Capital**<br>**Gain** |<br>**Return of Capital** |
| Cullen International High Dividend Fund | $13439234 | $— | $— |
| Cullen High Dividend Equity Fund | 17289204 | 78753552 |  |
| Cullen Small Cap Value Fund | 180636 | 322306 |  |
| Cullen Value Fund | 297043 | 682492 |  |
| Cullen Emerging Markets High Dividend Fund | 30168685 |  |  |
| Cullen Enhanced Equity Income Fund | 5043651 |  | 4119182 |

---

The tax composition of distributions paid during the six months ended June 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** |<br>**Ordinary Income** | **Long-Term Capital**<br>**Gain** |<br>**Return of Capital** |
| Cullen International High Dividend Fund | $11518951 | $— | $— |
| Cullen High Dividend Equity Fund | 19945544 | 70427311 |  |
| Cullen Small Cap Value Fund | 188080 | 87391 |  |
| Cullen Value Fund | 407128 | 1548863 |  |
| Cullen Emerging Markets High Dividend Fund | 22242742 |  |  |
| Cullen Enhanced Equity Income Fund | 6143766 |  | 4716979 |

---

**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, 2026, 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% and 1.00% of the average daily net assets of the Retail Class, Class C and Class I, 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% and 0.75% of the average daily net assets of the Retail Class, Class C and Class I, 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% and 1.00% of the average daily net assets of the Retail Class, Class C, Class I, 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%, 1.00% and 0.90% of the average daily net assets of the Retail Class, Class C, Class I and Class R6, 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 expense limitations in place at the time the expenses or fees were waived or existing expense limitations. 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 (Unaudited)(Continued)**

**December 31, 2025**

As of June 30, 2025, reimbursed expenses for each Fund subject to potential recovery by year of expiration are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiring June 30,** | **Expiring June 30,** | **Expiring June 30,** |
| | **2026** | **2027** | **2028** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen International High Dividend Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | $14020 | $10765 | $10938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 3149 | 1937 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 610285 | 601607 | 669065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $627454 | $614309 | $681441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen High Dividend Equity Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | $365599 | $298532 | $275612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 112052 | 92090 | 79187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 3051411 | 2475106 | 2226078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $3529062 | $2865728 | $2580877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen Small Cap Value Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | $30988 | $11920 | $11886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 3859 | 3495 | 4148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 368384 | 310944 | 329936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $403231 | $326359 | $345970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen Value Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | $50641 | $29561 | $27195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 19665 | 10030 | 7245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 527536 | 328810 | 370751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $597842 | $368401 | $405191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen Emerging Markets High Dividend Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | $23719 | $42819 | $91974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 4046 | 3203 | 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 967747 | 1283330 | 1959345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $995512 | $1329352 | $2054585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen Enhanced Equity Income Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | $28870 | $34433 | $29469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 47118 | 45451 | 44722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 937747 | 794701 | 751823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1013735 | $874585 | $826014 |

---

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 September 8, 2025, Ultimus Fund Solutions, LLC ("UFS") serves as the Funds' administrator, and transfer agent and provides all administrative, fund accounting and transfer agency services to the Funds. Prior to September 8, 2025, Paralel Technologies LLC ("PRT") served as the Funds' administrator and transfer agent. Paralel Distributors LLC, an affiliate of PRT, serves as the Funds' distributor. Brown Brothers Harriman & Co. 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% and 1.00% of the average daily net assets of Retail Class and Class C, respectively. 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 - FOREIGN INVESTMENT RISK**

The Trust invests in securities traded on exchanges outside the United States. Further, each Fund may invest 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.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

**NOTE 9 - EMERGING MARKET RISK**

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

**NOTE 10 – CONTROL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, Raymond James held approximately 34.7% of the voting securities of the Cullen Enhanced Equity Income Fund. The Trust has no knowledge as to whether all or any portion of the shares owned of record are also beneficially owned by Raymond James.

**NOTE 11 - AFFILIATED SHAREHOLDERS**

At December 31, 2025, the Cullen Small Cap Value Fund had one affiliated shareholder who held 54.08% of the Fund's outstanding shares, and affiliates of the Investment Advisor collectively held 63.97% of the Fund's outstanding shares. Similarly, for the Cullen Value Fund, one affiliated shareholder held 45.96% of the Fund's outstanding shares, and affiliates of the Investment Advisor collectively held 51.98%. Investment activities of these significant shareholders could have a material effect on the respective Funds.

**NOTE 12 - ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024.

**NOTE 13 - SUBSEQUENT EVENTS**

Subsequent events have been evaluated from the date of the Statement of Assets and Liabilities through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

Cullen Funds

**ADDITIONAL INFORMATION (Unaudited)**

**December 31, 2025**

**Changes in and Disagreements with Accountants** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** 

Not applicable.

**Remuneration Paid to Directors, Officers and Others** 

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not applicable.

![](cullenncsrs123125002.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

787 Seventh Avenue

New York, NY 10019

**ADMINISTRATOR AND ACCOUNTANT** 

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**TRANSFER AGENT AND DIVIDEND DISBURSING AGENT** 

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**CUSTODIAN** 

Brown Brothers Harriman & Co.

140 Broadway

New York, NY 10005

Must be accompanied or preceded by a prospectus.

Paralel Distributors LLC is the Distributor for the Cullen Funds.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None.

**Item 16. Controls and Procedures.** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)):](ex99-cert.htm)

Attached hereto. [Exhibit 99.CERT](ex99-cert.htm)

(a)(4) Not applicable.

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)):](ex99-906cert.htm)

Attached hereto. [Exhibit 99.906CERT](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.

(Registrant) Cullen Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title) | By (Signature and Title) |
|  | /s/ James P. Cullen |
|  | James P. Cullen, Chief Executive Officer/ Principal Executive Officer |
| Date | March 10, 2026 |

---

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 (Signature and Title) | By (Signature and Title) |
|  | /s/ James P. Cullen |
|  | James P. Cullen, Chief Executive Officer/ Principal Executive Officer |
| Date | March 10, 2026 |

---

---

| | |
|:---|:---|
| By (Signature and Title) | By (Signature and Title) |
|  | /s/ Stephen O'Neil |
|  | Stephen O'Neil, Treasurer/ Principal Financial Officer |
| Date | March 10, 2026 |

---

## Ex-99.Cert

[Cullen Funds Trust N-CSRS](cullen-ncsrs_123125.htm)

**Exhibit 99. CERT**

**Certification** 

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 the 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(s) 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(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (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.

---

| | | |
|:---|:---|:---|
| Date: | March 10, 2026 | /s/ James P. Cullen |
|  |  | James P. Cullen |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

**Certification** [Exhibit 99. CERT]

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;

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;

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;

4. The registrant's other certifying officer(s) 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;&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;&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;&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;&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(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (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.

---

| | | |
|:---|:---|:---|
| Date: | March 10, 2026 | /s/ Stephen O'Neil |
|  |  | Stephen O'Neil |
|  |  | Treasurer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.906

[Cullen Funds Trust N-CSRS](cullen-ncsrs_123125.htm)

**Exhibit 99.906 CERT**

**certification** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; and

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

---

| | |
|:---|:---|
| Chief Executive Officer | Treasurer |
| Principal Executive Officer | Principal Financial Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen Funds Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen Funds Trust |
| /s/ James P Cullen | /s/ Stephen O'Neil |
| James P. Cullen | Stephen O'Neil |

---

Date: <u>March 10, 2026</u> Date: <u>March 10, 2026</u> <br>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.