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            <brokerName>TOCQUEVILLE SECURITIES L.P.</brokerName>
            <brokerFileNo>8-42223</brokerFileNo>
            <brokerCrdNo>000026001</brokerCrdNo>
            <brokerLei>JQ6MIRE0WE1ONXB1RI12</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>637</grossCommission>
          </broker>
          <broker>
            <brokerName>KEEFE, BRUYETTE &amp; WOODS, INC.</brokerName>
            <brokerFileNo>8-10888</brokerFileNo>
            <brokerCrdNo>000000481</brokerCrdNo>
            <brokerLei>549300OM47DQV01G4854</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3816</grossCommission>
          </broker>
          <broker>
            <brokerName>COWEN PRIME SERVICES LLC</brokerName>
            <brokerFileNo>8-68531</brokerFileNo>
            <brokerCrdNo>000153397</brokerCrdNo>
            <brokerLei>5493008YIIJEE4T4UC61</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8506</grossCommission>
          </broker>
          <broker>
            <brokerName>ALLIANCEBERNSTEIN INVESTMENTS, INC.</brokerName>
            <brokerFileNo>8-30851</brokerFileNo>
            <brokerCrdNo>000014549</brokerCrdNo>
            <brokerLei>549300TDIO6ROCMUID11</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1001</grossCommission>
          </broker>
          <broker>
            <brokerName>PIPER SANDLER &amp; CO.</brokerName>
            <brokerFileNo>8-15204</brokerFileNo>
            <brokerCrdNo>000000665</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
            <grossCommission>350</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>17078</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Cullen High Dividend Equity Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000006835</mgmtInvSeriesId>
        <mgmtInvLei>549300RR98332922DP57</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>5</numAuthorizedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="I" sharesOutstandingClassId="C000018480" sharesOutstandingTickerSymbol="CHDVX"/>
          <sharesOutstanding sharesOutstandingClassName="C" sharesOutstandingClassId="C000018479" sharesOutstandingTickerSymbol="CHVCX"/>
          <sharesOutstanding sharesOutstandingClassName="R1" sharesOutstandingClassId="C000076265" sharesOutstandingTickerSymbol="CHDRX"/>
          <sharesOutstanding sharesOutstandingClassName="R2" sharesOutstandingClassId="C000076266" sharesOutstandingTickerSymbol="CHDPX"/>
          <sharesOutstanding sharesOutstandingClassName="Retail" sharesOutstandingClassId="C000018478" sharesOutstandingTickerSymbol="CHDEX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Cullen Capital Management LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-57576</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105799</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>ALPS FUND SERVICES, INC.</transferAgentName>
            <transferAgentFileNo>84-5730</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-CO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
            <pricingServiceLei>254900X21QX3H0T4HC32</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Brown Brothers Harriman</custodianName>
            <custodianLei>5493006KMX1VFTPYPW14</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS FUND SERVICES, INC.</adminName>
            <adminLei>0001049169</adminLei>
            <idNumberDesc>CIK Number</idNumberDesc>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>SAMUEL A RAMIREZ &amp; CO., INC.</brokerName>
            <brokerFileNo>8-497</brokerFileNo>
            <brokerCrdNo>000008158</brokerCrdNo>
            <brokerLei>549300772UJAHRD6LO53</brokerLei>
            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>25962</grossCommission>
          </broker>
          <broker>
            <brokerName>ALLIANCEBERNSTEIN INVESTMENTS, INC.</brokerName>
            <brokerFileNo>8-30851</brokerFileNo>
            <brokerCrdNo>000014549</brokerCrdNo>
            <brokerLei>549300TDIO6ROCMUID11</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>113144</grossCommission>
          </broker>
          <broker>
            <brokerName>COWEN PRIME SERVICES LLC</brokerName>
            <brokerFileNo>8-68531</brokerFileNo>
            <brokerCrdNo>000153397</brokerCrdNo>
            <brokerLei>5493008YIIJEE4T4UC61</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>481248</grossCommission>
          </broker>
          <broker>
            <brokerName>JEFFERIES LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>70810</grossCommission>
          </broker>
          <broker>
            <brokerName>JPMORGAN DISTRIBUTION SERVICES, INC.</brokerName>
            <brokerFileNo>8-52700</brokerFileNo>
            <brokerCrdNo>000104234</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-OH" brokerCountry="US"/>
            <grossCommission>100935</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY</brokerName>
            <brokerFileNo>8-68191</brokerFileNo>
            <brokerCrdNo>000149777</brokerCrdNo>
            <brokerLei>IGJSJL3JD5P30I6NJZ34</brokerLei>
            <brokerStateCountry brokerState="US-MD" brokerCountry="US"/>
            <grossCommission>48342</grossCommission>
          </broker>
          <broker>
            <brokerName>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH</brokerName>
            <brokerFileNo>8-7221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>22411</grossCommission>
          </broker>
          <broker>
            <brokerName>KEEFE, BRUYETTE &amp; WOODS, INC.</brokerName>
            <brokerFileNo>8-10888</brokerFileNo>
            <brokerCrdNo>000000481</brokerCrdNo>
            <brokerLei>549300OM47DQV01G4854</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>42210</grossCommission>
          </broker>
          <broker>
            <brokerName>EVERCORE GROUP L.L.C.</brokerName>
            <brokerFileNo>8-49830</brokerFileNo>
            <brokerCrdNo>000042405</brokerCrdNo>
            <brokerLei>5493008F0LRLS5N8LZ81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>34629</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS SECURITIES LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-CT" brokerCountry="US"/>
            <grossCommission>33008</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>1029991</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Cullen Value Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000038163</mgmtInvSeriesId>
        <mgmtInvLei>549300YPGS4FYQ2YAG74</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="I" sharesOutstandingClassId="C000117700" sharesOutstandingTickerSymbol="CVLVX"/>
          <sharesOutstanding sharesOutstandingClassName="Retail" sharesOutstandingClassId="C000117701" sharesOutstandingTickerSymbol="CVLEX"/>
          <sharesOutstanding sharesOutstandingClassName="C" sharesOutstandingClassId="C000117699" sharesOutstandingTickerSymbol="CVLFX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Cullen Capital Management LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-57576</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105799</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>ALPS FUND SERVICES, INC.</transferAgentName>
            <transferAgentFileNo>84-5730</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-CO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
            <pricingServiceLei>254900X21QX3H0T4HC32</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Brown Brothers Harriman</custodianName>
            <custodianLei>5493006KMX1VFTPYPW14</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS FUND SERVICES, INC.</adminName>
            <adminLei>0001049169</adminLei>
            <idNumberDesc>CIK Number</idNumberDesc>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>ALLIANCEBERNSTEIN INVESTMENTS, INC.</brokerName>
            <brokerFileNo>8-30851</brokerFileNo>
            <brokerCrdNo>000014549</brokerCrdNo>
            <brokerLei>549300TDIO6ROCMUID11</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2257</grossCommission>
          </broker>
          <broker>
            <brokerName>TOCQUEVILLE SECURITIES L.P.</brokerName>
            <brokerFileNo>8-42223</brokerFileNo>
            <brokerCrdNo>000026001</brokerCrdNo>
            <brokerLei>JQ6MIRE0WE1ONXB1RI12</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2501</grossCommission>
          </broker>
          <broker>
            <brokerName>COWEN PRIME SERVICES LLC</brokerName>
            <brokerFileNo>8-68531</brokerFileNo>
            <brokerCrdNo>000153397</brokerCrdNo>
            <brokerLei>5493008YIIJEE4T4UC61</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5511</grossCommission>
          </broker>
          <broker>
            <brokerName>JPMORGAN DISTRIBUTION SERVICES, INC.</brokerName>
            <brokerFileNo>8-52700</brokerFileNo>
            <brokerCrdNo>000104234</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-OH" brokerCountry="US"/>
            <grossCommission>3037</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY</brokerName>
            <brokerFileNo>8-68191</brokerFileNo>
            <brokerCrdNo>000149777</brokerCrdNo>
            <brokerLei>IGJSJL3JD5P30I6NJZ34</brokerLei>
            <brokerStateCountry brokerState="US-MD" brokerCountry="US"/>
            <grossCommission>3372</grossCommission>
          </broker>
          <broker>
            <brokerName>KEEFE, BRUYETTE &amp; WOODS, INC.</brokerName>
            <brokerFileNo>8-10888</brokerFileNo>
            <brokerCrdNo>000000481</brokerCrdNo>
            <brokerLei>549300OM47DQV01G4854</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1930</grossCommission>
          </broker>
          <broker>
            <brokerName>PIPER JAFFRAY &amp; CO.</brokerName>
            <brokerFileNo>8-15204</brokerFileNo>
            <brokerCrdNo>000000665</brokerCrdNo>
            <brokerLei>549300GRQCWQ3XGH0H10</brokerLei>
            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
            <grossCommission>457</grossCommission>
          </broker>
          <broker>
            <brokerName>EVERCORE GROUP L.L.C.</brokerName>
            <brokerFileNo>8-49830</brokerFileNo>
            <brokerCrdNo>000042405</brokerCrdNo>
            <brokerLei>5493008F0LRLS5N8LZ81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>395</grossCommission>
          </broker>
          <broker>
            <brokerName>JEFFERIES LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>119</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>19579</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Cullen International High Dividend Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000006836</mgmtInvSeriesId>
        <mgmtInvLei>5493009XF4YG6B1C0283</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>5</numAuthorizedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="R1" sharesOutstandingClassId="C000076267" sharesOutstandingTickerSymbol="CIHRX"/>
          <sharesOutstanding sharesOutstandingClassName="C" sharesOutstandingClassId="C000018482" sharesOutstandingTickerSymbol="CIHCX"/>
          <sharesOutstanding sharesOutstandingClassName="I" sharesOutstandingClassId="C000018483" sharesOutstandingTickerSymbol="CIHIX"/>
          <sharesOutstanding sharesOutstandingClassName="Retail" sharesOutstandingClassId="C000018481" sharesOutstandingTickerSymbol="CIHDX"/>
          <sharesOutstanding sharesOutstandingClassName="R2" sharesOutstandingClassId="C000076268" sharesOutstandingTickerSymbol="CIHPX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Cullen Capital Management LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-57576</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105799</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>ALPS FUND SERVICES, INC.</transferAgentName>
            <transferAgentFileNo>84-5730</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-CO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
            <pricingServiceLei>254900X21QX3H0T4HC32</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Brown Brothers Harriman</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS FUND SERVICES, INC.</adminName>
            <adminLei>0001049169</adminLei>
            <idNumberDesc>CIK Number</idNumberDesc>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>SCOTIA CAPITAL (USA) INC.</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7857</grossCommission>
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          <broker>
            <brokerName>HSBC SECURITIES (USA) INC.</brokerName>
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            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>22407</grossCommission>
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          <broker>
            <brokerName>CIMB</brokerName>
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            <brokerCrdNo>000141892</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>13367</grossCommission>
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          <broker>
            <brokerName>DNB MARKETS, INC.</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>15242</grossCommission>
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          <broker>
            <brokerName>AUERBACH GRAYSON &amp; CO</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>26166</grossCommission>
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          <broker>
            <brokerName>CREDIT AGRICOLE SECURITIES (USA) INC.</brokerName>
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            <brokerCrdNo>000000190</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
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            <grossCommission>9628</grossCommission>
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          <broker>
            <brokerName>COWEN PRIME SERVICES LLC</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>53375</grossCommission>
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          <broker>
            <brokerName>WOOD (ARTHUR W.) COMPANY, INC.</brokerName>
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            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>13249</grossCommission>
          </broker>
          <broker>
            <brokerName>DAIWA CAPITAL MARKETS</brokerName>
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            <brokerCrdNo>000001576</brokerCrdNo>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>27767</grossCommission>
          </broker>
          <broker>
            <brokerName>COWEN AND COMPANY</brokerName>
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            <brokerLei>549300WR155U7DVMIW58</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>34986</grossCommission>
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        </brokers>
        <aggregateCommission>247133</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>DNB MARKETS, INC.</principalName>
            <principalFileNo>8-66024</principalFileNo>
            <principalCrdNo>000127605</principalCrdNo>
            <principalLei>549300JP2KNKSIPRRE59</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>676829</principalTotalPurchaseSale>
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        </principalTransactions>
        <principalAggregatePurchase>676829</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Cullen Enhanced Equity Income Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000051935</mgmtInvSeriesId>
        <mgmtInvLei>549300PBKGNNW1V8NR77</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="C" sharesOutstandingClassId="C000163394" sharesOutstandingTickerSymbol="ENHCX"/>
          <sharesOutstanding sharesOutstandingClassName="I" sharesOutstandingClassId="C000163395" sharesOutstandingTickerSymbol="ENHNX"/>
          <sharesOutstanding sharesOutstandingClassName="Retail" sharesOutstandingClassId="C000163396" sharesOutstandingTickerSymbol="ENHRX"/>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Cullen Capital Management LLC</investmentAdviserName>
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            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
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        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>ALPS FUND SERVICES, INC.</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-CO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Brown Brothers Harriman</custodianName>
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            <isSubCustodian>N</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS FUND SERVICES, INC.</adminName>
            <adminLei>0001049169</adminLei>
            <idNumberDesc>CIK Number</idNumberDesc>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
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            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>DASH FINANCIAL TECHNOLOGIES LLC</brokerName>
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            <brokerCrdNo>000104031</brokerCrdNo>
            <brokerLei>549300VYG4AYVBIDN394</brokerLei>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>23718</grossCommission>
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          <broker>
            <brokerName>OPPENHEIMER &amp; CO. INC.</brokerName>
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          <broker>
            <brokerName>STRATEGAS SECURITIES, LLC</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
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          <broker>
            <brokerName>RBC CAPITAL MARKETS, LLC</brokerName>
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            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
            <grossCommission>9802</grossCommission>
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          <broker>
            <brokerName>MORGAN STANLEY</brokerName>
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            <brokerCrdNo>000149777</brokerCrdNo>
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            <brokerStateCountry brokerState="US-MD" brokerCountry="US"/>
            <grossCommission>1598</grossCommission>
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          <broker>
            <brokerName>EVERCORE GROUP L.L.C..</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8409</grossCommission>
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          <broker>
            <brokerName>HSBC SECURITIES (USA) INC.</brokerName>
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            <brokerLei>CYYGQCGNHMHPSMRL3R97</brokerLei>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>2393</grossCommission>
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          <broker>
            <brokerName>ALLIANCEBERNSTEIN INVESTMENTS, INC.</brokerName>
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            <brokerCrdNo>000014549</brokerCrdNo>
            <brokerLei>549300TDIO6ROCMUID11</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9992</grossCommission>
          </broker>
          <broker>
            <brokerName>JEFFERIES LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1435</grossCommission>
          </broker>
          <broker>
            <brokerName>COWEN PRIME SERVICES LLC</brokerName>
            <brokerFileNo>8-68531</brokerFileNo>
            <brokerCrdNo>000153397</brokerCrdNo>
            <brokerLei>5493008YIIJEE4T4UC61</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>24362</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>90352</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <signature registrantSignedName="Cullen Funds Trust" signedDate="2020-06-30" signature="Lori Andreson" title="Fund Controller"/>
  </formData>
</edgarSubmission>
