N-CSR 1 fp0079339_ncsr.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09871

CULLEN FUNDS TRUST

(exact name of registrant as specified in charter)

645 Fifth Avenue, New York, NY 10022

(Address of principal executive offices) (Zip code)

Brooks Cullen

645 Fifth Avenue

New York, NY 10022

(Name and address of agent for service)

registrant’s telephone number, including area code: 212-644-1800

Date of fiscal year end: June 30

Date of reporting period: July 1, 2021 – June 30, 2022

Item 1.

Report to Shareholders.

(a)

Annual Report

June 30, 2022

International High Dividend Fund

High Dividend Equity Fund

Small Cap Value Fund

Value Fund

Emerging Markets High Dividend Fund

Enhanced Equity Income Fund

Table of Contents

Shareholder Letter	3
Fund Performance	6
Disclosure of Fund Expenses	27
Schedule of Investments	30
Statements of Assets and Liabilities	43
Statements of Operations	45
Statements of Changes in Net Assets	46
Financial Highlights	49
Notes to Financial Statements	70
Report of Independent Registered Public Accounting Firm	79
Additional Information	80
Board of Trustees	81
Board Approval of Investment Advisory Agreements	83

Cullen Funds

Shareholder Letter

June 30, 2022 (Unaudited)

August 25, 2022

Retail Class Performance for the twelve months ended June 30, 2022 for the Cullen High Dividend Equity Fund (“High Dividend Fund”), Cullen International High Dividend Fund (“International High Dividend Fund”), Cullen Small Cap Value Fund (“Small Cap Fund”), Cullen Value Fund (“Value Fund”), Cullen Emerging Markets High Dividend Fund (“Emerging Markets High Dividend Fund”), and Cullen Enhanced Equity Income Fund (“Enhanced Equity Income Fund”) versus their respective benchmarks was as follows:

Fund/Benchmark	Performance
Cullen International High Dividend Fund	(13.71	)%
MSCI EAFE Gross Total Return Index	(17.33	)%
Cullen High Dividend Equity Fund	(3.53	)%
S&P 500 Total Return Index	(10.62	)%
Cullen Small Cap Value Fund	(6.35	)%
Russell 2000 Value Total Return Index	(16.28	)%
Cullen Value Fund	(6.72	)%
S&P 500 Total Return Index	(10.62	)%
Cullen Emerging Markets High Dividend Fund	(17.95	)%
MSCI Emerging Markets Net Total Return Index	(25.29	)%
Cullen Enhanced Equity Income Fund	(3.19	)%
Cboe S&P 500 BuyWrite Index	(2.62	)%

Please refer to the financial highlights for each Fund’s respective share class performance on pages 49-69 of this annual report.

Portfolio Review - International High Dividend Fund

The International High Dividend Fund’s performance versus the MSCI EAFE Index during the period was primarily due to the Fund’s stock selection in Communication Services and Financials as well as an underweight allocation to the Information Technology and Consumer Discretionary sectors. Partially offsetting relative performance during the period was the Fund’s stock selection within Materials and Utilities.

Portfolio Review - High Dividend Fund

The High Dividend Fund’s outperformance versus the S&P 500 Index during the period was primarily due to the Fund’s allocation in Energy, the best performing sector for the period, Communication Services and Consumer Staples as well as superior stock selection within Communication Services. Stock selection within Consumer Staples and Real Estate slightly offset relative performance.

Portfolio Review - Small Cap Fund

The Small Cap Fund’s performance versus the Russell 2000 Value Index during the period was mainly due to stock selection and allocation to the Energy and Healthcare sectors as well as the Fund’s lack of exposure to Communication Services. Partially offsetting relative performance was the Fund’s stock selection in Information Technology and Industrials.

Portfolio Review - Value Fund

The Value Fund’s performance versus the S&P 500 Index during the period was primarily due to an overweight allocation and strong stock selection in Health Care as well as an overweight allocation to Energy, the best performing sector for the period. The Fund’s underweight exposure in Utilities and stock selection in Communication Services slightly offset relative performance.

Portfolio Review - Emerging Markets High Dividend Fund

The Emerging Markets High Dividend Fund’s performance versus the MSCI Emerging Markets Index during the period was primarily due to an underweight allocation and strong stock selection within the Consumer Discretionary sector as well as an underweight exposure to Information Technology. Offsetting relative performance was primarily stock selection within the Financials sector.

Portfolio Review - Enhanced Equity Income Fund

The Enhanced Equity Income Fund’s performance versus the S&P 500 Index during the period was primarily due to the Fund’s overweight exposure to Energy as well as stock selection within Consumer Discretionary and Communication Services. Stock selection within Information Technology and Financials slightly offset relative performance. The Fund’s use of covered call options¹ contributed premiums of approximately 3.1% of average net assets during the period.

Cullen Funds

Shareholder Letter

June 30, 2022 (Unaudited) (Continued)

Outlook

The equity market downturn that began in January 2022 hit bear market territory in the 2nd quarter as decades-high inflation, expected to peak by mid-year, has remained persistently high. As a result, global central banks accelerated rate hikes throughout the quarter serving to withdraw liquidity and tighten financial conditions, pressuring almost all asset classes. All the while, the surging US dollar, widening credit spreads and increasing pockets of economic weakness have further raised alarm. Fears of a potential recession driven by a combination of monetary tightening and weakening growth soon shifted to concerns that the Federal Reserve will not be aggressive enough to bring inflation down. This view rests on the belief that a prolonged period of inflation will lengthen the Fed tightening cycle, increasing the odds of recession.

The track record of the Fed engineering a soft landing while raising interest rates is poor. That coupled with a multi-decade paradigm shift at the Fed clearly prioritizing price stability over growth, suggests that the Fed will continue raising interest rates until inflation has broken convincingly low. Over the past half century of Fed rate hike cycles, the Fed Funds rate has ended at levels higher than CPI. There has only been once instance, during the 1994-1995 cycle, when the Fed tightened above the neutral rate that didn’t result in recession. Today, given the wide spread between the Fed Funds rate and CPI, either inflation will need to fall significantly, or Fed tightening has a way to go. That being said, a recession could be short and shallow in nature given the strength of consumer finances, a well-capitalized banking system and market excesses that have already corrected considerably.

The only good news in all of this is that historically difficult markets like the one we’re in tend to be very good for the relative performance of value investing in our opinion. The current environment where risks abound even as we move to an eventual market bottom, favors Value and High Dividend stocks. Considering the increasing odds of a US recession, Value stocks have historically led the market coming out of a recession - outperforming in all 14 out of 14 recessions since 1929. The outperformance of Value stocks over the S&P 500 has averaged +28% over approximately 12 months (BofA/ML, US Equity Strategy in Pictures, 4/29/2022).

In the first year of Fed rate hike cycles, Value has been one of the best performing factors, outperforming the market by an average 7.0 percentage points (BofA/ML, US Equity Strategy in Pictures, 4/29/2022). Two years into a rate hike cycle, High Dividend stocks have outperformed non-Dividend stocks by an average 12% (Ned Davis Research, Dividend stocks during tightening cycles, 2/15/2022). And despite the recent relative outperformance of Value stocks, the valuation spread between Growth and Value is still wide at 7.3x (90% percentile) vs. the long-term historical median of 4.3x.

As we have regularly pointed out, the key to success in the stock market is to invest with a discipline and invest for the long-term, and not to lose focus and be distracted by bear markets and recessions. We believe the best way to avoid the extreme volatility of the stock market is to take a long term view (that is, five years) and invest with a price discipline. Given the incredibly strong equity returns generated this past decade combined with still elevated valuation levels, we believe earnings² and dividend yield³ along with dividend growth⁴ become more important.

Sincerely,

James P. Cullen

Chairman and Chief Executive Officer

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

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

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

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

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

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

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

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

The S&P 500 Index is an unmanaged index commonly used to measure performance of U.S. stocks. The MSCI EAFE Index is an unmanaged index of common stocks in Europe, Australia, Asia and the Far East. The Russell 2000 Value Index is an unmanaged index commonly used to measure performance of small capitalization stocks. The MSCI Emerging Markets Index is an unmanaged index of common stocks of in global emerging economies. The MSCI Emerging Markets Index is an unmanaged index of common stocks of in global emerging economies. The CBOE S&P 500 BuyWrite Index is an unmanaged index designed to track

Cullen Funds

Shareholder Letter

June 30, 2022 (Unaudited) (Continued)

the performance of a hypothetical buy-write strategy on the S&P 500 Index, which itself is also unmanaged index commonly used to measure performance of U.S. stocks. It is not possible to invest directly in an index.

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

Current and future portfolio holdings are subject to risk.

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

Must be accompanied or preceded by a current prospectus.

The Cullen Funds are distributed by ALPS Distributors, Inc. (08/21)

Cullen International High Dividend Fund - Retail Class

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	10 Year	Annualized Since Inception (12/15/2005)
Cullen International High Dividend Fund - Retail	(13.71)%	0.63%	3.07%	2.61%
MSCI EAFE Index	(17.33)%	2.69%	5.89%	3.91%

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

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

This chart assumes an initial gross investment of $10,000 made on 06/30/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

Cullen International High Dividend Fund - Class C

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	10 Year	Annualized Since Inception (12/15/2005)
Cullen International High Dividend Fund - Class C	(14.38)%	(0.13)%	2.30%	1.87%
MSCI EAFE Index	(17.33)%	2.69%	5.89%	3.91%

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

This chart assumes an initial gross investment of $10,000 made on 06/30/2012 . Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

Cullen International High Dividend Fund - Class I

Fund Performance

June 30, 2022 (Unaudited)

Growth of $1,000,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	10 Year	Annualized Since Inception (12/15/2005)
Cullen International High Dividend Fund - Class I	(13.49)%	0.90%	3.33%	2.89%
MSCI EAFE Index	(17.33)%	2.69%	5.89%	3.91%

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

This chart assumes an initial gross investment of $1,000,000 made on 06/30/2012 . Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

Cullen International High Dividend Fund - Class R2

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	10 Year	Annualized Since Inception (3/4/2010)
Cullen International High Dividend Fund - Class R2	(13.85)%	0.43%	2.85%	2.90%
MSCI EAFE Index	(17.33)%	2.69%	5.89%	4.90%

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

Cullen High Dividend Equity Fund - Retail Class

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	10 Year	Annualized Since Inception (8/1/2003)
Cullen High Dividend Equity Fund - Retail	(3.53)%	5.83%	8.40%	7.63%
S&P 500 Index	(10.62)%	11.31%	12.96%	9.57%

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

Cullen High Dividend Equity Fund - Class C

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	10 Year	Annualized Since Inception (10/7/2004)
Cullen High Dividend Equity Fund - Class C	(4.30)%	4.99%	7.59%	6.25%
S&P 500 Index	(10.62)%	11.31%	12.96%	9.23%

Cullen High Dividend Equity Fund - Class I

Fund Performance

June 30, 2022 (Unaudited)

Growth of $1,000,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	10 Year	Annualized Since Inception (10/7/2004)
Cullen High Dividend Equity Fund - Class I	(3.35)%	6.09%	8.67%	7.31%
S&P 500 Index	(10.62)%	11.31%	12.96%	9.23%

Cullen High Dividend Equity Fund - Class R1

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	10 Year	Annualized Since Inception (3/3/2010)
Cullen High Dividend Equity Fund - Class R1	(4.04)%	5.30%	7.85%	8.57%
S&P 500 Index	(10.62)%	11.31%	12.96%	12.61%

Cullen High Dividend Equity Fund - Class R2

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	10 Year	Annualized Since Inception (3/4/2010)
Cullen High Dividend Equity Fund - Class R2	(3.82)%	5.56%	8.09%	8.88%
S&P 500 Index	(10.62)%	11.31%	12.96%	12.57%

Cullen Small Cap Value Fund - Retail Class

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	10 Year	Annualized Since Inception (10/1/2009)
Cullen Small Cap Value Fund - Retail	(6.35)%	7.32%	6.88%	7.57%
Russell 2000 Value Index	(16.28)%	4.89%	9.05%	9.69%

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

This chart assumes an initial gross investment of $10,000 made on 06/30/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

Cullen Small Cap Value Fund - Class C

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	10 Year	Annualized Since Inception (10/1/2009)
Cullen Small Cap Value Fund - Class C	(7.11)%	6.51%	6.08%	6.77%
Russell 2000 Value Index	(16.28)%	4.89%	9.05%	9.69%

Cullen Small Cap Value Fund - Class I

Fund Performance

June 30, 2022 (Unaudited)

Growth of $1,000,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	10 Year	Annualized Since Inception (10/1/2009)
Cullen Small Cap Value Fund - Class I	(6.11)%	7.59%	7.11%	7.82%
Russell 2000 Value Index	(16.28)%	4.89%	9.05%	9.69%

This chart assumes an initial gross investment of $1,000,000 made on 06/30/2012. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

Cullen Value Fund - Retail Class

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	Annualized Since Inception (8/31/2012)
Cullen Value Fund - Retail	(6.72)%	6.79%	9.21%
S&P 500 Index	(10.62)%	11.31%	12.78%

This chart assumes an initial gross investment of $10,000 made on 8/31/2012 (commencement of operations). Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

Cullen Value Fund - Class C

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	Annualized Since Inception (8/31/2012)
Cullen Value Fund - Class C	(7.45)%	6.00%	8.39%
S&P 500 Index	(10.62)%	11.31%	12.78%

Cullen Value Fund - Class I

Fund Performance

June 30, 2022 (Unaudited)

Growth of $1,000,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	Annualized Since Inception (8/31/2012)
Cullen Value Fund - Class I	(6.51)%	7.05%	9.48%
S&P 500 Index	(10.62)%	11.31%	12.78%

This chart assumes an initial gross investment of $1,000,000 made on 8/31/2012 (commencement of operations). Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

Cullen Emerging Markets High Dividend Fund - Retail Class

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	Annualized Since Inception (8/31/2012)
Cullen Emerging Markets High Dividend Fund - Retail	(17.95)%	1.49%	2.84%
MSCI Emerging Markets Index	(25.29)%	2.18%	2.95%

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

Cullen Emerging Markets High Dividend Fund - Class C

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	Annualized Since Inception (8/31/2012)
Cullen Emerging Markets High Dividend Fund - Class C	(18.58)%	0.72%	2.06%
MSCI Emerging Markets Index	(25.29)%	2.18%	2.95%

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

Cullen Emerging Markets High Dividend Fund - Class I

Fund Performance

June 30, 2022 (Unaudited)

Growth of $1,000,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	Annualized Since Inception (8/31/2012)
Cullen Emerging Markets High Dividend Fund - Class I	(17.75)%	1.74%	3.11%
MSCI Emerging Markets Index	(25.29)%	2.18%	2.95%

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

Cullen Enhanced Equity Income Fund - Retail Class

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	Annualized Since Inception (12/15/2015)
Cullen Enhanced Equity Income Fund - Retail	(3.19)%	5.81%	7.07%
Cboe S&P 500 BuyWrite Index	(2.62)%	4.09%	5.32%

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

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

Cullen Enhanced Equity Income Fund - Class C

Fund Performance

June 30, 2022 (Unaudited)

Growth of $10,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	Annualized Since Inception (12/15/2015)
Cullen Enhanced Equity Income Fund - Class C	(3.88)%	5.02%	6.28%
Cboe S&P 500 BuyWrite Index	(2.62)%	4.09%	5.32%

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

Cullen Enhanced Equity Income Fund - Class I

Fund Performance

June 30, 2022 (Unaudited)

Growth of $1,000,000 Investment

Average Annual Total Return as of June 30, 2022
	1 Year	5 Year	Annualized Since Inception (12/15/2015)
Cullen Enhanced Equity Income Fund - Class I	(2.90)%	6.06%	7.34%
Cboe S&P 500 BuyWrite Index	(2.62)%	4.09%	5.32%

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

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

Cullen Funds

Disclosure of Fund Expenses

June 30, 2022 (Unaudited)

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; service fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 to June 30, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Net Expense Ratio^(a)			Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period January 1, 2022 to June 30, 2022^(b)
Cullen International High Dividend Fund
Retail
Actual		1.25	%	$	1,000.00	$	850.92	$	5.74
Hypothetical (5% return before expenses)		1.25	%	$	1,000.00	$	1,018.60	$	6.26
Class C
Actual		2.00	%	$	1,000.00	$	847.50	$	9.16
Hypothetical (5% return before expenses)		2.00	%	$	1,000.00	$	1,014.88	$	9.99
Class I
Actual		1.00	%	$	1,000.00	$	851.91	$	4.59
Hypothetical (5% return before expenses)		1.00	%	$	1,000.00	$	1,019.84	$	5.01
Class R2
Actual		1.03	%	$	1,000.00	$	851.05	$	4.73
Hypothetical (5% return before expenses)		1.03	%	$	1,000.00	$	1,019.67	$	5.16

Cullen Funds

Disclosure of Fund Expenses

June 30, 2022 (Unaudited)

	Net Expense Ratio^(a)			Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period January 1, 2022 to June 30, 2022^(b)
Cullen High Dividend Equity Fund
Retail
Actual		1.00	%	$	1,000.00	$	895.40	$	4.70
Hypothetical (5% return before expenses)		1.00	%	$	1,000.00	$	1,019.84	$	5.01
Class C
Actual		1.75	%	$	1,000.00	$	891.80	$	8.21
Hypothetical (5% return before expenses)		1.75	%	$	1,000.00	$	1,016.12	$	8.75
Class I
Actual		0.75	%	$	1,000.00	$	896.00	$	3.53
Hypothetical (5% return before expenses)		0.75	%	$	1,000.00	$	1,021.08	$	3.76
Class R1
Actual		1.50	%	$	1,000.00	$	892.50	$	7.04
Hypothetical (5% return before expenses)		1.50	%	$	1,000.00	$	1,017.36	$	7.50
Class R2
Actual		1.25	%	$	1,000.00	$	893.50	$	5.87
Hypothetical (5% return before expenses)		1.25	%	$	1,000.00	$	1,018.60	$	6.26

Cullen Small Cap Value Fund
Retail
Actual		1.25	%	$	1,000.00	$	928.17	$	5.98
Hypothetical (5% return before expenses)		1.25	%	$	1,000.00	$	1,018.60	$	6.26
Class C
Actual		2.00	%	$	1,000.00	$	923.69	$	9.54
Hypothetical (5% return before expenses)		2.00	%	$	1,000.00	$	1,014.88	$	9.99
Class I
Actual		1.00	%	$	1,000.00	$	928.96	$	4.78
Hypothetical (5% return before expenses)		1.00	%	$	1,000.00	$	1,019.84	$	5.01

Cullen Value Fund
Retail
Actual		1.00	%	$	1,000.00	$	881.49	$	4.67
Hypothetical (5% return before expenses)		1.00	%	$	1,000.00	$	1,019.84	$	5.01
Class C
Actual		1.75	%	$	1,000.00	$	878.23	$	8.15
Hypothetical (5% return before expenses)		1.75	%	$	1,000.00	$	1,016.12	$	8.75
Class I
Actual		0.75	%	$	1,000.00	$	882.17	$	3.50
Hypothetical (5% return before expenses)		0.75	%	$	1,000.00	$	1,021.08	$	3.76

Cullen Emerging Markets High Dividend Fund
Retail
Actual		1.25	%	$	1,000.00	$	843.10	$	5.71
Hypothetical (5% return before expenses)		1.25	%	$	1,000.00	$	1,018.60	$	6.26
Class C
Actual		2.00	%	$	1,000.00	$	839.95	$	9.12
Hypothetical (5% return before expenses)		2.00	%	$	1,000.00	$	1,014.88	$	9.99
Class I
Actual		1.00	%	$	1,000.00	$	844.45	$	4.57
Hypothetical (5% return before expenses)		1.00	%	$	1,000.00	$	1,019.84	$	5.01

Cullen Funds

Disclosure of Fund Expenses

June 30, 2022 (Unaudited)

	Net Expense Ratio^(a)			Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period January 1, 2022 to June 30, 2022^(b)
Cullen Enhanced Equity Income Fund
Retail
Actual		1.00	%	$	1,000.00	$	931.21	$	4.79
Hypothetical (5% return before expenses)		1.00	%	$	1,000.00	$	1,019.84	$	5.01
Class C
Actual		1.75	%	$	1,000.00	$	927.82	$	8.36
Hypothetical (5% return before expenses)		1.75	%	$	1,000.00	$	1,016.12	$	8.75
Class I
Actual		0.75	%	$	1,000.00	$	932.74	$	3.59
Hypothetical (5% return before expenses)		0.75	%	$	1,000.00	$	1,021.08	$	3.76

^(a)

Annualized, based on the Fund's most recent fiscal half year expenses. Such figures do not reflect acquired fund fees and expenses.

^(b)

Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181), divided by 365. Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Funds' prospectuses for more information regarding waivers and/or reimbursements.

Cullen International High Dividend Fund

Schedule of Investments

June 30, 2022

	Shares		Value (Note 2)
COMMON STOCKS - 89.87%
AUSTRALIA - 3.81%
Rio Tinto, Ltd.		59,904	$	4,247,543
Sonic Healthcare, Ltd.		114,943		2,619,627
				6,867,170


BRAZIL - 2.61%
Vale SA		320,841		4,697,926


CANADA - 5.43%
BCE, Inc.		90,260		4,438,987
Power Corp. of Canada		207,985		5,351,177
				9,790,164


CAYMAN ISLANDS - 0.71%
Xinyi Glass Holdings, Ltd.		530,456		1,272,244


FINLAND - 1.23%
UPM-Kymmene Oyj		72,814		2,213,027


FRANCE - 11.93%
BNP Paribas		78,797		3,745,024
Compagnie de Saint-Gobain SA		57,904		2,483,897
Compagnie Generale des Etablissements Michelin		78,777		2,143,774
Euroapi^(a)		2,340		36,906
Sanofi		58,053		5,859,430
TotalEnergies SE - Sponsored ADR		137,228		7,223,682
				21,492,713


GERMANY - 7.20%
Allianz SE		1,690		322,454
Deutsche Post AG		67,640		2,532,691
Deutsche Telekom AG		147,354		2,924,850
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		11,143		2,617,350
Siemens AG		45,030		4,580,370
				12,977,715


IRELAND - 1.77%
Smurfit Kappa Group PLC		94,621		3,180,138


ITALY - 0.86%
Enel SpA		282,346		1,544,103

	Shares		Value (Note 2)
JAPAN - 11.95%
Denka Co., Ltd.		2,646	$	64,058
Nippon Telegraph and Telephone Corp.		239,398		6,873,717
SoftBank Corp.		509,015		5,651,346
Tokio Marine Holdings, Inc.		101,360		5,903,516
Toyota Motor Corp.		196,450		3,040,349
				21,532,986


MEXICO - 1.50%
PLA Administradora Industrial S de RL de CV		2,016,803		2,708,141


NETHERLANDS - 2.16%
NN Group NV		85,782		3,895,015


NORWAY - 2.22%
DNB Bank ASA		223,475		4,005,628


SINGAPORE - 5.21%
Ascendas Real Estate Investment Trust		2,037,725		4,179,843
United Overseas Bank, Ltd.		275,800		5,210,665
				9,390,508


SPAIN - 1.69%
Iberdrola SA		292,921		3,036,926


SWEDEN - 2.28%
Svenska Handelsbanken AB		402,229		3,437,088
Aktiebolaget Volvo		43,481		673,142
				4,110,230


SWITZERLAND - 10.65%
Nestle SA		46,433		5,420,475
Novartis AG - Sponsored ADR		66,420		5,614,483
Roche Holding AG		7,210		2,405,926
UBS Group AG		24,962		402,427
Zurich Insurance Group, Ltd.		12,270		5,336,683
				19,179,994


TAIWAN - 0.54%
Ase Technology Holding Co., Ltd.		203,700		523,309
Quanta Computer, Inc.		164,600		441,678
				964,987

See Notes to Financial Statements.

Cullen International High Dividend Fund

Schedule of Investments

June 30, 2022 (Continued)

	Shares		Value (Note 2)
UNITED KINGDOM - 16.12%
3I Group PLC		301,852	$	4,073,023
BAE Systems PLC		640,640		6,474,168
British American Tobacco PLC - Sponsored ADR		139,152		5,971,012
Britvic PLC		306,320		3,024,011
Diageo PLC		1,395		59,951
Persimmon PLC		1		23
Shell PLC		262,100		6,808,455
Tesco PLC		704,854		2,192,185
Unilever PLC - Sponsored ADR		9,564		438,318
				29,041,146

TOTAL COMMON STOCKS (Cost $151,338,278)				161,900,761

PREFERRED STOCK - 0.86%
SOUTH KOREA - 0.86%
Samsung Electronics Co., Ltd.		38,415		1,549,569

TOTAL PREFERRED STOCK (Cost $1,629,558)				1,549,569

TOTAL INVESTMENTS - 90.73% (Cost $152,967,836)			$	163,450,330

Other Assets In Excess of Liabilities - 9.27%				16,702,765


NET ASSETS - 100.00%			$	180,153,095

^(a)	Non-income producing security.

ADR - American Depositary Receipt

Sector Diversification	% of Net Assets			Value (Note 2)
COMMON STOCKS
FINANCIALS		24.58	%	$	44,300,050
COMMUNICATIONS		11.03			19,888,900
MATERIALS		10.09			18,158,833
CONSUMER STAPLES		9.50			17,105,952
HEALTH CARE		9.18			16,536,372
INDUSTRIALS		7.91			14,260,371
ENERGY		7.79			14,032,137
REAL ESTATE		3.82			6,887,984
CONSUMER DISCRETIONARY		2.88			5,184,146
UTILITIES		2.55			4,581,029
TECHNOLOGY		0.54			964,987
TOTAL COMMON STOCKS		89.87			161,900,761

Sector Diversification	% of Net Assets			Value (Note 2)
PREFERRED STOCK
TECHNOLOGY		0.86	%	$	1,549,569
TOTAL PREFERRED STOCK		0.86			1,549,569

TOTAL INVESTMENTS		90.73	%	$	163,450,330
Other Assets In Excess of Liabilities		9.27			16,702,765
NET ASSETS		100.00	%	$	180,153,095

Percentages are stated as a percent of net assets.

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

Schedule of Investments

June 30, 2022

	Shares		Value (Note 2)
COMMON STOCKS - 90.67%
BANKING - 6.87%
Bank of America Corp.		733,000	$	22,818,290
JPMorgan Chase & Co.		234,176		26,370,559
Truist Financial Corp.		419,350		19,889,771
				69,078,620


CONSUMER STAPLE PRODUCTS - 10.90%
Altria Group, Inc.		415,240		17,344,575
Diageo PLC - Sponsored ADR		83,667		14,568,098
Kimberly-Clark Corp.		164,081		22,175,547
Philip Morris International, Inc.		319,765		31,573,596
Unilever PLC - Sponsored ADR		521,145		23,884,075
				109,545,891


FINANCIAL SERVICES - 2.51%
Morgan Stanley		331,000		25,175,860


HEALTH CARE - 14.21%
Eli Lilly and Co.		38,840		12,593,093
Johnson & Johnson		214,250		38,031,517
Medtronic PLC		124,178		11,144,976
Merck & Co., Inc.		289,548		26,398,091
Novartis AG - Sponsored ADR		309,620		26,172,179
Pfizer, Inc.		543,842		28,513,636
				142,853,492


INDUSTRIAL PRODUCTS - 11.37%
3M Co.		149,760		19,380,442
General Dynamics Corp.		103,100		22,810,875
Johnson Controls International PLC		401,162		19,207,637
Raytheon Technologies Corp.		392,975		37,768,827
Siemens AG - Sponsored ADR		296,452		15,142,768
				114,310,549


INDUSTRIAL SERVICES - 2.27%
United Parcel Service, Inc.		124,995		22,816,587


INSURANCE - 4.37%
Chubb, Ltd.		152,611		30,000,270
Travelers Cos., Inc.		82,291		13,917,877
				43,918,147


MATERIALS - 2.13%
Dow, Inc.		414,170		21,375,314

	Shares		Value (Note 2)
MEDIA - 1.59%
Comcast Corp.		407,390	$	15,985,984


OIL & GAS - 7.56%
Chevron Corp.		181,661		26,300,880
ConocoPhillips		237,976		21,372,624
Exxon Mobil Corp.		331,000		28,346,840
				76,020,344


REAL ESTATE - 2.13%
VICI Properties, Inc.		719,769		21,441,919


RETAIL & WHOLESALE - STAPLES - 2.41%
Target Corp.		134,717		19,026,082
Walgreens Boots Alliance, Inc.		135,900		5,150,610
				24,176,692


RETAIL & WHOLESALE - DISCRETIONARY - 5.25%
Genuine Parts Co.		223,451		29,718,983
Lowe`s Cos., Inc.		131,961		23,049,628
				52,768,611


SOFTWARE & TECH SERVICES - 1.50%
Microsoft Corp.		58,470		15,016,850


TECH HARDWARE & SEMICONDUCTORS - 6.24%
Broadcom, Inc.		55,816		27,115,971
Cisco Systems, Inc.		477,966		20,380,470
Intel Corp.		407,279		15,236,308
				62,732,749


TELECOMMUNICATIONS - 4.18%
AT&T, Inc.		690,710		14,477,281
BCE, Inc.		560,643		27,572,423
				42,049,704


UTILITIES - 5.18%
Duke Energy Corp.		230,755		24,739,243
NextEra Energy, Inc.		352,830		27,330,212
				52,069,455

TOTAL COMMON STOCKS (Cost $501,662,402)				911,336,768

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

Schedule of Investments

June 30, 2022 (Continued)

	Shares		Value (Note 2)
EXCHANGE-TRADED FUNDS - 6.80%
OPEN END FUND - 6.80%
Consumer Staples Select Sector SPDR Fund		67,609	$	4,880,018
Financial Select Sector SPDR Fund		490,398		15,423,017
Health Care Select Sector SPDR Fund		108,264		13,883,775
Real Estate Select Sector SPDR Fund		835,000		34,118,100
				68,304,910

TOTAL EXCHANGE-TRADED FUNDS (Cost $68,510,325)				68,304,910

TOTAL INVESTMENTS - 97.47% (Cost $570,172,727)			$	979,641,678

Other Assets In Excess of Liabilities - 2.53%				25,406,284


NET ASSETS - 100.00%			$	1,005,047,962

ADR - American Depositary Receipt

Sector Diversification	% of Net Assets			Value (Note 2)
COMMON STOCKS
HEALTH CARE		14.21	%	$	142,853,492
FINANCIALS		13.75			138,172,627
INDUSTRIALS		13.64			137,127,136
CONSUMER STAPLES		13.31			133,722,583
TECHNOLOGY		7.74			77,749,599
ENERGY		7.56			76,020,344
COMMUNICATIONS		5.77			58,035,688
CONSUMER DISCRETIONARY		5.25			52,768,611
UTILITIES		5.18			52,069,455
MATERIALS		2.13			21,375,314
REAL ESTATE		2.13			21,441,919
TOTAL COMMON STOCKS		90.67			911,336,768

EXCHANGE-TRADED FUNDS
REAL ESTATE		3.40			34,118,100
FINANCIALS		1.53			15,423,017
HEALTH CARE		1.38			13,883,775
CONSUMER STAPLES		0.49			4,880,018
TOTAL EXCHANGE-TRADED FUNDS		6.80			68,304,910

TOTAL INVESTMENTS		97.47	%	$	979,641,678
Other Assets In Excess of Liabilities		2.53			25,406,284
NET ASSETS		100.00	%	$	1,005,047,962

Percentages are stated as a percent of net assets.

See Notes to Financial Statements.

Cullen Small Cap Value Fund

Schedule of Investments

June 30, 2022

	Shares		Value (Note 2)
COMMON STOCKS - 93.90%
BANKING - 22.89%
Ameris Bancorp		6,099	$	245,058
Enterprise Financial Services Corp.		3,819		158,489
First Horizon Corp.		20,086		439,080
First Interstate BancSystem, Inc.		14,136		538,723
Premier Financial Corp.		6,304		159,806
Simmons First National Corp.		9,158		194,699
South State Corp.		2,087		161,012
				1,896,867


CONSUMER DISCRETIONARY PRODUCTS - 4.78%
Columbia Sportswear Co.		778		55,689
Steelcase, Inc.		23,267		249,655
Taylor Morrison Home Corp.^(a)		3,888		90,824
				396,168


CONSUMER DISCRETIONARY SERVICES - 5.51%
Denny's Corp.^(a)		30,325		263,221
Ruth's Hospitality Group, Inc.		11,880		193,169
				456,390


CONSUMER STAPLE PRODUCTS - 3.38%
Coca-Cola Consolidated, Inc.		90		50,751
Vector Group, Ltd.		21,850		229,425
				280,176


FINANCIAL SERVICES - 2.98%
Lazard, Ltd.		7,606		246,511


HEALTH CARE - 13.76%
ANI Pharmaceuticals, Inc.^(a)		8,014		237,775
Haemonetics Corp.^(a)		5,417		353,080
Natus Medical, Inc.^(a)		8,250		270,353
Varex Imaging Corp.^(a)		13,049		279,118
				1,140,326


INDUSTRIAL PRODUCTS - 5.64%
AAR Corp.^(a)		1,104		46,191
Mayville Engineering Co., Inc.^(a)		12,392		95,914
Spirit AeroSystems Holdings, Inc.		8,764		256,785
Timken Co.		1,289		68,382
				467,272

	Shares		Value (Note 2)
INDUSTRIAL SERVICES - 11.24%
Barrett Business Services, Inc.		5,000	$	364,350
BGSF, Inc.		28,597		353,459
Copa Holdings SA^(a)		3,366		213,303
				931,112


MATERIALS - 3.06%
Cabot Corp.		1,430		91,220
Huntsman Corp.		5,718		162,105
				253,325


OIL & GAS - 10.96%
Brigham Minerals, Inc.		5,138		126,549
Civitas Resources, Inc.		2,425		126,803
Coterra Energy, Inc.		8,405		216,765
Helmerich & Payne, Inc.		6,138		264,302
HF Sinclair Corp.		3,849		173,821
				908,240


REAL ESTATE - 3.53%
Host Hotels & Resorts, Inc.		7,508		117,725
RLJ Lodging Trust		15,860		174,936
				292,661


TECH HARDWARE & SEMICONDUCTORS - 3.40%
Comtech Telecommunications Corp.		24,241		219,866
MKS Instruments, Inc.		602		61,783
				281,649


UTILITIES - 2.77%
Spire, Inc.		3,080		229,060

TOTAL COMMON STOCKS (Cost $6,852,798)				7,779,757
TOTAL INVESTMENTS - 93.90% (Cost $6,852,798)			$	7,779,757

Other Assets In Excess of Liabilities - 6.10%				505,501


NET ASSETS - 100.00%			$	8,285,258

^(a)	Non-income producing security.

See Notes to Financial Statements.

Cullen Small Cap Value Fund

Schedule of Investments

June 30, 2022 (Continued)

Sector Diversification	% of Net Assets			Value (Note 2)
COMMON STOCKS
FINANCIALS		25.87	%	$	2,143,378
INDUSTRIALS		16.88			1,398,384
HEALTH CARE		13.76			1,140,326
ENERGY		10.96			908,240
CONSUMER DISCRETIONARY		10.29			852,558
REAL ESTATE		3.53			292,661
TECHNOLOGY		3.40			281,649
CONSUMER STAPLES		3.38			280,176
MATERIALS		3.06			253,325
UTILITIES		2.77			229,060
TOTAL COMMON STOCKS		93.90			7,779,757

TOTAL INVESTMENTS		93.90	%	$	7,779,757
Other Assets In Excess of Liabilities		6.10			505,501
NET ASSETS		100.00	%	$	8,285,258

Percentages are stated as a percent of net assets.

See Notes to Financial Statements.

Cullen Value Fund

Schedule of Investments

June 30, 2022

	Shares		Value (Note 2)
COMMON STOCKS - 91.37%
BANKING - 8.12%
Bank of America Corp.		17,700	$	551,001
Citigroup, Inc.		12,680		583,153
JPMorgan Chase & Co.		6,884		775,207
				1,909,361

CONSUMER DISCRETIONARY PRODUCTS - 1.52%
BorgWarner, Inc.		10,697		356,959

CONSUMER STAPLE PRODUCTS - 5.53%
Mondelez International, Inc.		11,794		732,290
Unilever PLC - Sponsored ADR		12,393		567,971
				1,300,261

FINANCIAL SERVICES - 2.46%
Morgan Stanley		7,604		578,360

HEALTH CARE - 23.99%
Bristol-Myers Squibb Co.		14,420		1,110,340
Cigna Corp.		2,364		622,961
Johnson & Johnson		4,245		753,530
Medtronic PLC		7,005		628,699
Merck & Co., Inc.		11,289		1,029,218
Pfizer, Inc.		22,072		1,157,235
Thermo Fisher Scientific, Inc.		631		342,810
				5,644,793

INDUSTRIAL PRODUCTS - 12.77%
3M Co.		3,230		417,995
Boeing Co.^(a)		2,775		379,398
General Dynamics Corp.		3,580		792,075
Raytheon Technologies Corp.		8,183		786,468
Siemens AG - Sponsored ADR		12,326		629,612
				3,005,548

INDUSTRIAL SERVICES - 1.80%
Canadian National Railway Co.		3,774		424,462

INSURANCE - 7.02%
Allstate Corp.		6,950		880,773
Chubb, Ltd.		3,925		771,577
				1,652,350

MATERIALS - 2.41%
Packaging Corp. of America		4,132		568,150

	Shares		Value (Note 2)
MEDIA - 3.84%
Comcast Corp.		13,400	$	525,816
Walt Disney Co.^(a)		3,992		376,845
				902,661

OIL & GAS - 6.66%
Chevron Corp.		5,550		803,529
ConocoPhillips		8,490		762,487
				1,566,016

RETAIL & WHOLESALE - STAPLES - 1.49%
Archer-Daniels-Midland Co.		4,507		349,743

RETAIL & WHOLESALE - DISCRETIONARY - 3.04%
Lowe`s Cos., Inc.		4,091		714,575

SOFTWARE & TECH SERVICES - 2.52%
Oracle Corp.		8,476		592,218

TECH HARDWARE & SEMICONDUCTORS - 5.87%
Arrow Electronics, Inc.		7,424		832,156
Cisco Systems, Inc.		12,901		550,099
				1,382,255

TELECOMMUNICATIONS - 2.33%
Verizon Communications, Inc.		10,786		547,389

TOTAL COMMON STOCKS (Cost $13,839,882)				21,495,101

See Notes to Financial Statements.

Cullen Value Fund

Schedule of Investments

June 30, 2022 (Continued)

	Shares		Value (Note 2)
EXCHANGE-TRADED FUNDS - 6.91%
OPEN END FUND - 6.91%
Financial Select Sector SPDR Fund		16,714	$	525,655
Industrial Select Sector SPDR Fund		4,492		392,331
Materials Select Sector SPDR Fund		4,817		354,531
Technology Select Sector SPDR Fund		2,779		353,267
				1,625,784


TOTAL EXCHANGE-TRADED FUNDS (Cost $1,660,585)				1,625,784

TOTAL INVESTMENTS - 98.28% (Cost $15,500,467)			$	23,120,885

Other Assets In Excess of Liabilities - 1.72%				404,795


NET ASSETS - 100.00%			$	23,525,680

^(a)	Non-income producing security.

ADR - American Depositary Receipt

Sector Diversification	% of Net Assets			Value (Note 2)
COMMON STOCKS
HEALTH CARE		23.99	%	$	5,644,793
FINANCIALS		17.60			4,140,071
INDUSTRIALS		14.57			3,430,010
TECHNOLOGY		8.39			1,974,473
CONSUMER STAPLES		7.02			1,650,004
ENERGY		6.66			1,566,016
COMMUNICATIONS		6.17			1,450,050
CONSUMER DISCRETIONARY		4.56			1,071,534
MATERIALS		2.41			568,150
TOTAL COMMON STOCKS		91.37			21,495,101

EXCHANGE-TRADED FUNDS
FINANCIALS		2.23			525,655
INDUSTRIALS		1.67			392,331
MATERIALS		1.51			354,531
TECHNOLOGY		1.50			353,267
TOTAL EXCHANGE-TRADED FUNDS		6.91			1,625,784

TOTAL INVESTMENTS		98.28	%	$	23,120,885
Other Assets In Excess of Liabilities		1.72			404,795
NET ASSETS		100.00	%	$	23,525,680

Percentages are stated as a percent of net assets.

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

Schedule of Investments

June 30, 2022

	Shares		Value (Note 2)
COMMON STOCKS - 86.63%
BERMUDA - 0.96%
Nine Dragons Paper (Holdings), Ltd.		696,700	$	589,543
PAX Global Technology, Ltd.		3,079,300		2,397,698
				2,987,241


BRAZIL - 7.06%
Petroleo Brasileiro SA		1,575,166		9,199,280
SLC Agricola SA		735,226		6,211,772
Vale SA		447,331		6,550,061
				21,961,113


CAYMAN ISLANDS - 8.29%
Alibaba Group Holding, Ltd.^(a)		810,500		11,558,046
China Yongda Automobiles Services Holdings, Ltd.		2,658,400		2,513,770
CIMC Enric Holdings, Ltd.		5,598,000		6,013,978
Health and Happiness (H&H) International Holdings, Ltd.		252,250		332,394
Xinyi Glass Holdings, Ltd.		2,244,400		5,382,961
				25,801,149


CHILE - 1.30%
Vina Concha y Toro SA		2,951,909		4,037,101


CHINA - 5.51%
China Construction Bank Corp.		11,955,300		8,029,203
CITIC Securities Co., Ltd.		863,300		1,929,713
Zijin Mining Group Co., Ltd.		5,863,000		7,180,333
				17,139,249


CYPRUS - 0.00%
Globaltrans Investment PLC - Sponsored GDR^(b)		25,467		–


CZECH REPUBLIC - 0.27%
Komercni Banka AS		30,072		843,764


GREECE - 7.38%
Eurobank Ergasias Services and Holdings SA^(a)		6,509,540		5,750,492
Hellenic Telecommunications Organization SA		319,710		5,550,126
Mytilineos SA		94,000		1,378,732
OPAP SA		718,660		10,277,327
				22,956,677

	Shares		Value (Note 2)
HONG KONG - 3.26%
AIA Group, Ltd.		935,024	$	10,134,408


INDIA - 8.33%
ICICI Bank, Ltd. - Sponsored ADR		453,480		8,044,735
Oil and Natural Gas Co., Ltd.		2,436,000		4,674,940
Power Grid Corp. of India, Ltd.		2,215,000		5,943,572
Powergrid Infrastructure Investment Trust^(b)(c)		4,445,600		7,263,800
				25,927,047


INDONESIA - 4.20%
PT Bank Rakyat Indonesia(Persero) Tbk		27,848,744		7,739,907
PT Telkom Indonesia (Persero) Tbk		19,939,000		5,341,280
				13,081,187


JERSEY - 0.82%
Integrated Diagnostics Holdings PLC^(b)(c)		3,403,550		2,559,470


KAZAKHSTAN - 1.12%
Kaspi.KZ JSC		76,894		3,498,677


MEXICO - 11.03%
Arca Continental SAB de CV		1,555,729		10,261,712
Banco del Bajio SA^(b)(c)		2,239,299		4,507,019
Grupo Mexico SAB de CV		1,312,720		5,471,571
PLA Administradora Industrial S de RL de CV		4,286,160		5,755,409
Prologis Property Mexico SA de CV		3,179,336		8,340,709
				34,336,420


SINGAPORE - 2.76%
Ascendas India Trust		2,890,980		2,434,448
BOC Aviation, Ltd.^(b)(c)		734,020		6,169,131
				8,603,579


SOUTH AFRICA - 2.35%
Sasol, Ltd.^(a)		320,453		7,320,858


SOUTH KOREA - 7.47%
Macquarie Korea Infrastructure Fund		884,774		8,579,244
Samsung Electronics Co., Ltd.		66,571		2,943,517
Shinhan Financial Group Co., Ltd.		267,400		7,685,220
SK Telecom Co., Ltd.		99,712		4,022,142
				23,230,123

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

Schedule of Investments

June 30, 2022 (Continued)

	Shares		Value (Note 2)
TAIWAN - 7.27%
Ase Technology Holding Co., Ltd.		354,328	$	910,275
KMC (Kuei Meng) International, Inc.		396,000		2,203,773
MediaTek, Inc.		166,500		3,644,759
Quanta Computer, Inc.		596,300		1,600,079
Sinbon Electronics Co., Ltd.		409,000		3,493,258
Sunonwealth Electric Machine Industry Co., Ltd.		2,694,300		3,016,920
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR		60,600		4,954,050
Wiwynn Corp.		118,823		2,784,883
				22,607,997


THAILAND - 1.56%
Thai Beverage Public Co., Ltd.		10,470,000		4,860,444


UNITED KINGDOM - 4.51%
Airtel Africa PLC^(b)(c)		4,413,900		7,264,176
Anglo American PLC		140,145		5,010,357
Mondi PLC		99,530		1,769,154
				14,043,687


VIETNAM - 1.18%
Ho Chi Minh City Securities Corp.		4,245,000		3,680,214


TOTAL COMMON STOCKS (Cost $261,124,418)				269,610,405

PREFERRED STOCK - 1.85%
BRAZIL - 1.85%
Itau Unibanco Holding SA		1,325,669		5,750,891


TOTAL PREFERRED STOCK (Cost $6,447,070)				5,750,891

	Shares		Value (Note 2)
PARTICIPATORY NOTES - 3.48%
CHINA - 3.48%
Huaya Automotive Systems Co., Ltd.		50,981	$	175,004
Midea Group Co., Ltd.		1,181,300		10,647,251
				10,822,255


TOTAL PARTICIPATORY NOTES (Cost $11,026,874)				10,822,255

TOTAL INVESTMENTS - 91.96% (Cost $278,598,362)			$	286,183,551

Other Assets In Excess of Liabilities - 8.04%				25,012,864


NET ASSETS - 100.00%			$	311,196,415

^(a)	Non-income producing security.
^(b)	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, 2022, the aggregate market value of these securities was $27,763,596, representing 8.92% of net assets.
^(c)	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, 2022, these securities had an aggregate value of $27,763,596 or 8.92% of net assets.

ADR - American Depositary Receipt

GDR - Gross Depositary Receipt

Sector Diversification	% of Net Assets			Value (Note 2)
COMMON STOCKS
FINANCIALS		23.50	%	$	73,093,050
MATERIALS		12.62			39,274,838
CONSUMER DISCRETIONARY		8.53			26,552,916
TECHNOLOGY		8.43			26,227,196
CONSUMER STAPLES		8.26			25,703,423
REAL ESTATE		7.64			23,794,366
COMMUNICATIONS		7.12			22,177,724
ENERGY		6.39			19,888,198
UTILITIES		2.35			7,322,304
INDUSTRIALS		0.97			3,016,920
HEALTH CARE		0.82			2,559,470
TOTAL COMMON STOCKS		86.63			269,610,405

PARTICIPATORY NOTES
CONSUMER DISCRETIONARY		3.48			10,822,255
TOTAL PARTICIPATORY NOTES		3.48			10,822,255

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

Schedule of Investments

June 30, 2022 (Continued)

Sector Diversification	% of Net Assets			Value (Note 2)
PREFERRED STOCK
FINANCIALS		1.85	%	$	5,750,891
TOTAL PREFERRED STOCK		1.85			5,750,891

TOTAL INVESTMENTS		91.96	%	$	286,183,551
Other Assets In Excess of Liabilities		8.04			25,012,864
NET ASSETS		100.00	%	$	311,196,415

Percentages are stated as a percent of net assets.

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

Schedule of Investments

June 30, 2022

	Shares		Value (Note 2)
COMMON STOCKS - 89.35%
BANKING - 10.89%
Bank of America Corp.		68,659	$	2,137,355
Citigroup, Inc.		91,800		4,221,882
JPMorgan Chase & Co.		43,958		4,950,110
Truist Financial Corp.		152,500		7,233,075
				18,542,422


CONSUMER STAPLE PRODUCTS - 7.28%
Altria Group, Inc.		89,485		3,737,789
Conagra Brands, Inc.^(a)		108,255		3,706,651
Philip Morris International, Inc.^(a)		50,207		4,957,439
				12,401,879


FINANCIAL SERVICES - 3.03%
Morgan Stanley		67,900		5,164,474


HEALTH CARE - 12.92%
Bristol-Myers Squibb Co.^(a)		82,486		6,351,422
Medtronic PLC		58,448		5,245,708
Merck & Co., Inc.^(a)		58,025		5,290,139
Novartis AG - Sponsored ADR		60,500		5,114,065
				22,001,334


INDUSTRIAL PRODUCTS - 6.52%
Johnson Controls International PLC		82,737		3,961,448
Raytheon Technologies Corp.^(a)		74,359		7,146,643
				11,108,091


INSURANCE - 2.36%
Allstate Corp.		31,635		4,009,104


MATERIALS - 5.70%
Dow, Inc.		99,100		5,114,551
Rio Tinto PLC - Sponsored ADR		75,400		4,599,400
				9,713,951


MEDIA - 1.95%
Comcast Corp.		84,415		3,312,445


OIL & GAS - 6.73%
Chevron Corp.		36,060		5,220,767
Exxon Mobil Corp.^(a)		72,876		6,241,100
				11,461,867

	Shares		Value (Note 2)
REAL ESTATE - 6.56%
Healthpeak Properties, Inc.		212,362	$	5,502,299
VICI Properties, Inc.		190,505		5,675,144
				11,177,443


RETAIL & WHOLESALE - STAPLES - 2.82%
Walgreens Boots Alliance, Inc.^(a)		126,515		4,794,919


RETAIL & WHOLESALE - DISCRETIONARY - 3.03%
Genuine Parts Co.		38,805		5,161,065


TECH HARDWARE & SEMICONDUCTORS - 7.75%
Broadcom, Inc.		6,474		3,145,134
Cisco Systems, Inc.		108,174		4,612,539
Intel Corp.		145,311		5,436,085
				13,193,758


TELECOMMUNICATIONS - 5.02%
BCE, Inc.		63,833		3,139,307
Verizon Communications, Inc.		106,600		5,409,950
				8,549,257


UTILITIES - 6.79%
Duke Energy Corp.		60,953		6,534,771
PPL Corp.		185,502		5,032,669
				11,567,440


TOTAL COMMON STOCKS (Cost $164,901,945)				152,159,449

EXCHANGE-TRADED FUNDS - 8.03%
OPEN END FUND - 8.03%
Consumer Discretionary Select Sector SPDR Fund		36,629		5,035,755
Consumer Staples Select Sector SPDR Fund		47,850		3,453,813
Industrial Select Sector SPDR Fund		59,288		5,178,214
				13,667,782


TOTAL EXCHANGE-TRADED FUNDS (Cost $13,640,678)				13,667,782

TOTAL INVESTMENTS - 97.38% (Cost $178,542,623)			$	165,827,231

Other Assets In Excess of Liabilities - 2.62%				4,469,721


NET ASSETS - 100.00%			$	170,296,952

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

Schedule of Investments

June 30, 2022 (Continued)

^(a)	Pledged security; a portion or all of the security is pledged as collateral for written options as of June 30, 2022.

ADR - American Depositary Receipt

Schedule of Call Options Written	Notional Amount			Number of Contracts			Value
WRITTEN OPTIONS - (0.20%)
Bristol-Myers Squibb Co., Expires July, 2022, Exercise Price $80.00	$	(3,180,100	)		(413	)	$	(14,042	)
Conagra Brands Inc., Expires July, 2022, Exercise Price $34.00		(3,704,768	)		(1,082	)		(108,200	)
Merck & Co Inc, Expires July, 2022, Exercise Price $93.00		(5,287,860	)		(580	)		(69,600	)
Philip Morris International Inc., Expires July, 2022, Exercise Price $103.00		(4,956,748	)		(502	)		(20,080	)
Raytheon Technologies Corp., Expires July, 2022, Exercise Price $97.00		(7,140,973	)		(743	)		(124,081	)
Walgreens Boots Alliance Inc., Expires July, 2022, Exercise Price $44.00		(4,794,350	)		(1,265	)		(5,060	)
Exxon Mobil Corp., Expires July, 2022, Exercise Price $98.00		(3,125,860	)		(365	)		(7,300	)

TOTAL WRITTEN OPTIONS (Premiums received $312,995)								(348,363	)

Sector Diversification	% of Net Assets			Value (Note 2)
COMMON STOCKS
FINANCIALS		16.28	%	$	27,716,000
HEALTH CARE		12.92			22,001,334
CONSUMER STAPLES		10.10			17,196,798
TECHNOLOGY		7.75			13,193,758
COMMUNICATIONS		6.97			11,861,702
UTILITIES		6.79			11,567,440
ENERGY		6.73			11,461,867
REAL ESTATE		6.56			11,177,443
INDUSTRIALS		6.52			11,108,091
MATERIALS		5.70			9,713,951
CONSUMER DISCRETIONARY		3.03			5,161,065
TOTAL COMMON STOCKS		89.35			152,159,449

EXCHANGE-TRADED FUNDS
INDUSTRIALS		3.04			5,178,214
CONSUMER DISCRETIONARY		2.96			5,035,755
CONSUMER STAPLES		2.03			3,453,813
TOTAL EXCHANGE-TRADED FUNDS		8.03			13,667,782

TOTAL INVESTMENTS		97.38	%	$	165,827,231
Other Assets In Excess of Liabilities		2.62			4,469,721
NET ASSETS		100.00	%	$	170,296,952

Sector Diversification	% of Net Assets			Value (Note 2)
WRITTEN OPTIONS
ENERGY		(0.01	%)	$	(7,300	)
HEALTH CARE		(0.05	)		(83,642	)
CONSUMER STAPLES		(0.07	)		(133,340	)
INDUSTRIALS		(0.07	)		(124,081	)
TOTAL WRITTEN OPTIONS		(0.20	)		(348,363	)

Percentages are stated as a percent of net assets.

See Notes to Financial Statements.

Cullen Funds

Statements of Assets and Liabilities

June 30, 2022

	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:
Investments, at value	$	163,450,330		$	979,641,678	$	7,779,757	$	23,120,885	$	286,183,551		$	165,827,231
Cash		14,867,615			21,547,381		674,105		417,182		21,245,453			4,176,789
Foreign currencies, at value Cost ($105,809, –, –, –, $563,680 and –)		105,818			—		—		—		565,118			—
Receivable for investments sold		—			4,884,826		—		—		1,034,672			—
Receivable for fund shares sold		461,767			2,489,152		30,463		—		551,325			339,402
Dividends receivable		1,693,874			3,473,056		8,134		77,062		2,849,508			538,528
Receivable due from Investment Advisor		—			—		15,400		8,750		—			—
Prepaid expenses and other assets		24,989			18,460		5,844		4,516		—			39,038
Total Assets		180,604,393			1,012,054,553		8,513,703		23,628,395		312,429,627			170,920,988
LIABILITIES:
Written options, at value (Premiums received –, –, –, –, – and $312,995)		—			—		—		—		—			348,363
Payable to Investment Advisor		108,211			561,613		—		—		208,457			90,610
Payable for investments purchased		40,233			4,882,249		126,510		—		275,155			—
Payable for shares redeemed		137,678			1,271,897		—		—		458,714			52,434
Distribution fees payable		1,714			50,093		205		1,101		2,833			6,606
Trustees' fees and expenses payable		20,000			20,000		20,000		20,000		20,000			20,000
Professional fees payable		67,928			56,846		56,846		56,846		56,847			58,783
Capital gains tax payable		—			—		—		—		84,988			—
Accrued expenses and other liabilities		75,534			163,893		24,884		24,768		126,218			47,240
Total Liabilities		451,298			7,006,591		228,445		102,715		1,233,212			624,036
NET ASSETS	$	180,153,095		$	1,005,047,962	$	8,285,258	$	23,525,680	$	311,196,415		$	170,296,952

NET ASSETS CONSIST OF
Paid in capital	$	198,027,833		$	539,447,486	$	6,631,314	$	14,893,123	$	374,433,596		$	183,785,089
Total distributable earnings		(17,874,738	)		465,600,476		1,653,944		8,632,557		(63,237,181	)		(13,488,137	)
NET ASSETS	$	180,153,095		$	1,005,047,962	$	8,285,258	$	23,525,680	$	311,196,415		$	170,296,952
INVESTMENTS, AT COST	$	152,967,836		$	570,172,727	$	6,852,798	$	15,500,467	$	278,598,362		$	178,542,623

See Notes to Financial Statements.

Cullen Funds

Statements of Assets and Liabilities

June 30, 2022 (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
Retail:
Net Asset Value, offering and redemption price per share	$	9.16		$	14.83	$	13.21	$	13.27	$	9.74	$	10.15
Net Assets	$	4,188,483		$	106,659,411	$	372,796	$	1,947,249	$	7,492,010	$	3,077,961
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value)		457,264			7,193,910		28,228		146,767		769,475		303,200

Class C:
Net Asset Value, offering and redemption price per share	$	9.11		$	14.55	$	11.66	$	13.24	$	9.59	$	10.16
Net Assets	$	1,070,702		$	31,860,781	$	64,548	$	783,221	$	1,404,900	$	7,126,981
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value)		117,547			2,189,978		5,534		59,163		146,434		701,483

Class I:
Net Asset Value, offering and redemption price per share	$	9.25		$	14.84	$	13.69	$	13.22	$	9.82	$	10.23
Net Assets	$	174,893,303		$	865,158,812	$	7,847,914	$	20,795,210	$	302,299,505	$	160,092,010
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value)		18,906,843			58,308,358		573,248		1,572,587		30,792,356		15,648,136

Class R1:
Net Asset Value, offering and redemption price per share		–		$	11.94		–		–		–		–
Net Assets		–		$	699,515		–		–		–		–
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value)		–			58,591		–		–		–		–

Class R2:
Net Asset Value, offering and redemption price per share	$	10.76	^*	$	12.21		–		–		–		–
Net Assets	$	607		$	669,443		–		–		–		–
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value)		56			54,828		–		–		–		–

*	Per share amounts may not recalculate due to rounding.

See Notes to Financial Statements.

Cullen Funds

Statements of Operations

Year Ended June 30, 2022

	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
INVESTMENT INCOME:
Dividends*	$	7,802,957		$	33,794,808		$	184,182		$	628,782		$	15,974,735		$	3,863,226
Total Investment Income		7,802,957			33,794,808			184,182			628,782			15,974,735			3,863,226
EXPENSES:
Investment advisory fees (Note 6)		1,887,674			11,409,114			85,829			274,976			3,087,925			1,105,498
Administrative fees		80,461			373,597			12,744			17,745			123,587			47,720
Distribution fees (Note 7)		–			–			–			–			–			–
Retail		13,199			311,829			1,558			5,801			21,902			7,247
Class C		12,525			355,708			1,967			6,721			16,822			71,850
Class R1		23			3,769			–			–			–			–
Class R2		1			2,270			–			–			–			–
Registration and filing fees		69,547			77,845			39,694			42,801			65,329			31,660
Custody fees		70,932			36,454			2,664			2,839			313,048			9,071
Transfer agent fees		70,269			168,849			44,668			45,744			43,601			55,663
Legal fees		23,781			23,781			23,781			23,781			21,716			21,717
Professional fees		54,106			44,074			44,074			44,074			65,808			44,163
Trustees' fees		80,000			80,000			80,000			80,000			80,000			80,000
Other expenses		35,609			155,859			10,162			11,969			42,776			26,183
Total Expenses		2,398,127			13,043,149			347,141			556,451			3,882,514			1,500,772
Less expenses reimbursed from Investment Advisor (Note 6)		–			–			–			–			–			–
Retail		(13,727	)		(417,900	)		(18,685	)		(28,452	)		(21,366	)		(16,115	)
Class C		(3,235	)		(119,314	)		(5,954	)		(8,470	)		(4,115	)		(40,651	)
Class I		(468,124	)		(3,273,352	)		(233,171	)		(300,843	)		(730,005	)		(533,880	)
Class R1		(1	)		(636	)		–			–			–			–
Class R2		–			(763	)		–			–			–			–
Net Expenses		1,913,040			9,231,184			89,331			218,686			3,127,028			910,126
NET INVESTMENT INCOME		5,889,917			24,563,624			94,851			410,096			12,847,707			2,953,100
Net realized gain/(loss) on:
Investments		6,597,746			75,085,752			1,031,566			2,071,490			(3,183,436	)		4,323,237
Written options		–			–			–			–			–			2,453,441
Foreign currency related transactions		(159,745	)		10,112			–			(35	)		(421,897	)		657
Total Net realized gain/(loss)		6,438,001			75,095,864			1,031,566			2,071,455			(3,605,333	)		6,777,335
Net change in unrealized appreciation/depreciation on:
Investments		(39,177,615	)		(129,201,227	)		(1,662,285	)		(4,157,227	)		(71,309,341	)		(20,141,379	)
Written options		–			–			–			–			–			(23,933	)
Capital gains tax		–			–			–			–			(84,988	)		–
Foreign currency related translations		(88,009	)		5,014			–			–			(36,009	)		498
Total net change in unrealized depreciation		(39,265,624	)		(129,196,213	)		(1,662,285	)		(4,157,227	)		(71,430,338	)		(20,164,814	)
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS		(32,827,623	)		(54,100,349	)		(630,719	)		(2,085,772	)		(75,035,671	)		(13,387,479	)
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(26,937,706	)	$	(29,536,725	)	$	(535,868	)	$	(1,675,676	)	$	(62,187,964	)	$	(10,434,379	)
*Foreign taxes withheld on dividends	$	972,933		$	494,177		$	–		$	10,145		$	1,954,401		$	43,600

See Notes to Financial Statements.

Cullen Funds

Statements of Changes in Net Assets

June 30, 2022

	Cullen International High Dividend Fund						Cullen High Dividend Equity Fund
	Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021
OPERATIONS
Net investment income	$	5,889,917		$	5,404,031		$	24,563,624		$	28,004,270
Net realized gain		6,438,001			11,746,622			75,095,864			134,944,914
Net change in unrealized appreciation/(depreciation)		(39,265,624	)		24,856,946			(129,196,213	)		164,915,520
Net Increase/(Decrease) in net assets resulting from operations		(26,937,706	)		42,007,599			(29,536,725	)		327,864,704
DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings
Retail		(151,717	)		(148,725	)		(13,011,729	)		(12,485,270	)
Class C		(29,042	)		(26,352	)		(3,516,986	)		(3,338,699	)
Class I		(5,776,176	)		(5,028,003	)		(103,965,155	)		(94,458,334	)
Class R1		(108	)		(286	)		(88,657	)		(72,966	)
Class R2		(15	)		(90	)		(123,112	)		(95,534	)
Net (decrease) in net assets from distributions		(5,957,058	)		(5,203,456	)		(120,705,639	)		(110,450,803	)
CAPITAL SHARE TRANSACTIONS (NOTE 3)
Shares sold
Retail		786,660			1,920,586			9,426,721			11,062,892
Class C		192,103			405,159			2,865,036			2,395,482
Class I		83,087,035			48,617,455			150,098,266			163,807,162
Class R1		490			1,636			26,922			38,116
Class R2		12			154			114,381			127,324
Dividends reinvested
Retail		140,001			140,610			12,618,091			12,073,024
Class C		25,756			23,100			3,441,842			3,264,413
Class I		3,477,819			2,528,603			84,916,705			77,348,050
Class R1		108			286			88,657			72,966
Class R2		15			90			123,063			95,534
Shares redeemed
Retail		(2,182,717	)		(2,379,444	)		(28,346,390	)		(41,335,064	)
Class C		(332,611	)		(361,605	)		(5,214,494	)		(12,379,836	)
Class I		(68,281,620	)		(35,126,168	)		(236,496,563	)		(347,214,733	)
Class R1		(12,441	)		(6,663	)		(30,650	)		(58,776	)
Class R2		(3,731	)		(330	)		(479,265	)		(284,199	)
Redemption fees
Retail		–			45			10			215
Class C		–			–			–			16
Class I		63			–			8,306			6,760
Class R1		–			–			–			2
Class R2		–			–			–			–
Net Increase/(Decrease) in net assets derived from capital share transactions		16,896,942			15,763,514			(6,839,362	)		(130,980,652	)
Net Increase/(Decrease) in net assets		(15,997,822	)		52,567,657			(157,081,726	)		86,433,249
NET ASSETS
Beginning of year		196,150,917			143,583,260			1,162,129,688			1,075,696,439
End of year	$	180,153,095		$	196,150,917		$	1,005,047,962		$	1,162,129,688

See Notes to Financial Statements.

Cullen Funds

Statements of Changes in Net Assets

June 30, 2022

	Cullen Small Cap Value Fund						Cullen Value Fund
	Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021
OPERATIONS
Net investment income	$	94,851		$	18,678		$	410,096		$	479,157
Net realized gain		1,031,566			877,522			2,071,455			1,651,599
Net change in unrealized appreciation/(depreciation)		(1,662,285	)		2,483,426			(4,157,227	)		5,092,858
Net Increase/(Decrease) in net assets resulting from operations		(535,868	)		3,379,626			(1,675,676	)		7,223,614
DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings
Retail		(71,660	)		–			(240,710	)		(271,308	)
Class C		(14,094	)		–			(58,616	)		(28,043	)
Class I		(881,059	)		(12,981	)		(2,644,369	)		(3,416,212	)
Net (decrease) in net assets from distributions		(966,813	)		(12,981	)		(2,943,695	)		(3,715,563	)
CAPITAL SHARE TRANSACTIONS (NOTE 3)
Shares sold
Retail		77,112			1,080,374			155,983			713,541
Class C		28,954			116,551			443,000			403,350
Class I		976,989			4,626,456			609,710			981,626
Dividends reinvested
Retail		71,660			–			240,710			270,799
Class C		14,094			–			58,616			23,208
Class I		878,227			12,922			2,644,369			3,416,212
Shares redeemed
Retail		(321,944	)		(1,084,387	)		(285,356	)		(356,572	)
Class C		(288,464	)		(352,806	)		(184,926	)		(248,321	)
Class I		(438,735	)		(3,212,147	)		(2,650,597	)		(4,961,000	)
Redemption fees
Retail		–			–			–			–
Class C		–			–			–			–
Class I		–			1			–			–
Net Increase in net assets derived from capital share transactions		997,893			1,186,964			1,031,509			242,843
Net Increase/(Decrease) in net assets		(504,788	)		4,553,609			(3,587,862	)		3,750,894
NET ASSETS
Beginning of year		8,790,046			4,236,437			27,113,542			23,362,648
End of year	$	8,285,258		$	8,790,046		$	23,525,680		$	27,113,542

See Notes to Financial Statements.

Cullen Funds

Statements of Changes in Net Assets

June 30, 2022

	Cullen Emerging Markets High Dividend Fund						Cullen Enhanced Equity Income Fund
	Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021
OPERATIONS
Net investment income	$	12,847,707		$	7,994,341		$	2,953,100		$	1,552,266
Net realized gain/(loss)		(3,605,333	)		34,801,825			6,777,335			5,465,120
Net change in unrealized appreciation/(depreciation)		(71,430,338	)		47,140,484			(20,164,814	)		10,086,276
Net Increase/(Decrease) in net assets resulting from operations		(62,187,964	)		89,936,650			(10,434,379	)		17,103,662
DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings
Retail		(285,414	)		(206,337	)		(254,918	)		(108,339	)
Class C		(47,243	)		(25,923	)		(579,307	)		(234,296	)
Class I		(11,146,405	)		(6,363,299	)		(8,507,389	)		(2,870,215	)
Net (decrease) in net assets from distributions		(11,479,062	)		(6,595,559	)		(9,341,614	)		(3,212,850	)
CAPITAL SHARE TRANSACTIONS (NOTE 3)
Shares sold
Retail		2,030,293			2,419,184			1,393,802			600,334
Class C		26,000			76,000			2,679,434			2,216,838
Class I		160,004,060			98,028,424			120,087,666			25,514,354
Dividends reinvested
Retail		253,167			196,356			245,668			103,238
Class C		45,318			25,401			452,316			144,171
Class I		10,632,604			6,072,322			7,777,319			2,555,399
Shares redeemed
Retail		(2,666,582	)		(6,220,580	)		(574,298	)		(700,931	)
Class C		(160,989	)		(205,725	)		(1,739,631	)		(1,251,196	)
Class I		(86,101,429	)		(131,839,610	)		(20,174,720	)		(9,055,528	)
Redemption fees
Retail		–			1			483			–
Class C		–			–			–			–
Class I		54			–			–			–
Net Increase/(Decrease) in net assets derived from capital share transactions		84,062,496			(31,448,227	)		110,148,039			20,126,679
Net Increase in net assets		10,395,470			51,892,864			90,372,046			34,017,491
NET ASSETS
Beginning of year		300,800,945			248,908,081			79,924,906			45,907,415
End of year	$	311,196,415		$	300,800,945		$	170,296,952		$	79,924,906

See Notes to Financial Statements.

Cullen International High Dividend Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Retail
Net Asset Value, Beginning of Period	$	10.94		$	8.79		$	9.55		$	9.88		$	10.30

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.24			0.28			0.19			0.26			0.20
Net realized and unrealized gain/(loss)		(1.71	)		2.15			(0.66	)		(0.27	)		(0.36	)
Total from Investment Operations		(1.47	)		2.43			(0.47	)		(0.01	)		(0.16	)

DISTRIBUTIONS:
From distributable earnings		(0.31	)		(0.28	)		(0.29	)		(0.32	)		(0.26	)
Total Distributions		(0.31	)		(0.28	)		(0.29	)		(0.32	)		(0.26	)

Net Increase/(Decrease) in net asset value		(1.78	)		2.15			(0.76	)		(0.33	)		(0.42	)
Net Asset Value, End of Period	$	9.16		$	10.94		$	8.79		$	9.55		$	9.88
TOTAL RETURN^(b)		(13.71	%)		27.95	%		(4.99	%)		(0.04	%)		(1.60	%)

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	4,188		$	6,267		$	5,438		$	7,202		$	9,761
Ratio of operating expenses to average net assets excluding waivers		1.51	%		1.52	%		1.55	%		1.54	%		1.46	%
Ratio of operating expenses to average net assets including waivers		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of net investment income to average net assets excluding waivers		1.97	%		2.57	%		1.71	%		2.45	%		1.68	%
Ratio of net investment income to average net assets including waivers		2.23	%		2.84	%		2.01	%		2.74	%		1.89	%
Portfolio turnover rate		75	%		57	%		64	%		39	%		31	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).

See Notes to Financial Statements.

Cullen International High Dividend Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class C
Net Asset Value, Beginning of Period	$	10.90		$	8.78		$	9.53		$	9.85		$	10.27

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.20			0.22			0.11			0.20			0.18
Net realized and unrealized gain/(loss)		(1.75	)		2.12			(0.65	)		(0.27	)		(0.41	)
Total from Investment Operations		(1.55	)		2.34			(0.54	)		(0.07	)		(0.23	)

DISTRIBUTIONS:
From distributable earnings		(0.24	)		(0.22	)		(0.21	)		(0.25	)		(0.19	)
Total Distributions		(0.24	)		(0.22	)		(0.21	)		(0.25	)		(0.19	)

Net Increase/(Decrease) in net asset value		(1.79	)		2.12			(0.75	)		(0.32	)		(0.42	)
Net Asset Value, End of Period	$	9.11		$	10.90		$	8.78		$	9.53		$	9.85
TOTAL RETURN^(b)		(14.38	%)		26.92	%		(5.71	%)		(0.70	%)		(2.34	%)

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	1,071		$	1,387		$	1,084		$	2,556		$	3,047
Ratio of operating expenses to average net assets excluding waivers		2.26	%		2.27	%		2.29	%		2.29	%		2.21	%
Ratio of operating expenses to average net assets including waivers		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%
Ratio of net investment income to average net assets excluding waivers		1.64	%		1.93	%		0.92	%		1.80	%		1.55	%
Ratio of net investment income to average net assets including waivers		1.90	%		2.20	%		1.21	%		2.09	%		1.76	%
Portfolio turnover rate		75	%		57	%		64	%		39	%		31	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).

See Notes to Financial Statements.

Cullen International High Dividend Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class I
Net Asset Value, Beginning of Period	$	11.03		$	8.86		$	9.63		$	9.95		$	10.37

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.34			0.32			0.21			0.29			0.30
Net realized and unrealized gain/(loss)		(1.80	)		2.15			(0.67	)		(0.26	)		(0.43	)
Total from Investment Operations		(1.46	)		2.47			(0.46	)		0.03			(0.13	)

DISTRIBUTIONS:
From distributable earnings		(0.32	)		(0.30	)		(0.31	)		(0.35	)		(0.29	)
Total Distributions		(0.32	)		(0.30	)		(0.31	)		(0.35	)		(0.29	)

Net Increase/(Decrease) in net asset value		(1.78	)		2.17			(0.77	)		(0.32	)		(0.42	)
Net Asset Value, End of Period	$	9.25		$	11.03		$	8.86		$	9.63		$	9.95
TOTAL RETURN^(b)		(13.49	%)		28.24	%		(4.81	%)		0.34	%		(1.34	%)

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	174,893		$	188,481		$	137,044		$	148,416		$	234,350
Ratio of operating expenses to average net assets excluding waivers		1.26	%		1.27	%		1.30	%		1.29	%		1.22	%
Ratio of operating expenses to average net assets including waivers		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets excluding waivers		2.90	%		2.86	%		1.99	%		2.71	%		2.60	%
Ratio of net investment income to average net assets including waivers		3.16	%		3.13	%		2.29	%		3.00	%		2.82	%
Portfolio turnover rate		75	%		57	%		64	%		39	%		31	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).

See Notes to Financial Statements.

Cullen International High Dividend Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class R2
Net Asset Value, Beginning of Period	$	12.78		$	10.23		$	11.06		$	11.38		$	11.82

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.37			0.30			0.17			0.28			0.24
Net realized and unrealized gain/(loss)		(2.12	)		2.51			(0.75	)		(0.30	)		(0.45	)
Total from Investment Operations		(1.75	)		2.81			(0.58	)		(0.02	)		(0.21	)

DISTRIBUTIONS:
From distributable earnings		(0.27	)		(0.26	)		(0.25	)		(0.30	)		(0.23	)
Total Distributions		(0.27	)		(0.26	)		(0.25	)		(0.30	)		(0.23	)

Net Increase/(Decrease) in net asset value		(2.02	)		2.55			(0.83	)		(0.32	)		(0.44	)
Net Asset Value, End of Period	$	10.76		$	12.78		$	10.23		$	11.06		$	11.38
TOTAL RETURN^(b)		(13.85	%)		27.70	%		(5.24	%)		(0.19	%)		(1.80	%)

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	1		$	4		$	4		$	45		$	62
Ratio of operating expenses to average net assets excluding waivers		1.25	%		1.54	%		1.54	%		1.54	%		1.46	%
Ratio of operating expenses to average net assets including waivers		1.25	%		1.50	%		1.50	%		1.50	%		1.46	%
Ratio of net investment income to average net assets excluding waivers		2.99	%		2.56	%		1.51	%		2.57	%		1.97	%
Ratio of net investment income to average net assets including waivers		2.99	%		2.60	%		1.55	%		2.61	%		1.97	%
Portfolio turnover rate		75	%		57	%		64	%		39	%		31	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Retail
Net Asset Value, Beginning of Period	$	17.09		$	14.07		$	16.91		$	17.68		$	18.61

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.33			0.37			0.37			0.38			0.38
Net realized and unrealized gain/(loss)		(0.78	)		4.26			(2.13	)		1.08			0.52
Total from Investment Operations		(0.45	)		4.63			(1.76	)		1.46			0.90

DISTRIBUTIONS:
From distributable earnings		(1.81	)		(1.61	)		(1.08	)		(2.23	)		(1.83	)
Total Distributions		(1.81	)		(1.61	)		(1.08	)		(2.23	)		(1.83	)

Net Increase/(Decrease) in net asset value		(2.26	)		3.02			(2.84	)		(0.77	)		(0.93	)
Net Asset Value, End of Period	$	14.83		$	17.09		$	14.07		$	16.91		$	17.68
TOTAL RETURN^(b)		(3.53	%)		35.10	%		(11.27	%)		9.74	%		4.61	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	106,659		$	129,052		$	122,691		$	180,108		$	203,509
Ratio of operating expenses to average net assets excluding waivers		1.34	%		1.34	%		1.33	%		1.32	%		1.32	%
Ratio of operating expenses to average net assets including waivers		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets excluding waivers		1.62	%		2.04	%		1.99	%		1.88	%		1.69	%
Ratio of net investment income to average net assets including waivers		1.96	%		2.38	%		2.32	%		2.20	%		2.01	%
Portfolio turnover rate		16	%		40	%		41	%		41	%		16	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class C
Net Asset Value, Beginning of Period	$	16.82		$	13.87		$	16.69		$	17.50		$	18.46

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.20			0.25			0.25			0.25			0.24
Net realized and unrealized gain/(loss)		(0.77	)		4.21			(2.10	)		1.05			0.52
Total from Investment Operations		(0.57	)		4.46			(1.85	)		1.30			0.76

DISTRIBUTIONS:
From distributable earnings		(1.70	)		(1.51	)		(0.97	)		(2.11	)		(1.72	)
Total Distributions		(1.70	)		(1.51	)		(0.97	)		(2.11	)		(1.72	)

Net Increase/(Decrease) in net asset value		(2.27	)		2.95			(2.82	)		(0.81	)		(0.96	)
Net Asset Value, End of Period	$	14.55		$	16.82		$	13.87		$	16.69		$	17.50
TOTAL RETURN^(b)		(4.30	%)		34.16	%		(11.94	%)		8.88	%		3.85	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	31,861		$	35,626		$	35,533		$	54,940		$	62,291
Ratio of operating expenses to average net assets excluding waivers		2.09	%		2.09	%		2.08	%		2.07	%		2.07	%
Ratio of operating expenses to average net assets including waivers		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment income to average net assets excluding waivers		0.88	%		1.30	%		1.24	%		1.12	%		0.95	%
Ratio of net investment income to average net assets including waivers		1.22	%		1.64	%		1.57	%		1.44	%		1.27	%
Portfolio turnover rate		16	%		40	%		41	%		41	%		16	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class I
Net Asset Value, Beginning of Period	$	17.11		$	14.07		$	16.92		$	17.69		$	18.62

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.37			0.41			0.41			0.42			0.43
Net realized and unrealized gain/(loss)		(0.79	)		4.28			(2.14	)		1.08			0.52
Total from Investment Operations		(0.42	)		4.69			(1.73	)		1.50			0.95

DISTRIBUTIONS:
From distributable earnings		(1.85	)		(1.65	)		(1.12	)		(2.27	)		(1.88	)
Total Distributions		(1.85	)		(1.65	)		(1.12	)		(2.27	)		(1.88	)

Net Increase/(Decrease) in net asset value		(2.27	)		3.04			(2.85	)		(0.77	)		(0.93	)
Net Asset Value, End of Period	$	14.84		$	17.11		$	14.07		$	16.92		$	17.69
TOTAL RETURN^(b)		(3.35	%)		35.58	%		(11.10	%)		10.02	%		4.87	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	865,159		$	995,683		$	915,992		$	1,364,116		$	1,426,692
Ratio of operating expenses to average net assets excluding waivers		1.08	%		1.09	%		1.08	%		1.07	%		1.07	%
Ratio of operating expenses to average net assets including waivers		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets excluding waivers		1.88	%		2.29	%		2.24	%		2.13	%		1.96	%
Ratio of net investment income to average net assets including waivers		2.21	%		2.63	%		2.57	%		2.45	%		2.28	%
Portfolio turnover rate		16	%		40	%		41	%		41	%		16	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class R1
Net Asset Value, Beginning of Period	$	14.07		$	11.79		$	14.34		$	15.35		$	16.39

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.20			0.24			0.24			0.26			0.25
Net realized and unrealized gain/(loss)		(0.62	)		3.53			(1.78	)		0.89			0.47
Total from Investment Operations		(0.42	)		3.77			(1.54	)		1.15			0.72

DISTRIBUTIONS:
From distributable earnings		(1.71	)		(1.49	)		(1.01	)		(2.16	)		(1.76	)
Total Distributions		(1.71	)		(1.49	)		(1.01	)		(2.16	)		(1.76	)

Net Increase/(Decrease) in net asset value		(2.13	)		2.28			(2.55	)		(1.01	)		(1.04	)
Net Asset Value, End of Period	$	11.94		$	14.07		$	11.79		$	14.34		$	15.35
TOTAL RETURN^(b)		(4.04	%)		34.49	%		(11.72	%)		9.14	%		4.09	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	700		$	733		$	560		$	646		$	374
Ratio of operating expenses to average net assets excluding waivers		1.58	%		1.59	%		1.58	%		1.57	%		1.57	%
Ratio of operating expenses to average net assets including waivers		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Ratio of net investment income to average net assets excluding waivers		1.38	%		1.79	%		1.76	%		1.70	%		1.46	%
Ratio of net investment income to average net assets including waivers		1.46	%		1.88	%		1.84	%		1.77	%		1.53	%
Portfolio turnover rate		16	%		40	%		41	%		41	%		16	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).

See Notes to Financial Statements.

Cullen High Dividend Equity Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class R2
Net Asset Value, Beginning of Period	$	14.35		$	11.99		$	14.57		$	15.55		$	16.57

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.24			0.28			0.28			0.29			0.27
Net realized and unrealized gain/(loss)		(0.64	)		3.60			(1.82	)		0.92			0.50
Total from Investment Operations		(0.40	)		3.88			(1.54	)		1.21			0.77

DISTRIBUTIONS:
From distributable earnings		(1.74	)		(1.52	)		(1.04	)		(2.19	)		(1.79	)
Total Distributions		(1.74	)		(1.52	)		(1.04	)		(2.19	)		(1.79	)

Net Increase/(Decrease) in net asset value		(2.14	)		2.36			(2.58	)		(0.98	)		(1.02	)
Net Asset Value, End of Period	$	12.21		$	14.35		$	11.99		$	14.57		$	15.55
TOTAL RETURN^(b)		(3.82	%)		34.83	%		(11.53	%)		9.45	%		4.38	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	669		$	1,036		$	920		$	1,191		$	1,179
Ratio of operating expenses to average net assets excluding waivers		1.33	%		1.35	%		1.58	%		1.57	%		1.57	%
Ratio of operating expenses to average net assets including waivers		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of net investment income to average net assets excluding waivers		1.58	%		2.04	%		1.75	%		1.64	%		1.29	%
Ratio of net investment income to average net assets including waivers		1.66	%		2.14	%		2.08	%		1.96	%		1.61	%
Portfolio turnover rate		16	%		40	%		41	%		41	%		16	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).

See Notes to Financial Statements.

Cullen Small Cap Value Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Retail
Net Asset Value, Beginning of Period	$	15.98		$	9.40		$	11.36		$	12.35		$	13.88

INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		0.14			0.01			0.05			(0.02	)		(0.07	)
Net realized and unrealized gain/(loss)		(1.06	)		6.57			(1.65	)		(0.36	)		0.98
Total from Investment Operations		(0.92	)		6.58			(1.60	)		(0.38	)		0.91

DISTRIBUTIONS:
From distributable earnings		(1.85	)		–			(0.36	)		(0.61	)		(2.44	)
Total Distributions		(1.85	)		–			(0.36	)		(0.61	)		(2.44	)

Net Increase/(Decrease) in net asset value		(2.77	)		6.58			(1.96	)		(0.99	)		(1.53	)
Net Asset Value, End of Period	$	13.21		$	15.98		$	9.40		$	11.36		$	12.35
TOTAL RETURN^(b)		(6.35	%)		70.00	%		(14.79	%)		(2.28	%)		7.38	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	373		$	637		$	267		$	415		$	440
Ratio of operating expenses to average net assets excluding waivers		4.25	%		4.87	%		7.38	%		7.67	%^(d)(e)		8.02	%
Ratio of operating expenses to average net assets including waivers		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of net investment (loss) to average net assets excluding waivers		(2.10	%)		(3.55	%)		(5.65	%)		(6.63	%)^(d)(f)		(7.34	%)
Ratio of net investment income/(loss) to average net assets including waivers		0.90	%		0.07	%		0.48	%		(0.21	%)		(0.57	%)
Portfolio turnover rate		31	%		70	%		111	%		140	%		34	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).
(d)	In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.
(e)	Revised from 9.51% for Retail class, 10.29% for Class C and 9.30% for Class I.
(f)	Revised from (8.47%) for Retail class, (9.25%) for Class C and (8.25%) for Class I.

See Notes to Financial Statements.

Cullen Small Cap Value Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class C
Net Asset Value, Beginning of Period	$	14.43		$	8.56		$	10.41		$	11.46		$	13.14

INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)^(a)		(0.00	)^(b)		(0.08	)		(0.02	)		(0.10	)		(0.16	)
Net realized and unrealized gain/(loss)		(0.92	)		5.95			(1.50	)		(0.34	)		0.92
Total from Investment Operations		(0.92	)		5.87			(1.52	)		(0.44	)		0.76

DISTRIBUTIONS:
From distributable earnings		(1.85	)		–			(0.33	)		(0.61	)		(2.44	)
Total Distributions		(1.85	)		–			(0.33	)		(0.61	)		(2.44	)

Net Increase/(Decrease) in net asset value		(2.77	)		5.87			(1.85	)		(1.05	)		(1.68	)
Net Asset Value, End of Period	$	11.66		$	14.43		$	8.56		$	10.41		$	11.46
TOTAL RETURN^(c)		(7.11	%)		68.57	%		(15.32	%)		(3.01	%)		(6.56	%)

RATIOS/SUPPLEMENTAL DATA:^(d)
Net Assets, End of Period (000s)	$	65		$	336		$	399		$	58		$	55
Ratio of operating expenses to average net assets excluding waivers		5.04	%		5.96	%		7.22	%		8.30	%^(e)(f)		8.79	%
Ratio of operating expenses to average net assets including waivers		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%
Ratio of net investment (loss) to average net assets excluding waivers		(3.07	%)		(4.62	%)		(5.49	%)		(7.26	%)^(e)(g)		(8.11	%)
Ratio of net investment (loss) to average net assets including waivers		(0.03	%)		(0.66	%)		(0.27	%)		(0.96	%)		(1.32	%)
Portfolio turnover rate		31	%		70	%		111	%		140	%		34	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Amount represents less than $0.005 per common share.
(c)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(d)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).
(e)	In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.
(f)	Revised from 9.51% for Retail class, 10.29% for Class C and 9.30% for Class I.
(g)	Revised from (8.47%) for Retail class, (9.25%) for Class C and (8.25%) for Class I.

See Notes to Financial Statements.

Cullen Small Cap Value Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class I
Net Asset Value, Beginning of Period	$	16.45		$	9.68		$	11.66		$	12.63		$	14.11

INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		0.18			0.05			0.08			0.01			(0.04	)
Net realized and unrealized gain/(loss)		(1.09	)		6.75			(1.69	)		(0.37	)		1.00
Total from Investment Operations		(0.91	)		6.80			(1.61	)		(0.36	)		0.96

DISTRIBUTIONS:
From distributable earnings		(1.85	)		(0.03	)		(0.37	)		(0.61	)		(2.44	)
Total Distributions		(1.85	)		(0.03	)		(0.37	)		(0.61	)		(2.44	)

Net Increase/(Decrease) in net asset value		(2.76	)		6.77			(1.98	)		(0.97	)		(1.48	)
Net Asset Value, End of Period	$	13.69		$	16.45		$	9.68		$	11.66		$	12.63
TOTAL RETURN^(b)		(6.11	%)		70.34	%		(14.49	%)		(2.07	%)		7.62	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	7,848		$	7,817		$	3,570		$	3,810		$	3,684
Ratio of operating expenses to average net assets excluding waivers		4.00	%		4.72	%		7.57	%		7.50	%^(d)(e)		7.81	%
Ratio of operating expenses to average net assets including waivers		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment (loss) to average net assets excluding waivers		(1.85	%)		(3.38	%)		(5.80	%)		(6.45	%)^(d)(f)		(7.13	%)
Ratio of net investment income/(loss) to average net assets including waivers		1.15	%		0.34	%		0.77	%		0.05	%		(0.32	%)
Portfolio turnover rate		31	%		70	%		111	%		140	%		34	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).
(d)	In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.
(e)	Revised from 9.51% for Retail class, 10.29% for Class C and 9.30% for Class I.
(f)	Revised from (8.47%) for Retail class, (9.25%) for Class C and (8.25%) for Class I.

See Notes to Financial Statements.

Cullen Value Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Retail
Net Asset Value, Beginning of Period	$	15.85		$	13.87		$	16.56		$	15.35		$	15.30

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.20			0.25			0.26			0.23			0.20
Net realized and unrealized gain/(loss)		(1.10	)		3.99			(0.93	)		1.21			1.03
Total from Investment Operations		(0.90	)		4.24			(0.67	)		1.44			1.23

DISTRIBUTIONS:
From distributable earnings		(1.68	)		(2.26	)		(2.02	)		(0.23	)		(1.18	)
Total Distributions		(1.68	)		(2.26	)		(2.02	)		(0.23	)		(1.18	)

Net Increase/(Decrease) in net asset value		(2.58	)		1.98			(2.69	)		1.21			0.05
Net Asset Value, End of Period	$	13.27		$	15.85		$	13.87		$	16.56		$	15.35
TOTAL RETURN^(b)		(6.72	%)		33.12	%		(5.38	%)		9.48	%		7.97	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	1,947		$	2,231		$	1,358		$	792		$	626
Ratio of operating expenses to average net assets excluding waivers		2.23	%		2.31	%		2.25	%		1.97	%^(d)(e)		2.04	%
Ratio of operating expenses to average net assets including waivers		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets excluding waivers		0.07	%		0.34	%		0.50	%		0.49	%^(d)(f)		0.24	%
Ratio of net investment income to average net assets including waivers		1.30	%		1.65	%		1.75	%		1.46	%		1.28	%
Portfolio turnover rate		36	%		40	%		18	%		5	%		2	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).
(d)	In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.
(e)	Revised from 2.18% for Retail class, 2.94% for Class C and 1.93% for Class I.
(f)	Revised from 0.28% for Retail class, (0.42%) for Class C and 0.54% for Class I.

See Notes to Financial Statements.

Cullen Value Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class C
Net Asset Value, Beginning of Period	$	15.82		$	13.85		$	16.55		$	15.34		$	15.28

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.09			0.12			0.15			0.12			0.09
Net realized and unrealized gain/(loss)		(1.11	)		4.00			(0.93	)		1.20			1.04
Total from Investment Operations		(1.02	)		4.12			(0.78	)		1.32			1.13

DISTRIBUTIONS:
From distributable earnings		(1.56	)		(2.15	)		(1.92	)		(0.11	)		(1.07	)
Total Distributions		(1.56	)		(2.15	)		(1.92	)		(0.11	)		(1.07	)

Net Increase/(Decrease) in net asset value		(2.58	)		1.97			(2.70	)		1.21			0.06
Net Asset Value, End of Period	$	13.24		$	15.82		$	13.85		$	16.55		$	15.34
TOTAL RETURN^(b)		(7.45	%)		32.18	%		(6.11	%)		8.64	%		7.25	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	783		$	596		$	360		$	404		$	203
Ratio of operating expenses to average net assets excluding waivers		3.01	%		3.05	%		2.93	%		2.65	%^(d)(e)		2.78	%
Ratio of operating expenses to average net assets including waivers		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment (loss) to average net assets excluding waivers		(0.66	%)		(0.49	%)		(0.20	%)		(0.13	%)^(d)(f)		(0.49	%)
Ratio of net investment income to average net assets including waivers		0.60	%		0.81	%		0.98	%		0.77	%		0.54	%
Portfolio turnover rate		36	%		40	%		18	%		5	%		2	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).
(d)	In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.
(e)	Revised from 2.18% for Retail class, 2.94% for Class C and 1.93% for Class I.
(f)	Revised from 0.28% for Retail class, (0.42%) for Class C and 0.54% for Class I.

See Notes to Financial Statements.

Cullen Value Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class I
Net Asset Value, Beginning of Period	$	15.80		$	13.84		$	16.55		$	15.34		$	15.29

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.24			0.28			0.31			0.27			0.24
Net realized and unrealized gain/(loss)		(1.10	)		3.98			(0.93	)		1.21			1.03
Total from Investment Operations		(0.86	)		4.26			(0.62	)		1.48			1.27

DISTRIBUTIONS:
From distributable earnings		(1.72	)		(2.30	)		(2.09	)		(0.27	)		(1.22	)
Total Distributions		(1.72	)		(2.30	)		(2.09	)		(0.27	)		(1.22	)

Net Increase/(Decrease) in net asset value		(2.58	)		1.96			(2.71	)		1.21			0.05
Net Asset Value, End of Period	$	13.22		$	15.80		$	13.84		$	16.55		$	15.34
TOTAL RETURN^(b)		(6.51	%)		33.42	%		(5.12	%)		9.74	%		8.25	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	20,795		$	24,287		$	21,644		$	39,111		$	35,213
Ratio of operating expenses to average net assets excluding waivers		1.98	%		2.08	%		1.88	%		1.74	%^(d)(e)		1.80	%
Ratio of operating expenses to average net assets including waivers		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets excluding waivers		0.31	%		0.59	%		0.84	%		0.73	%^(d)(f)		0.47	%
Ratio of net investment income to average net assets including waivers		1.54	%		1.92	%		1.97	%		1.72	%		1.52	%
Portfolio turnover rate		36	%		40	%		18	%		5	%		2	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).
(d)	In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.
(e)	Revised from 2.18% for Retail class, 2.94% for Class C and 1.93% for Class I.
(f)	Revised from 0.28% for Retail class, (0.42%) for Class C and 0.54% for Class I.

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Retail
Net Asset Value, Beginning of Period	$	12.30		$	8.95		$	10.26		$	10.55		$	10.67

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.36			0.29			0.27			0.42			0.33
Net realized and unrealized gain/(loss)		(2.54	)		3.30			(1.23	)		(0.35	)		(0.05	)
Total from Investment Operations		(2.18	)		3.59			(0.96	)		0.07			0.28

DISTRIBUTIONS:
From distributable earnings		(0.38	)		(0.24	)		(0.35	)		(0.36	)		(0.40	)
Total Distributions		(0.38	)		(0.24	)		(0.35	)		(0.36	)		(0.40	)

Net Increase/(Decrease) in net asset value		(2.56	)		3.35			(1.31	)		(0.29	)		(0.12	)
Net Asset Value, End of Period	$	9.74		$	12.30		$	8.95		$	10.26		$	10.55
TOTAL RETURN^(b)		(17.95	%)		40.49	%		(9.47	%)		0.66	%		2.48	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	7,492		$	9,819		$	10,199		$	15,576		$	14,749
Ratio of operating expenses to average net assets excluding waivers		1.49	%		1.52	%		1.49	%		1.43	%		1.52	%
Ratio of operating expenses to average net assets including waivers		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of net investment income to average net assets excluding waivers		2.91	%		2.35	%		2.51	%		4.01	%		2.59	%
Ratio of net investment income to average net assets including waivers		3.15	%		2.62	%		2.75	%		4.19	%		2.86	%
Portfolio turnover rate		87	%		80	%		70	%		77	%		48	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class C
Net Asset Value, Beginning of Period	$	12.14		$	8.84		$	10.14		$	10.45		$	10.57

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.28			0.21			0.19			0.34			0.24
Net realized and unrealized gain/(loss)		(2.51	)		3.26			(1.21	)		(0.35	)		(0.05	)
Total from Investment Operations		(2.23	)		3.47			(1.02	)		(0.01	)		0.19

DISTRIBUTIONS:
From distributable earnings		(0.32	)		(0.17	)		(0.28	)		(0.30	)		(0.31	)
Total Distributions		(0.32	)		(0.17	)		(0.28	)		(0.30	)		(0.31	)

Net Increase/(Decrease) in net asset value		(2.55	)		3.30			(1.30	)		(0.31	)		(0.12	)
Net Asset Value, End of Period	$	9.59		$	12.14		$	8.84		$	10.14		$	10.45
TOTAL RETURN^(b)		(18.58	%)		39.51	%		(10.20	%)		(0.08	%)		1.71	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	1,405		$	1,869		$	1,467		$	2,039		$	2,412
Ratio of operating expenses to average net assets excluding waivers		2.24	%		2.27	%		2.24	%		2.18	%		2.28	%
Ratio of operating expenses to average net assets including waivers		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%
Ratio of net investment income to average net assets excluding waivers		2.20	%		1.65	%		1.75	%		3.22	%		1.85	%
Ratio of net investment income to average net assets including waivers		2.44	%		1.92	%		1.99	%		3.40	%		2.13	%
Portfolio turnover rate		87	%		80	%		70	%		77	%		48	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).

See Notes to Financial Statements.

Cullen Emerging Markets High Dividend Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class I
Net Asset Value, Beginning of Period	$	12.39		$	9.01		$	10.33		$	10.61		$	10.73

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.48			0.33			0.29			0.45			0.37
Net realized and unrealized gain/(loss)		(2.65	)		3.32			(1.23	)		(0.35	)		(0.07	)
Total from Investment Operations		(2.17	)		3.65			(0.94	)		0.10			0.30

DISTRIBUTIONS:
From distributable earnings		(0.40	)		(0.27	)		(0.38	)		(0.38	)		(0.42	)
Total Distributions		(0.40	)		(0.27	)		(0.38	)		(0.38	)		(0.42	)

Net Increase/(Decrease) in net asset value		(2.57	)		3.38			(1.32	)		(0.28	)		(0.12	)
Net Asset Value, End of Period	$	9.82		$	12.39		$	9.01		$	10.33		$	10.61
TOTAL RETURN^(b)		(17.75	%)		40.91	%		(9.26	%)		0.93	%		2.72	%

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	302,300		$	289,113		$	237,242		$	332,377		$	393,127
Ratio of operating expenses to average net assets excluding waivers		1.24	%		1.27	%		1.24	%		1.18	%		1.28	%
Ratio of operating expenses to average net assets including waivers		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets excluding waivers		3.95	%		2.71	%		2.73	%		4.22	%		2.93	%
Ratio of net investment income to average net assets including waivers		4.19	%		2.98	%		2.97	%		4.40	%		3.21	%
Portfolio turnover rate		87	%		80	%		70	%		77	%		48	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Retail
Net Asset Value, Beginning of Period	$	11.44		$	8.95		$	10.15		$	9.87		$	10.66

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.29			0.26			0.25			0.24			0.23
Net realized and unrealized gain/(loss)		(0.60	)		2.77			(0.86	)		0.60			(0.27	)
Total from Investment Operations		(0.31	)		3.03			(0.61	)		0.84			(0.04	)

DISTRIBUTIONS:
From distributable earnings		(0.98	)		(0.54	)		(0.38	)		(0.56	)		(0.75	)
From tax return of capital		–			–			(0.21	)		–			–
Total Distributions		(0.98	)		(0.54	)		(0.59	)		(0.56	)		(0.75	)

Net Increase/(Decrease) in net asset value		(1.29	)		2.49			(1.20	)		0.28			(0.79	)
Net Asset Value, End of Period	$	10.15		$	11.44		$	8.95		$	10.15		$	9.87
TOTAL RETURN^(b)		(3.19	%)		34.77	%		(6.08	%)		8.69	%		(0.51	%)

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	3,078		$	2,395		$	1,899		$	2,243		$	2,064
Ratio of operating expenses to average net assets excluding waivers		1.56	%		1.81	%		1.94	%		1.86	%^(d)(e)		2.05	%
Ratio of operating expenses to average net assets including waivers		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets excluding waivers		2.01	%		1.72	%		1.66	%		1.48	%^(d)(f)		1.17	%
Ratio of net investment income to average net assets including waivers		2.57	%		2.53	%		2.60	%		2.34	%		2.22	%
Portfolio turnover rate		93	%		139	%		170	%		192	%		157	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).
(d)	In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.
(e)	Revised from 2.03% for Retail class, 2.78% for Class C and 1.78% for Class I.
(f)	Revised from 1.31% for Retail class, 0.56% for Class C and 1.55% for Class I.

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class C
Net Asset Value, Beginning of Period	$	11.47		$	8.98		$	10.17		$	9.89		$	10.67

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.20			0.18			0.17			0.16			0.15
Net realized and unrealized gain/(loss)		(0.59	)		2.77			(0.85	)		0.60			(0.26	)
Total from Investment Operations		(0.39	)		2.95			(0.68	)		0.76			(0.11	)

DISTRIBUTIONS:
From distributable earnings		(0.92	)		(0.46	)		(0.33	)		(0.48	)		(0.67	)
From tax return of capital		–			–			(0.18	)		–			–
Total Distributions		(0.92	)		(0.46	)		(0.51	)		(0.48	)		(0.67	)

Net Increase/(Decrease) in net asset value		(1.31	)		2.49			(1.19	)		0.28			(0.78	)
Net Asset Value, End of Period	$	10.16		$	11.47		$	8.98		$	10.17		$	9.89
TOTAL RETURN^(b)		(3.88	%)		33.66	%		(6.72	%)		7.86	%		(1.17	%)

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	7,127		$	6,590		$	4,311		$	5,216		$	4,961
Ratio of operating expenses to average net assets excluding waivers		2.32	%		2.55	%		2.67	%		2.56	%^(d)(e)		2.80	%
Ratio of operating expenses to average net assets including waivers		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment income to average net assets excluding waivers		1.24	%		0.96	%		0.88	%		0.78	%^(d)(f)		0.42	%
Ratio of net investment income to average net assets including waivers		1.81	%		1.76	%		1.80	%		1.59	%		1.47	%
Portfolio turnover rate		93	%		139	%		170	%		192	%		157	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).
(d)	In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.
(e)	Revised from 2.03% for Retail class, 2.78% for Class C and 1.78% for Class I.
(f)	Revised from 1.31% for Retail class, 0.56% for Class C and 1.55% for Class I.

See Notes to Financial Statements.

Cullen Enhanced Equity Income Fund

Financial Highlights

June 30, 2022


	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
Class I
Net Asset Value, Beginning of Period	$	11.51		$	9.00		$	10.21		$	9.92		$	10.70

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.31			0.29			0.28			0.26			0.26
Net realized and unrealized gain/(loss)		(0.59	)		2.78			(0.88	)		0.61			(0.27	)
Total from Investment Operations		(0.28	)		3.07			(0.60	)		0.87			(0.01	)

DISTRIBUTIONS:
From distributable earnings		(1.00	)		(0.56	)		(0.39	)		(0.58	)		(0.77	)
From tax return of capital		–			–			(0.22	)		–			–
Total Distributions		(1.00	)		(0.56	)		(0.61	)		(0.58	)		(0.77	)

Net Increase/(Decrease) in net asset value		(1.28	)		2.51			(1.21	)		0.29			(0.78	)
Net Asset Value, End of Period	$	10.23		$	11.51		$	9.00		$	10.21		$	9.92
TOTAL RETURN^(b)		(2.90	%)		35.09	%		(5.92	%)		9.03	%		(0.24	%)

RATIOS/SUPPLEMENTAL DATA:^(c)
Net Assets, End of Period (000s)	$	160,092		$	70,940		$	39,697		$	44,980		$	39,675
Ratio of operating expenses to average net assets excluding waivers		1.28	%		1.54	%		1.68	%		1.64	%^(d)(e)		1.80	%
Ratio of operating expenses to average net assets including waivers		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets excluding waivers		2.20	%		1.96	%		1.91	%		1.69	%^(d)(f)		1.42	%
Ratio of net investment income to average net assets including waivers		2.73	%		2.75	%		2.84	%		2.58	%		2.47	%
Portfolio turnover rate		93	%		139	%		170	%		192	%		157	%

(a)	Calculated based on the average number of common shares outstanding during each fiscal period.
(b)	Total return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each fiscal period. Total return based on common share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan.
(c)	Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds (i.e. those listed under Money Market Funds or Closed-End Funds on the Schedule of Investments).
(d)	In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios.
(e)	Revised from 2.03% for Retail class, 2.78% for Class C and 1.78% for Class I.
(f)	Revised from 1.31% for Retail class, 0.56% for Class C and 1.55% for Class I.

See Notes to Financial Statements.

Cullen Funds

Notes to Financial Statements

June 30, 2022

NOTE 1 -

ORGANIZATION

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

The Trust offers Retail Class, Class C, Class I, Class R1 and Class R2 Shares, except the Cullen Value Fund, the Cullen Emerging Markets High Dividend Fund and the Cullen Enhanced Equity Income Fund, which offer only Retail Class, Class C and Class I shares. However, the Cullen Small Cap Value Fund has not experienced any subscriptions in Class R1 and R2 shares since inception. As of June 30, 2022, the Cullen International High Dividend Fund Class R1 has no shares outstanding. Each class of shares differs principally in its respective distribution expenses and shareholder servicing expenses. Each class of shares has identical rights to earnings, assets, and voting privileges, except for the class specific expenses and exclusive rights to vote on matters affecting only individual classes.

NOTE 2 -

SIGNIFICANT ACCOUNTING POLICIES

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

Valuation of Securities – Securities that are primarily traded on a national or foreign securities exchange are valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the National Association of Securities Dealers Automated Quotation (“NASDAQ”) National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities are valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Money market mutual funds are valued at the net asset value (“NAV”) of shares held by the Funds on the day of valuation. 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 Committee of the Funds’ Board of Trustees under supervision of the full Board. 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 Committee of the Funds’ Board of Trustees under supervision of the Board, 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, 2022, all written option contracts held are exchange-traded.

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

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

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

Cullen Funds

Notes to Financial Statements

June 30, 2022 (Continued)

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

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

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

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

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

The following is a summary of the inputs used as of June 30, 2022 in valuing each Fund’s assets carried at fair value:

Investments in Securities at Value⁽¹⁾	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Cullen International High Dividend Fund
Common Stocks	$	161,900,761	$	–	$	–	$	161,900,761
Preferred Stock		1,549,569		–		–		1,549,569
Total	$	163,450,330	$	–	$	–	$	163,450,330

Investments in Securities at Value⁽¹⁾	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Cullen High Dividend Equity Fund
Common Stocks	$	911,336,768	$	–	$	–	$	911,336,768
Exchange-Traded Funds		68,304,910		–		–		68,304,910
Total	$	979,641,678	$	–	$	–	$	979,641,678

Investments in Securities at Value⁽¹⁾	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Cullen Small Cap Value Fund
Common Stocks	$	7,779,757	$	–	$	–	$	7,779,757
Total	$	7,779,757	$	–	$	–	$	7,779,757

Investments in Securities at Value⁽¹⁾	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Cullen Value Fund
Common Stocks	$	21,495,101	$	–	$	–	$	21,495,101
Exchange-Traded Funds		1,625,784		–		–		1,625,784
Total	$	23,120,885	$	–	$	–	$	23,120,885

Investments in Securities at Value⁽¹⁾	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Cullen Emerging Markets High Dividend Fund
Common Stocks	$	269,610,405	$	–	$	–	$	269,610,405
Preferred Stock		5,750,891		–		–		5,750,891
Participatory Notes⁽²⁾		–		10,822,255		–		10,822,255
Total	$	275,361,296	$	10,822,255	$	–	$	286,183,551

Investments in Securities at Value⁽¹⁾	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Cullen Enhanced Equity Income Fund
Common Stocks	$	152,159,449		$	–	$	–	$	152,159,449
Exchange-Traded Funds		13,667,782			–		–		13,667,782
Total	$	165,827,231		$	–	$	–	$	165,827,231
Other Financial Instruments⁽³⁾
Written Options	$	(348,363	)	$	–	$	–	$	(348,363	)
Total	$	(348,363	)	$	–	$	–	$	(348,363	)

⁽¹⁾	For detailed descriptions and other security classifications, see the accompanying Schedule of Investments.
⁽²⁾	Participatory notes (P-notes) are generally valued based upon the value of a related underlying security that trades actively in the market and are classified as level 2 in the fair value hierarchy.
⁽³⁾	Other financial instruments are derivative instruments reflected in the Schedule of Investments.

Cullen Funds

Notes to Financial Statements

June 30, 2022 (Continued)

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

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

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

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

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

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

The effect of derivative instruments on the Statements of Assets and Liabilities as of June 30, 2022:

Asset Derivatives Statement of Assets and Liabilities Location

Liability Derivatives Statement of Assets and Liabilities Location

Location

Fair Value

Location

Fair Value

Cullen Enhanced Equity Income Fund

Equity Contracts (Written Options)

N/A

–

Written Options, at value

(348,363

)

Total

–

(348,363

)

The effect of derivatives instruments on the Statements of Operations for the year ended June 30, 2022:

Risk Exposure	Statement of Operations Location	Realized Gain/(Loss) on Derivatives		Change in Unrealized Appreciation/ (Depreciation) on Derivatives
Cullen Enhanced Equity Income Fund
Equity Contracts (Written Options)	Net realized gain on written options/Net change in unrealized depreciation on written options	$	2,453,441	$	(23,933	)
Total		$	2,453,441	$	(23,933	)

The Cullen Enhanced Equity Income Fund had the following monthly average written call option notional value during the year ended June 30, 2022:

		Monthly Average Written Option Notional Value
Cullen Enhanced Equity Income Fund		$	18,859,810

Cullen Funds

Notes to Financial Statements

June 30, 2022 (Continued)

NOTE 3 -

CAPITAL SHARE TRANSACTIONS

Share transactions were as follows:

	Year Ended June 30, 2022			Year Ended June 30, 2021
Cullen International High Dividend Fund
Retail
Shares sold		78,077			182,451
Dividends reinvested		13,739			14,011
Shares redeemed		(207,312	)		(242,330	)
Net decrease in shares outstanding		(115,496	)		(45,868	)
Class C
Shares sold		19,303			38,979
Dividends reinvested		2,551			2,285
Shares redeemed		(31,487	)		(37,600	)
Net increase/(decrease) in shares outstanding		(9,633	)		3,664
Class I
Shares sold		7,938,570			4,860,548
Dividends reinvested		342,137			247,829
Shares redeemed		(6,457,256	)		(3,491,543	)
Net increase in shares outstanding		1,823,451			1,616,834
Class R1
Shares sold		38			140
Dividends reinvested		9			25
Shares redeemed		(974	)		(519	)
Net decrease in shares outstanding		(927	)		(354	)
Class R2
Shares sold		–			13
Dividends reinvested		–			8
Shares redeemed		(286	)		(26	)
Net decrease in shares outstanding		(286	)		(5	)

Cullen High Dividend Equity Fund
Retail
Shares sold		564,312			712,292
Dividends reinvested		767,745			823,186
Shares redeemed		(1,687,880	)		(2,707,522	)
Net decrease in shares outstanding		(355,823	)		(1,172,044	)
Class C
Shares sold		175,970			151,369
Dividends reinvested		213,550			226,767
Shares redeemed		(317,807	)		(821,678	)
Net increase/(decrease) in shares outstanding		71,713			(443,542	)
Class I
Shares sold		9,029,922			10,611,234
Dividends reinvested		5,161,114			5,266,957
Shares redeemed		(14,092,264	)		(22,751,005	)
Net increase/(decrease) in shares outstanding		98,772			(6,872,814	)
Class R1
Shares sold		1,981			2,949
Dividends reinvested		6,695			6,084
Shares redeemed		(2,193	)		(4,441	)
Net increase in shares outstanding		6,483			4,592
Class R2
Shares sold		8,125			9,549
Dividends reinvested		9,083			7,811
Shares redeemed		(34,554	)		(21,868	)
Net decrease in shares outstanding		(17,346	)		(4,508	)

Cullen Funds

Notes to Financial Statements

June 30, 2022 (Continued)

	Year Ended June 30, 2022			Year Ended June 30, 2021
Cullen Small Cap Value Fund
Retail
Shares sold		5,181			83,073
Dividends reinvested		5,086			–
Shares redeemed		(21,917	)		(71,580	)
Net increase/(decrease) in shares outstanding		(11,650	)		11,493
Class C
Shares sold		2,234			10,367
Dividends reinvested		1,128			–
Shares redeemed		(21,110	)		(33,722	)
Net decrease in shares outstanding		(17,748	)		(23,355	)
Class I
Shares sold		65,709			307,330
Dividends reinvested		60,272			1,042
Shares redeemed		(27,865	)		(201,933	)
Net increase in shares outstanding		98,116			106,439

Cullen Value Fund
Retail
Shares sold		10,251			47,482
Dividends reinvested		16,164			19,549
Shares redeemed		(20,406	)		(24,229	)
Net increase in shares outstanding		6,009			42,802
Class C
Shares sold		29,174			26,446
Dividends reinvested		3,946			1,682
Shares redeemed		(11,632	)		(16,430	)
Net increase in shares outstanding		21,488			11,698
Class I
Shares sold		40,265			65,500
Dividends reinvested		178,150			247,137
Shares redeemed		(182,617	)		(340,181	)
Net increase/(decrease) in shares outstanding		35,798			(27,544	)

Cullen Emerging Markets High Dividend Fund
Retail
Shares sold		176,735			220,558
Dividends reinvested		23,720			18,212
Shares redeemed		(229,096	)		(580,759	)
Net decrease in shares outstanding		(28,641	)		(341,989	)
Class C
Shares sold		2,415			6,133
Dividends reinvested		4,317			2,382
Shares redeemed		(14,207	)		(20,538	)
Net decrease in shares outstanding		(7,475	)		(12,023	)
Class I
Shares sold		14,011,777			8,635,167
Dividends reinvested		994,977			553,473
Shares redeemed		(7,543,430	)		(12,192,529	)
Net increase/(decrease) in shares outstanding		7,463,324			(3,003,889	)

Cullen Funds

Notes to Financial Statements

June 30, 2022 (Continued)

	Year Ended June 30, 2022			Year Ended June 30, 2021
Cullen Enhanced Equity Income Fund
Retail
Shares sold		122,619			56,293
Dividends reinvested		22,207			10,179
Shares redeemed		(51,075	)		(69,257	)
Net increase/(decrease) in shares outstanding		93,751			(2,785	)
Class C
Shares sold		239,360			210,853
Dividends reinvested		40,799			14,071
Shares redeemed		(153,197	)		(130,741	)
Net increase in shares outstanding		126,962			94,183
Class I
Shares sold		10,580,709			2,401,274
Dividends reinvested		704,814			246,528
Shares redeemed		(1,799,489	)		(895,054	)
Net increase in shares outstanding		9,486,034			1,752,748

NOTE 4 -

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term investments, for the year ended June 30, 2022 were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
Cullen International High Dividend Fund	$	138,989,391	$	134,534,634
Cullen High Dividend Equity Fund		179,822,991		287,772,972
Cullen Small Cap Value Fund		2,637,837		3,019,771
Cullen Value Fund		9,516,785		10,159,891
Cullen Emerging Markets High Dividend Fund		318,169,098		254,019,889
Cullen Enhanced Equity Income Fund		205,372,364		97,977,590

NOTE 5 -

FEDERAL TAX INFORMATION

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

	Undistributed Net Investment Income/(Loss)		Accumulated Net Realized Gain/(Loss)			Unrealized Appreciation/(Depreciation)			Total
Cullen International High Dividend Fund	$	182,258	$	(26,395,817	)	$	8,338,821		$	(17,874,738	)
Cullen High Dividend Equity Fund		35,709		57,140,180			408,424,587			465,600,476
Cullen Small Cap Value Fund		76,658		618,540			958,746			1,653,944
Cullen Value Fund		—		1,197,301			7,435,256			8,632,557
Cullen Emerging Markets High Dividend Fund		348,654		(66,378,791	)		2,792,956			(63,237,181	)
Cullen Enhanced Equity Income Fund		896,469		–			(14,384,606	)		(13,488,137	)

As of June 30, 2022 the costs of investments for federal tax purposes and accumulated net unrealized appreciation/ (depreciation) in investments were as follows:

		Gross Appreciation (excess of value over tax cost	)		Gross Depreciation (excess of tax cost over value	)	Net Appreciation/(Depreciation) of Foreign Currency			Net Unrealized Appreciation/(Depreciation)			Cost of Investments for Income Tax Purposes*
Cullen International High Dividend Fund	$	20,921,734		$	(12,516,563	)	$	(66,350	)	$	8,338,821		$	155,045,159
Cullen High Dividend Equity Fund		411,850,045			(3,427,629	)		2,171			408,424,587			571,219,262
Cullen Small Cap Value Fund		1,611,169			(652,423	)		–			958,746			6,821,011
Cullen Value Fund		7,764,104			(328,848	)		–			7,435,256			15,685,629
Cullen Emerging Markets High Dividend Fund		28,576,462			(25,740,300	)		(43,206	)		2,792,956			283,262,400
Cullen Enhanced Equity Income Fund		4,629,869			(19,014,684	)		209			(14,384,606	)		180,176,678

*	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, straddles, partnership adjustments 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

Cullen Funds

Notes to Financial Statements

June 30, 2022 (Continued)

arising primarily from the treatment of foreign currency, passive foreign investment companies, excise taxes paid, taxable overdistribution and the use of tax equalization, reclassification adjustments were made to increase (decrease) the amounts listed below:

Fund	Paid-in Capital			Total Distributable Earnings
Cullen Emerging Markets High Dividend Fund	$	(31,424	)	$	31,424
Cullen High Dividend Equity Fund		5,694,150			(5,694,150	)

At June 30, 2022, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Internal Revenue Code (the “Code”) and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax.

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

Fund	No Expiration Short-Term			Total
Cullen International High Dividend Fund	$	(26,395,817	)	$	(26,395,817	)
Cullen Emerging Markets High Dividend Fund		(66,378,791	)		(66,378,791	)

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

Fund	Ordinary Income		Long-Term Capital Gain
Cullen International High Dividend Fund	$	5,957,058	$	–
Cullen High Dividend Equity Fund		32,668,221		88,037,418
Cullen Small Cap Value Fund		174,829		791,984
Cullen Value Fund		1,364,080		1,579,615
Cullen Emerging Markets High Dividend Fund		11,479,062		–
Cullen Enhanced Equity Income Fund		9,341,614		–

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

Fund	Ordinary Income		Long-Term Capital Gain
Cullen International High Dividend Fund	$	5,203,456	$	–
Cullen High Dividend Equity Fund		27,782,665		82,668,138
Cullen Small Cap Value Fund		12,981		–
Cullen Value Fund		617,451		3,098,112
Cullen Emerging Markets High Dividend Fund		6,595,559		–
Cullen Enhanced Equity Income Fund		3,212,850		–

NOTE 6 -

INVESTMENT ADVISORY AND OTHER AGREEMENTS

The Trust has an agreement with Cullen Capital Management, LLC (the “Investment Advisor”), with which certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. Under the terms of the agreement, the Funds will compensate the Investment Advisor for its management services at the annual rate of 1.00% of each Fund’s average daily net assets. Through October 31, 2023, the Investment Advisor has agreed to absorb expenses to the extent that the Cullen International High Dividend Fund’s total annual operating expenses (excluding taxes and acquired funds fees and expenses) exceed 1.25%, 2.00%, 1.00%, 1.75% and 1.50% of the Retail Class, Class C, Class I, Class R1 and Class R2 net assets, respectively; the Cullen High Dividend Equity Fund’s total annual operating expenses (excluding taxes and acquired funds fees and expenses) exceed 1.00%, 1.75%, 0.75%, 1.50% and 1.25% of the Retail Class, Class C, Class I, Class R1 and Class R2 net assets, respectively; and the Cullen Small Cap Value Fund’s total annual operating expenses (excluding taxes and acquired funds fees and expenses) exceed 1.25%, 2.00%, 1.00%, 1.75% and 1.50% of the Retail Class, Class C, Class I, Class R1 and Class R2 net assets, respectively; the Cullen Value Fund’s total annual operating expenses (excluding taxes and acquired funds fees and expenses) exceed 1.00%, 1.75% and 0.75% of the Retail Class, Class C and Class I net assets, respectively; the Cullen Emerging Markets High Dividend Fund’s total annual operating expenses (excluding taxes and acquired funds fees and expenses) exceed 1.25%, 2.00% and 1.00% of the Retail Class, Class C, and Class I net assets, respectively; and the Cullen Enhanced Equity Income Fund’s total annual operating expenses (excluding taxes and acquired funds fees and expenses) exceed 1.00%, 1.75% and 0.75% of the Retail Class, Class C and Class I net assets, respectively. For a period of three years after the year in which the Investment Advisor reimburses expenses, the Investment Advisor may seek reimbursement on a class-by-class basis from the respective Fund to the extent that total annual individual Fund operating expenses are less than the expense limitation in effect at the time of the reimbursement.

Cullen Funds

Notes to Financial Statements

June 30, 2022 (Continued)

As of June 30, 2022, reimbursed expenses for each Fund subject to potential recovery by year of expiration are as follows:

		Expiring June 30,
		2023		2024		2025
Cullen International High Dividend Fund
Retail	$	18,401	$	14,679	$	13,727
Class C		6,277		3,109		3,235
Class I		417,603		450,232		468,124
Class R2		2		2		–
Total	$	442,290	$	468,025	$	485,087
Cullen High Dividend Equity Fund
Retail	$	508,920	$	417,669	$	417,900
Class C		156,076		117,996		119,314
Class I		3,886,846		3,143,828		3,273,352
Class R1		480		564		636
Class R2		3,332		945		763
Total	$	4,555,654	$	3,681,002	$	3,811,965
Cullen Small Cap Value Fund
Retail	$	19,199	$	24,890	$	18,685
Class C		4,374		14,222		5,954
Class I		250,340		227,747		233,171
Total	$	273,913	$	266,859	$	257,810
Cullen Value Fund
Retail	$	12,692	$	24,262	$	28,452
Class C		4,566		4,266		8,470
Class I		347,984		309,438		300,843
Total	$	365,242	$	337,966	$	337,765
Cullen Emerging Markets High Dividend Fund
Retail	$	31,944	$	26,960	$	21,366
Class C		4,422		4,441		4,115
Class I		718,933		701,345		730,005
Total	$	755,299	$	732,746	$	755,486
Cullen Enhanced Equity Income Fund
Retail	$	20,282	$	16,642	$	16,115
Class C		45,707		40,315		40,651
Class I		373,623		405,839		533,880
Total	$	439,612	$	462,796	$	590,646

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

NOTE 7 -

DISTRIBUTION PLAN

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

NOTE 8 -

SHAREHOLDER SERVICES FEE

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

NOTE 9 -

FOREIGN INVESTMENT RISK

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

Cullen Funds

Notes to Financial Statements

June 30, 2022 (Continued)

NOTE 10 -

SIGNIFICANT SHAREHOLDERS

At June 30, 2022, the Cullen Small Cap Value Fund had two affiliated shareholders who held 47.06% and 8.86% of the Fund’s outstanding shares and the Cullen Value Fund had two affiliated shareholders who held 36.18% and 5.29% of the Fund’s outstanding shares. Investment activities of these shareholders could have a material effect on the respective Funds.

NOTE 11 -

CYBERSECURITY EVENT/RELATED PARTY AGREEMENT

The email account of a senior officer of the Adviser and the Trust and an affiliated shareholder of the Cullen Value Fund was compromised through a phishing attack. On June 8 and 10, 2022, fraudulent redemptions totaling $1.2 million were processed by the Transfer Agent from the affiliated shareholder’s account in the Cullen Value Fund, which is held jointly with another related party shareholder. A third redemption request was presented on June 14 but not processed by the Transfer Agent. On August 22, 2022, $340,043 of the misappropriated funds were reclaimed from a recipient bank and returned to the affiliated shareholders’ account. The Trust has entered into an agreement with the affiliated shareholders that releases the Trust and the Cullen Value Fund from any liability relating to any unrecovered portion of the original $1.2 million misappropriated amount.

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, 2022, the related statements of operations for the year ended June 30, 2022, the statements of changes in net assets for each of the two years in the period ended June 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2022 (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, 2022, 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, 2022 and each of the financial highlights for each of the five years in the period ended June 30, 2022 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, 2022 by correspondence with the custodian 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

Denver, Colorado

September 21, 2022

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

Cullen Funds

Additional Information

June 30, 2022 (Unaudited)

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

How to Obtain a Copy of the Funds Proxy Voting Policy

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

Quarterly Filings on Form N-PORT

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

Unaudited Section Tax Designations

Pursuant to Section 852(b)(3) of the Internal Revenue Code, Cullen Small Cap Value Fund designates $791,984, Cullen Value Fund designates $1,579,615 and Cullen High Dividend Equity Fund designates $93,731,568 as long-term capital gain distributions. The Cullen High Dividend Equity Fund's paid-in capital has been adjusted by $5,694,150 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, 2021:

	Dividends Received Deduction			Qualified Dividend Income Percentage
Cullen International High Dividend Fund		6.99	%		90.82	%
Cullen High Dividend Equity Fund		86.99	%		96.36	%
Cullen Small Cap Value Fund		100.00	%		100.00	%
Cullen Value Fund		39.69	%		44.84	%
Cullen Emerging Markets High Dividend Fund		0.00	%		78. 26	%
Cullen Enhanced Equity Income Fund		30.72	%		36.30	%

In early 2022, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2021 via Form 1099. The Funds will notify shareholders in early 2023 of amounts paid to them by the Funds, if any, during the calendar year 2022.

The Funds designate the following for federal income tax purposes for the year ended June 30, 2022:

	Foreign Taxes Paid		Foreign Source income
Cullen International High Dividend Fund	$	823,805	$	7,135,282
Cullen Emerging Markets High Dividend Fund	$	1,144,459	$	14,889,691

Cullen Funds

Trustees and Officers

(Unaudited)

INTERESTED TRUSTEE
Name, Address and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	No. of Funds in Complex Overseen	Other Directorships held by Trustees
James P. Cullen*^† Cullen Capital Management LLC 645 Fifth Avenue New York, NY 10022 Born: 1938	Trustee and CEO	Since 2000	Chairman and CEO, Controlling Member and Portfolio Manager, Cullen Capital Management LLC, since May 2000; Chairman and CEO, Schafer Cullen Capital Management, Inc., a registered investment adviser, from December 1982 to present.	6	None

INDEPENDENT TRUSTEE
Name, Address and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	No. of Funds in Complex Overseen	Other Directorships held by Trustees
Robert J. Garry c/o Cullen Capital Management LLC 645 Fifth Avenue New York, NY 10022 Born: 1945	Independent Trustee	Since 2000	Retired since July 2010, Executive Vice President/ Chief Financial Officer, New York City Off-Track Betting Corporation, November 2007 to July 2010; Corporate Controller, Yonkers Racing Corporation, 2001 to September 2007; Chief Operations Officer, The Tennis Network Inc., March 2000 to 2001; Senior Vice President and Chief Financial Officer, National Thoroughbred Racing Association, 1998 to 2000; Director of Finance and Chief Financial Officer, United States Tennis Association, prior thereto.	6	None
Stephen G. Fredericks c/o Cullen Capital Management LLC 645 Fifth Avenue New York, NY 10022 Born: 1942	Independent Trustee	Since 2002	Retired since July 2009, Institutional Trader, Raymond James & Associates, February 2002 to July 2009; Institutional Trader, ABN AMRO Inc, January 1995 to May 2001.	6	None
James H. Wildman c/o Cullen Capital Management LLC 645 Fifth Avenue New York, NY 10022 Born: 1940	Independent Trustee	Since 2012	Retired since 2001; Managing Partner, King & Spalding, New York City, 1992 to 2001. Managing Partner, King & Spalding LLP, 1989 to 1992	6	None
Daniel J. Campbell c/o Cullen Capital Management LLC 645 Fifth Avenue New York, NY 10022 Born: 1945	Independent Trustee	Since 2010	Retired since 2003; Managing Director Global Hybrid Capital Products, Deutsche Bank 2001 to 2003; Managing Director Preferred Bond Trading / Global Head Fixed Income Capital Products, Merrill Lynch 1983 to 2001.	6	None
Jeffrey Hemmings c/o Cullen Capital Management LLC 645 Fifth Avenue New York, NY 10022 Born: 1941	Independent Trustee	Since 2015	Retired since November, 2012; Account Vice President, UBS Financial Services, Inc, 1988-2012, Account Executive, EFHutton and Co,. Inc. 1970-1988.	6	None
Walter H Forman c/o Cullen Capital Management LLC 645 Fifth Avenue New York, NY 10022 Born: 1941	Independent Trustee	Since 2016	Diagnostic Radiologist. Co-owner of Palm Beach Radiology (Palm Beach Florida), a medical imaging center since June 2007.	6	None

Cullen Funds

Trustees and Officers

(Unaudited)

OFFICERS
Name, Address and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	No. of Funds in Complex Overseen	Other Directorships held by Trustees
Brooks H. Cullen^† Cullen Capital Management LLC 645 Fifth Avenue New York, NY 10022 Born: 1967	Vice President	Since 2000	Vice Chairman and Portfolio Manager, Cullen Capital Management LLC, since May 2000; Vice Chairman and Portfolio Manager Schafer Cullen Capital Management, Inc., from 1996 to present.	N/A	N/A
Rahul D. Sharma Cullen Capital Management LLC 645 Fifth Avenue New York, NY 10022 Born: 1970	Secretary	Since 2000	Vice Chairman and Portfolio Manager, Cullen Capital Management LLC, since May 2000; Vice Chairman and Portfolio Manager Schafer Cullen Capital Management, Inc., from 1996 to present.	N/A	N/A
Bradley J. Swenson Paralel 1700 Broadway, Suite 1230 Denver, CO 80290 Born: 1972	Chief Compliance Officer	Since 2022	President and Chief Compliance Officer, Paralel Distributors LLC, since May 2022; Director of Compliance Services, Paralel Technologies, since May 2022; President, TruePeak Consulting, LLC, since August 2021; President, ALPS Fund Services, Inc. (“ALPS”) June 2019 to June 2021; Chief Operating Officer, ALPS 2015 to 2019; Chief Compliance Officer to ALPS, its affiliated entities, and to certain ETF, closed-end and open-end investment companies 2004-2015	N/A	N/A
Jeffrey T. Battaglia Cullen Capital Management LLC 645 Fifth Avenue New York, NY 10022 Born: 1978	Treasurer	Since 2007	Chief Operating Officer, Cullen Capital Management LLC and Schafer Cullen Capital Management, Inc., since February 2007; Manager, KPMG LLP, from September 2001 to February 2007.	N/A	N/A

*	James P. Cullen is an “interested person” of the Trust (as that term is defined in the Investment Company Act) because of his affiliation with the Adviser.

**	Positions are held indefinitely until resignation or termination.

^†	James P. Cullen and Brooks H. Cullen are father and son, respectively.

The Statement of Additional Information contains additional information about the Trustees and is available, free of charge, upon request by calling 1-877-485-8586.

Cullen Funds

Board Approval of Investment Advisory Agreements

June 30, 2022 (Unaudited)

At the May 12, 2022 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 met in several executive sessions in the weeks prior to the Meeting and at the Meeting itself, and discussed the approval of the Investment Advisory Agreements with counsel at each such executive session, 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. (“Schafer Cullen”); (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; 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, 2022 for the: (i) High Dividend Fund’s Retail Class, Class C, Class I, Class R1 and Class R2 shares to 1.00%, 1.75%, 0.75%, 1.50% and 1.25% respectively, of the average net asset value of such respective Class; (ii) International Fund’s Retail Class, Class C, Class I, Class R1 and Class R2 shares of the Fund to 1.25%, 2.00%, 1.00%, 1.75% and 1.50% respectively, of the average net asset value of such respective Class; (iii) Small Cap Fund’s Retail Class, Class C, Class I, Class R1 and Class R2 shares of the Fund to 1.25%, 2.00%, 1.00%, 1.75% and 1.50% 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, except for the High Dividend Fund, the International Fund and the Value Fund, the actual and contractual investment advisory fees of each Fund were within the range of the actual and contractual investment advisory fees charged by other funds in such Fund’s peer group and 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.

Cullen Funds

Board Approval of Investment Advisory Agreements

June 30, 2022 (Continued) (Unaudited)

Investment performance of the Funds. The Independent Trustees considered the investment performance of the Funds on a quarterly basis and for the most recent fiscal year as a whole. 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 and noted that each Fund’s performance was comparable to their respective benchmarks.

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.

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.

INVESTMENT ADVISOR

Cullen Capital Management LLC

645 Fifth Avenue

New York, NY 10022

DISTRIBUTOR

ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1900 16th Street, Suite 1600

Denver, CO 80202

LEGAL COUNSEL

Sidley Austin LLP

One South Dearborn Street

Chicago, IL 60603

ADMINISTRATOR AND ACCOUNTANT

Paralel Technologies LLC

1700 Broadway, Suite 1230

Denver, CO 80290

TRANSFER AGENT AND DIVIDEND DISBURSING AGENT

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

CUSTODIAN

Brown Brothers Harriman

50 Post Office Square

Boston, MA 02110

Must be accompanied or preceded by a prospectus.

ALPS Distributors, Inc. is the Distributor for Cullen Funds.

(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:

(1)

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(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;

(3)

Compliance with applicable governmental laws, rules, and regulations;

(4)

The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(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 13(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)

Audit Fees: For the registrant’s fiscal years ended June 30, 2022 and June 30, 2021, the aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements were $257,000 and $225,000, respectively.

(b)

Audit-Related Fees: For the registrant’s fiscal years ended June 30, 2022 and June 30, 2021, 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)

Tax Fees: For the registrant’s fiscal years ended June 30, 2022 and June 30, 2021, aggregate fees of $97,712 and $81,810, respectively, were billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning.

(d)

All Other Fees: For the registrant’s fiscal years ended June 30, 2022 and June 30, 2021, 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)

Audit Committee Pre-Approval Policies and Procedures: 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, 2022 and June 30, 2021 were $97,712 and $81,810, respectively.

(h)

Not applicable.

Item 5.

Audit Committee of Listed registrants.

Not applicable.

Item 6.

Schedule of Investments.

(a)

The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

(b)

Not Applicable.

Item 7.

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

Not applicable to the registrant.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.

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

Not applicable to the registrant.

Item 10.

Submission of Matters to Vote of Security Holders.

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

Item 11.

Controls and Procedures.

(a)

Assessment of the Registrant’s Control Environment

The Registrant’s disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that the Registrant files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Investment Company Act of 1940, as amended (the “1940 Act”), is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that such information is accumulated and communicated to the Registrant’s management (“Management”), including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Management, including the principal executive officer and principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

For the fiscal year ended June 30, 2022, ALPS Fund Services Inc. (“ALPS”), served as the Registrant’s transfer agent responsible for authorizing and processing shareholder transactions.

In accordance with Rule 30a-3 under the 1940 Act, within 90 days prior to the filing date of this report on Form N-CSR, Management, with the participation of the principal executive officer and principal financial officer, evaluated the effectiveness of the disclosure controls and procedures of the Registrant. Based on their evaluation, the principal executive officer and principal financial officer have determined that the Registrant’s disclosure controls and procedures were not effective due to a material weakness in the operating effectiveness of controls specific to processing affiliated shareholders’ redemption requests. Specifically, additional and alternative verification procedures required in the Registrant’s prospectus were not performed over three affiliated shareholder redemption requests that were sent from an affiliated shareholder’s email account after it was successfully compromised as a result of a phishing attack. A material weakness (as defined in Rule 12b-2 under the Exchange Act) is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis. This material weakness did not result in any material misstatements of the Funds’ annual or semi-annual financial statements for the periods ended June 30, 2022 and December 31, 2021, respectively, but did result in additional required financial statement disclosure for the year ended June 30, 2022. As discussed in Note 11, the Registrant has entered into an agreement with the affiliated shareholders that releases Cullen Funds Trust and the Cullen Value Fund from any liability relating to any unrecovered portion of the original $1.2 million erroneously redeemed from the first two redemption requests. The third redemption request was not processed after other measures detected the request as fraudulent.

While this material weakness did not result in any material misstatements of the Funds’ financial statements, this material weakness could result in a misstatement of contingent liability balances and related disclosures that could result in a material misstatement to the annual or semi-annual financial statements that would not be prevented or detected.

Remediation Plan Related to Material Weakness Identified Above

Effective as of September 6, 2022, the Funds’ transfer agency agreement with ALPS was terminated, and Paralel Technologies LLC (“Paralel”) assumed the role of the Funds’ transfer agent. Paralel requires that all incoming affiliated shareholder redemption requests be received in accordance with the Registrant’s prospectus and undertakes additional and alternative verification procedures as applicable when required. Management has assessed Paralel’s controls and has determined that they are designed effectively to detect and prevent any material misstatements in redemption processing on a timely basis. Therefore, Management believes that the design and implementation of the controls necessary to address the material weakness described in this Item have been completed in connection with the transition described above. However, Management will continue to evaluate and monitor the operating effectiveness of the controls for a sufficient period of time before concluding on remediation.

(b)

Changes in Internal Control over Financial Reporting

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

Item 12.

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

Not Applicable.

Item 13.

Exhibits.

(a)(1)

Registrant’s Code of Ethics, which is the subject of the disclosure required by Item 2 of Form N-CSR, is attached hereto.

(a)(2)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.CERT.

(a)(3)

None.

(a)(4)

Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX- 99.906CERT.

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 22, 2022

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 22, 2022

By:	/s/ Jeffrey T. Battaglia
	Jeffrey T. Battaglia
	Treasurer

Date:	September 22, 2022