# EDGAR Filing Document

**Accession Number:** 0001109957
**File Stem:** 0001999371-25-012593
**Filing Date:** 2025-9
**Character Count:** 360081
**Document Hash:** 2a82eb2595045d6f294099794f93abdd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-012593.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001999371-25-012593

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09871
- **FILM NUMBER:** 251293971

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018478 | Retail Class | CHDEX           |
| C000018479 | Class C      | CHVCX           |
| C000018480 | Class I      | CHDVX           |
| C000076265 | Class R1     | CHDRX           |
| C000076266 | Class R2     | CHDPX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018481 | Retail Class | CIHDX           |
| C000018482 | Class C      | CIHCX           |
| C000018483 | Class I      | CIHIX           |
| C000076267 | Class R1     | CIHRX           |
| C000076268 | Class R2     | CIHPX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079419 | Retail Class | CUSRX           |
| C000079420 | Class I      | CUSIX           |
| C000079421 | Class C      | CUSCX           |
| C000079422 | Class R1     | CUSSX           |
| C000079423 | Class R2     | CUSTX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000117696 | Class C      | CEMGX           |
| C000117697 | Class I      | CEMFX           |
| C000117698 | Retail Class | CEMDX           |
| 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: <u>**811-09871**</u>

**CULLEN FUNDS TRUST**

(exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

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

Date of reporting period: <u>**July 1, 2024 – June 30, 2025**</u>

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

(a) ![Image](i5e9e5c75419c221598ddcf4a.jpg)

This annual shareholder report contains important information about the Cullen Emerging Markets High Dividend Fund - Class C for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/Emerging-Markets-High-Dividend/CEMGX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class C:

## CEMGX

# CULLEN EMERGING MARKETS HIGH DIVIDEND FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $210 | 2.00% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The Emerging Market High Dividend Fund's underperformance versus the MSCI Emerging Markets Index during the period was primarily due to the Fund's stock selection within the Real Estate, Consumer Staples, and Materials sectors. Partially offsetting relative performance during the period was the Fund's stock selection within the Financials and Utilities sectors along with the Fund's underweight allocation to the Communication Services sector. The Fund benefitted from attractive stock selection in the UAE and overweight allocation to Greece, the UAE, and Poland. Partially offsetting relative performance during the period was the Fund's stock selection in China, India, and South Korea.

### 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
![Growth of 10K Chart](i1f4ea93ab60abcf00252ca8a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI Emerging Markets Index** |
| **Jun'15** | 10000 | 10000 |
| **Jun'16** | 8995 | 8795 |
| **Jun'17** | 10447 | 10883 |
| **Jun'18** | 10625 | 11775 |
| **Jun'19** | 10617 | 11918 |
| **Jun'20** | 9534 | 11514 |
| **Jun'21** | 13300 | 16224 |
| **Jun'22** | 10828 | 12121 |
| **Jun'23** | 12572 | 12334 |
| **Jun'24** | 15294 | 13881 |
| **Jun'25** | 16780 | 16003 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $1160154411 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 118% |
| Total Advisory Fees Paid | $7493939 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Class C | 9.72% | 11.97% | 5.31% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/Emerging-Markets-High-Dividend/CEMGX/?signedin=true 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 s)*** ![Group By Sector Chart](i2a8b65fbd0cf1ee796ba2796.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Software & Tech Services | 0.04% |
| Telecommunications | 0.08% |
| Industrial Products | 1.10% |
| Insurance | 1.18% |
| Financial Services | 2.05% |
| Retail & Wholesale - Discretionary | 2.42% |
| Consumer Discretionary Services | 3.47% |
| Industrial Services | 3.72% |
| Oil & Gas | 4.10% |
| Media | 4.72% |
| Materials | 4.99% |
| Consumer Staple Products | 6.12% |
| Consumer Discretionary Products | 6.61% |
| Utilities | 7.72% |
| Real Estate | 8.42% |
| Tech Hardware & Semiconductors | 21.42% |
| Banking | 21.84% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](idff3cca8436ca2d38a3d89a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Indonesia | 0.02% |
| Saudi Arabia | 0.03% |
| Kazakhstan | 0.04% |
| Turkey | 0.06% |
| Nigeria | 0.08% |
| Canada | 0.31% |
| South Africa | 0.40% |
| Vietnam | 0.40% |
| United States | 0.75% |
| Hong Kong | 1.18% |
| Panama | 1.28% |
| Philippines | 1.54% |
| Malaysia | 1.68% |
| Poland | 1.79% |
| Brazil | 4.84% |
| United Arab Emirates | 7.00% |
| Mexico | 7.09% |
| Greece | 9.18% |
| South Korea | 9.90% |
| India | 11.75% |
| Taiwan | 19.78% |
| China | 20.90% |

---

![Image](i5e9e5c75419c221598ddcf4a.jpg)

# CULLEN EMERGING MARKETS HIGH DIVIDEND FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class C:

## CEMGX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/Emerging-Markets-High-Dividend/CEMGX/?signedin=true.

![Image](ifa6cd28bdda5dd8b04bb4f93.jpg)

This annual shareholder report contains important information about the Cullen Emerging Markets High Dividend Fund - Class I for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/Emerging-Markets-High-Dividend/CEMFX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class I:

## CEMFX

# CULLEN EMERGING MARKETS HIGH DIVIDEND FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $105 | 1.00% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The Emerging Market High Dividend Fund's underperformance versus the MSCI Emerging Markets Index during the period was primarily due to the Fund's stock selection within the Real Estate, Consumer Staples, and Materials sectors. Partially offsetting relative performance during the period was the Fund's stock selection within the Financials and Utilities sectors along with the Fund's underweight allocation to the Communication Services sector. The Fund benefitted from attractive stock selection in the UAE and overweight allocation to Greece, the UAE, and Poland. Partially offsetting relative performance during the period was the Fund's stock selection in China, India, and South Korea.

### 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
![Growth of 10K Chart](i0fa6b1bbc96035155be3d6a3.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Index** |
| **Jun'15** | 10000 | 10000 |
| **Jun'16** | 9100 | 8795 |
| **Jun'17** | 10670 | 10883 |
| **Jun'18** | 10960 | 11775 |
| **Jun'19** | 11063 | 11918 |
| **Jun'20** | 10038 | 11514 |
| **Jun'21** | 14145 | 16224 |
| **Jun'22** | 11634 | 12121 |
| **Jun'23** | 13633 | 12334 |
| **Jun'24** | 16748 | 13881 |
| **Jun'25** | 18571 | 16003 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $1160154411 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 118% |
| Total Advisory Fees Paid | $7493939 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Class I | 10.89% | 13.09% | 6.39% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/Emerging-Markets-High-Dividend/CEMFX/?signedin=true 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 s)*** ![Group By Sector Chart](i3fed505d863d02dc22049f81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Software & Tech Services | 0.04% |
| Telecommunications | 0.08% |
| Industrial Products | 1.10% |
| Insurance | 1.18% |
| Financial Services | 2.05% |
| Retail & Wholesale - Discretionary | 2.42% |
| Consumer Discretionary Services | 3.47% |
| Industrial Services | 3.72% |
| Oil & Gas | 4.10% |
| Media | 4.72% |
| Materials | 4.99% |
| Consumer Staple Products | 6.12% |
| Consumer Discretionary Products | 6.61% |
| Utilities | 7.72% |
| Real Estate | 8.42% |
| Tech Hardware & Semiconductors | 21.42% |
| Banking | 21.84% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](id4190e4ea4680c4f9ff2132a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Indonesia | 0.02% |
| Saudi Arabia | 0.03% |
| Kazakhstan | 0.04% |
| Turkey | 0.06% |
| Nigeria | 0.08% |
| Canada | 0.31% |
| South Africa | 0.40% |
| Vietnam | 0.40% |
| United States | 0.75% |
| Hong Kong | 1.18% |
| Panama | 1.28% |
| Philippines | 1.54% |
| Malaysia | 1.68% |
| Poland | 1.79% |
| Brazil | 4.84% |
| United Arab Emirates | 7.00% |
| Mexico | 7.09% |
| Greece | 9.18% |
| South Korea | 9.90% |
| India | 11.75% |
| Taiwan | 19.78% |
| China | 20.90% |

---

![Image](ifa6cd28bdda5dd8b04bb4f93.jpg)

# CULLEN EMERGING MARKETS HIGH DIVIDEND FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class I:

## CEMFX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/Emerging-Markets-High-Dividend/CEMFX/?signedin=true.

![Image](id94c19451b441f5b0d4ae67c.jpg)

This annual shareholder report contains important information about the Cullen Emerging Markets High Dividend Fund - Retail Class for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/Emerging-Markets-High-Dividend/CEMDX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Retail Class:

## CEMDX

# CULLEN EMERGING MARKETS HIGH DIVIDEND FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $132 | 1.25% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The Emerging Market High Dividend Fund's underperformance versus the MSCI Emerging Markets Index during the period was primarily due to the Fund's stock selection within the Real Estate, Consumer Staples, and Materials sectors. Partially offsetting relative performance during the period was the Fund's stock selection within the Financials and Utilities sectors along with the Fund's underweight allocation to the Communication Services sector. The Fund benefitted from attractive stock selection in the UAE and overweight allocation to Greece, the UAE, and Poland. Partially offsetting relative performance during the period was the Fund's stock selection in China, India, and South Korea.

### 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
![Growth of 10K Chart](ic4f37a0fad678df7a21f88b7.jpg)

---

| | | |
|:---|:---|:---|
| | **Retail Class** | **MSCI Emerging Markets Index** |
| **Jun'15** | 10000 | 10000 |
| **Jun'16** | 9066 | 8795 |
| **Jun'17** | 10604 | 10883 |
| **Jun'18** | 10867 | 11775 |
| **Jun'19** | 10939 | 11918 |
| **Jun'20** | 9903 | 11514 |
| **Jun'21** | 13914 | 16224 |
| **Jun'22** | 11416 | 12121 |
| **Jun'23** | 13348 | 12334 |
| **Jun'24** | 16359 | 13881 |
| **Jun'25** | 18088 | 16003 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $1160154411 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 118% |
| Total Advisory Fees Paid | $7493939 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Retail Class | 10.57% | 12.80% | 6.11% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/Emerging-Markets-High-Dividend/CEMDX/?signedin=true 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 s)*** ![Group By Sector Chart](id5b93cda50834652d3a53e71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Software & Tech Services | 0.04% |
| Telecommunications | 0.08% |
| Industrial Products | 1.10% |
| Insurance | 1.18% |
| Financial Services | 2.05% |
| Retail & Wholesale - Discretionary | 2.42% |
| Consumer Discretionary Services | 3.47% |
| Industrial Services | 3.72% |
| Oil & Gas | 4.10% |
| Media | 4.72% |
| Materials | 4.99% |
| Consumer Staple Products | 6.12% |
| Consumer Discretionary Products | 6.61% |
| Utilities | 7.72% |
| Real Estate | 8.42% |
| Tech Hardware & Semiconductors | 21.42% |
| Banking | 21.84% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](ie83e2cce2bbc1e8098ccb0f3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Indonesia | 0.02% |
| Saudi Arabia | 0.03% |
| Kazakhstan | 0.04% |
| Turkey | 0.06% |
| Nigeria | 0.08% |
| Canada | 0.31% |
| South Africa | 0.40% |
| Vietnam | 0.40% |
| United States | 0.75% |
| Hong Kong | 1.18% |
| Panama | 1.28% |
| Philippines | 1.54% |
| Malaysia | 1.68% |
| Poland | 1.79% |
| Brazil | 4.84% |
| United Arab Emirates | 7.00% |
| Mexico | 7.09% |
| Greece | 9.18% |
| South Korea | 9.90% |
| India | 11.75% |
| Taiwan | 19.78% |
| China | 20.90% |

---

![Image](id94c19451b441f5b0d4ae67c.jpg)

# CULLEN EMERGING MARKETS HIGH DIVIDEND FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Retail Class:

## CEMDX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/Emerging-Markets-High-Dividend/CEMDX/?signedin=true.

![Image](i970c821a1b37dcfb2d2274f1.jpg)

This annual shareholder report contains important information about the Cullen Enhanced Equity Income Fund - Class C for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/Enhanced-Equity-Income/ENHCX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class C:

## ENHCX

# CULLEN ENHANCED EQUITY INCOME FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $182 | 1.75% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The Enhanced Equity Income Fund's underperformance versus the S&P 500<sup>®</sup> Index during the period was primarily due to the Fund's underweight exposure to, and stock selection in, the Information Technology sector, the S&P 500<sup>®</sup> Index's strongest performing sector in the period. Stock selection within the Communication Services and Health Care sectors also negatively affected relative performance although stock selection within the Financials sector slightly offset same. The Fund's use of covered call options contributed premiums of approximately 3.1% of average net assets during the period.

### HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment in the share class noted since inception. The result is compared with the S&P 500<sup><sup>®</sup></sup> Index, which is a broad-based index and the Cboe S&P 500 BuyWrite Index.

### TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](if233e61c866201d841873034.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** | **Cboe S&P 500 BuyWrite Index** |
| **Dec'15** | 10000 | 10000 | 10000 |
| **Jun'16** | 10631 | 10395 | 10256 |
| **Jun'17** | 11658 | 12255 | 11492 |
| **Jun'18** | 11521 | 14017 | 12329 |
| **Jun'19** | 12438 | 15477 | 12720 |
| **Jun'20** | 11592 | 16639 | 11328 |
| **Jun'21** | 15494 | 23427 | 14418 |
| **Jun'22** | 14892 | 20940 | 14041 |
| **Jun'23** | 15844 | 25043 | 15308 |
| **Jun'24** | 16374 | 31192 | 16672 |
| **Jun'25** | 17611 | 35922 | 18380 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **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

---

| | |
|:---|:---|
| Total Net Assets | $152450784 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 150% |
| Total Advisory Fees Paid | $750623 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **Since Inception** |
| Class C | 7.56% | 8.72% | 6.11% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.34% |
| Cboe S&P 500 BuyWrite Index | 10.25% | 10.16% | 6.59% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/Enhanced-Equity-Income/ENHCX/?signedin=true for current month-end performance.

The Standard & Poor's 500<sup>®</sup> Stock Index (S&P 500<sup>®</sup>) 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<sup>®</sup> index call options.

### WHAT DID THE FUND INVEST IN?

### INDUSTRY

###  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i801ccb74f4062946e557a15a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Retail & Wholesale - Discretionary | 1.94% |
| Media | 2.62% |
| Software & Tech Services | 2.63% |
| Retail & Wholesale - Staples | 3.22% |
| Tech Hardware & Semiconductors | 4.14% |
| Industrial Services | 4.35% |
| Materials | 4.71% |
| Industrial Products | 5.45% |
| Real Estate | 6.69% |
| Telecommunications | 6.76% |
| Utilities | 6.93% |
| Oil & Gas | 10.55% |
| Consumer Staple Products | 11.72% |
| Health Care | 13.48% |
| Banking | 14.81% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](i601b18a4095b509c341dbe76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Australia | 1.89% |
| Ireland | 4.30% |
| United States | 93.81% |

---

![Image](i970c821a1b37dcfb2d2274f1.jpg)

# CULLEN ENHANCED EQUITY INCOME FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class C:

## ENHCX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/Enhanced-Equity-Income/ENHCX/?signedin=true.

![Image](ia98cde16cba40ff3e4d7d913.jpg)

This annual shareholder report contains important information about the Cullen Enhanced Equity Income Fund - Class I for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/Enhanced-Equity-Income/ENHNX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class I:

## ENHNX

# CULLEN ENHANCED EQUITY INCOME FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $78 | 0.75% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The Enhanced Equity Income Fund's underperformance versus the S&P 500<sup>®</sup> Index during the period was primarily due to the Fund's underweight exposure to, and stock selection in, the Information Technology sector, the S&P 500<sup>®</sup> Index's strongest performing sector in the period. Stock selection within the Communication Services and Health Care sectors also negatively affected relative performance although stock selection within the Financials sector slightly offset same. The Fund's use of covered call options contributed premiums of approximately 3.1% of average net assets during the period.

### HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment in the share class noted since inception. The result is compared with the S&P 500<sup><sup>®</sup></sup> Index, which is a broad-based index and the Cboe S&P 500 BuyWrite Index.

### TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i714290f6efb1cae2b9127ee6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** | **Cboe S&P 500 BuyWrite Index** |
| **Dec'15** | 10000 | 10000 | 10000 |
| **Jun'16** | 10688 | 10395 | 10256 |
| **Jun'17** | 11841 | 12255 | 11492 |
| **Jun'18** | 11813 | 14017 | 12329 |
| **Jun'19** | 12879 | 15477 | 12720 |
| **Jun'20** | 12117 | 16639 | 11328 |
| **Jun'21** | 16369 | 23427 | 14418 |
| **Jun'22** | 15894 | 20940 | 14041 |
| **Jun'23** | 17078 | 25043 | 15308 |
| **Jun'24** | 17827 | 31192 | 16672 |
| **Jun'25** | 19355 | 35922 | 18380 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **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

---

| | |
|:---|:---|
| Total Net Assets | $152450784 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 150% |
| Total Advisory Fees Paid | $750623 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **Since Inception** |
| Class I | 8.57% | 9.82% | 7.17% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.34% |
| Cboe S&P 500 BuyWrite Index | 10.25% | 10.16% | 6.59% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/Enhanced-Equity-Income/ENHNX/?signedin=true for current month-end performance.

The Standard & Poor's 500<sup>®</sup> Stock Index (S&P 500<sup>®</sup>) 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<sup>®</sup> index call options.

### WHAT DID THE FUND INVEST IN?

### INDUSTRY

###  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i7dc7c172c2e4f1106401f9a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Retail & Wholesale - Discretionary | 1.94% |
| Media | 2.62% |
| Software & Tech Services | 2.63% |
| Retail & Wholesale - Staples | 3.22% |
| Tech Hardware & Semiconductors | 4.14% |
| Industrial Services | 4.35% |
| Materials | 4.71% |
| Industrial Products | 5.45% |
| Real Estate | 6.69% |
| Telecommunications | 6.76% |
| Utilities | 6.93% |
| Oil & Gas | 10.55% |
| Consumer Staple Products | 11.72% |
| Health Care | 13.48% |
| Banking | 14.81% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](i55255371ca3a0f415dc873f8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Australia | 1.89% |
| Ireland | 4.30% |
| United States | 93.81% |

---

![Image](ia98cde16cba40ff3e4d7d913.jpg)

# CULLEN ENHANCED EQUITY INCOME FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class I:

## ENHNX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/Enhanced-Equity-Income/ENHNX/?signedin=true.

![Image](ic54d93508b23015f822e334a.jpg)

This annual shareholder report contains important information about the Cullen Enhanced Equity Income Fund - Retail Class for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/Enhanced-Equity-Income/ENHRX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Retail Class:

## ENHRX

# CULLEN ENHANCED EQUITY INCOME FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $104 | 1.00% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The Enhanced Equity Income Fund's underperformance versus the S&P 500<sup>®</sup> Index during the period was primarily due to the Fund's underweight exposure to, and stock selection in, the Information Technology sector, the S&P 500<sup>®</sup> Index's strongest performing sector in the period. Stock selection within the Communication Services and Health Care sectors also negatively affected relative performance although stock selection within the Financials sector slightly offset same. The Fund's use of covered call options contributed premiums of approximately 3.1% of average net assets during the period.

### HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment in the share class noted since inception. The result is compared with the S&P 500<sup><sup>®</sup></sup> Index, which is a broad-based index and the Cboe S&P 500 BuyWrite Index.

### TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i7c7fdb1c328c3c058a8b3214.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail Class** | **S&P 500<sup>®</sup> Index** | **Cboe S&P 500 BuyWrite Index** |
| **Dec'15** | 10000 | 10000 | 10000 |
| **Jun'16** | 10669 | 10395 | 10256 |
| **Jun'17** | 11788 | 12255 | 11492 |
| **Jun'18** | 11738 | 14017 | 12329 |
| **Jun'19** | 12758 | 15477 | 12720 |
| **Jun'20** | 11982 | 16639 | 11328 |
| **Jun'21** | 16149 | 23427 | 14418 |
| **Jun'22** | 15634 | 20940 | 14041 |
| **Jun'23** | 16746 | 25043 | 15308 |
| **Jun'24** | 17456 | 31192 | 16672 |
| **Jun'25** | 18899 | 35922 | 18380 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **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

---

| | |
|:---|:---|
| Total Net Assets | $152450784 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 150% |
| Total Advisory Fees Paid | $750623 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **Since Inception** |
| Retail Class | 8.38% | 9.54% | 6.90% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.34% |
| Cboe S&P 500 BuyWrite Index | 10.25% | 10.16% | 6.59% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/Enhanced-Equity-Income/ENHRX/?signedin=true for current month-end performance.

The Standard & Poor's 500<sup>®</sup> Stock Index (S&P 500<sup>®</sup>) 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<sup>®</sup> index call options.

### WHAT DID THE FUND INVEST IN?

### INDUSTRY

###  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i55eb4a683c6156c9bcd4d276.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Retail & Wholesale - Discretionary | 1.94% |
| Media | 2.62% |
| Software & Tech Services | 2.63% |
| Retail & Wholesale - Staples | 3.22% |
| Tech Hardware & Semiconductors | 4.14% |
| Industrial Services | 4.35% |
| Materials | 4.71% |
| Industrial Products | 5.45% |
| Real Estate | 6.69% |
| Telecommunications | 6.76% |
| Utilities | 6.93% |
| Oil & Gas | 10.55% |
| Consumer Staple Products | 11.72% |
| Health Care | 13.48% |
| Banking | 14.81% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](i7806c7074f96aaec1492d5f3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Australia | 1.89% |
| Ireland | 4.30% |
| United States | 93.81% |

---

![Image](ic54d93508b23015f822e334a.jpg)

# CULLEN ENHANCED EQUITY INCOME FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Retail Class:

## ENHRX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/Enhanced-Equity-Income/ENHRX/?signedin=true.

![Image](i5189913e9a0003f83e35cbe8.jpg)

This annual shareholder report contains important information about the Cullen High Dividend Equity Fund - Class C for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/High-Dividend/CHVCX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class C:

## CHVCX

# CULLEN HIGH DIVIDEND EQUITY FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $184 | 1.75% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The High Dividend Fund's underperformance versus the S&P 500<sup>®</sup> Index during the period was primarily due to the Fund's underweight allocation to and selection in the Information Technology sector, the best performing sector for the period. Stock selection within the Communication Services and Health Care sectors also detracted from relative performance for the year. The Fund's stock selection within the Financials sector slightly contributed to relative performance.

### 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<sup><sup>®</sup></sup> Index, which is a broad-based index.

### TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i25ede51d6f206f64fd813e86.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** |
| **Jun'15** | 10000 | 10000 |
| **Jun'16** | 11028 | 10399 |
| **Jun'17** | 12213 | 12260 |
| **Jun'18** | 12656 | 14023 |
| **Jun'19** | 13780 | 15483 |
| **Jun'20** | 12135 | 16645 |
| **Jun'21** | 16280 | 23436 |
| **Jun'22** | 15581 | 20948 |
| **Jun'23** | 16744 | 25053 |
| **Jun'24** | 17851 | 31204 |
| **Jun'25** | 19778 | 35936 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $665952647 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $4542469 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Class C | 10.79% | 10.26% | 7.06% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/High-Dividend/CHVCX/?signedin=true for current month-end performance.

The Standard & Poor's 500<sup>®</sup> Stock Index (S&P 500<sup>®</sup>) 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 s)*** ![Group By Sector Chart](ie1984131c541d1420240a99e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.86% |
| Retail & Wholesale - Staples | 1.68% |
| Software & Tech Services | 2.73% |
| Financial Services | 3.02% |
| Telecommunications | 3.23% |
| Real Estate | 4.57% |
| Retail & Wholesale - Discretionary | 4.60% |
| Utilities | 5.85% |
| Insurance | 6.35% |
| Tech Hardware & Semiconductors | 6.38% |
| Oil & Gas | 6.82% |
| Banking | 9.14% |
| Consumer Staple Products | 9.92% |
| Open End Fund | 10.30% |
| Health Care | 11.85% |
| Industrial Products | 12.70% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](i44fa0a000f85e982fdaa412f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Ireland | 2.74% |
| Switzerland | 2.88% |
| Germany | 3.27% |
| United Kingdom | 4.54% |
| United States | 86.57% |

---

![Image](i5189913e9a0003f83e35cbe8.jpg)

# CULLEN HIGH DIVIDEND EQUITY FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class C:

## CHVCX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/High-Dividend/CHVCX/?signedin=true.

![Image](i4e6a11dd1b26b61a34df7416.jpg)

This annual shareholder report contains important information about the Cullen High Dividend Equity Fund - Class I for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/High-Dividend/CHDVX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class I:

## CHDVX

# CULLEN HIGH DIVIDEND EQUITY FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $79 | 0.75% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The High Dividend Fund's underperformance versus the S&P 500<sup>®</sup> Index during the period was primarily due to the Fund's underweight allocation to and selection in the Information Technology sector, the best performing sector for the period. Stock selection within the Communication Services and Health Care sectors also detracted from relative performance for the year. The Fund's stock selection within the Financials sector slightly contributed to relative performance.

### 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<sup><sup>®</sup></sup> Index, which is a broad-based index.

### TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](ib81229347e4ec76b9c972324.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** |
| **Jun'15** | 10000 | 10000 |
| **Jun'16** | 11137 | 10399 |
| **Jun'17** | 12432 | 12260 |
| **Jun'18** | 13037 | 14023 |
| **Jun'19** | 14343 | 15483 |
| **Jun'20** | 12760 | 16645 |
| **Jun'21** | 17288 | 23436 |
| **Jun'22** | 16710 | 20948 |
| **Jun'23** | 18133 | 25053 |
| **Jun'24** | 19535 | 31204 |
| **Jun'25** | 21865 | 35936 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $665952647 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $4542469 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Class I | 11.93% | 11.37% | 8.14% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/High-Dividend/CHDVX/?signedin=true for current month-end performance.

The Standard & Poor's 500<sup>®</sup> Stock Index (S&P 500<sup>®</sup>) 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 s)*** ![Group By Sector Chart](i6670be0cbd9c8111ed776b34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.86% |
| Retail & Wholesale - Staples | 1.68% |
| Software & Tech Services | 2.73% |
| Financial Services | 3.02% |
| Telecommunications | 3.23% |
| Real Estate | 4.57% |
| Retail & Wholesale - Discretionary | 4.60% |
| Utilities | 5.85% |
| Insurance | 6.35% |
| Tech Hardware & Semiconductors | 6.38% |
| Oil & Gas | 6.82% |
| Banking | 9.14% |
| Consumer Staple Products | 9.92% |
| Open End Fund | 10.30% |
| Health Care | 11.85% |
| Industrial Products | 12.70% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](ibcc567e14e5cdce7172a74bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Ireland | 2.74% |
| Switzerland | 2.88% |
| Germany | 3.27% |
| United Kingdom | 4.54% |
| United States | 86.57% |

---

![Image](i4e6a11dd1b26b61a34df7416.jpg)

# CULLEN HIGH DIVIDEND EQUITY FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class I:

## CHDVX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/High-Dividend/CHDVX/?signedin=true.

![Image](i3822b728d890408053f6c34e.jpg)

This annual shareholder report contains important information about the Cullen High Dividend Equity Fund - Retail Class for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/High-Dividend/CHDEX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Retail Class:

## CHDEX

# CULLEN HIGH DIVIDEND EQUITY FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $106 | 1.00% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The High Dividend Fund's underperformance versus the S&P 500<sup>®</sup> Index during the period was primarily due to the Fund's underweight allocation to and selection in the Information Technology sector, the best performing sector for the period. Stock selection within the Communication Services and Health Care sectors also detracted from relative performance for the year. The Fund's stock selection within the Financials sector slightly contributed to relative performance.

### 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<sup><sup>®</sup></sup> Index, which is a broad-based index.

### TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i787ff136103b4f29e25a5964.jpg)

---

| | | |
|:---|:---|:---|
| | **Retail Class** | **S&P 500<sup>®</sup> Index** |
| **Jun'15** | 10000 | 10000 |
| **Jun'16** | 11103 | 10399 |
| **Jun'17** | 12364 | 12260 |
| **Jun'18** | 12941 | 14023 |
| **Jun'19** | 14193 | 15483 |
| **Jun'20** | 12594 | 16645 |
| **Jun'21** | 17015 | 23436 |
| **Jun'22** | 16414 | 20948 |
| **Jun'23** | 17770 | 25053 |
| **Jun'24** | 19087 | 31204 |
| **Jun'25** | 21318 | 35936 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $665952647 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $4542469 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Retail Class | 11.69% | 11.10% | 7.86% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/High-Dividend/CHDEX/?signedin=true for current month-end performance.

The Standard & Poor's 500<sup>®</sup> Stock Index (S&P 500<sup>®</sup>) 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 s)*** ![Group By Sector Chart](i6b376515a6d8f0cf2c4f9b3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.86% |
| Retail & Wholesale - Staples | 1.68% |
| Software & Tech Services | 2.73% |
| Financial Services | 3.02% |
| Telecommunications | 3.23% |
| Real Estate | 4.57% |
| Retail & Wholesale - Discretionary | 4.60% |
| Utilities | 5.85% |
| Insurance | 6.35% |
| Tech Hardware & Semiconductors | 6.38% |
| Oil & Gas | 6.82% |
| Banking | 9.14% |
| Consumer Staple Products | 9.92% |
| Open End Fund | 10.30% |
| Health Care | 11.85% |
| Industrial Products | 12.70% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](i5a77fed84c084bdb7368add1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Ireland | 2.74% |
| Switzerland | 2.88% |
| Germany | 3.27% |
| United Kingdom | 4.54% |
| United States | 86.57% |

---

![Image](i3822b728d890408053f6c34e.jpg)

# CULLEN HIGH DIVIDEND EQUITY FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Retail Class:

## CHDEX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/High-Dividend/CHDEX/?signedin=true.

![Image](ifd409839996fac2af0fddd30.jpg)

This annual shareholder report contains important information about the Cullen International High Dividend Fund - Class C for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/International-High-Dividend/CIHCX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class C:

## CIHCX

# CULLEN INTERNATIONAL HIGH DIVIDEND FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $217 | 2.00% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The International High Dividend Fund's underperformance versus the MSCI EAFE Index during the period was primarily due to the Fund's stock selection in the Financials, Information Technology and Consumer Discretionary sectors. Partially detracting from relative performance during the period was the Fund's stock selection within the Health Care, Communication Services and Energy sectors. The Fund benefitted from stock selection in Netherlands, United Kingdom, Ireland, Sweden, Italy and Norway. Partially detracting from relative performance during the period was the Fund's stock selection in Germany, Singapore, Australia, Japan and Finland.

### 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
![Growth of 10K Chart](iab2e80edb35fa452ec1e19f0.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI EAFE Index** |
| **Jun'15** | 10000 | 10000 |
| **Jun'16** | 9321 | 9028 |
| **Jun'17** | 10430 | 10909 |
| **Jun'18** | 10186 | 11713 |
| **Jun'19** | 10115 | 11900 |
| **Jun'20** | 9537 | 11338 |
| **Jun'21** | 12105 | 15071 |
| **Jun'22** | 10364 | 12459 |
| **Jun'23** | 11764 | 14876 |
| **Jun'24** | 13296 | 16675 |
| **Jun'25** | 15596 | 19732 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $337845853 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 125% |
| Total Advisory Fees Paid | $2382820 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Class C | 17.30% | 10.34% | 4.54% |
| MSCI EAFE Index | 18.33% | 11.72% | 7.03% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/International-High-Dividend/CIHCX/?signedin=true 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 s)*** ![Group By Sector Chart](ib7dd15153cf9ba33a05bb81d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial Services | 0.93% |
| Real Estate | 1.58% |
| Consumer Discretionary Products | 1.78% |
| Retail & Wholesale - Staples | 1.88% |
| Financial Services | 2.66% |
| Health Care | 4.25% |
| Materials | 5.66% |
| Tech Hardware & Semiconductors | 6.93% |
| Telecommunications | 7.20% |
| Oil & Gas | 7.44% |
| Industrial Products | 9.01% |
| Consumer Staple Products | 10.03% |
| Utilities | 11.36% |
| Banking | 14.20% |
| Insurance | 15.09% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](if77a74b92f5184c991220bdb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Finland | 0.04% |
| Australia | 0.08% |
| Sweden | 1.26% |
| Brazil | 1.54% |
| Norway | 1.66% |
| Singapore | 1.85% |
| South Korea | 1.86% |
| Ireland | 1.88% |
| Netherlands | 2.68% |
| China | 3.03% |
| Spain | 3.61% |
| Mexico | 3.61% |
| Canada | 3.92% |
| Taiwan | 5.07% |
| Switzerland | 8.02% |
| Italy | 8.23% |
| France | 10.37% |
| Germany | 10.61% |
| Japan | 11.19% |
| United Kingdom | 19.49% |

---

![Image](ifd409839996fac2af0fddd30.jpg)

# CULLEN INTERNATIONAL HIGH DIVIDEND FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class C:

## CIHCX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/International-High-Dividend/CIHCX/?signedin=true.

![Image](if1cb7329967f521eb54e0d6f.jpg)

This annual shareholder report contains important information about the Cullen International High Dividend Fund - Class I for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/International-High-Dividend/CIHIX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class I:

## CIHIX

# CULLEN INTERNATIONAL HIGH DIVIDEND FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $109 | 1.00% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The International High Dividend Fund's underperformance versus the MSCI EAFE Index during the period was primarily due to the Fund's stock selection in the Financials, Information Technology and Consumer Discretionary sectors. Partially detracting from relative performance during the period was the Fund's stock selection within the Health Care, Communication Services and Energy sectors. The Fund benefitted from stock selection in Netherlands, United Kingdom, Ireland, Sweden, Italy and Norway. Partially detracting from relative performance during the period was the Fund's stock selection in Germany, Singapore, Australia, Japan and Finland.

### 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
![Growth of 10K Chart](ie2f338fcef6cafca4e1e5ff8.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI EAFE Index** |
| **Jun'15** | 10000 | 10000 |
| **Jun'16** | 9410 | 9028 |
| **Jun'17** | 10635 | 10909 |
| **Jun'18** | 10493 | 11713 |
| **Jun'19** | 10529 | 11900 |
| **Jun'20** | 10023 | 11338 |
| **Jun'21** | 12853 | 15071 |
| **Jun'22** | 11120 | 12459 |
| **Jun'23** | 12747 | 14876 |
| **Jun'24** | 14554 | 16675 |
| **Jun'25** | 17248 | 19732 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $337845853 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 125% |
| Total Advisory Fees Paid | $2382820 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Class I | 18.51% | 11.47% | 5.60% |
| MSCI EAFE Index | 18.33% | 11.72% | 7.03% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/International-High-Dividend/CIHIX/?signedin=true 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 s)*** ![Group By Sector Chart](i75faf8e2ad2eb551c25bd605.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial Services | 0.93% |
| Real Estate | 1.58% |
| Consumer Discretionary Products | 1.78% |
| Retail & Wholesale - Staples | 1.88% |
| Financial Services | 2.66% |
| Health Care | 4.25% |
| Materials | 5.66% |
| Tech Hardware & Semiconductors | 6.93% |
| Telecommunications | 7.20% |
| Oil & Gas | 7.44% |
| Industrial Products | 9.01% |
| Consumer Staple Products | 10.03% |
| Utilities | 11.36% |
| Banking | 14.20% |
| Insurance | 15.09% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](iae4146fd3029fea11e2414a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Finland | 0.04% |
| Australia | 0.08% |
| Sweden | 1.26% |
| Brazil | 1.54% |
| Norway | 1.66% |
| Singapore | 1.85% |
| South Korea | 1.86% |
| Ireland | 1.88% |
| Netherlands | 2.68% |
| China | 3.03% |
| Spain | 3.61% |
| Mexico | 3.61% |
| Canada | 3.92% |
| Taiwan | 5.07% |
| Switzerland | 8.02% |
| Italy | 8.23% |
| France | 10.37% |
| Germany | 10.61% |
| Japan | 11.19% |
| United Kingdom | 19.49% |

---

![Image](if1cb7329967f521eb54e0d6f.jpg)

# CULLEN INTERNATIONAL HIGH DIVIDEND FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class I:

## CIHIX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/International-High-Dividend/CIHIX/?signedin=true.

![Image](i555deb282eeaf016c8f791b0.jpg)

This annual shareholder report contains important information about the Cullen International High Dividend Fund - Retail Class for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/International-High-Dividend/CIHDX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Retail Class:

## CIHDX

# CULLEN INTERNATIONAL HIGH DIVIDEND FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $136 | 1.25% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The International High Dividend Fund's underperformance versus the MSCI EAFE Index during the period was primarily due to the Fund's stock selection in the Financials, Information Technology and Consumer Discretionary sectors. Partially detracting from relative performance during the period was the Fund's stock selection within the Health Care, Communication Services and Energy sectors. The Fund benefitted from stock selection in Netherlands, United Kingdom, Ireland, Sweden, Italy and Norway. Partially detracting from relative performance during the period was the Fund's stock selection in Germany, Singapore, Australia, Japan and Finland.

### 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
![Growth of 10K Chart](i28b9231ed76249c004b605a3.jpg)

---

| | | |
|:---|:---|:---|
| | **Retail Class** | **MSCI EAFE Index** |
| **Jun'15** | 10000 | 10000 |
| **Jun'16** | 9391 | 9028 |
| **Jun'17** | 10585 | 10909 |
| **Jun'18** | 10415 | 11713 |
| **Jun'19** | 10411 | 11900 |
| **Jun'20** | 9892 | 11338 |
| **Jun'21** | 12657 | 15071 |
| **Jun'22** | 10921 | 12459 |
| **Jun'23** | 12481 | 14876 |
| **Jun'24** | 14218 | 16675 |
| **Jun'25** | 16800 | 19732 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $337845853 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 125% |
| Total Advisory Fees Paid | $2382820 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Retail Class | 18.16% | 11.17% | 5.33% |
| MSCI EAFE Index | 18.33% | 11.72% | 7.03% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/International-High-Dividend/CIHDX/?signedin=true 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 s)*** ![Group By Sector Chart](ifacddd5ffc7ef2d1c8ffab1b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial Services | 0.93% |
| Real Estate | 1.58% |
| Consumer Discretionary Products | 1.78% |
| Retail & Wholesale - Staples | 1.88% |
| Financial Services | 2.66% |
| Health Care | 4.25% |
| Materials | 5.66% |
| Tech Hardware & Semiconductors | 6.93% |
| Telecommunications | 7.20% |
| Oil & Gas | 7.44% |
| Industrial Products | 9.01% |
| Consumer Staple Products | 10.03% |
| Utilities | 11.36% |
| Banking | 14.20% |
| Insurance | 15.09% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](ica7a2c4cd3f9af06c2a45505.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Finland | 0.04% |
| Australia | 0.08% |
| Sweden | 1.26% |
| Brazil | 1.54% |
| Norway | 1.66% |
| Singapore | 1.85% |
| South Korea | 1.86% |
| Ireland | 1.88% |
| Netherlands | 2.68% |
| China | 3.03% |
| Spain | 3.61% |
| Mexico | 3.61% |
| Canada | 3.92% |
| Taiwan | 5.07% |
| Switzerland | 8.02% |
| Italy | 8.23% |
| France | 10.37% |
| Germany | 10.61% |
| Japan | 11.19% |
| United Kingdom | 19.49% |

---

![Image](i555deb282eeaf016c8f791b0.jpg)

# CULLEN INTERNATIONAL HIGH DIVIDEND FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Retail Class:

## CIHDX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/International-High-Dividend/CIHDX/?signedin=true.

![Image](i01b22754bb44d6e94827eaf2.jpg)

This annual shareholder report contains important information about the Cullen Small Cap Value Fund - Class C for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/Small-Cap-Value-Equity/CUSCX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class C:

## CUSCX

# CULLEN SMALL CAP VALUE FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $199 | 2.00% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The Small Cap Fund's underperformance versus the Russell 2000 Value Index during the period was mainly due to stock selection within the Consumer Discretionary, Technology, and Financial sectors. Partially contributing to relative performance was the Fund's strong stock selection in the Real Estate sector and the Fund's underweight allocation to Health Care sector.

### 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
![Growth of 10K Chart](i6fc13c22354df34558c3f27d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 1000 Index** | **Russell 2000 Value Index** |
| **Jun'15** | 10000 | 10000 | 10000 |
| **Jun'16** | 8321 | 10077 | 9742 |
| **Jun'17** | 9976 | 11656 | 12163 |
| **Jun'18** | 10631 | 13100 | 13757 |
| **Jun'19** | 10311 | 14133 | 12899 |
| **Jun'20** | 8731 | 14900 | 10645 |
| **Jun'21** | 14719 | 21005 | 18445 |
| **Jun'22** | 13672 | 18010 | 15442 |
| **Jun'23** | 14121 | 21142 | 16370 |
| **Jun'24** | 14753 | 25807 | 18153 |
| **Jun'25** | 14626 | 29459 | 19158 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $9424994 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 38% |
| Total Advisory Fees Paid | $- |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Class C | -0.86% | 10.87% | 3.88% |
| Russell 1000 Index | 14.15% | 14.61% | 11.41% |
| Russell 2000 Value Index | 5.54% | 12.47% | 6.72% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/Small-Cap-Value-Equity/CUSCX/?signedin=true 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, which measures performance of the 3,000 largest publicly held companies incorporated in America as measured by total market capitalization. The Russell 1000 Index is an unmanaged index used to measure the performance of the large-cap segment of the U.S. equity universe.

### WHAT DID THE FUND INVEST IN?

### INDUSTRY

###  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i7a542101c8b3754219702f52.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.88% |
| Software & Tech Services | 0.92% |
| Utilities | 2.08% |
| Consumer Discretionary Services | 4.94% |
| Oil & Gas | 8.64% |
| Industrial Services | 9.54% |
| Financial Services | 11.14% |
| Consumer Discretionary Products | 15.04% |
| Real Estate | 19.33% |
| Banking | 27.49% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](i13963d678d34ff832d28957f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 100.00% |

---

![Image](i01b22754bb44d6e94827eaf2.jpg)

# CULLEN SMALL CAP VALUE FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class C:

## CUSCX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/Small-Cap-Value-Equity/CUSCX/?signedin=true.

![Image](i7c9fbdbf844e3be742fe9b2f.jpg)

This annual shareholder report contains important information about the Cullen Small Cap Value Fund - Class I for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/Small-Cap-Value-Equity/CUSIX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class I:

## CUSIX

# CULLEN SMALL CAP VALUE FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $100 | 1.00% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The Small Cap Fund's underperformance versus the Russell 2000 Value Index during the period was mainly due to stock selection within the Consumer Discretionary, Technology, and Financial sectors. Partially contributing to relative performance was the Fund's strong stock selection in the Real Estate sector and the Fund's underweight allocation to Health Care sector.

### 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
![Growth of 10K Chart](i8d8e32fb768ebefc20a19e0e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 1000 Index** | **Russell 2000 Value Index** |
| **Jun'15** | 10000 | 10000 | 10000 |
| **Jun'16** | 8404 | 10077 | 9742 |
| **Jun'17** | 10179 | 11656 | 12163 |
| **Jun'18** | 10955 | 13100 | 13757 |
| **Jun'19** | 10729 | 14133 | 12899 |
| **Jun'20** | 9174 | 14900 | 10645 |
| **Jun'21** | 15628 | 21005 | 18445 |
| **Jun'22** | 14672 | 18010 | 15442 |
| **Jun'23** | 15296 | 21142 | 16370 |
| **Jun'24** | 16155 | 25807 | 18153 |
| **Jun'25** | 16176 | 29459 | 19158 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $9424994 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 38% |
| Total Advisory Fees Paid | $- |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Class I | 0.13% | 12.01% | 4.93% |
| Russell 1000 Index | 14.15% | 14.61% | 11.41% |
| Russell 2000 Value Index | 5.54% | 12.47% | 6.72% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/Small-Cap-Value-Equity/CUSIX/?signedin=true 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, which measures performance of the 3,000 largest publicly held companies incorporated in America as measured by total market capitalization. The Russell 1000 Index is an unmanaged index used to measure the performance of the large-cap segment of the U.S. equity universe.

### WHAT DID THE FUND INVEST IN?

### INDUSTRY

###  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i2fe9f30dd3e98ab023587a89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.88% |
| Software & Tech Services | 0.92% |
| Utilities | 2.08% |
| Consumer Discretionary Services | 4.94% |
| Oil & Gas | 8.64% |
| Industrial Services | 9.54% |
| Financial Services | 11.14% |
| Consumer Discretionary Products | 15.04% |
| Real Estate | 19.33% |
| Banking | 27.49% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](i761796a87409aa5f38091be8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 100.00% |

---

![Image](i7c9fbdbf844e3be742fe9b2f.jpg)

# CULLEN SMALL CAP VALUE FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class I:

## CUSIX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/Small-Cap-Value-Equity/CUSIX/?signedin=true.

![Image](i45578637365b0cca2cf6b00e.jpg)

This annual shareholder report contains important information about the Cullen Small Cap Value Fund - Retail Class for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/Small-Cap-Value-Equity/CUSRX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Retail Class:

## CUSRX

# CULLEN SMALL CAP VALUE FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $125 | 1.25% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The Small Cap Fund's underperformance versus the Russell 2000 Value Index during the period was mainly due to stock selection within the Consumer Discretionary, Technology, and Financial sectors. Partially contributing to relative performance was the Fund's strong stock selection in the Real Estate sector and the Fund's underweight allocation to Health Care sector.

### 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
![Growth of 10K Chart](i358862ba823275da090ca44b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail Class** | **Russell 1000 Index** | **Russell 2000 Value Index** |
| **Jun'15** | 10000 | 10000 | 10000 |
| **Jun'16** | 8385 | 10077 | 9742 |
| **Jun'17** | 10130 | 11656 | 12163 |
| **Jun'18** | 10877 | 13100 | 13757 |
| **Jun'19** | 10629 | 14133 | 12899 |
| **Jun'20** | 9057 | 14900 | 10645 |
| **Jun'21** | 15397 | 21005 | 18445 |
| **Jun'22** | 14419 | 18010 | 15442 |
| **Jun'23** | 14989 | 21142 | 16370 |
| **Jun'24** | 15797 | 25807 | 18153 |
| **Jun'25** | 15777 | 29459 | 19158 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $9424994 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 38% |
| Total Advisory Fees Paid | $- |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Retail Class | -0.13% | 11.74% | 4.67% |
| Russell 1000 Index | 14.15% | 14.61% | 11.41% |
| Russell 2000 Value Index | 5.54% | 12.47% | 6.72% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/Small-Cap-Value-Equity/CUSRX/?signedin=true 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, which measures performance of the 3,000 largest publicly held companies incorporated in America as measured by total market capitalization. The Russell 1000 Index is an unmanaged index used to measure the performance of the large-cap segment of the U.S. equity universe.

### WHAT DID THE FUND INVEST IN?

### INDUSTRY

###  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](ib7c615e40a38f01a5ffa08a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.88% |
| Software & Tech Services | 0.92% |
| Utilities | 2.08% |
| Consumer Discretionary Services | 4.94% |
| Oil & Gas | 8.64% |
| Industrial Services | 9.54% |
| Financial Services | 11.14% |
| Consumer Discretionary Products | 15.04% |
| Real Estate | 19.33% |
| Banking | 27.49% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](idcd8e31d8b2ac0db8d87b515.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 100.00% |

---

![Image](i45578637365b0cca2cf6b00e.jpg)

# CULLEN SMALL CAP VALUE FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Retail Class:

## CUSRX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/Small-Cap-Value-Equity/CUSRX/?signedin=true.

![Image](i17b1cc93d183ea9ac39645d4.jpg)

This annual shareholder report contains important information about the Cullen Value Fund - Class C for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/Value-Equity/CVLFX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class C:

## CVLFX

# CULLEN VALUE FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $185 | 1.75% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The Value Fund's underperformance versus the S&P 500<sup>®</sup> Index during the period was primarily due to an underweight allocation to and stock selection in, the Information Technology sector, the S&P 500<sup>®</sup> Index's best performing sector for the period. Stock selection within the Health Care, Communication Services and Industrials sectors also detracted from relative performance. The Fund's stock selection in the Financials and Materials sectors partially contributed to relative performance for the year.

### 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<sup><sup>®</sup></sup> Index, which is a broad-based index.

### TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i73d0a85b8c1e23e1a85824b7.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** |
| **Jun'15** | 10000 | 10000 |
| **Jun'16** | 10129 | 10399 |
| **Jun'17** | 11679 | 12260 |
| **Jun'18** | 12525 | 14023 |
| **Jun'19** | 13608 | 15483 |
| **Jun'20** | 12777 | 16645 |
| **Jun'21** | 16889 | 23436 |
| **Jun'22** | 15630 | 20948 |
| **Jun'23** | 17018 | 25053 |
| **Jun'24** | 18354 | 31204 |
| **Jun'25** | 20449 | 35936 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $25015931 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $- |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Class C | 11.42% | 9.86% | 7.42% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/Value-Equity/CVLFX/?signedin=true for current month-end performance.

The Standard & Poor's 500<sup>®</sup> Stock Index (S&P 500<sup>®</sup>) Index 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 s)*** ![Group By Sector Chart](i6b5822d784cd3a66f4343ff9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial Services | 1.08% |
| Consumer Discretionary Products | 1.22% |
| Telecommunications | 2.05% |
| Media | 2.39% |
| Retail & Wholesale - Discretionary | 2.83% |
| Materials | 3.86% |
| Software & Tech Services | 4.06% |
| Oil & Gas | 4.38% |
| Financial Services | 6.60% |
| Consumer Staple Products | 6.80% |
| Insurance | 6.93% |
| Open End Fund | 9.13% |
| Tech Hardware & Semiconductors | 9.60% |
| Health Care | 11.98% |
| Banking | 12.44% |
| Industrial Products | 14.65% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](i02d838e4e0f98b069044adef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.08% |
| Ireland | 2.47% |
| Germany | 2.81% |
| United Kingdom | 3.07% |
| United States | 90.57% |

---

![Image](i17b1cc93d183ea9ac39645d4.jpg)

# CULLEN VALUE FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class C:

## CVLFX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/Value-Equity/CVLFX/?signedin=true.

![Image](i8f095a2814576b4ae0b3b965.jpg)

This annual shareholder report contains important information about the Cullen Value Fund - Class I for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/Value-Equity/CVLVX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class I:

## CVLVX

# CULLEN VALUE FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $80 | 0.75% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The Value Fund's underperformance versus the S&P 500<sup>®</sup> Index during the period was primarily due to an underweight allocation to and stock selection in, the Information Technology sector, the S&P 500<sup>®</sup> Index's best performing sector for the period. Stock selection within the Health Care, Communication Services and Industrials sectors also detracted from relative performance. The Fund's stock selection in the Financials and Materials sectors partially contributed to relative performance for the year.

### 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<sup><sup>®</sup></sup> Index, which is a broad-based index.

### TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i511f4e8cfa9d7cd5291f68f1.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** |
| **Jun'15** | 10000 | 10000 |
| **Jun'16** | 10225 | 10399 |
| **Jun'17** | 11916 | 12260 |
| **Jun'18** | 12898 | 14023 |
| **Jun'19** | 14154 | 15483 |
| **Jun'20** | 13430 | 16645 |
| **Jun'21** | 17918 | 23436 |
| **Jun'22** | 16752 | 20948 |
| **Jun'23** | 18421 | 25053 |
| **Jun'24** | 20075 | 31204 |
| **Jun'25** | 22595 | 35936 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $25015931 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $- |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Class I | 12.56% | 10.97% | 8.49% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/Value-Equity/CVLVX/?signedin=true for current month-end performance.

The Standard & Poor's 500<sup>®</sup> Stock Index (S&P 500<sup>®</sup>) Index 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 s)*** ![Group By Sector Chart](i3411220dacfb4ccc4bf093c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial Services | 1.08% |
| Consumer Discretionary Products | 1.22% |
| Telecommunications | 2.05% |
| Media | 2.39% |
| Retail & Wholesale - Discretionary | 2.83% |
| Materials | 3.86% |
| Software & Tech Services | 4.06% |
| Oil & Gas | 4.38% |
| Financial Services | 6.60% |
| Consumer Staple Products | 6.80% |
| Insurance | 6.93% |
| Open End Fund | 9.13% |
| Tech Hardware & Semiconductors | 9.60% |
| Health Care | 11.98% |
| Banking | 12.44% |
| Industrial Products | 14.65% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](ie367cc148dc240b4b26d1e4c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.08% |
| Ireland | 2.47% |
| Germany | 2.81% |
| United Kingdom | 3.07% |
| United States | 90.57% |

---

![Image](i8f095a2814576b4ae0b3b965.jpg)

# CULLEN VALUE FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Class I:

## CVLVX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/Value-Equity/CVLVX/?signedin=true.

![Image](ie140ebf6fa636fb1c5996123.jpg)

This annual shareholder report contains important information about the Cullen Value Fund - Retail Class for the period of July 1, 2024 to June 30, 2025. Please contact us at 800-644-6595 or info@cullenfunds.com or visit our website at https://www.cullenfunds.com/US/P/Mutual-Fund/Value-Equity/CVLEX/?signedin=true for additional information.

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Retail Class:

## CVLEX

# CULLEN VALUE FUND

### WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(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 | $106 | 1.00% |

---

### HOW DID THE FUND PERFORM THE PAST YEAR?
The Value Fund's underperformance versus the S&P 500<sup>®</sup> Index during the period was primarily due to an underweight allocation to and stock selection in, the Information Technology sector, the S&P 500<sup>®</sup> Index's best performing sector for the period. Stock selection within the Health Care, Communication Services and Industrials sectors also detracted from relative performance. The Fund's stock selection in the Financials and Materials sectors partially contributed to relative performance for the year.

### 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<sup><sup>®</sup></sup> Index, which is a broad-based index.

### TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i84b64776dd28f2aa671cfa0e.jpg)

---

| | | |
|:---|:---|:---|
| | **Retail Class** | **S&P 500<sup>®</sup> Index** |
| **Jun'15** | 10000 | 10000 |
| **Jun'16** | 10202 | 10399 |
| **Jun'17** | 11853 | 12260 |
| **Jun'18** | 12798 | 14023 |
| **Jun'19** | 14010 | 15483 |
| **Jun'20** | 13257 | 16645 |
| **Jun'21** | 17648 | 23436 |
| **Jun'22** | 16463 | 20948 |
| **Jun'23** | 18055 | 25053 |
| **Jun'24** | 19625 | 31204 |
| **Jun'25** | 22025 | 35936 |

---

The chart above represents historical performance of an 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

---

| | |
|:---|:---|
| Total Net Assets | $25015931 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $- |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| **.** | **1 YR** | **5 YR** | **10 YR** |
| Retail Class | 12.23% | 10.69% | 8.22% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

Past performance does not guarantee future results. Call 800-644-6595 or visit https://www.cullenfunds.com/US/P/Mutual-Fund/Value-Equity/CVLEX/?signedin=true for current month-end performance.

The Standard & Poor's 500<sup>®</sup> Stock Index (S&P 500<sup>®</sup>) Index 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 s)*** ![Group By Sector Chart](i0d76ef1c9f6950bc13d03f5f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial Services | 1.08% |
| Consumer Discretionary Products | 1.22% |
| Telecommunications | 2.05% |
| Media | 2.39% |
| Retail & Wholesale - Discretionary | 2.83% |
| Materials | 3.86% |
| Software & Tech Services | 4.06% |
| Oil & Gas | 4.38% |
| Financial Services | 6.60% |
| Consumer Staple Products | 6.80% |
| Insurance | 6.93% |
| Open End Fund | 9.13% |
| Tech Hardware & Semiconductors | 9.60% |
| Health Care | 11.98% |
| Banking | 12.44% |
| Industrial Products | 14.65% |

---

### COUNTRY

###  ***(Expressed as % of Total Investments)*** ![Group By Country Chart](ib6ccdf50b8e4cf5eee83ee41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.08% |
| Ireland | 2.47% |
| Germany | 2.81% |
| United Kingdom | 3.07% |
| United States | 90.57% |

---

![Image](ie140ebf6fa636fb1c5996123.jpg)

# CULLEN VALUE FUND

## ANNUAL SHAREHOLDER REPORT

## June 30, 2025

## Retail Class:

## CVLEX
800-644-6595

info@cullenfunds.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.cullenfunds.com/US/P/Mutual-Fund/Value-Equity/CVLEX/?signedin=true.

(b) Not applicable.

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

(a) The registrant, as of the end of the period covered by the report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or any persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, on behalf of the registrant.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(d) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

(e) Not applicable.

(f) The registrant's Code of Ethics is filed herewith as Exhibit 19(a)(1).

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

(a)(1) The registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert is Robert G. Garry, who is independent as defined in Form N-CSR Item 3(a)(2).

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

(a) <u>Audit Fees</u>: For the registrant's fiscal years ended June 30, 2025 and June 30, 2024, the aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements were $273,860 and $273,860, respectively.

(b) <u>Audit-Related Fees</u>: For the registrant's fiscal years ended June 30, 2025 and June 30, 2024, the aggregate fees billed for professional services rendered by the principal accountant for assurance and related services that were reasonably related to the performance of the audit of the registrant's financial statements not otherwise included under "Audit Fees" above were $0 and $0, respectively.

(c) <u>Tax Fees</u>: For the registrant's fiscal years ended June 30, 2025 and June 30, 2024, aggregate fees of $112,875 and $112,875, respectively, were billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning.

(d) <u>All Other Fees</u>: For the registrant's fiscal years ended June 30, 2025 and June 30, 2024, aggregate fees of $0 and $0, respectively, were billed to registrant by the principal accountant for services other than the services reported in paragraphs (a) through (c) of this item. These services were related to International Reclaim Tax Services.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>: All services to be performed by the registrant's principal auditors must be pre-approved by the registrant's audit committee.

(e)(2) No services described in paragraphs (b) through (d) were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's principal accountant for the fiscal years ended June 30, 2025 and June 30, 2024 were $112,875 and $112,875, respectively.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

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

(a) The Schedule of Investments is included in the financial statements filed under Item 7 of this form.

(b) Not Applicable.

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

![](cullenncsr001.jpg)

**Financial Statements and Notes to**

**Financial Statements**

**June 30, 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](#cullenncsra001) | 3 |
| [Statements of Assets and Liabilities](#cullenncsra002) | 13 |
| [Statements of Operations](#cullenncsra003) | 15 |
| [Statements of Changes in Net Assets](#cullenncsra004) | 16 |
| [Financial Highlights](#cullenncsra005) | 19 |
| [Notes to Financial Statements](#cullenncsra006) | 37 |
| [Report of Independent Registered Public Accounting Firm](#cullenncsra007) | 48 |
| [Unaudited Tax Designations](#cullenncsra008) | 49 |

---

Cullen International High Dividend Fund

**SCHEDULE OF INVESTMENTS**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS - 96.86%** | **COMMON STOCKS - 96.86%** | **COMMON STOCKS - 96.86%** |
| *Australia - 0.08%* | *Australia - 0.08%* | *Australia - 0.08%* |
| &nbsp;&nbsp;&nbsp;Rio Tinto Ltd. | 818 | $57675 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | 12124 | 213769 |
|  |  | 271444 |
| *Brazil - 1.52%* | *Brazil - 1.52%* | *Brazil - 1.52%* |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA | 818950 | 5124938 |
| *Canada - 3.87%* | *Canada - 3.87%* | *Canada - 3.87%* |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 195853 | 8881162 |
| &nbsp;&nbsp;&nbsp;Power Corp. of Canada | 107153 | 4185400 |
|  |  | 13066562 |
| *China - 2.99%* | *China - 2.99%* | *China - 2.99%* |
| &nbsp;&nbsp;&nbsp;Midea Group Co., Ltd. | 113787 | 1079172 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd., Class H | 3530358 | 9017086 |
|  |  | 10096258 |
| *Finland - 0.04%* | *Finland - 0.04%* | *Finland - 0.04%* |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | 5161 | 140799 |
| *France - 10.23%* | *France - 10.23%* | *France - 10.23%* |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 146524 | 13172714 |
| &nbsp;&nbsp;&nbsp;Compagnie de Saint-Gobain SA | 78450 | 9207777 |
| &nbsp;&nbsp;&nbsp;Compagnie Generale des Etablissements Michelin | 79883 | 2967865 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 2210 | 220237 |
| &nbsp;&nbsp;&nbsp;Sanofi | 28543 | 2764091 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE - Sponsored ADR | 61562 | 3779291 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement | 68950 | 2456902 |
|  |  | 34568877 |
| *Germany - 10.48%* | *Germany - 10.48%* | *Germany - 10.48%* |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | 67490 | 3117198 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 149195 | 5442815 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 4625 | 270713 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 20320 | 13179169 |
| &nbsp;&nbsp;&nbsp;Siemens AG | 52209 | 13385425 |
|  |  | 35395320 |
| *Ireland - 1.85%* | *Ireland - 1.85%* | *Ireland - 1.85%* |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | 707452 | 5820918 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 10340 | 446171 |
|  |  | 6267089 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Italy - 8.12%* | *Italy - 8.12%* | *Italy - 8.12%* |
| &nbsp;&nbsp;&nbsp;Enel SpA | 1302063 | $12356048 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | 225039 | 15086013 |
|  |  | 27442061 |
| *Japan - 11.04%* | *Japan - 11.04%* | *Japan - 11.04%* |
| &nbsp;&nbsp;&nbsp;Komatsu Ltd. | 36243 | 1192202 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | 160673 | 3603859 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph and Telephone Corp. | 6917698 | 7397837 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | 7200715 | 11150720 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | 290425 | 12324483 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 94167 | 1630210 |
|  |  | 37299311 |
| *Mexico - 3.56%* | *Mexico - 3.56%* | *Mexico - 3.56%* |
| &nbsp;&nbsp;&nbsp;Coca-Cola FEMSA, SAB de CV | 714431 | 6920628 |
| &nbsp;&nbsp;&nbsp;Prologis Property Mexico, SA de CV | 1358103 | 5120615 |
|  |  | 12041243 |
| *Netherlands - 2.65%* | *Netherlands - 2.65%* | *Netherlands - 2.65%* |
| &nbsp;&nbsp;&nbsp;NN Group NV | 134580 | 8944205 |
| *Norway - 1.64%* | *Norway - 1.64%* | *Norway - 1.64%* |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | 200450 | 5540545 |
| *Singapore - 1.83%* | *Singapore - 1.83%* | *Singapore - 1.83%* |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | 72009 | 151777 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | 212641 | 6020508 |
|  |  | 6172285 |
| *Spain - 3.56%* | *Spain - 3.56%* | *Spain - 3.56%* |
| &nbsp;&nbsp;&nbsp;Iberdrola Sociedad Anonima | 627082 | 12032990 |
| *Sweden - 1.24%* | *Sweden - 1.24%* | *Sweden - 1.24%* |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | 128048 | 1711430 |
| &nbsp;&nbsp;&nbsp;Aktiebolaget Volvo, Class B | 88226 | 2474942 |
|  |  | 4186372 |
| *Switzerland - 7.92%* | *Switzerland - 7.92%* | *Switzerland - 7.92%* |
| &nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | 6141 | 415153 |
| &nbsp;&nbsp;&nbsp;Nestle SA | 71137 | 7067528 |
| &nbsp;&nbsp;&nbsp;Novartis AG - Sponsored ADR | 89820 | 10869118 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 1010 | 328923 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group Ltd. | 11540 | 8066147 |
|  |  | 26746869 |

---

See Notes to Financial Statements.

Cullen International High Dividend Fund

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Taiwan - 5.00%* | *Taiwan - 5.00%* | *Taiwan - 5.00%* |
| &nbsp;&nbsp;&nbsp;Ase Technology Holding Co., Ltd. | 1832954 | $9255125 |
| &nbsp;&nbsp;&nbsp;Quanta Computer, Inc. | 813853 | 7647633 |
|  |  | 16902758 |
| *United Kingdom - 19.24%* | *United Kingdom - 19.24%* | *United Kingdom - 19.24%* |
| &nbsp;&nbsp;&nbsp;3i Group PLC | 149738 | 8468135 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | 501066 | 12975087 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC - Sponsored ADR | 239323 | 11327158 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | 82063 | 7608881 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | 12279 | 308104 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | 756353 | 11020544 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 199992 | 7009822 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey PLC | 1020 | 1663 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | 1138643 | 6272133 |
|  |  | 64991527 |
| **TOTAL COMMON STOCKS <br> (Cost $231,326,347)** |  | 327231453 |
| **PREFERRED STOCKS - 1.83%** | **PREFERRED STOCKS - 1.83%** | **PREFERRED STOCKS - 1.83%** |
| *South Korea - 1.83%* | *South Korea - 1.83%* | *South Korea - 1.83%* |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | 169177 | 6204995 |
| **TOTAL PREFERRED STOCKS <br> (Cost $5,939,370)** |  | 6204995 |
| **TOTAL INVESTMENTS - 98.69%<br> (Cost $237,265,717)** |  | $333436448 |
| **Other Assets in Excess of Liabilities- 1.31%** | **Other Assets in Excess of Liabilities- 1.31%** | 4409405 |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $337845853 |

---

 

*ADR - American Depositary Receipt*

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**SCHEDULE OF INVESTMENTS**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS - 86.77%** | **COMMON STOCKS - 86.77%** | **COMMON STOCKS - 86.77%** |
| *Banking - 8.84%* | *Banking - 8.84%* | *Banking - 8.84%* |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 434602 | $20565367 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 210827 | 17945594 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 70190 | 20348783 |
|  |  | 58859744 |
| *Consumer Staple Products - 9.59%* | *Consumer Staple Products - 9.59%* | *Consumer Staple Products - 9.59%* |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 236550 | 13868926 |
| &nbsp;&nbsp;&nbsp;Diageo PLC - Sponsored ADR | 98765 | 9959463 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 114023 | 20767009 |
| &nbsp;&nbsp;&nbsp;Unilever PLC - Sponsored ADR | 315373 | 19291366 |
|  |  | 63886764 |
| *Financial Services - 2.92%* | *Financial Services - 2.92%* | *Financial Services - 2.92%* |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 137945 | 19430933 |
| *Health Care - 11.46%* | *Health Care - 11.46%* | *Health Care - 11.46%* |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 38520 | 6635070 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 134141 | 20490038 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 202811 | 17679035 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 164632 | 13032269 |
| &nbsp;&nbsp;&nbsp;Novartis AG - Sponsored ADR | 153068 | 18522758 |
|  |  | 76359170 |
| *Industrial Products - 12.30%* | *Industrial Products - 12.30%* | *Industrial Products - 12.30%* |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 63045 | 18387705 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 176150 | 18604963 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 163169 | 23825937 |
| &nbsp;&nbsp;&nbsp;Siemens AG - Sponsored ADR | 163490 | 21068956 |
|  |  | 81887561 |
| *Insurance - 6.14%* | *Insurance - 6.14%* | *Insurance - 6.14%* |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 68536 | 19856250 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 78620 | 21033995 |
|  |  | 40890245 |
| *Materials - 0.83%* | *Materials - 0.83%* | *Materials - 0.83%* |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 209824 | 5556140 |
| *Oil & Gas - 6.60%* | *Oil & Gas - 6.60%* | *Oil & Gas - 6.60%* |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 86656 | 12408272 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 171086 | 15353258 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 149989 | 16168814 |
|  |  | 43930344 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Real Estate - 4.42%* | *Real Estate - 4.42%* | *Real Estate - 4.42%* |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 133262 | $13690005 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 483838 | 15773119 |
|  |  | 29463124 |
| *Retail & Wholesale - Discretionary - 4.45%* | *Retail & Wholesale - Discretionary - 4.45%* | *Retail & Wholesale - Discretionary - 4.45%* |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 116958 | 14188175 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 69701 | 15464561 |
|  |  | 29652736 |
| *Retail & Wholesale - Staples - 1.62%* | *Retail & Wholesale - Staples - 1.62%* | *Retail & Wholesale - Staples - 1.62%* |
| &nbsp;&nbsp;&nbsp;Target Corp. | 109383 | 10790633 |
| *Software & Tech Services - 2.64%* | *Software & Tech Services - 2.64%* | *Software & Tech Services - 2.64%* |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 35305 | 17561060 |
| *Tech Hardware & Semiconductors - 6.17%* | *Tech Hardware & Semiconductors - 6.17%* | *Tech Hardware & Semiconductors - 6.17%* |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 72239 | 19912680 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 304922 | 21155489 |
|  |  | 41068169 |
| *Telecommunications - 3.13%* | *Telecommunications - 3.13%* | *Telecommunications - 3.13%* |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 719517 | 20822822 |
| *Utilities - 5.66%* | *Utilities - 5.66%* | *Utilities - 5.66%* |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 161021 | 19000478 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 269129 | 18682935 |
|  |  | 37683413 |
| **TOTAL COMMON STOCKS<br> (Cost $246,009,473)** |  | 577842858 |

---

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **EXCHANGE-TRADED FUNDS - 9.96%** | **EXCHANGE-TRADED FUNDS - 9.96%** | **EXCHANGE-TRADED FUNDS - 9.96%** |
| &nbsp;&nbsp;&nbsp;Communication Services Select Sector SPDR Fund | 188950 | $20506744 |
| &nbsp;&nbsp;&nbsp;Financial Select Sector SPDR Fund | 174950 | 9162131 |
| &nbsp;&nbsp;&nbsp;Health Care Select Sector SPDR Fund | 136600 | 18412314 |
| &nbsp;&nbsp;&nbsp;Industrial Select Sector SPDR Fund | 53120 | 7836262 |
| &nbsp;&nbsp;&nbsp;Materials Select Sector SPDR Fund | 40660 | 3570355 |
| &nbsp;&nbsp;&nbsp;Technology Select Sector SPDR Fund | 27100 | 6862533 |
| **TOTAL EXCHANGE-TRADED FUNDS<br> (Cost $64,052,394)** |  | 66350339 |
| **TOTAL INVESTMENTS - 96.73%<br> (Cost $310,061,867)** |  | $644193197 |
| **Other Assets in Excess of Liabilities - 3.27%** | **Other Assets in Excess of Liabilities - 3.27%** | 21759450 |
| **NET ASSETS - 100.00%** |  | $665952647 |

---

*ADR - American Depositary Receipt*

See Notes to Financial Statements

Cullen Small Cap Value Fund

**SCHEDULE OF INVESTMENTS**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS - 100.32%** | **COMMON STOCKS - 100.32%** | **COMMON STOCKS - 100.32%** |
| *Banking - 27.58%* | *Banking - 27.58%* | *Banking - 27.58%* |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 6112 | $395446 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 6725 | 370548 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 28415 | 602398 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | 6408 | 184679 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | 16398 | 310906 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 3300 | 303699 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 13648 | 431686 |
|  |  | 2599362 |
| *Consumer Discretionary Products - 15.09%* | *Consumer Discretionary Products - 15.09%* | *Consumer Discretionary Products - 15.09%* |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | 1538 | 46340 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.<sup>(a)</sup> | 2636 | 266974 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.<sup>(a)</sup> | 3219 | 360914 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A<sup>(a)</sup> | 9185 | 287858 |
| &nbsp;&nbsp;&nbsp;MasterBrand, Inc.<sup>(a)</sup> | 30119 | 329201 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C<sup>(a)</sup> | 20189 | 131027 |
|  |  | 1422314 |
| *Consumer Discretionary Services - 4.95%* | *Consumer Discretionary Services - 4.95%* | *Consumer Discretionary Services - 4.95%* |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 6458 | 466978 |
| *Financial Services - 11.17%* | *Financial Services - 11.17%* | *Financial Services - 11.17%* |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.<sup>(a)</sup> | 12854 | 476498 |
| &nbsp;&nbsp;&nbsp;LoanDepot, Inc., Class A<sup>(a)</sup> | 191218 | 242847 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 3350 | 333794 |
|  |  | 1053139 |
| *Industrial Services - 9.58%* | *Industrial Services - 9.58%* | *Industrial Services - 9.58%* |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 39830 | 485527 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 5687 | 417028 |
|  |  | 902555 |
| *Materials - 0.88%* | *Materials - 0.88%* | *Materials - 0.88%* |
| &nbsp;&nbsp;&nbsp;Huntsman Corp. | 7951 | 82849 |
| *Oil & Gas - 8.67%* | *Oil & Gas - 8.67%* | *Oil & Gas - 8.67%* |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 2658 | 73148 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 7219 | 183218 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 3205 | 48588 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc., Class A | 19098 | 165007 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Corp., Class A | 6659 | 122392 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc., Class A | 5883 | 224319 |
|  |  | 816672 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Real Estate - 19.40%* | *Real Estate - 19.40%* | *Real Estate - 19.40%* |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | 15658 | $470210 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman, Inc.<sup>(a)</sup> | 277722 | 644315 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 11526 | 358343 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | 29243 | 355303 |
|  |  | 1828171 |
| *Software & Tech Services - 0.92%* | *Software & Tech Services - 0.92%* | *Software & Tech Services - 0.92%* |
| &nbsp;&nbsp;&nbsp;Unisys Corp.<sup>(a)</sup> | 19163 | 86808 |
| *Utilities - 2.08%* | *Utilities - 2.08%* | *Utilities - 2.08%* |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 4834 | 196405 |
| **TOTAL COMMON STOCKS <br> (Cost $8,154,792)** |  | 9455253 |
| **TOTAL INVESTMENTS - 100.32% <br> (Cost $8,154,792)** |  | $9455253 |
| **Liabilities in Excess of Other Assets - (0.32%)** | **Liabilities in Excess of Other Assets - (0.32%)** | (30259) |
| **NET ASSETS - 100.00%** |  | $9424994 |

---

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

See Notes to Financial Statements.

Cullen Value Fund

**SCHEDULE OF INVESTMENTS**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS - 89.80%** | **COMMON STOCKS - 89.80%** | **COMMON STOCKS - 89.80%** |
| *Banking - 12.29%* | *Banking - 12.29%* | *Banking - 12.29%* |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 15380 | $727782 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 12716 | 1082386 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4363 | 1264877 |
|  |  | 3075045 |
| *Consumer Discretionary Products - 1.21%* | *Consumer Discretionary Products - 1.21%* | *Consumer Discretionary Products - 1.21%* |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 9045 | 302827 |
| *Consumer Staple Products - 6.72%* | *Consumer Staple Products - 6.72%* | *Consumer Staple Products - 6.72%* |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 16687 | 349259 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 8495 | 572902 |
| &nbsp;&nbsp;&nbsp;Unilever PLC - Sponsored ADR | 12393 | 758080 |
|  |  | 1680241 |
| *Financial Services - 6.52%* | *Financial Services - 6.52%* | *Financial Services - 6.52%* |
| &nbsp;&nbsp;&nbsp;American Express Co. | 1759 | 561086 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 7604 | 1071099 |
|  |  | 1632185 |
| *Health Care - 11.84%* | *Health Care - 11.84%* | *Health Care - 11.84%* |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 1396 | 240461 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 6960 | 322178 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 2202 | 727937 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3988 | 609167 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 7005 | 610626 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 5697 | 450975 |
|  |  | 2961344 |
| *Industrial Products - 14.48%* | *Industrial Products - 14.48%* | *Industrial Products - 14.48%* |
| &nbsp;&nbsp;&nbsp;Boeing Co.<sup>(a)</sup> | 2417 | 506434 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 2325 | 678109 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 6950 | 734059 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 6897 | 1007100 |
| &nbsp;&nbsp;&nbsp;Siemens AG - Sponsored ADR | 5400 | 695898 |
|  |  | 3621600 |
| *Industrial Services - 1.07%* | *Industrial Services - 1.07%* | *Industrial Services - 1.07%* |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 2565 | 266863 |
| *Insurance - 6.85%* | *Insurance - 6.85%* | *Insurance - 6.85%* |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 4396 | 884959 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 2860 | 828599 |
|  |  | 1713558 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Materials - 3.82%* | *Materials - 3.82%* | *Materials - 3.82%* |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.<sup>(a)</sup> | 14400 | $427536 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 2800 | 527660 |
|  |  | 955196 |
| *Media - 2.37%* | *Media - 2.37%* | *Media - 2.37%* |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 4773 | 591900 |
| *Oil & Gas - 4.33%* | *Oil & Gas - 4.33%* | *Oil & Gas - 4.33%* |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 4044 | 579060 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 5621 | 504429 |
|  |  | 1083489 |
| *Retail & Wholesale - Discretionary - 2.79%* | *Retail & Wholesale - Discretionary - 2.79%* | *Retail & Wholesale - Discretionary - 2.79%* |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 3145 | 697781 |
| *Software & Tech Services - 4.01%* | *Software & Tech Services - 4.01%* | *Software & Tech Services - 4.01%* |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 4587 | 1002856 |
| *Tech Hardware & Semiconductors - 9.48%* | *Tech Hardware & Semiconductors - 9.48%* | *Tech Hardware & Semiconductors - 9.48%* |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 4157 | 761022 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.<sup>(a)</sup> | 5622 | 716412 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 12901 | 895071 |
|  |  | 2372505 |
| *Telecommunications - 2.02%* | *Telecommunications - 2.02%* | *Telecommunications - 2.02%* |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 11700 | 506259 |
| **TOTAL COMMON STOCKS<br> (Cost $11,132,496)** |  | 22463649 |
| **EXCHANGE-TRADED FUNDS - 9.02%** | **EXCHANGE-TRADED FUNDS - 9.02%** | **EXCHANGE-TRADED FUNDS - 9.02%** |
| &nbsp;&nbsp;&nbsp;Communication Services Select Sector SPDR Fund | 7098 | 770346 |
| &nbsp;&nbsp;&nbsp;Industrial Select Sector SPDR Fund | 5105 | 753089 |
| &nbsp;&nbsp;&nbsp;Utilities Select Sector SPDR Fund | 8997 | 734695 |
| **TOTAL EXCHANGE-TRADED FUNDS<br> (Cost $2,201,928)** |  | 2258130 |
| **TOTAL INVESTMENTS - 98.82%<br> (Cost $13,334,424)** |  | $24721779 |
| **Other Assets in Excess of Liabilities- 1.18%** | **Other Assets in Excess of Liabilities- 1.18%** | 294152 |
| **NET ASSETS - 100.00%** |  | $25015931 |

---

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

*ADR - American Depositary Receipt*

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**SCHEDULE OF INVESTMENTS**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS - 94.58%** | **COMMON STOCKS - 94.58%** | **COMMON STOCKS - 94.58%** |
| *Brazil - 2.86%* | *Brazil - 2.86%* | *Brazil - 2.86%* |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA | 4603609 | $28809097 |
| &nbsp;&nbsp;&nbsp;SLC Agricola SA | 1338389 | 4382386 |
|  |  | 33191483 |
| *Canada - 0.31%* | *Canada - 0.31%* | *Canada - 0.31%* |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp. | 340075 | 3576188 |
| *China - 18.36%* | *China - 18.36%* | *China - 18.36%* |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 1984200 | 27753701 |
| &nbsp;&nbsp;&nbsp;BYD Co. Ltd., Class H | 1653828 | 25808308 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp., Class H | 44867085 | 45267462 |
| &nbsp;&nbsp;&nbsp;Midea Group Co., Ltd. | 1133739 | 10752536 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. | 11532000 | 9916114 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 805192 | 51594160 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | 42776 | 2484838 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd., Class H | 15436496 | 39427225 |
|  |  | 213004344 |
| *Greece - 9.08%* | *Greece - 9.08%* | *Greece - 9.08%* |
| &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services and Holdings SA | 11022812 | 37862391 |
| &nbsp;&nbsp;&nbsp;Mytilineos SA | 668355 | 36231135 |
| &nbsp;&nbsp;&nbsp;OPAP SA | 1376940 | 31222945 |
|  |  | 105316471 |
| *Hong Kong - 1.16%* | *Hong Kong - 1.16%* | *Hong Kong - 1.16%* |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 1506000 | 13506124 |
| *India - 11.62%* | *India - 11.62%* | *India - 11.62%* |
| &nbsp;&nbsp;&nbsp;CapitaLand India Trust | 665200 | 549320 |
| &nbsp;&nbsp;&nbsp;Embassy Office Parks REIT | 3142668 | 14273195 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd.- Sponsored ADR | 1032313 | 34727009 |
| &nbsp;&nbsp;&nbsp;NHPC Ltd. | 13509411 | 13517287 |
| &nbsp;&nbsp;&nbsp;NTPC Ltd. | 1760000 | 6872948 |
| &nbsp;&nbsp;&nbsp;Oil and Natural Gas Corp. Ltd. | 2570295 | 7319167 |
| &nbsp;&nbsp;&nbsp;Power Grid Corp. of India Ltd. | 4626632 | 16179185 |
| &nbsp;&nbsp;&nbsp;REC Ltd. | 3352063 | 15728430 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 1666687 | 15942942 |
| &nbsp;&nbsp;&nbsp;Vedanta Ltd. | 1802000 | 9683438 |
|  |  | 134792921 |
| *Indonesia - 0.01%* | *Indonesia - 0.01%* | *Indonesia - 0.01%* |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 774417 | 178400 |
| *Kazakhstan - 0.04%* | *Kazakhstan - 0.04%* | *Kazakhstan - 0.04%* |
| &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC - Sponsored ADR | 5350 | 454162 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Malaysia - 1.66%* | *Malaysia - 1.66%* | *Malaysia - 1.66%* |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings Bhd | 2173000 | $3504256 |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd | 4618800 | 15774455 |
|  |  | 19278711 |
| *Mexico - 7.01%* | *Mexico - 7.01%* | *Mexico - 7.01%* |
| &nbsp;&nbsp;&nbsp;Arca Continental, SAB de CV | 1465896 | 15530396 |
| &nbsp;&nbsp;&nbsp;Coca-Cola FEMSA, SAB de CV | 2027726 | 19642397 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, SAB de CV, Series O | 2278576 | 20909057 |
| &nbsp;&nbsp;&nbsp;Prologis Property Mexico, SA de CV | 6686744 | 25211817 |
|  |  | 81293667 |
| *Nigeria - 0.07%* | *Nigeria - 0.07%* | *Nigeria - 0.07%* |
| &nbsp;&nbsp;&nbsp;Airtel Africa PLC<sup>(a)(b)</sup> | 348402 | 862253 |
| *Panama - 1.27%* | *Panama - 1.27%* | *Panama - 1.27%* |
| &nbsp;&nbsp;&nbsp;Copa Holdings, SA, Class A | 133655 | 14698040 |
| *Philippines - 1.52%* | *Philippines - 1.52%* | *Philippines - 1.52%* |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | 2413730 | 17611273 |
| *Poland - 1.77%* | *Poland - 1.77%* | *Poland - 1.77%* |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki SA | 16360 | 839708 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski SA | 942250 | 19669258 |
|  |  | 20508966 |
| *Saudi Arabia - 0.03%* | *Saudi Arabia - 0.03%* | *Saudi Arabia - 0.03%* |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)(b)</sup> | 57500 | 372857 |
| *South Africa - 0.39%* | *South Africa - 0.39%* | *South Africa - 0.39%* |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | 154623 | 4563217 |
| *South Korea - 9.79%* | *South Korea - 9.79%* | *South Korea - 9.79%* |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | 82001 | 12364555 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | 437100 | 35917598 |
| &nbsp;&nbsp;&nbsp;KT&G Corp. | 324378 | 30692850 |
| &nbsp;&nbsp;&nbsp;Macquarie Korea Infrastructure Fund | 377989 | 3215259 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | 708468 | 31391810 |
|  |  | 113582072 |

---

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Taiwan - 19.55%* | *Taiwan - 19.55%* | *Taiwan - 19.55%* |
| &nbsp;&nbsp;&nbsp;Ase Technology Holding Co., Ltd. | 6689337 | $33776435 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. | 530000 | 2921060 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | 500270 | 21406871 |
| &nbsp;&nbsp;&nbsp;Quanta Computer, Inc. | 3663147 | 34421945 |
| &nbsp;&nbsp;&nbsp;SINBON Electronics Co. Ltd. | 872838 | 6528656 |
| &nbsp;&nbsp;&nbsp;Sunonwealth Electric Machine Industry Co. Ltd. | 3665329 | 12610077 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 1323400 | 48021498 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd.- Sponsored ADR | 156560 | 35459274 |
| &nbsp;&nbsp;&nbsp;Wiwynn Corp. | 366101 | 31707364 |
|  |  | 226853180 |
| *Turkey - 0.06%* | *Turkey - 0.06%* | *Turkey - 0.06%* |
| &nbsp;&nbsp;&nbsp;Koc Holding AS | 167910 | 649412 |
| *United Arab Emirates - 6.92%* | *United Arab Emirates - 6.92%* | *United Arab Emirates - 6.92%* |
| &nbsp;&nbsp;&nbsp;Air Arabia PJSC | 8439975 | 7882458 |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 13737800 | 33366328 |
| &nbsp;&nbsp;&nbsp;Emaar Development PJSC | 1459960 | 5366623 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 4821900 | 17855971 |
| &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | 2147800 | 13333834 |
| &nbsp;&nbsp;&nbsp;TECOM Group PJSC | 2839308 | 2489401 |
|  |  | 80294615 |
| *United States - 0.74%* | *United States - 0.74%* | *United States - 0.74%* |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.(c) | 366018 | 8557501 |
| *Vietnam - 0.36%* | *Vietnam - 0.36%* | *Vietnam - 0.36%* |
| &nbsp;&nbsp;&nbsp;Gemadept Corp. | 1118000 | 2478214 |
| &nbsp;&nbsp;&nbsp;Ho Chi minh City Securities Corp. | 2056700 | 1685013 |
|  |  | 4163227 |
| **TOTAL COMMON STOCKS <br> (Cost $828,227,892)** |  | 1097309084 |
| **PREFERRED STOCKS - 1.92%** | **PREFERRED STOCKS - 1.92%** | **PREFERRED STOCKS - 1.92%** |
| *Brazil - 1.92%* | *Brazil - 1.92%* | *Brazil - 1.92%* |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA | 3281270 | 22267292 |
| **TOTAL PREFERRED STOCKS <br> (Cost $21,488,718)** |  | 22267292 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **RIGHTS - 0.04%** | **RIGHTS - 0.04%** | **RIGHTS - 0.04%** |
| *Vietnam - 0.04%* | *Vietnam - 0.04%* | *Vietnam - 0.04%* |
| &nbsp;&nbsp;&nbsp;Ho Chi Minh City Securities Corp., Subscription Price 10,000 VND, Expires August 2025 | 2056700 | $448812 |
| **TOTAL RIGHTS <br> (Cost $—)** |  | 448812 |
| **EQUITY LINKED CERTIFICATE - 2.32%** | **EQUITY LINKED CERTIFICATE - 2.32%** | **EQUITY LINKED CERTIFICATE - 2.32%** |
| *China - 2.32%* | *China - 2.32%* | *China - 2.32%* |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd. | 764107 | 26895955 |
| **TOTAL EQUITY LINKED CERTIFICATE<br> (Cost $27,594,505)** |  | 26895955 |
| **TOTAL INVESTMENTS - 98.86% <br> (Cost $877,311,115)** |  | $1146921143 |
| **Other Assets in Excess of Liabilities- 1.14%** | **Other Assets in Excess of Liabilities- 1.14%** | 13233268 |
| **NET ASSETS - 100.00%** |  | $1160154411 |

---

*<sup>(a)</sup>* *All or a portion of the security is exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of June 30, 2025, these securities had an aggregate value of $1,235,110 or 0.11% of net assets.* 

*<sup>(b)</sup>* *Security was issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of June 30, 2025, the aggregate market value of these securities was $1,235,110, representing 0.11% of net assets.* 

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

*ADR - American Depositary Receipt*

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**SCHEDULE OF INVESTMENTS**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS - 98.98%** | **COMMON STOCKS - 98.98%** | **COMMON STOCKS - 98.98%** |
| *Banking - 14.66%* | *Banking - 14.66%* | *Banking - 14.66%* |
| &nbsp;&nbsp;&nbsp;Bank of America Corp.<sup>(a)</sup> | 99274 | $4697646 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc.<sup>(a)</sup> | 65200 | 5549824 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 13213 | 3830581 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 18034 | 3361898 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp.<sup>(a)</sup> | 114100 | 4905159 |
|  |  | 22345108 |
| *Consumer Staple Products - 11.60%* | *Consumer Staple Products - 11.60%* | *Consumer Staple Products - 11.60%* |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 82831 | 4856381 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 203714 | 4170025 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 188106 | 3937059 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 142830 | 4721960 |
|  |  | 17685425 |
| *Health Care - 13.34%* | *Health Care - 13.34%* | *Health Care - 13.34%* |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 145118 | 4394173 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 96000 | 4443840 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 74513 | 6495298 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc.<sup>(a)</sup> | 63161 | 4999825 |
|  |  | 20333136 |
| *Industrial Products - 5.40%* | *Industrial Products - 5.40%* | *Industrial Products - 5.40%* |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 11832 | 3450921 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 50267 | 4778381 |
|  |  | 8229302 |
| *Industrial Services - 4.30%* | *Industrial Services - 4.30%* | *Industrial Services - 4.30%* |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 7787 | 1993238 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 45273 | 4569857 |
|  |  | 6563095 |
| *Materials - 4.67%* | *Materials - 4.67%* | *Materials - 4.67%* |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 37454 | 4260392 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC - Sponsored ADR<sup>(a)</sup> | 48900 | 2852337 |
|  |  | 7112729 |
| *Media - 2.59%* | *Media - 2.59%* | *Media - 2.59%* |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 110639 | 3948706 |
| *Oil & Gas - 10.44%* | *Oil & Gas - 10.44%* | *Oil & Gas - 10.44%* |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 58003 | 5205189 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 48761 | 5832303 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 45316 | 4885065 |
|  |  | 15922557 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Real Estate - 6.62%* | *Real Estate - 6.62%* | *Real Estate - 6.62%* |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc.<sup>(a)</sup> | 238236 | $4171512 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 181500 | 5916900 |
|  |  | 10088412 |
| *Retail & Wholesale - Discretionary - 1.92%* | *Retail & Wholesale - Discretionary - 1.92%* | *Retail & Wholesale - Discretionary - 1.92%* |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 24190 | 2934489 |
| *Retail & Wholesale - Staples - 3.19%* | *Retail & Wholesale - Staples - 3.19%* | *Retail & Wholesale - Staples - 3.19%* |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 64178 | 4860842 |
| *Software & Tech Services - 2.60%* | *Software & Tech Services - 2.60%* | *Software & Tech Services - 2.60%* |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 13470 | 3970687 |
| *Tech Hardware & Semiconductors - 4.10%* | *Tech Hardware & Semiconductors - 4.10%* | *Tech Hardware & Semiconductors - 4.10%* |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 89983 | 6243021 |
| *Telecommunications - 6.69%* | *Telecommunications - 6.69%* | *Telecommunications - 6.69%* |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 163115 | 4720548 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 126478 | 5472703 |
|  |  | 10193251 |
| *Utilities - 6.86%* | *Utilities - 6.86%* | *Utilities - 6.86%* |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 46113 | 5441334 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 148030 | 5016737 |
|  |  | 10458071 |
| **TOTAL COMMON STOCKS<br> (Cost $148,229,378)** |  | 150888831 |
| **TOTAL INVESTMENTS - 98.98% <br> (Cost $148,229,378)** |  | $150888831 |
| **Other Assets in Excess of Liabilities- 1.02%** | **Other Assets in Excess of Liabilities- 1.02%** | 1561953 |
| **NET ASSETS - 100.00%** |  | $152450784 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options in the amount of $13,599,178 as of June 30, 2025.*

*ADR - American Depositary Receipt*

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Call Options Written** | **Notional <br> Amount** | **Number of <br> Contracts** | **Value** |
| **WRITTEN OPTIONS - (0.16%)** | **WRITTEN OPTIONS - (0.16%)** | **WRITTEN OPTIONS - (0.16%)** | **WRITTEN OPTIONS - (0.16%)** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., Expires July 2025, Exercise Price $49.00 | $(2351804) | (497) | $(25844) |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., Expires July 2025, Exercise Price $85.00 | (2774912) | (326) | (80848) |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc., Expires July 2025, Exercise Price $17.50 | (2087192) | (1192) | (35760) |
| &nbsp;&nbsp;&nbsp;Merck & Co, Inc., Expires July 2025, Exercise Price $85.00 | (2501456) | (316) | (8848) |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC – Sponsored ADR, Expires July 2025, Exercise Price $60.00 | (1429085) | (245) | (13475) |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., Expires July 2025, Exercise Price $42.50 | (2454729) | (571) | (83937) |
| **TOTAL WRITTEN OPTIONS<br> (Premiums received $176,581)** | **TOTAL WRITTEN OPTIONS<br> (Premiums received $176,581)** | **TOTAL WRITTEN OPTIONS<br> (Premiums received $176,581)** | $(248712) |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF ASSETS AND LIABILITIES**

 **June 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cullen International High Dividend Fund** | **Cullen High Dividend Equity Fund** | **Cullen Small Cap Value Fund** | **Cullen Value Fund** | **Cullen Emerging Markets High Dividend Fund** | **Cullen Enhanced Equity Income Fund** |
| **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments, at value | $333436448 | $644193197 | $9455253 | $24721779 | $1146921143 | $150888831 |
| Cash | 1043075 | 24413788 | 27572 | 289617 | 3133134 | 1632431 |
| Foreign currencies, at value | 1014743 |  |  |  | 5964753 |  |
| Receivable for investments sold | 880817 | 9472707 |  |  | 3092100 |  |
| Receivable for fund shares sold | 817211 | 415794 |  | 1718 | 3173951 | 75577 |
| Dividends receivable | 3233290 | 2761538 | 16565 | 54953 | 6461123 | 601247 |
| Receivable due from Investment Advisor |  |  | 15741 | 10275 |  |  |
| Prepaid expenses and other assets | 30730 | 35946 | 10881 | 35267 | 55227 | 15932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 340456314 | 681292970 | 9526012 | 25113609 | 1168801431 | 153214018 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Written options, at value |  |  |  |  |  | 248712 |
| Payable to Investment Advisor | 228548 | 375312 |  |  | 710559 | 77781 |
| Payable for investments purchased | 1898455 | 14337650 |  |  | 7029974 |  |
| Payable for shares redeemed | 336429 | 438733 |  |  | 537480 | 317653 |
| Distribution fees payable | 1702 | 31485 | 162 | 626 | 11803 | 8503 |
| Trustees' fees and expenses payable | 20000 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Professional fees payable | 58475 | 58475 | 58475 | 58475 | 58475 | 58475 |
| Accrued expenses and other liabilities | 66852 | 78668 | 22381 | 18577 | 278729 | 32110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 2610461 | 15340323 | 101018 | 97678 | 8647020 | 763234 |
| **NET ASSETS** | $337845853 | $665952647 | $9424994 | $25015931 | $1160154411 | $152450784 |
| **NET ASSETS CONSIST OF** | **NET ASSETS CONSIST OF** | **NET ASSETS CONSIST OF** | **NET ASSETS CONSIST OF** | **NET ASSETS CONSIST OF** | **NET ASSETS CONSIST OF** | **NET ASSETS CONSIST OF** |
| Paid in capital | $268731044 | $278906295 | $8669681 | $14041946 | $998084918 | $153331121 |
| Total distributable earnings/(accumulated loss) | 69114809 | 387046352 | 755313 | 10973985 | 162069493 | (880337) |
| **NET ASSETS** | $337845853 | $665952647 | $9424994 | $25015931 | $1160154411 | $152450784 |
| Investments, at cost | $237265717 | $310061867 | $8154792 | $13334424 | $877311115 | $148229378 |
| Foreign currencies, at cost | 1001257 |  |  |  | 5969826 |  |
| Premiums received on written options |  |  |  |  |  | 176581 |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF ASSETS AND LIABILITIES**

 **June 30, 2025 (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cullen International High Dividend Fund** | **Cullen High Dividend Equity Fund** | **Cullen Small Cap Value Fund** | **Cullen Value Fund** | **Cullen Emerging Markets High Dividend Fund** | **Cullen Enhanced Equity Income Fund** |
| **PRICING OF SHARES** | **PRICING OF SHARES** | **PRICING OF SHARES** | **PRICING OF SHARES** | **PRICING OF SHARES** | **PRICING OF SHARES** | **PRICING OF SHARES** |
| **Retail Class:** | **Retail Class:** | **Retail Class:** | **Retail Class:** | **Retail Class:** | **Retail Class:** | **Retail Class:** |
| Net Asset Value, offering and redemption price per share | $12.59 | $13.69 | $12.41 | $14.57 | $13.85 | $10.30 |
| Net Assets | $5696836 | $72647348 | $326778 | $1667099 | $52582334 | $5814607 |
| Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 452557 | 5308480 | 26338 | 114423 | 3797852 | 564503 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Net Asset Value, offering and redemption price per share | $12.50 | $13.28 | $10.83 | $14.50 | $13.58 | $10.32 |
| Net Assets | $674534 | $20650093 | $118162 | $367541 | $1622911 | $9105697 |
| Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 53966 | 1554454 | 10909 | 25348 | 119516 | 882646 |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Net Asset Value, offering and redemption price per share | $12.75 | $13.71 | $13.01 | $14.52 | $13.99 | $10.39 |
| Net Assets | $331474483 | $572655206 | $8980054 | $22981291 | $1105949166 | $137530480 |
| Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 26002867 | 41775410 | 690361 | 1583032 | 79075776 | 13231875 |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF OPERATIONS**

 **For the Year Ended June 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Cullen International High Dividend Fund** | **Cullen High Dividend Equity Fund** | **Cullen Small Cap Value Fund** | **Cullen Value Fund** | **Cullen <br> Emerging Markets High Dividend Fund** | **Cullen Enhanced Equity Income Fund** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| Dividends\* | $13476837 | $23150116 | $238685 | $598225 | $39111276 | $6327079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 13476837 | 23150116 | 238685 | 598225 | 39111276 | 6327079 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees (Note 6) | 3064261 | 7123823 | 107279 | 236105 | 9548524 | 1576637 |
| Administrative fees | 128355 | 236340 | 22466 | 24763 | 332403 | 66518 |
| Distribution fees (Note 7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 12557 | 189475 | 913 | 3966 | 109507 | 14124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 6638 | 217633 | 1290 | 4262 | 15675 | 84277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  | 1406 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 |  | 431 |  |  |  |  |
| Registration and filing fees | 79329 | 85912 | 43799 | 43314 | 99678 | 45885 |
| Custody fees | 130974 | 34295 | 10626 | 9372 | 1210453 | 18101 |
| Transfer agent fees | 93005 | 135108 | 49281 | 49481 | 104848 | 63384 |
| Legal fees | 58395 | 58395 | 58395 | 58395 | 58395 | 58395 |
| Professional fees | 54456 | 64456 | 64456 | 64456 | 42722 | 64456 |
| Trustees' fees | 80000 | 80000 | 80000 | 80000 | 80000 | 80000 |
| Other expenses | 58003 | 104937 | 16924 | 16423 | 135378 | 34965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 3765973 | 8332211 | 455429 | 590537 | 11737583 | 2106742 |
| Less expenses reimbursed from Investment Advisor (Note 6) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (10938) | (275612) | (11886) | (27195) | (91974) | (29469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1438) | (79187) | (4148) | (7245) | (3266) | (44722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (669065) | (2226078) | (329936) | (370751) | (1959345) | (751823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  | (295) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 |  | (182) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 3084532 | 5750857 | 109459 | 185346 | 9682998 | 1280728 |
| **NET INVESTMENT INCOME** | 10392305 | 17399259 | 129226 | 412879 | 29428278 | 5046351 |
| Net realized gain/(loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 9579742 | 93641924 | (186460) | (86137) | (15001597) | 381592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  |  |  |  | 2927139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains tax |  |  |  |  | (2995335) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (251398) | 1855 |  | (10) | (2332816) | (2700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | 9328344 | 93643779 | (186460) | (86147) | (20329748) | 3306031 |
| Net change in unrealized appreciation/ depreciation on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 34908754 | (31762509) | (18442) | 2482737 | 97622135 | 4618572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  |  |  |  | (74173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains tax |  |  |  |  | 4709066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related translations | 197515 | 243 |  |  | 117605 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/depreciation | 35106269 | (31762266) | (18442) | 2482737 | 102448806 | 4544675 |
| **NET REALIZED AND UNREALIZED GAIN/ LOSS ON INVESTMENTS** | 44434613 | 61881513 | (204902) | 2396590 | 82119058 | 7850706 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $54826918 | $79280772 | $(75676) | $2809469 | $111547336 | $12897057 |
| \*Foreign taxes withheld on dividends | $1694815 | $302473 | $— | $10843 | $4564189 | $72530 |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cullen International High<br> Dividend Fund** | **Cullen International High<br> Dividend Fund** | **Cullen High Dividend Equity Fund** | **Cullen High Dividend Equity Fund** |
| | **Year Ended<br> June 30, 2025** | **Year Ended<br> June 30, 2024** | **Year Ended<br> June 30, 2025** | **Year Ended<br> June 30, 2024** |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income | $10392305 | $8670693 | $17399259 | $19949772 |
| Net realized gain | 9328344 | 8452844 | 93643779 | 73561464 |
| Net change in unrealized appreciation/depreciation | 35106269 | 18494956 | (31762266) | (40853252) |
| Net Increase in net assets resulting from operations | 54826918 | 35618493 | 79280772 | 52657984 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (205055) | (194790) | (10001682) | (9550518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (22501) | (29814) | (2811523) | (2751770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (13211668) | (11294321) | (83221066) | (77890142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  |  | (5106) | (111101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 | (10) | (26) | (3379) | (69324) |
| &nbsp;&nbsp;&nbsp;Net Decrease in net assets from distributions | (13439234) | (11518951) | (96042756) | (90372855) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 3)** | **CAPITAL SHARE TRANSACTIONS (NOTE 3)** | **CAPITAL SHARE TRANSACTIONS (NOTE 3)** | **CAPITAL SHARE TRANSACTIONS (NOTE 3)** | **CAPITAL SHARE TRANSACTIONS (NOTE 3)** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 4009146 <sup>(a)</sup> | 2452193 | 9784878 <sup>(a)</sup> | 36607703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 282110 | 1378496 | 2682828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 104733812 | 89973454 | 103562451 | 129771530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  |  | 5873 | 28425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 |  |  | 1158 | 68303 |
| Dividends reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 192045 | 183042 | 9656987 | 9218992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 21203 | 27406 | 2752679 | 2679180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 8774409 | 7384759 | 69406411 | 64776480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  |  | 5106 | 111102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 | 10 | 26 | 3378 | 69325 |
| Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (3676918) | (3324196) | (23539448) | (57784825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (199383) | (584481) | (6335261) | (11155296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (113263020) | (71227255) | (237552828) | (312935609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |  |  | (948999)<sup>(a)</sup> | (809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 | (818)<sup>(a)</sup> | (14) | (596990)<sup>(a)</sup> | (67401) |
| Redemption fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class |  | 141 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | 292 | 5882 |
| Net Increase/(Decrease) in net assets derived from capital share transactions | 590486 | 25167185 | (72415408) | (135924190) |
| Net Increase/(Decrease) in net assets | 41978170 | 49266727 | (89177392) | (173639061) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | 295867683 | 246600956 | 755130039 | 928769100 |
| End of year | $337845853 | $295867683 | $665952647 | $755130039 |

---

*<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.*

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** |
| | **Year Ended<br> June 30, 2025** | **Year Ended<br> June 30, 2024** | **Year Ended<br> June 30, 2025** | **Year Ended<br> June 30, 2024** |
| **OPERATIONS** | | | | |
| Net investment income | $129226 | $188080 | $412879 | $407051 |
| Net realized gain/(loss) | (186460) | 308737 | (86147) | 1090411 |
| Net change in unrealized appreciation/depreciation | (18442) | (91747) | 2482737 | 374389 |
| Net Increase/(Decrease) in net assets resulting from operations | (75676) | 405070 | 2809469 | 1871851 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (17688) | (9143) | (62298) | (157435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (5838) | (1638) | (13443) | (45116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (479416) | (264690) | (903794) | (1753440) |
| &nbsp;&nbsp;&nbsp;Net Decrease in net assets from distributions | (502942) | (275471) | (979535) | (1955991) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 3)** |  |  |  |  |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 103733 | 16644 | 53066 | 968022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 32555 |  |  | 23920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1226196 | 976707 | 300940 | 244147 |
| Dividends reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 17688 | 9143 | 62298 | 157435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 5838 | 1637 | 13443 | 45116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 478236 | 264091 | 903794 | 1753440 |
| Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (128860) | (228681) | (191101) | (1441605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (39569) | (4820) | (201382) | (255478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2103711) | (3724492) | (554256) | (1031533) |
| Net Increase/(Decrease) in net assets derived from capital share transactions | (407894) | (2689771) | 386802 | 463464 |
| Net Increase/(Decrease) in net assets | (986512) | (2560172) | 2216736 | 379324 |
| **NET ASSETS** |  |  |  |  |
| Beginning of year | 10411506 | 12971678 | 22799195 | 22419871 |
| End of year | $9424994 | $10411506 | $25015931 | $22799195 |

---

See Notes to Financial Statements.

Cullen Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cullen Emerging Markets High<br> Dividend Fund** | **Cullen Emerging Markets High<br> Dividend Fund** | **Cullen Enhanced Equity Income<br> Fund** | **Cullen Enhanced Equity Income<br> Fund** |
| | **Year Ended<br> June 30, 2025** | **Year Ended<br> June 30, 2024** | **Year Ended<br> June 30, 2025** | **Year Ended<br> June 30, 2024** |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income | $29428278 | $18960578 | $5046351 | $6145372 |
| Net realized gain/(loss) | (20329748) | 14152794 | 3306031 | (247928) |
| Net change in unrealized appreciation | 102448806 | 92877664 | 4544675 | 635477 |
| Net Increase in net assets resulting from operations | 111547336 | 125991036 | 12897057 | 6532921 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (1288242) | (733916) | (177797) | (279270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (36555) | (44455) | (221238) | (270613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (28843888) | (21464371) | (4644616) | (5593883) |
| From tax return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class |  |  | (144548) | (167956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | (196389) | (215156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | (3778245) | (4333867) |
| &nbsp;&nbsp;&nbsp;Net Decrease in net assets from distributions | (30168685) | (22242742) | (9162833) | (10860745) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 3)** | **CAPITAL SHARE TRANSACTIONS (NOTE 3)** | **CAPITAL SHARE TRANSACTIONS (NOTE 3)** | **CAPITAL SHARE TRANSACTIONS (NOTE 3)** | **CAPITAL SHARE TRANSACTIONS (NOTE 3)** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 31143783 | 31464496 | 1401214 | 5612933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 105187 | 13650 | 1989527 | 1364845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 549563014 | 410548440 | 24737216 | 40691506 |
| Dividends reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 1184698 | 673558 | 279697 | 394190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 35783 | 43617 | 392604 | 455723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 22604708 | 19441776 | 8009686 | 9413722 |
| Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (20144281) | (8260486) | (1447629) | (5609550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (232709) | (98617) | (2089603) | (3022053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (332388735) | (157938225) | (42497442) | (119814457) |
| Redemption fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 1641 | 718 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 533 | 1333 | 1091 | 73 |
| Net Increase/(Decrease) in net assets derived from capital share transactions | 251873622 | 295890260 | (9223639) | (70513068) |
| Net Increase/(Decrease) in net assets | 333252273 | 399638554 | (5489415) | (74840892) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | 826902138 | 427263584 | 157940199 | 232781091 |
| End of year | $1160154411 | $826902138 | $152450784 | $157940199 |

---

See Notes to Financial Statements.

Cullen International High Dividend Fund

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
| &nbsp;&nbsp;**Retail Class** |  |  |  |  |  |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period | $11.11 | $10.17 | $9.16 | $10.94 | $8.79 |
| &nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.36 | 0.30 | 0.29 | 0.24 | 0.28 |
| &nbsp;&nbsp;Net realized and unrealized gain/loss | 1.60 | 1.08 | 1.00 | (1.71) | 2.15 |
| &nbsp;&nbsp;Total from Investment Operations | 1.96 | 1.38 | 1.29 | (1.47) | 2.43 |
| &nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;From distributable earnings | (0.48) | (0.44) | (0.28) | (0.31) | (0.28) |
| &nbsp;&nbsp;Total Distributions | (0.48) | (0.44) | (0.28) | (0.31) | (0.28) |
| &nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 1.48 | 0.94 | 1.01 | (1.78) | 2.15 |
| &nbsp;&nbsp;Net Asset Value, End of Period | $12.59 | $11.11 | $10.17 | $9.16 | $10.94 |
| &nbsp;&nbsp;**TOTAL RETURN<sup>(b)</sup>** | 18.16% | 13.92% | 14.28% | (13.71%) | 27.95% |
| &nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net Assets, End of Period (000s) | $5697 | $4480 | $4776 | $4188 | $6267 |
| &nbsp;&nbsp;Ratio of operating expenses to average net assets excluding waivers | 1.47% | 1.48% | 1.56% | 1.51% | 1.52% |
| &nbsp;&nbsp;Ratio of operating expenses to average net assets including waivers | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets excluding waivers | 2.91% | 2.64% | 2.72% | 1.97% | 2.57% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets including waivers | 3.13% | 2.87% | 3.03% | 2.23% | 2.84% |
| &nbsp;&nbsp;Portfolio turnover rate | 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 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.* 

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

See Notes to Financial Statements.

Cullen International High Dividend Fund

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
| &nbsp;&nbsp;**Class C** |  |  |  |  |  |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period | $11.03 | $10.12 | $9.11 | $10.90 | $8.78 |
| &nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.26 | 0.21 | 0.20 | 0.20 | 0.22 |
| &nbsp;&nbsp;Net realized and unrealized gain/loss | 1.60 | 1.08 | 1.02 | (1.75) | 2.12 |
| &nbsp;&nbsp;Total from Investment Operations | 1.86 | 1.29 | 1.22 | (1.55) | 2.34 |
| &nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;From distributable earnings | (0.39) | (0.38) | (0.21) | (0.24) | (0.22) |
| &nbsp;&nbsp;Total Distributions | (0.39) | (0.38) | (0.21) | (0.24) | (0.22) |
| &nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 1.47 | 0.91 | 1.01 | (1.79) | 2.12 |
| &nbsp;&nbsp;Net Asset Value, End of Period | $12.50 | $11.03 | $10.12 | $9.11 | $10.90 |
| &nbsp;&nbsp;**TOTAL RETURN<sup>(b)</sup>** | 17.30% | 13.02% | 13.50% | (14.38%) | 26.92% |
| &nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net Assets, End of Period (000s) | $675 | $774 | $985 | $1071 | $1387 |
| &nbsp;&nbsp;Ratio of operating expenses to average net assets excluding waivers | 2.22% | 2.23% | 2.31% | 2.26% | 2.27% |
| &nbsp;&nbsp;Ratio of operating expenses to average net assets including waivers | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets excluding waivers | 2.09% | 1.79% | 1.83% | 1.64% | 1.93% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets including waivers | 2.31% | 2.02% | 2.14% | 1.90% | 2.20% |
| &nbsp;&nbsp;Portfolio turnover rate | 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 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.* 

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

See Notes to Financial Statements.

Cullen International High Dividend Fund

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
| &nbsp;&nbsp;**Class I** |  |  |  |  |  |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period | $11.24 | $10.28 | $9.25 | $11.03 | $8.86 |
| &nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.39 | 0.35 | 0.33 | 0.34 | 0.32 |
| &nbsp;&nbsp;Net realized and unrealized gain/loss | 1.63 | 1.07 | 1.00 | (1.80) | 2.15 |
| &nbsp;&nbsp;Total from Investment Operations | 2.02 | 1.42 | 1.33 | (1.46) | 2.47 |
| &nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;From distributable earnings | (0.51) | (0.46) | (0.30) | (0.32) | (0.30) |
| &nbsp;&nbsp;Total Distributions | (0.51) | (0.46) | (0.30) | (0.32) | (0.30) |
| &nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 1.51 | 0.96 | 1.03 | (1.78) | 2.17 |
| &nbsp;&nbsp;Net Asset Value, End of Period | $12.75 | $11.24 | $10.28 | $9.25 | $11.03 |
| &nbsp;&nbsp;**TOTAL RETURN<sup>(b)</sup>** | 18.51% | 14.18% | 14.63% | (13.49%) | 28.24% |
| &nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net Assets, End of Period (000s) | $331474 | $290613 | $240839 | $174893 | $188481 |
| &nbsp;&nbsp;Ratio of operating expenses to average net assets excluding waivers | 1.22% | 1.23% | 1.30% | 1.26% | 1.27% |
| &nbsp;&nbsp;Ratio of operating expenses to average net assets including waivers | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets excluding waivers | 3.17% | 3.04% | 3.06% | 2.90% | 2.86% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets including waivers | 3.39% | 3.27% | 3.36% | 3.16% | 3.13% |
| &nbsp;&nbsp;Portfolio turnover rate | 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 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.* 

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

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen Small Cap Value Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen Small Cap Value Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

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

See Notes to Financial Statements.

Cullen Small Cap Value Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen Value Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen Value Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen Value Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

**FINANCIAL HIGHLIGHTS**

---

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

---

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

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

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

See Notes to Financial Statements.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 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. 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.

During the year ended June 30, 2025, 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 June 30, 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.

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'

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025 (Continued)**

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.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025 (Continued)**

The following is a summary of the inputs used as of June 30, 2025 in valuing each Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted <br> Prices** | **Level 2 - Other Significant <br> Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| **Cullen International High Dividend Fund** | **Cullen International High Dividend Fund** | **Cullen International High Dividend Fund** | **Cullen International High Dividend Fund** | **Cullen International High Dividend Fund** |
| Common Stocks | $327231453 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $327231453 |
| Preferred Stocks | 6204995 |  |  | 6204995 |
| Total | $333436448 | $— | $— | $333436448 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted <br> Prices** | **Level 2 - Other Significant <br> Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| **Cullen High Dividend Equity Fund** | **Cullen High Dividend Equity Fund** | **Cullen High Dividend Equity Fund** | **Cullen High Dividend Equity Fund** | **Cullen High Dividend Equity Fund** |
| Common Stocks | $577842858 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $577842858 |
| Exchange-Traded Funds | 66350339 |  |  | 66350339 |
| Total | $644193197 | $— | $— | $644193197 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted <br> Prices** | **Level 2 - Other Significant <br> Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| **Cullen Small Cap Value Fund** | **Cullen Small Cap Value Fund** | **Cullen Small Cap Value Fund** | **Cullen Small Cap Value Fund** | **Cullen Small Cap Value Fund** |
| Common Stocks | $9455253 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $9455253 |
| Total | $9455253 | $— | $— | $9455253 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted <br> Prices** | **Level 2 - Other Significant <br> Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| **Cullen Value Fund** | **Cullen Value Fund** | **Cullen Value Fund** | **Cullen Value Fund** | **Cullen Value Fund** |
| Common Stocks | $22463649 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $22463649 |
| Exchange-Traded Funds | 2258130 |  |  | 2258130 |
| Total | $24721779 | $— | $— | $24721779 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted <br> Prices** | **Level 2 - Other Significant <br> Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| **Cullen Emerging Markets High Dividend Fund** | **Cullen Emerging Markets High Dividend Fund** | **Cullen Emerging Markets High Dividend Fund** | **Cullen Emerging Markets High Dividend Fund** | **Cullen Emerging Markets High Dividend Fund** |
| Common Stocks | $1097309084 | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $1097309084 |
| Preferred Stocks | 22267292 |  |  | 22267292 |
| Rights |  | 448812 |  | 448812 |
| Equity Linked Certificate<sup>(b)</sup> |  | 26895955 |  | 26895955 |
| Total | $1119576376 | $27344767 | $— | $1146921143 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted <br> Prices** | **Level 2 - Other Significant <br> Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| **Cullen Enhanced Equity Income Fund** | **Cullen Enhanced Equity Income Fund** | **Cullen Enhanced Equity Income Fund** | **Cullen Enhanced Equity Income Fund** | **Cullen Enhanced Equity Income Fund** |
| Common Stocks | $150888831 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $150888831 |
| Total | $150888831 | $— | $— | $150888831 |
| **Other Financial Instruments<sup>(c)</sup>** | **Other Financial Instruments<sup>(c)</sup>** | **Other Financial Instruments<sup>(c)</sup>** | **Other Financial Instruments<sup>(c)</sup>** | **Other Financial Instruments<sup>(c)</sup>** |
| Written Options | $(248712) | $— | $— | $(248712) |
| Total | $(248712) | $— | $— | $(248712) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Equity Linked Certificate 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 year ended June 30, 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.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025 (Continued)**

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

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

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

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

The effect of derivative instruments on the Statements of Assets and Liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives Statement of Assets <br> and Liabilities Location** | **Asset Derivatives Statement of Assets <br> and Liabilities Location** | **Liability Derivatives Statement of Assets <br> and Liabilities Location** | **Liability Derivatives Statement of Assets <br> and Liabilities Location** |
| | **Location** | **Fair Value** | **Location** | **Fair Value** |
| **Cullen Emerging Markets High Dividend Fund** | **Cullen Emerging Markets High Dividend Fund** | **Cullen Emerging Markets High Dividend Fund** | **Cullen Emerging Markets High Dividend Fund** | **Cullen Emerging Markets High Dividend Fund** |
| Equity Contracts (Rights) | Investments, at value | $448812 | N/A | $— |
| Total |  | $448812 |  | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives Statement of Assets <br> and Liabilities Location** | **Asset Derivatives Statement of Assets <br> and Liabilities Location** | **Liability Derivatives Statement of Assets <br> and Liabilities Location** | **Liability Derivatives Statement of Assets <br> and Liabilities Location** |
| | **Location** | **Fair Value** | **Location** | **Fair Value** |
| **Cullen Enhanced Equity Income Fund** | **Cullen Enhanced Equity Income Fund** | **Cullen Enhanced Equity Income Fund** | **Cullen Enhanced Equity Income Fund** | **Cullen Enhanced Equity Income Fund** |
| Equity Contracts (Written Options) | N/A | $— | Written options, at value | $(248712) |
| Total |  | $— |  | $(248712) |

---

The effect of derivatives instruments on the Statements of Operations for the year ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/ <br> (Loss) on <br> Derivatives** | **Change in <br> Unrealized <br> Appreciation/<br> Depreciation on <br> Derivatives** |
| **Cullen Emerging Markets High Dividend Fund** | **Cullen Emerging Markets High Dividend Fund** | **Cullen Emerging Markets High Dividend Fund** | **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 | $15856 | $448812 |
| Total |  | $15856 | $448812 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/ <br> (Loss) on <br> Derivatives** | **Change in <br> Unrealized <br> Appreciation/<br> Depreciation on <br> Derivatives** |
| **Cullen Enhanced Equity Income Fund** | **Cullen Enhanced Equity Income Fund** | **Cullen Enhanced Equity Income Fund** | **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 | $2927139 | $(74173) |
| Total |  | $2927139 | $(74173) |

---

The average value of rights contracts for the period in which the Cullen Emerging Markets High Dividend Fund held rights during the year ended June 30, 2025, is noted below:

---

| | |
|:---|:---|
| | **Average Rights Value** |
| **Cullen Emerging Markets High Dividend Fund** | $758897 |

---

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025 (Continued)**

The average written call option notional value during the year ended June 30, 2025 for Cullen Enhanced Equity Income Fund was:

---

| | |
|:---|:---|
| | **Average Written Option Notional Value** |
| Cullen Enhanced Equity Income Fund | $24716367 |

---

**NOTE 3 - CAPITAL SHARE TRANSACTIONS** 

Share transactions were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> June 30, 2025** | **Year Ended <br> June 30, 2024** |
| **Cullen International High Dividend Fund** | **Cullen International High Dividend Fund** | **Cullen International High Dividend Fund** |
| *Retail Class* | *Retail Class* | *Retail Class* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 361565 <sup>(a)</sup> | 233157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 16644 | 17662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (329007) | (317005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 49202 | (66186) |
| *Class C* | *Class C* | *Class C* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 26744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 1860 | 2687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (18072) | (56638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (16212) | (27207) |
| *Class I* | *Class I* | *Class I* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 9148631 | 8381724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 755107 | 698988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (9760796) | (6649613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 142942 | 2431099 |
| *Class R2* | *Class R2* | *Class R2* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (61)<sup>(a)</sup> | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (60) | 1 |
| **Cullen High Dividend Equity Fund** | **Cullen High Dividend Equity Fund** | **Cullen High Dividend Equity Fund** |
| *Retail Class* | *Retail Class* | *Retail Class* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 697820 <sup>(a)</sup> | 2547458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 752730 | 682654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1703245) | (4055083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (252695) | (824971) |
| *Class C* | *Class C* | *Class C* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 102660 | 196786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 221719 | 203719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (472871) | (815205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (148492) | (414700) |
| *Class I* | *Class I* | *Class I* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 7565453 | 9255963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 5392981 | 4787921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (17323848) | (22191254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (4365414) | (8147370) |
| *Class R1* | *Class R1* | *Class R1* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 524 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 447 | 10756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (81450)<sup>(a)</sup> | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (80479) | 13283 |
| *Class R2* | *Class R2* | *Class R2* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 100 | 6203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 288 | 6516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (49816)<sup>(a)</sup> | (5769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (49428) | 6950 |

---

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> June 30, 2025** | **Year Ended <br> June 30, 2024** |
| **Cullen Small Cap Value Fund** |  |  |
| *Retail Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 7004 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 1323 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (9573) | (18690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (1246) | (16706) |
| *Class C* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 501 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3564) | (439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (26) | (300) |
| *Class I* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 79601 | 72598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 34119 | 19239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (153480) | (293304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (39760) | (201467) |
| **CullenValue Fund** |  |  |
| *Retail Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3863 | 71962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 4641 | 12240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (13557) | (108201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (5053) | (23999) |
| *Class C* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 1007 | 3525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (14364) | (19130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (13357) | (13688) |
| *Class I* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 22094 | 18085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 67592 | 136722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (40058) | (79062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 49628 | 75745 |
| **CullenEmerging Markets High Dividend Fund** |  |  |
| *Retail Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2429789 | 2599575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 90712 | 57133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1586592) | (685852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 933909 | 1970856 |
| *Class C* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 8578 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 2796 | 3854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (19205) | (8588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (7831) | (3553) |
| *Class I* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 42580813 | 34311588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 1712452 | 1657479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (25803050) | (13232802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 18490215 | 22736265 |

---

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> June 30, 2025** | **Year Ended <br> June 30, 2024** |
| **Cullen Enhanced Equity Income Fund** |  |  |
| *Retail Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 135489 | 555787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 26895 | 39572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (136701) | (557184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 25683 | 38175 |
| *Class C* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 191535 | 134960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 37722 | 45579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (199007) | (299891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 30250 | (119352) |
| *Class I* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2329629 | 4013707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 763375 | 935645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (4040258) | (11735875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (947254) | (6786523) |

---

*<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 year ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds from Sales of <br> Securities** |
| Cullen International High Dividend Fund | $380764958 | $375013559 |
| Cullen High Dividend Equity Fund | 262200349 | 427986907 |
| Cullen Small Cap Value Fund | 4101854 | 4885892 |
| Cullen Value Fund | 4414985 | 4549457 |
| Cullen Emerging Markets High Dividend Fund | 1363704588 | 1100817586 |
| Cullen Enhanced Equity Income Fund | 235052463 | 243102907 |

---

**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 <br> Investment <br> Income/(Loss)** | **Accumulated Net <br> Realized <br> Gain/(Loss)** | **Unrealized <br> 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**

**June 30, 2025 (Continued)**

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<br> Appreciation<br> (excess of value<br> over tax cost)** | **Gross<br> Depreciation<br> (excess of tax<br> cost over value)** | **Net<br> Appreciation/<br> (Depreciation)<br> of Foreign<br> Currency/<br> Derivatives** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** | **Cost of**<br> **Investments for**<br> **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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(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** | **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 June 30, 2025.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital <br> Gain** | **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 |

---

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025 (Continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital <br> Gain** | **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% and 1.00% of the average daily net assets of the Retail Class, Class C, and Class I, respectively; and the Cullen Enhanced Equity Income Fund's total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.00%, 1.75% and 0.75% of the average daily net assets of the Retail Class, Class C and Class I, respectively. To the extent that the Investment Advisor reimburses a Fund or waives fees otherwise payable by a Fund to the Investment Advisor during any year with respect to a class of the Fund, and the total expenses borne by such respective class, (including the Investment Advisor's fee and any such reimbursement but excluding all acquired fund fees and expenses, interest, taxes, and extraordinary expenses) does not exceed the limits described above, the Fund agrees to reimburse the Investment Adviser for such reimbursements or fee waivers, provided that such do not exceed 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**

**June 30, 2025 (Continued)**

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;&nbsp;&nbsp;&nbsp;Cullen International High Dividend Fund |  |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;Class C | 3149 | 1937 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 610285 | 601607 | 669065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $627454 | $614309 | $681441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen High Dividend Equity Fund |  |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;Class C | 112052 | 92090 | 79187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 3051411 | 2475106 | 2226078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $3529062 | $2865728 | $2580877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen Small Cap Value Fund |  |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;Class C | 3859 | 3495 | 4148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 368384 | 310944 | 329936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $403231 | $326359 | $345970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen Value Fund |  |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;Class C | 19665 | 10030 | 7245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 527536 | 328810 | 370751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $597842 | $368401 | $405191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen Emerging Markets High Dividend Fund |  |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;Class C | 4046 | 3203 | 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 967747 | 1283330 | 1959345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $995512 | $1329352 | $2054585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen Enhanced Equity Income Fund |  |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;Class C | 47118 | 45451 | 44722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 937747 | 794701 | 751823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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.

Paralel Technologies LLC ("PRT") serves as the Funds' administrator and transfer agent and provides all administrative, fund accounting and transfer agency services to the Funds. 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.

**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.

Cullen Funds

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025 (Continued)**

**NOTE 10 - AFFILIATED SHAREHOLDERS**

At June 30, 2025, the Cullen Small Cap Value Fund had one affiliated shareholder who held 49.63% of the Fund's outstanding shares, and affiliates of the Investment Advisor collectively held 58.96% of the Fund's outstanding shares. Similarly, for the Cullen Value Fund, one affiliated shareholder held 45.87% of the Fund's outstanding shares, and affiliates of the Investment Advisor collectively held 51.84%. Investment activities of these significant shareholders could have a material effect on the respective Funds.

**NOTE 11 - SUBSEQUENT EVENTS**

The Funds have evaluated subsequent events through the date of issuance of the financial statements. Effective August 5, 2025, the Cullen Emerging Markets High Dividend Fund made Class R6 shares available for purchase.

Cullen Funds

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of Cullen Funds Trust and Shareholders of Cullen International High Dividend Fund, Cullen High Dividend Equity Fund, Cullen Small Cap Value Fund, Cullen Value Fund, Cullen Emerging Markets High Dividend Fund and Cullen Enhanced Equity Income Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Cullen International High Dividend Fund, Cullen High Dividend Equity Fund, Cullen Small Cap Value Fund, Cullen Value Fund, Cullen Emerging Markets High Dividend Fund and Cullen Enhanced Equity Income Fund (constituting Cullen Funds Trust, hereafter collectively referred to as the "Funds") as of June 30, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2025 and each of the financial highlights for each of the five years in the period ended June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

August 25, 2025

We have served as the auditor of one or more investment companies in Cullen Funds Trust since 2000.

PricewaterhouseCoopers LLP, 601 South Figueroa, Los Angeles, CA 90017

T: (213) 356 6000, www.pwc.com/us

Cullen Funds

**UNAUDITED TAX DESIGNATIONS**

**June 30, 2025 (Unaudited)**

Pursuant to Section 852(b)(3) of the Internal Revenue Code, Cullen High Dividend Equity Fund designates $85,695,234, Cullen Small Cap Value Fund designates $322,306, and Cullen Value Fund designates $682,492 as long-term capital gain distributions. The Cullen High Dividend Equity Fund's paid-in capital has been adjusted by $6,941,682 all of which is long-term capital gain, for distributions in connection with share redemptions (tax equalization).

The Funds designate the following as percentages of taxable ordinary income distributions, up to maximum amount allowable, for the calendar year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **Dividends Received <br> Deduction** | **Qualified Dividend <br> Income Percentage** |
| &nbsp;&nbsp;&nbsp;Cullen International High Dividend Fund | 0.00% | 62.01% |
| &nbsp;&nbsp;&nbsp;Cullen High Dividend Equity Fund | 94.50% | 100.00% |
| &nbsp;&nbsp;&nbsp;Cullen Small Cap Value Fund | 70.52% | 70.44% |
| &nbsp;&nbsp;&nbsp;Cullen Value Fund | 100.00% | 100.00% |
| &nbsp;&nbsp;&nbsp;Cullen Emerging Markets High Dividend Fund | 0.00% | 56.12% |
| &nbsp;&nbsp;&nbsp;Cullen Enhanced Equity Income Fund | 31.47% | 41.22% |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

The Funds designate the following for federal income tax purposes for the year ended June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Foreign Taxes Paid** | **Foreign Source <br> Income** |
| &nbsp;&nbsp;&nbsp;Cullen International High Dividend Fund | $1591139 | $12397903 |
| &nbsp;&nbsp;&nbsp;Cullen Emerging Markets High Dividend Fund | $3794500 | $41895111 |

---

The percentage of the ordinary dividends reported by each Fund that is treated as a Section 163(j) interest dividend and thus is eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder is as follows:

---

| | |
|:---|:---|
|  | **Section 163(j)<br> Interest Dividend %** |
| &nbsp;&nbsp;&nbsp;Cullen International High Dividend Fund | 1.07% |
| &nbsp;&nbsp;&nbsp;Cullen High Dividend Equity Fund | 1.34% |
| &nbsp;&nbsp;&nbsp;Cullen Small Cap Value Fund | 0.91% |
| &nbsp;&nbsp;&nbsp;Cullen Value Fund | 2.53% |
| &nbsp;&nbsp;&nbsp;Cullen Emerging Markets High Dividend Fund | 1.74% |
| &nbsp;&nbsp;&nbsp;Cullen Enhanced Equity Income Fund | 3.66% |

---

![](cullenncsr002.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**

Paralel Technologies LLC

1700 Broadway, Suite 1850

Denver, CO 80290

**TRANSFER AGENT AND DIVIDEND DISBURSING AGENT**

Paralel Technologies LLC

1700 Broadway, Suite 1850

Denver, CO 80290

**CUSTODIAN**

Brown Brothers Harriman & 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.** 

The aggregate remuneration paid by the registrant during the period covered by this report to: (1) All trustees for regular compensation; (2) Each trustee for special compensation; (3) All officers; and (4) Each person of whom any officer or trustee of the Fund is an affiliated person is included in the financial statements filed under Item 7 of this form.

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

At the May 15, 2025 meeting ("Meeting") of the Board of Trustees (the "Board") of Cullen Funds Trust (the "Trust"), the Board, including those Trustees who are not "interested persons" of the Trust (the "Independent Trustees"), as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), approved Cullen Capital Management LLC (the "Adviser") to continue to serve as investment adviser to the Cullen High Dividend Equity Fund (the "High Dividend Fund"), the Cullen International High Dividend Fund (the "International Fund"), the Cullen Small Cap Value Fund (the "Small Cap Fund"), the Cullen Value Fund (the "Value Fund"), the Cullen Emerging Markets High Dividend Fund (the "Emerging Markets Fund"), and the Cullen Enhanced Equity Income Fund (the "Equity Income Fund") (each, a "Fund" and collectively, the "Funds") and approved the continuation of the separate investment advisory agreements between the Adviser and the Trust with respect to each Fund (the "Investment Advisory Agreements"), upon the same terms and conditions set forth therein, for an additional one-year period. The Independent Trustees discussed in executive sessions prior to the Meeting and at the Meeting itself, and discussed the approval of the Investment Advisory Agreements with counsel at each such instance, who provided assistance and advice.

In considering the approval of the continuation of the Investment Advisory Agreements for the Funds, the Independent Trustees reviewed, among other things, the following items about the Adviser and the Funds, including: (i) copies of the Investment Advisory Agreements and Expense Limitation Agreements with respect to the Adviser's management of each Fund; (ii) information describing the nature, quality, and extent of the services the Adviser will provide to each Fund, and the fees the Adviser receives from each Fund; (iii) information about the fees charged to other accounts managed by the Adviser's affiliate, Schafer Cullen Capital Management, Inc.; (iv) information concerning the Adviser's financial condition, the profitability of managing the Funds to the Adviser, the business, operations and compliance program of the Adviser; (v) a copy of the current Form ADV for the Adviser; (vi) the Adviser's responses to certain questions submitted by the Independent Trustees relating to the renewal process; and (vi) data compiled by FUSE Research Network LLC ("FUSE") comparing, among other things, the advisory fees, expenses and performance of the Funds with fees, expenses and performance of other funds with similar investment objectives, policies and structure and to advisory fees paid by other clients of the Adviser. The Independent Trustees also considered the memorandum from Sidley Austin on the responsibilities of trustees in considering advisory arrangements under the 1940 Act described above as well as oral and written information presented at Board meetings throughout the year.

In considering the approval of the continuation of the Investment Advisory Agreements, the Independent Trustees considered and discussed the following with respect to each Fund:

*The nature, extent, and quality of services provided to each Fund by the Adviser*. The Independent Trustees reviewed the services that the Adviser provides to each Fund. In connection with the investment advisory services provided to each Fund, the Independent Trustees noted the responsibilities that the Adviser has as the Funds' investment adviser, including, among other things: portfolio management and asset allocation; overall supervisory responsibility for the general management and investment of each Fund's portfolio securities, including its role as valuation designee; and ultimate responsibility, subject to oversight by the Board, for the implementation of Board directives as they relate to the Funds.

The Independent Trustees reviewed the Adviser's experience, resources (including assets and similar financial data), profitability from managing the Funds, and strengths in managing the Funds. Based on their consideration and review of the foregoing information, the Independent Trustees determined that each Fund was likely to continue to benefit from the nature, quality, and extent of these services, as well as the Adviser's ability to render such services based on its experience, operations and resources.

*Comparison of services provided and fees charged by the Adviser and other investment advisors to similar clients, and the cost of the services provided and profits realized by the Adviser from the relationship with the Funds*. The Independent Trustees then compared both the services rendered and the fees paid pursuant to the Investment Advisory Agreements to contracts of other registered investment advisers providing services to similar funds. In particular, the Independent Trustees compared each Fund's advisory fee and expense ratio to the advisory fees and expense ratios of other investment companies considered to be in such Fund's peer group as discussed in the FUSE report. The Independent Trustees reviewed such comparisons on a quarterly basis as presented by FUSE but also such comparisons on a longer-term basis that reflected the performance of both the Funds and such peer funds over such period. The Independent Trustees noted that the Adviser has entered into expense limitation agreements whereby the Adviser reimburses expenses and/or waives fees to keep the expenses through October 31, 2026 for the: (i) High Dividend Fund's Retail Class, Class C, and Class I shares to 1.00%, 1.75% and 0.75% respectively, of the average net asset value of such respective Class; (ii) International Fund's Retail Class, Class C, and Class I shares of the Fund to 1.25%, 2.00% and 1.00%, respectively, of the average net asset value of such respective Class; (iii) Small Cap Fund's Retail Class, Class C and Class I, shares of the Fund to 1.25%, 2.00% and 1.00%, respectively, of the average net asset value of such respective Class; (iv) Emerging Markets Fund's Retail Class, Class C and Class I, of the Fund to 1.25%, 2.00% and 1.00%, of the average net asset value of such respective Class; (v) Value Fund's Retail Class, Class C and Class I, to 1.00%, 1.75% and 0.75%, respectively, of the average net asset value of such respective Class; and (vi) Equity Income Fund's Retail Class, Class C and Class I, to 1.00%, 1.75% and 0.75%, respectively, of the average net asset value of such respective Class.

The Board also received and considered information about the fee rates charged to other accounts managed by the Adviser, including institutional accounts, and whether the Adviser was required to provide comparable, or lesser services, to such other accounts. The Independent Trustees noted that the fees charged by all Funds were reasonable in light of the overall scope of services provided by the Adviser to the Funds.

After comparing each Fund's fees with those of other funds in such Fund's peer group and considering the information about the fee rates charged to other accounts managed by the Adviser, and in light of the nature, quality, and extent of services provided by the Adviser and the costs incurred by the Adviser in rendering those services, the Independent Trustees concluded that the level of fees paid to the Adviser with respect to each Fund were fair and reasonable.

*The Adviser's profitability and the extent to which economies of scale would be realized as each Fund grows and whether fee levels would reflect such economies of scale.* The Independent Trustees discussed potential economies of scale and discussed the Adviser's profitability, including the income it received in connection with its management of the Funds. The Independent Trustees discussed with representatives of the Adviser the costs of, and profitability to, the Adviser in connection with its serving as investment advisor to each Fund, including operational costs incurred.

*Investment performance of the Funds.* The Independent Trustees considered the investment performance of the Funds on a quarterly basis, and for the one-, three- and five-year periods. In particular, the Independent Trustees considered the investment performance of the Funds relative to their stated objectives and the Adviser's success in reaching such objectives. The Independent Trustees considered each Fund's investment performance, including risk-adjusted returns, compared to the benchmark index that each Fund uses for comparison in its prospectus and shareholder reports.

*Expenses.* The Independent Trustees considered each Fund's total expense ratio (both including and excluding each Fund's fee waiver and expense limitation arrangement) compared to the total expense ratios (both including and excluding each fund's fee waiver and expense limitation arrangement) of other funds in each Fund's peer group. The Independent Trustees noted that each Fund's total expense ratio (including the Fund's fee waiver and expense limitation arrangement) was within the range of the total expense ratios of other funds in each Fund's peer group (including the peer group's fee waiver and expense limitation arrangements), taking into account the performance of the Funds versus such peer group over a quarterly and longer-term basis. The Board also considered the extent to which the Adviser currently waives management fees and/or reimburses expenses for a Fund and its share classes, including the basis for the various representations of the Adviser made in the weeks leading up to the Meeting, that the expense limitation agreements did not constitute a cross-subsidization by one share class of the fees of another share class.

*Conclusion.* After extensive discussion, it was determined that no single factor was determinative to the decision of the Independent Trustees. Based on the foregoing and such other matters as were deemed relevant, the Independent Trustees concluded that the advisory fee rates and total expense ratios were reasonable in relation to the services provided by the Adviser to the High Dividend Fund, International Fund, Small Cap Fund, Emerging Markets Fund, Value Fund, and Equity Income Fund, as well as the costs incurred and benefits gained by the Adviser in providing such services. The Independent Trustees also found the investment advisory fees to be reasonable in comparison to the fees charged by advisors to other comparable funds of similar size. As a result, the Independent Trustees concluded that the continuation of each Investment Advisory Agreement was in the best interests of each Fund.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

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

**Item 16.** **Controls and Procedures.**

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

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

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

Not applicable to the registrant.

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

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.**

[(a)(1)](ex99-coe.htm) [Registrant's Code of Ethics, which is the subject of the disclosure required by Item 2 of Form N-CSR, is attached hereto.](ex99-coe.htm)

(a)(2) Not applicable.

[(a)(3)](ex99cert.htm) [Certifications pursuant to Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.CERT.](ex99cert.htm)

(a)(4) None.

(a)(5) There was no change in the registrant's independent public accountant during the period covered by the report.

[(b)](ex99-906cert.htm) [Certifications pursuant to Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX- 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.

CULLEN FUNDS TRUST

---

| | |
|:---|:---|
| By: | /s/ James P. Cullen |
|  | James P. Cullen |
|  | Chief Executive Officer |
| Date: | September 4, 2025 |

---

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

---

| | |
|:---|:---|
| By: | /s/ James P. Cullen |
|  | James P. Cullen |
|  | Chief Executive Officer |
| Date: | September 4, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Stephen O'Neil |
|  | Stephen O'Neil |
|  | Treasurer |
| Date: | September 4, 2025 |

---

## Ex-99.Code

[Cullen Funds Trust N-CSR](cullen-ncsr_063025.htm)

**Exhibit 99.coe**

![](ex99coe001.jpg)

**CODE OF ETHICS**

For Supervised Persons of

Schafer Cullen Capital Management, Inc.

And Cullen Capital Management, LLC

And Access Persons of Cullen Funds Trust

DATED April 1, 2022

I. INTRODUCTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Fiduciary Duty</u>. This Code of Ethics is based on the principle that managers, partners, officers, employees and affiliates of Schafer Cullen Capital Management Inc. ("SCCM") and Cullen Capital Management LLC ("CCM") have a fiduciary duty to place the interests of clients ahead of their own. The Code applies to all Supervised Persons of SCCM and CCM and Access Persons of Cullen Funds Trust and focuses principally on prevention of breaches of the Federal Securities Laws, pre-clearance, reporting of personal transactions in securities and other matters as addressed herein. Capitalized words are defined in <u>Appendix 1</u>. Access / Supervised Persons must avoid activities, interests and relationships that might interfere with making decisions in the best interests of the Advisory Clients of SCCM/CCM. Also, among other things, under Rule 17j-1(a) under the Investment Company Act of 1940, as amended, it shall be unlawful for any affiliated person of or principal underwriter for a Fund, or any affiliated person of an investment adviser of or principal underwriter for a Fund, in connection with the purchase or sale, directly or indirectly, by such person of a security held or to be acquired by the Fund to:

● Employ any device, scheme or artifice to defraud the Fund;

● Make to the Fund any untrue statement of a material fact or omit to state to the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

● Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Fund; or

● Engage in any manipulative practice with respect to the Fund.

As fiduciaries, Access / Supervised Persons must at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Place the interests of Advisory Clients first</u>. Access / Supervised Persons must scrupulously avoid serving their own personal interests ahead of the interests of the Advisory Clients of SCCM/CCM. An Access / Supervised Person may not induce or cause an Advisory Client to take action, or not to take action, for the personal benefit of the Access / Supervised Person, rather than for the benefit of the Advisory Client. For example, an Access / Supervised Person would violate this Code by causing an Advisory Client to purchase a Security he or she owned for the purpose or with the intent of increasing the price of that Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Avoid taking inappropriate advantage of their position</u>. The receipt of investment opportunities, perquisites or gifts from persons seeking business with SCCM/CCM could call into question the exercise of an Access / Supervised Person's independent judgment. Access / Supervised persons may not, for example, use their knowledge of portfolio transactions to profit by the market effect of such transactions or accept gifts of such value as to potentially impair their judgment in selecting brokers or other vendors on behalf of Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Conduct all personal Securities Transactions in full compliance with this Code, including both the pre-clearance and reporting requirements. Doubtful situations should be resolved in favor of Advisory Clients. Technical compliance with the Code's procedures will not automatically insulate from scrutiny any trades that indicate an abuse of fiduciary duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Appendices to the Code</u>. The appendices to this Code are attached hereto and are a part of the Code, and include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u> — capitalized words as defined in the Code — (Appendix 1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Pre-clearance Request for Access / Supervised Persons</u> (Appendix 2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Securities Transaction Report</u> (Appendix 3);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Annual Code of Ethics Certification (Appendix 4)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Acknowledgment of Receipt of Code of Ethics</u> (Appendix 5);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Disclosure of Personal Securities Holdings</u> (Appendix 6); and

II. PERSONAL
 SECURITIES TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Annual Disclosure of Personal Holdings by Access / Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General Requirement.</u> Within ten (10) days after designation as an Access / Supervised Person, and thereafter on an annual basis, all Access / Supervised Persons must report on the Disclosure of Personal Securities Holdings form (<u>Appendix 6</u>) (or a substantially similar form);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Reportable Securities, including securities held in certificate form, in which they have a Beneficial Interest,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Reportable Securities in non-client accounts for which they make investment decisions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each securities account the Access / Supervised Person maintains with a broker, dealer or bank.

The information in such reports shall be current as of a date no more than forty-five (45) calendar days prior to the date due. This provision does not apply to Independent Trust Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Securities Exempt from Annual Disclosure Requirement</u>. Securities specifically excluded from the definition of Reportable Security, and Reportable Securities held in any account over which the Access / Supervised Person does not have any direct or indirect influence or control, are exempt from the initial and annual disclosure requirement of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Additional Requirement.</u> All Access / Supervised Persons must submit a quarterly report of personal securities transactions and account statements for each quarter to the contact person within 30 business days after the end of each calendar quarter. All Access / Supervised persons are required to submit a signed quarterly report even if there were no reportable transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Pre-clearance Requirements for Access / Supervised Persons</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General Requirement</u>. Except for the transactions set forth in Section II.B.2., all Securities Transactions in which an Access / Supervised Person or a member of his or her Immediate Family has a Beneficial Interest must be pre-cleared with the Contact Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Transactions Exempt from Pre-clearance Requirements</u>. The following Securities Transactions are exempt from the pre-clearance requirements set forth in Section II.B.1. of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Mutual Funds</u>. Securities issued by any registered open-end investment company including Exchange Traded Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>No Knowledge</u>. Securities Transactions where neither SCCM/CCM, the Access / Supervised Person nor an Immediate Family member knows of the transaction before it is completed (for example, Securities Transactions effected for an Access / Supervised Person by a trustee of a blind trust or discretionary trades involving an investment account, investment partnership or investment club in which the Access / Supervised Person is neither consulted nor advised of the trade before it is executed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Certain Corporate Actions</u>. Any acquisition or disposition of Securities through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Rights</u>. Any acquisition or disposition of Securities through the exercise of rights issued by an issuer <u>pro rata</u> to all holders of a class of its Securities, to the extent the rights were acquired in the issue or through the exercise of rights, options, convertible bonds or other instruments acquired in compliance with the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Application to Commodities, Futures, Options on Futures and Options on Broad-Based Indices</u>. Commodities, futures (including currency futures and futures on securities comprising part of a broad-based, publicly traded market-based index of stocks), options on futures, options on currencies and options on certain indices designated by the Contact Person as broad-based are not subject to the: pre-clearance, two day black-out, 60-day profit disgorgement, or prohibited transaction provisions of Section II.D.1. of the Code. These transactions however are subject to transaction reporting in accordance with Section II.F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Miscellaneous</u>. Any transaction in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Bankers acceptances,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Bank certificates of deposit ("CDs") and bank and savings and loan accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Commercial paper,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Repurchase agreements (when backed by exempt securities),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Securities that are direct obligations of the U.S. Government,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The acquisition of equity securities in dividend reinvestment plans ("DRIPs"), when the acquisition is directly through the issuer or its non-broker agents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Securities of the employer of a member of the Access / Supervised Person's Immediate Family if such securities are beneficially owned through participation by the Immediate Family member in a profit sharing plan, 401(k) plan, ESOP, or other similar plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Municipal, and corporate debt obligations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Auction Rate Preferred securities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Other Securities as may from time to time be designated in writing by the Contact Person on the grounds that the risk of abuse is minimal or non-existent.

**While the Securities Transactions listed above are exempt from pre-clearance they are not exempt from the reporting requirements set forth in Section II.A. or II.F.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Pre-clearance Requests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Trade Authorization Request Forms</u>. Prior to entering an order for a Securities Transaction that requires pre-clearance, the Access / Supervised Person must complete a Pre-clearance Request For Access / Supervised Persons form as set forth in <u>Appendix 2</u> and submit the completed form (or a substantially similar form) to the Contact Person. The form requires Access / Supervised Persons to provide certain information and to make certain representations. Proposed Securities Transactions of the Contact Person that require pre-clearance must be submitted to his alternate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Review of Form</u>. After receiving a Pre-clearance Request, the Contact Person will: (a) review the information set forth in the form, (b) confirm whether the Securities are held by any Funds or other accounts managed by SCCM/CCM and whether there are any unexecuted orders to purchase or sell the Securities by any accounts managed by SCCM/CCM, and (c) as soon as reasonably practicable, record the authorization and date of the authorization on the Pre-clearance Request. The Contact Person will keep one copy of the completed form for the records, and send one copy to the Access / Supervised Person seeking authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Prohibited Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Prohibited Securities Transactions</u>. The following Securities Transactions for accounts in which an Access / Supervised Person or a member of his or her Immediate Family have a direct or indirect Beneficial Interest, to the extent they require pre-clearance under Section II.B. above, are prohibited and will not be authorized by the Contact Person absent exceptional circumstances, in which case a written record will be made of the authorization of, and the rationale supporting, such Securities Transaction (which record will be maintained for at least five years after the fiscal year in which such authorization was granted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Initial Public Offerings</u>. Any purchase of Securities in an Initial Public Offering (other than a new offering of a registered open-end investment company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Pending Buy or Sell Orders</u>. Any purchase or sale of Securities on any day during which any Advisory Client has a pending "buy" or "sell" order in the same Security (or Equivalent Security) until that order is executed or withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Two Day Blackout</u>. Purchases or sales of Securities by a Portfolio Manager within two calendar days of a purchase or sale of the same Securities (or Equivalent Securities) by an Advisory Client managed by that Portfolio Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Intention to Buy or Sell for Advisory Client</u>. Purchases or sales of Securities at a time when that Access / Supervised Person intends, or knows of another's intention, to purchase or sell that Security (or an Equivalent Security) on behalf of an Advisory Client. This prohibition applies whether the Securities Transaction is in the same (<u>e.g.</u>, two purchases or two sales) or the opposite (a purchase and sale) direction of the transaction of the Advisory Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>60-day Blackout</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Purchases of a Security in which an Access / Supervised Person acquires a direct or indirect Beneficial Interest within 60 days of the sale of the Security (or an Equivalent Security) in which such Access / Supervised Person had a Beneficial Interest, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Sales of a Security in which an Access / Supervised Person had a Beneficial Interest within 60 days of the purchase of the Security (or an Equivalent Security) in which such Access / Supervised Person has a Beneficial Interest.

Unless, in each case noted above, the Access / Supervised Person agrees to give up all profits on the transaction to a charitable organization or otherwise as specified in accordance with Section IV.B.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Always Prohibited Securities Transactions</u>. The following Securities Transactions are prohibited and will not be authorized under any circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Inside Information</u>. Any transaction in a Security while in possession of material nonpublic information regarding the Security or the issuer of the Security. If an employee of the Adviser receives or is exposed to material non-public information the Adviser employee must immediately notify the Chief Compliance Officer and refrain from trading on the information or disclosing the information to anyone other than the Chief Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Market Manipulation</u>. Transactions intended to raise, lower or maintain the price of any Security or to create a false appearance of active trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Large Positions in Mutual Funds</u>. Transactions in a registered investment company which result in the Access / Supervised Person owning five percent or more of any class of Securities in such investment company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Other</u>. Any other transactions deemed by the Contact Person to involve a conflict of interest, possible diversion of corporate opportunity, or an appearance of impropriety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Private Placements</u>. Acquisitions of Beneficial Interests in Securities in a Private Placement by an Access / Supervised Person are not permitted to be made unless authorized by the Contact Person. The Contact Person may give permission for such Securities Transactions only after considering, among other factors, whether the investment opportunity should be reserved for Advisory Clients and whether the opportunity is being offered to an Access / Supervised Person by virtue of his or her position as an Access / Supervised Person. Access / Supervised Persons who have been authorized to acquire and have acquired securities in a Private Placement are required to disclose that investment when they play a part in any subsequent consideration of an investment in the issuer by an Advisory Client, and the decision to purchase Securities of such an issuer by an Advisory Client must be independently authorized by a Portfolio Manager with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Explanation Required for Refusals</u>. In some cases, the Contact Person may refuse to authorize a Securities Transaction for a reason that is confidential. The Contact Person is not required to give an explanation for refusing to authorize any Securities Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Length of Trade Authorization Approval</u>. Any trading authorization provided hereunder is effective until the earlier of (1) its revocation, (2) the close of business on the second trading day after the authorization is granted (for example, if authorization is provided on a Monday, it is effective until the close of business on Wednesday), or (3) the Access / Supervised Person learns that the information in the Pre-clearance Request for Access / Supervised Persons form is not accurate. If the order for the Securities Transaction is not placed within that period, a new advance authorization must be obtained before the Securities Transaction is placed. If the Securities Transaction is placed but has not been executed within two trading days after the day the authorization is granted (as, for example, in the case of a limit order or a "not held" order), no new authorization is necessary unless the person placing the original order for the Securities Transactions amends it in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Trade Reporting Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reporting Requirement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Except as provided in Section II.A.2., each Access / Supervised Person must report to the Contact Person (or to such alternate person as the Contact Person may designate from time to time) the information described in Section II.F.1.b. and Section II.F.1.c. of this Code with respect to any Securities Transaction of which such Access / Supervised Person is aware in any Reportable Security in which the Access / Supervised Person has, or by reason of such Securities Transaction acquires, a direct or indirect Beneficial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Every such required report must be made no later than thirty (30) days after the end of the calendar quarter in which the Securities Transaction with respect to which the report relates is effected or becomes known to the reporting Access / Supervised Person, and must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 date of the transaction, the security description, the exchange ticker symbol or CUSIP
 number, the interest rate and maturity date, the number of shares, and the principal
 amount (as applicable) of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 name of the broker, dealer, bank or other party with or through which the transaction
 was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The
 date that the report is submitted by the Access / Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. In addition, with respect to any new account established by the Access / Supervised Person in which any Reportable Securities were held during the quarter for the direct or indirect benefit of the Access / Supervised Person, such report must contain the following additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 name of the broker, dealer, bank or other party with whom the Access / Supervised Person
 established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 date the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 date that the report is submitted by the Access / Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The form to be used for making such reports is the Quarterly Personal Securities Transactions form (or a substantially similar form) as set forth in <u>Appendix 3</u>. If a confirmation for the reporting Access / Supervised Person's Securities Transaction or related brokerage statement includes the required information, the form of report may simply be to attach a copy of such confirmation or statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The foregoing does not apply to (i) any Reportable Security held in any account over which such Access / Supervised Person does not have any direct or indirect influence or control or (2) transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Access / Supervised person may submit reports of account activity through an online portal provided by the Adviser: <u>www.MyComplianceOffice.com</u>. In some cases, and depending on the broker, MyComplianceOffice may facilitate an automated feed of account data from the broker to the Adviser. If an automated feed is unavailable, the Access / Supervised person may send statements and confirms as "Interested Party" for online storage and review to:

Schafer Cullen Capital Management, Inc.<br> c/o Terranua<br> P.O. Box 4668 #37880<br> New York, NY 10163-4668

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Disclaimers</u>. Any report of a Securities Transaction for the benefit of a person other than the individual in whose account the transaction is placed may contain a statement that the report should not be construed as an admission by the person making the report that he or she has any direct or indirect beneficial ownership of the Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Quarterly Review</u>. At least quarterly, for Securities Transactions requiring pre-clearance under this Code, the Contact Person shall compare the reports, confirmations and/or periodic statements provided pursuant to Section II.F.1. above, to the approved Pre-clearance Request for Access / Supervised Persons forms. Such review shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Whether the Securities Transaction complied with this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Whether the Securities Transaction was authorized in advance of its placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Whether the Securities Transaction was executed within two full trading days of when it was authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Whether any accounts managed by SCCM/CCM owned the Securities at the time of the Securities Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Whether any separate accounts managed by SCCM/CCM purchased or sold the Securities in the Securities Transaction within 2 days of the Securities Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Whether any securities transactions were in violation of the 60-day Blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Record Retention</u>. SCCM/CCM at its respective principal place of business, shall maintain records as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A copy of each Code that is in effect, or at any time within the past five years was in effect, must be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A record of any violation of the Code and of any action taken as a result of the violation, must be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A copy of each report made by an Access / Supervised Person under the Code must be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A record of all persons, currently or within the past five years, who are or were required to make reports under the Code, or who are or were responsible for reviewing these reports, must be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Reporting Reviews</u>

SCCM/CCM shall institute procedures by which appropriate management or compliance personnel review the reports required by Sections II.A. and II.F.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Identification of Access / Supervised Persons</u>

SCCM/CCM shall identify all Access / Supervised Persons who are required to make the reports required by Sections II.A. and II.F.1. and shall inform those Access / Supervised Persons of their reporting obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Reporting of Violations</u>

Access / Supervised Persons shall report any violations of the Code promptly to the Chief Compliance Officer of SCCM/CCM (or to the Contact Person with a report thereof provided to the Chief Compliance Officer of SCCM/CCM).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Independent Trust Trustees</u>

An Independent Trust Trustee who would be required to make a report solely by reason of being a Trustee of the Trust need not make an initial holdings report or an annual holdings report under Section II.A. Also, an Independent Trust Trustee who would be required to make a quarterly report or effect a pre-clearance solely by reason of being a Trustee of Cullen Funds Trust need not make a quarterly transaction report under Section II.F.1. or effect a pre-clearance, unless such Trustee knew or, in the ordinary course of fulfilling his/her official duties as Trustee of the Trust, should have known that, during the fifteen (15) calendar day period immediately before or after the date of a transaction in a Reportable Security by the Trustee, the Trust purchased or sold the Reportable Security, or the Trust or CCM considered purchasing or selling the Reportable Security.

III. FIDUCIARY
 DUTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Confidentiality</u>. Access / Supervised Persons are prohibited from revealing information relating to the investment intentions, activities or portfolios of Advisory Clients except to persons whose responsibilities require knowledge of the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Gifts</u>. The following provisions on gifts apply only to employees of SCCM/CCM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Accepting Gifts</u>. On occasion, because of their position with SCCM/CCM, employees may be offered, or may receive without notice, gifts from clients, brokers, vendors or other persons not affiliated with such entities. Acceptance of extraordinary or extravagant gifts is not permissible. Any such gifts must be declined or returned in order to protect the reputation and integrity of SCCM/CCM. Gifts of a nominal value (<u>e.g.</u>, gifts whose reasonable value is no more than $250 a year), and customary business meals, entertainment (<u>e.g.</u>, sporting events) and promotional items (<u>e.g</u>., pens, mugs, T-shirts, hats, etc.) may be accepted.

If an employee receives any gift that might be prohibited under this Code, the employee must inform the Contact Person (or alternate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Solicitation of Gifts</u>. Employees of SCCM/CCM may not solicit gifts or gratuities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Giving Gifts</u>. Except with the permission of the Contact Person, employees of SCCM/CCM may not give any gift with a value in excess of $250 per year to persons associated with securities or financial organizations, including exchanges, member organizations, commodity firms, news media or clients of SCCM/CCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reporting Gifts.</u> Employees of SCCM/CCM must report gifts received. Such report must include the recipient, description of the gift and its value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Payments to Advisory Clients</u>. Access / Supervised Persons may not make any payments to Advisory Clients in order to resolve any type of Advisory Client complaint. All such matters must be handled by the Contact Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Corporate Opportunities / Outside Employment / Positions of Influence</u>. Access / Supervised Persons may not take personal advantage of any opportunity properly belonging to any Advisory Client or SCCM/CCM. This includes, but is not limited to, acquiring Securities for one's own account that would otherwise be acquired for an Advisory Client. Employees are required to disclose any employment unrelated to SCCM/CCM to ensure there is no conflict with the business of the Adviser, service provider to the Adviser or any Advisory Client. Employment includes any position whether compensated or not. Likewise, employees must also disclose any position of influence they may have as a trustee, director, or being retained with power of attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Undue Influence</u>. Access / Supervised Persons may not cause or attempt to cause any Advisory Client to purchase, sell or hold any Security in a manner calculated to create any personal benefit to the Access / Supervised Person. If an Access / Supervised Person or a member of his or her Immediate Family stands to materially benefit from an investment decision for an Advisory Client that the Access / Supervised Person is recommending or participating in, the Access / Supervised Person must disclose to those persons with authority to make investment decisions for the Advisory Client (or to the Contact Person if the Access / Supervised Person in question is a person with authority to make investment decisions for the Advisory Client), any Beneficial Interest that the Access / Supervised Person (or a member of his or her Immediate Family) has in that Security or an Equivalent Security, or in the issuer thereof, where the decision could create a material benefit to the Access / Supervised Person (or a member of his or her Immediate Family) or the appearance of impropriety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Involvement in Criminal Matters or Investment-Related Civil Proceedings</u>. Each Access / Supervised Person must notify the Contact Person, as soon as reasonably possible, if such Access / Supervised Person is arrested, arraigned, indicted or pleads no contest to any criminal offense (other than minor traffic violations) or if named as a defendant in any investment-related civil proceedings or any administrative or disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Compliance With Laws</u>. Access / Supervised Persons must comply with all applicable Federal Securities Laws.

IV. COMPLIANCE
 WITH THIS CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Investigating Violations of the Code</u>. The Contact Person is responsible for investigating any suspected violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Annual Review</u>. The Contact Person will review the Code at least once a year, in light of legal and business developments and experience in implementing the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Report to Trust's Board</u>. No less frequently than annually, the Cullen Funds Trust and CCM shall furnish to the Board of Trustees of the Trust, and the Board shall consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. certifies that the Trust or CCM, as applicable, has adopted procedures reasonably necessary to prevent Access / Supervised Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Sanctions</u>. If the Contact Person determines that an Access / Supervised Person has committed a violation of the Code, the Contact Person may impose sanctions and take other actions as he deems appropriate, including a letter of caution or warning, suspension of personal trading privileges, suspension of employment (with or without compensation), fine, civil referral to the SEC, criminal referral and/or termination of the employment of the violator for cause. The Contact Person may also require the Access / Supervised Person to reverse the trade(s) in question and forfeit any profit or absorb any loss derived therefrom. The amount of profit shall be forwarded to a charitable organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Authority</u>. The Contact Person has the authority, to determine the remedy for any violation of the Code, including appropriate disposition of any monies forfeited pursuant to this provision. Failure to promptly abide by a directive to reverse a trade or forfeit profits may result in the imposition of additional sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Exceptions to the Code</u>. The Contact Person may grant exceptions to the requirements of the Code on a case by case basis if he finds that the proposed conduct involves negligible opportunity for abuse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Compliance Certification</u>. The Contact Person shall provide each Access / Supervised Person with a copy of the Code and any amendments, and shall require each Access / Supervised Person to provide, at least annually, a written acknowledgement of receipt of the Code and to provide a written acknowledgement of receipt of any amendment. All Access / Supervised Persons will be required to make such acknowledgement on the Annual Code of Ethics Certification set forth in <u>Appendix 4</u> (or a substantially similar form) and also to certify that they have complied with the Code in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Inquiries Regarding the Code</u>. The Contact Person will answer any questions about this Code or any other compliance-related matters.

V. APPROVAL
 OF CODE OF ETHICS

The Board of Trustees of Cullen Funds Trust, including a majority of Independent Trust Trustees, shall approve (i) this Code, and (ii) any material changes to the Code. The Board shall base its approval of the Code and any material changes to it on a determination that it contains provisions reasonably necessary to prevent Access / Supervised Persons from engaging in any conduct prohibited by Rule 17j-1(b) of the Investment Company Act of 1940. Before approving the Code, or any amendment to the Code, the Board shall receive a certification from management of the Trust and CCM that they have adopted procedures reasonably necessary to prevent Access / Supervised Persons from violating the Code. The Board must approve a material change to the Code no later than six months after adoption of the material change.

**Appendix 1**

**DEFINITIONS**

"<u>Access Person</u>" means any trustee or officer of Cullen Funds Trust and any supervised person of SCCM or CCM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) who
 has access to nonpublic information regarding any Advisory Client's purchase or
 sale of securities or nonpublic information regarding the portfolio holdings of any Reportable
 Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) who
 is involved in making securities recommendations to Advisory Clients, or who has access
 to such recommendations that are nonpublic.

For so long as providing investment advice in SCCM or CCM's primary business, all of SCCM or CCM's directors, managers, officers and partners are presumed to be Access persons.

"<u>Advisers Act</u>" means the Investment Advisers Act of 1940, as amended.

"<u>Advisory Client</u>" means any client (including both investment companies and managed accounts) for which SCCM/CCM serves as an investment adviser, renders investment advice, makes investment decisions or places orders through its Trading Department.

"<u>Automatic Investment Plan</u>" means a program in which regular periodic purchases (or withdrawals<u>)</u> are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

"<u>Beneficial Interest</u>" means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject Securities. A person is deemed to have a Beneficial Interest in Securities owned by members of his or her Immediate Family. Common examples of Beneficial Interest include joint accounts, spousal accounts, UTMA or UGMA accounts, partnerships, trusts, and controlling interests in corporations. Any uncertainty as to whether a person has a Beneficial Interest in a Security should be brought to the attention of the Contact Person. Such questions will be resolved by reference to the principles set forth in the definition of "beneficial owner" found in Rule 16a-1(a)(2) promulgated under the Securities Exchange Act of 1934.

<u>"Broad-based Index"</u> Means An index designed to reflect the movement of the entire market. The smallest broad-based index is the Dow Jones Industrial Average with 30 industrial stocks and the largest is the Wilshire 5000 Total Market Index. Other examples include the S&P 500, Russell 3000 Index, AMEX Major Market Index and the Value Line Composite Index.

<u>"Contact Person"</u> means President or such alternate person as may be designated by the Contact Person from time to time. In any event, an alternate person shall be designated to administer the Code with respect to the Contact Person.

"<u>Code</u>" means this Code of Ethics.

"<u>Equivalent Security</u>" means any Security issued by the same entity as the issuer of a subject Security that is exchangeable for or convertible into the equity Security of the issuer. Examples include options, rights, stock appreciation rights, warrants and convertible bonds.

"<u>Federal Securities Laws</u>" means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Advisers Act, Title V of <u>the</u> Gramm-Leach-Bliley Act, each as it may be amended, any rules adopted by the Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Securities and Exchange Commission or the Department of the Treasury.

"<u>Fund</u>" means an investment company registered under the Investment Company Act of 1940.

"<u>Immediate Family</u>" means any of the following persons who reside in the same household as the Access / Supervised Person:

---

| | | |
|:---|:---|:---|
| child | grandparent | son-in-law |
| stepchild | spouse | daughter-in-law |
| grandchild | sibling | brother-in-law |
| parent | mother-in-law | sister-in-law |
| step-parent | father-in-law |  |

---

Immediate Family includes adoptive relationships and any other relationship (whether or not recognized by law) which the Contact Person determines could lead to the possible conflicts of interest, diversions of corporate opportunity or appearances of impropriety which the Code is intended to prevent.

"<u>Independent Trust Trustee</u>" means any director or trustee of a Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

"<u>Initial Public Offering</u>" means an offering of securities registered under the Securities Act of 1933 the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

"<u>Portfolio Manager</u>" means a person who has or shares principal day-to-day responsibility for managing the portfolio of an Advisory Client.

"<u>President</u>" means the president of SCCM/CCM or such other person as may be designated by the president of SCCM/CCM from time to time who is involved with the investment management business of SCCM/CCM.

"<u>Private Placement</u>" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act of 1933.

"<u>Reportable Fund</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Fund for which SCCM or CCM serves as an investment adviser (including as a sub-adviser) as defined in Section 2(a)(20) of such Act (*i.e.,* SCCM or CCM has been approved by the investment company's board of directors to serve in such capacity); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Fund whose investment adviser or principal underwriter controls SCCM or CCM, is controlled by SCCM or CCM, or is under common control with SCCM or CCM. For purposes of this Section, *control* has the same meaning as it does in Section 2(a)(9) of the Investment Company Act of 1940, as amended.

"<u>Reportable Security</u>" shall have the general meaning as noted below and specifically the meaning ascribed to the term "security" in Section 202(a)(18) of the Advisers Act as amended, except that it shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) direct
obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers'
 acceptances, bank certificates of deposit, commercial paper and high quality short-term
 debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shares
issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) shares
issued by open-end funds other than Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares
 issued by unit investment trusts that are invested exclusively in one

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) or
 more open-end funds, none of which are Reportable Funds.

"<u>SEC</u>" means the Securities and Exchange Commission.

"<u>Security</u>" includes stock, closed end funds, ETFs, notes, bonds, debentures, and other evidences of indebtedness (including loan participations and assignments), limited partnership interests, private placements, investment contracts, and all derivative instruments of the foregoing, such as options and warrants. Security does not include futures, options on futures or options on currencies, but the purchase and sale of such instruments are nevertheless subject to the reporting requirements of the Code.

"<u>Securities Held or to be Acquired</u>" by a Fund means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Reportable Security which, within the most recent 15 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is or has been held by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is
 being or has been considered by the Fund or its investment adviser for purchase by the
 Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 option to purchase or sell, and any security convertible into or exchangeable for, a
 Reportable Security described in the immediately preceding clause (i).

"<u>Securities Transaction</u>" means a purchase or sale of Securities in which an Access / Supervised person or a member of his or her Immediate Family has or acquires a Beneficial Interest, including the purchase or sale of an Equivalent Security.

"<u>Supervised Person</u>" means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of SCCM or CCM, or other person who provides investment advice on behalf of SCCM or CCM and is subject to the supervision and control of SCCM or CCM.

**Appendix 2**

**<u>PRE-CLEARANCE REQUEST FOR <br> ACCESS / SUPERVISED PERSONS</u>**

**I would like to request authorization to perform a transaction in the following securities:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(Circle One)** | **Long / Short** | **Security Description** <br> **and Symbol** | **Number of <br> Shares** | **Principal Amount** | **Broker** |
| Buy Sell | L / S | | | | |
| Buy Sell | L / S | | | | |
| Buy Sell | L / S | | | | |
| Buy Sell | L / S | | | | |
| Buy Sell | L / S | | | | |
| Buy Sell | L / S | | | | |
| Buy Sell | L / S | | | | |

---

*Attach additional sheets if necessary*

The following Securities Transactions for accounts in which an Access / Supervised Person or a member of his or her Immediate Family have a direct or indirect Beneficial Interest, are prohibited and will not be authorized by the Contact Person absent exceptional circumstances.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Public Offerings;<br>Buy / Sell Securities when an Advisory Client's order to Buy or Sell is pending;<br>Two Day Blackout around Advisory Client Orders;<br>Buy / Sell Securities with known intent to Buy or Sell for Advisory Client;<br>Trades inside 60-day employee Blackout / Holding period;<br>Private Placements.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Always Prohibited Securities Transactions:**<br>Inside Information;<br> Market Manipulation;<br> Large Positions in Mutual Funds.<br>|

---

Transaction(s) Requested by: ______________________ Date: _________________

DENIED ☐ AUTHORIZED: ☐ Authorization Expires: _________

Contact Person: _________________________________ Date: __________________

**Appendix 3**

**QUARTERLY PERSONAL COMPLIANCE REPORT**

PERIOD: ___________

---

| | |
|:---|:---|
| **Please answer the following questions regarding your activities during the prior quarter:** | **Please answer the following questions regarding your activities during the prior quarter:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Were the any reportable securities transactions? | ☐ Yes ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Securities accounts? (details noted below) | ☐ Yes ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Political donations during the quarter? (details noted below) | ☐ Yes ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reportable gifts during the quarter (details noted below)? | ☐ Yes ☐ No |

---

**<u>PERSONAL SECURITIES TRANSACTIONS</u>**

***Please attach statements for all accounts for the entire quarter.***

**<u>ACTIVITY NOT NOTED ON BROKERAGE STATEMENTS</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Buy/Sell** | **Shares/Par Value** | **Security Description** | **Price** | **Amount** | **Broker** |

---

**<u>NEW ACCOUNTS</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Opened** | **Broker** | **Account Title** | **Account Number** | **Source of Assets** |

---

**<u>POLITICAL CONTRIBUTIONS</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date** | **Amount** | **Recipient** | **Jurisdiction of Recipient** | **Party Affiliation** | **I am eligible to vote for this person** |
| | | | | | ☐ Yes ☐ No |
| | | | | | ☐ Yes ☐ No |

---

**<u>GIFTS</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Given / Received** | **Date** | **Amount** | **Name** | **Vendor / Broker Firm Name** | **Client / Prospect** |
| ☐ Given ☐ Received | | | | | ☐ Client ☐ Prospect |
| ☐ Given ☐ Received | | | | | ☐ Client ☐ Prospect |

---

---

| |
|:---|
| Signature: |
| Print Name: |
| Date: |

---

**Appendix 4**

**ANNUAL CODE OF ETHICS CERTIFICATION UNDER SECTION IV.D.**

In accordance with Section IV.D. of the Code of Ethics (the "Code") for Supervised Persons of Schafer Cullen Capital Management, Inc. and Cullen Capital Management, LLC ("SCCM/CCM") and Access Persons of Cullen Funds Trust ("CFT"), the undersigned hereby acknowledges that:

  I have in my possession, and have recently reviewed, a copy of the Code; <br> Initial

  I have complied with the policies and requirements of the Code; and <br> Initial

  I have in my possession, and have recently reviewed, a copy of the Statement of Policy on Insider Trading of SCCM/CCM/CFT, as applicable. <br> Initial

I hereby certify that since January 1, 20__, I have complied with requirements of the Code.

---

| | |
|:---|:---|
| Date | Access / Supervised Person Signature |
|  | Print Name |

---

**Appendix 5**

**ACKNOWLEDGMENT OF RECEIPT**

The undersigned acknowledges that he or she has received, and has reviewed a copy of the Code of Ethics (the "Code") for Supervised Persons of Schafer Cullen Capital Management, Inc. and Cullen Capital Management, LLC ("SCCM/CCM") and Access Persons of Cullen Funds Trust ("CFT") and hereby agrees to comply with the policies and requirements of the Code. The undersigned also acknowledges that he or she has received, and has reviewed, a copy of the Statement of Policy on Insider Trading of SCCM/CCM/CFT, as applicable, and agrees to comply with its requirements.

  I hereby agree to comply with the policies and requirements of the Code and Policy on Insider Trading of SCCM/CCM/CFT as applicable. <br> Initial

---

| | |
|:---|:---|
| Date | Access / Supervised Person Signature |
|  | Print Name |

---

**Appendix 6**<br>

**DISCLOSURE OF PERSONAL SECURITIES**<br> **HOLDINGS UNDER SECTION II.A.**<br> **CODE OF ETHICS**

In accordance with Section II A. of the Code of Ethics of Schafer Cullen Capital Management Inc. and Cullen Capital Management LLC, the undersigned Access / Supervised Person hereby discloses all Securities (other than those specifically excluded from the definition of Security), including physical certificates held, in which such Access / Supervised Person has a Beneficial Interest, including those in accounts of the Immediate Family of the Access / Supervised Person and all Securities in non-client accounts which the Access / Supervised Person makes investment decisions:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Name of Access / Supervised Person: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ *I have no personal securities holdings to report.* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If different than (1), name of the person in whose name account(s) held |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Relationship of (2) to (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Broker dealer, bank or other financial institution at which Account(s) maintained |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Account Number(s): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Contact person(s) and phone number(s) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. For each account, attach the most recent account statement listing Securities in that account. If the Access / Supervised Person owns Beneficial Interests in Securities that are not listed in an attached account statement(s), or holds physical certificates, list them below: |

---

<u>Name of Security</u> <u>Quantity</u> <u>Value</u> <u>Custodian</u>

1. 2. 3. 4. 5. 8. Date
 as of which holdings disclosed: ______, 20___

(Attach separate sheets if necessary.)

## Ex-99.Cert

[Cullen Funds Trust N-CSR](cullen-ncsr_063025.htm)

**Exhibit 99.cert**

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

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| By: | <u>/s/ James P. Cullen</u> |
|  | James P. Cullen |
|  | Chief Executive Officer <br> (Principal Executive Officer) |
| Date: | September 4, 2025 |

---

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

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| By: | <u>/s/ Stephen O'Neil</u> |
|  | Stephen O'Neil |
|  | Treasurer<br> (Principal Financial Officer) |
| Date: | September 4, 2025 |

---

## Exhibit 99.906

v

[Cullen Funds Trust N-CSR](cullen-ncsr_063025.htm)

**Exhibit 99.906cert**

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 their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 registrant's report on Form N-CSR containing the financial statements for the period
 ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements
 of Section 13(a) or Section 15(d) of the Securities and Exchange Act of 1934, as amended;
 and

&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, <br> Principal Executive Officer | Treasurer,<br> Principal Financial Officer |
| Cullen Funds Trust | Cullen Funds Trust |
| <u>/s/ James P. Cullen</u> | <u>/s/ Stephen O'Neil</u> |
| James P. Cullen | Stephen O'Neil |
| Date: September 4, 2025 | Date: September 4, 2025 |

---

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