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, 2023 – December 31, 2023

 

 

 

Item 1.

Report to Shareholders.

 

	(a)

 

 

Semi-Annual Report

December 31, 2023

 

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
Schedules of Investments	30
Statements of Assets and Liabilities	43
Statements of Operations	45
Statements of Changes in Net Assets	47
Financial Highlights	49
Notes to Financial Statements	70
Additional Information	79

 

Cullen Funds

 

SHAREHOLDER LETTER

December 31, 2023 (Unaudited)

 

The strong full year and second half 2023 market performance was driven by the strong performance of the “Magnificent Seven” leading technology stocks (MSFT, AAPL, GOOGL, AMZN, NVDA, META, TSLA) which now comprise ~ 28% of the S&P 500 Index. The Magnificent Seven surged 76.2% in 2023 (+11.3% in the second half of 2023), while the S&P 493 (S&P 500 excluding these seven leading stocks) and the S&P 500 Equal Weighted Index significantly underperformed the S&P 500 Index (which is a market-cap weighted index). While the fourth quarter market rally did lead to broader participation (breadth), the concentration of the market this year has reached extreme levels. The ten largest stocks in the S&P 500 Index now comprise 32% of the index, a level not seen since 1975. Historical trends suggest caution: high concentration levels in the top companies often precede periods of underperformance of that cohort.

 

For the full year 2023, the Russell 1000 Growth Index outperformed the Russell 1000 Value Index by 31 percentage points, marking the second-largest spread in history since 1979, only surpassed by the 38 percentage points recorded in 2020. However, when considering a 2-year cumulative basis ending in 2023, the Russell 1000 Value Index outperformed the Russell 1000 Growth Index by 200 basis points. In addition, high dividend stocks significantly lagged for the full year 2023 following their leadership in 2022. The highest dividend-yielding quintile in the S&P 500 Index (yields > 3.6%) delivered a negative price return of -0.8% in 2023. During the same period, the Dow Jones U.S. Select Dividend Index returned 1.5%. Rising interest rates negatively impacted high dividend stocks without affecting Growth stocks, a phenomenon often observed in late stages of tightening cycles before the onset of broader market weakness.

 

The pronounced underperformance of Dividend stocks and Defensive sectors has reached an extreme level – the relative performance of Staples, Healthcare, Utilities and Telcos compared to the S&P 500 Index is at its lowest point in four decades. These market dislocations offer investors compelling opportunities to invest in out-of-favor styles that have historically generated Alpha over time.

 

Retail Class Performance for the six months ended December 31, 2023 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			7.92	%
MSCI EAFE Index			5.88	%
Cullen High Dividend Equity Fund			1.97	%
S&P 500 Index			8.04	%
Russell 1000 Value Index			6.03	%
Cullen Small Cap Value Fund			9.48	%
Russell 2000 Value Index			11.85	%
Cullen Value Fund			2.58	%
S&P 500 Index			8.04	%
Russell 1000 Value Index			6.03	%
Cullen Emerging Markets High Dividend Fund			11.00	%
MSCI Emerging Markets Index			4.71	%
Cullen Enhanced Equity Income Fund			1.55	%
Cboe S&P 500 BuyWrite Index			1.23	%

 

Please refer to the financial highlights for each Fund’s respective share class performance on pages 6-26 of this report.

 

Portfolio Review - International High Dividend Fund

 

The International High Dividend Fund’s performance versus the MSCI EAFE Index during the period was primarily due to the Fund’s strong stock selection within Information Technology, Consumer Staples and Consumer Discretionary. Partially offsetting relative performance during the period was the Fund’s cash holdings as well as stock selection within Healthcare and Energy.

 

Portfolio Review - High Dividend Fund

 

The High Dividend Fund’s performance versus the S&P 500 Index and Russell 1000 Value Index during the period was primarily due to the Fund’s stock selection within Industrials, Healthcare, and Consumer Discretionary. The Fund’s stock selection within Information Technology and an underweight exposure to Healthcare partially offset relative performance.

 

Portfolio Review - Small Cap Fund

 

The Small Cap Fund’s performance versus the Russell 2000 Value Index during the period was primarily due to stock selection within the Industrials, Consumer Discretionary, and Materials sectors. Partially offsetting relative performance was the Fund’s stock selection within Financials, Information Technology, and Real Estate.

 

Portfolio Review - Value Fund

 

The Value Fund’s performance versus the S&P 500 Index and Russell 1000 Value Index during the period was primarily due to stock selection within the Information Technology, Healthcare and Consumer Discretionary sectors. The Fund’s stock selection in the Financials and Materials sectors as well as not owning any stocks within Utilities slightly offset relative performance.

 

Cullen Funds

 

SHAREHOLDER LETTER

December 31, 2023 (Continued) (Unaudited)

 

Portfolio Review - Emerging Markets High Dividend Fund

 

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

 

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 stock selection in Healthcare, Communication Services and Consumer Staples. Stock selection within Utilities and Materials slightly offset relative performance. The Fund’s use of covered call options¹ during the period contributed premiums of approximately 3.4% of average net assets during the period.

 

Outlook

 

The S&P 500 steadily climbed in the fourth quarter, approaching record levels. The rally was driven by declining broad-based inflation measures, which gained further bullish momentum when the Fed confirmed the possibility of rate cuts in 2024. These factors, combined with the resilience of economic growth and strong employment indicators, have led to optimistic forecasts, predicting a “soft” and “no” landing for the U.S. economy in 2024. However, recent history has shown that the prevailing views at the end of the last three years have turned out to be inaccurate. The Wall Street Journal summarizes: “At the end of last year [2022], investors thought recession was a done deal. The year before [2021], they thought big tech would be immune to rate increases. And a year before that [2020], they were convinced that paying high prices for stocks popular with the wider public would make them rich. This December [2023], [consensus] believes, again with absolute conviction, that the economy is headed for a soft landing and lower interest rates. Each of the past three years had a similar strong consensus that proved entirely wrong.”

 

The resilience of the U.S. economy has been underpinned by the consumer and services sectors, despite experiencing the most aggressive monetary tightening cycle in four decades. Relatively healthy employment and wage gains, while moderating, remain favorable. Furthermore, the impact of higher rates on consumers is somewhat mitigated by a higher percentage of debt outstanding set at fixed rates. At present, the S&P 500 is trading at elevated levels compared to traditional equity valuation metrics: Forward Price/Earnings of 22.0x (500 basis points above the LT average), EV/EBITDA of 14x (90%ile), EV/ Sales of 2.7x (88%ile), and P/B of 4.3x (89%ile) since 2010.

 

Value stocks (as measured by the Russell 1000 Value Index) are currently trading at a Spread that is 2 Standard Deviations wide when compared to Growth stocks (as measured by the Russell 1000 Growth Index). Next, after the last hike in the tightening cycle, Defensives have outperformed both the market and Growth stocks. This is usually driven by the lagged effect of monetary tightening, which often precipitates an economic slowdown, prompting a shift towards Defensives. Moreover, the four-year Presidential Election Cycle reveals some patterns of equity market performance by year driven by the degree of policy certainty and government stimulus. Historically, the third year (pre-election year) has consistently delivered the strongest returns, while the fourth year (election year) has seen the weakest returns within the four-year cycle. Election years, such as 2024, have typically resulted in the lowest returns, with earnings growth being the primary driver of these returns rather than multiple expansion. This phenomenon is attributed to the policy uncertainty associated with a potential new administration.

 

We believe the case for investing in High Dividend and Value stocks is more compelling than ever. To begin with, the pronounced underperformance of High Dividend and Value stocks in 2023, reminiscent of the trends observed in 2020, can be attributed to higher interest rates and the fading probability of a recession. The shift towards a concentrated group of Growth stocks in 2023, now trading at near-record valuations, has historically resulted in underperformance of that cohort over time. Both Value and High Dividend stocks are currently trading at historically wide discounts compared to Growth stocks and the broader market. Defensive stocks with low Beta, which typically trade in line with the market, are presently trading at a historically wide spread to the S&P 500.

 

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. We believe we could be entering a period where 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.

 

Cullen Funds

 

SHAREHOLDER LETTER

December 31, 2023 (Continued) (Unaudited)

 

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 S&P 500 Equal Weight Index (EWI) is the equal-weight version of the S&P 500 Index. The Russell 1000 Value Index is an unmanaged index that measures the performance of the large cap value segment of U.S. stocks. The Russell 1000 Growth Index is an unmanaged index that measures the performance of the large- cap growth segment of U.S. stocks. The Russell 2000 Value Index is an unmanaged index that measures the performance of the small-cap value segment of U.S. stocks. The Dow Jones U.S. Select Dividend Index measures the performance of 100 high dividend paying companies, excluding REITs, meeting specific criteria for dividends, earnings, size and liquidity. The MSCI EAFE Index is an unmanaged index of common stocks in Europe, Australia, Asia and the Far East. The MSCI Emerging Markets Index is an unmanaged index of common stocks of global emerging economies. The CBOE S&P 500 BuyWrite Index is an unmanaged index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index, which itself is also unmanaged index commonly used to measure performance of U.S. stocks. It is not possible to invest directly in an index.

 

Alpha is a measure of the portfolio’s risk-adjusted performance. Beta is a measure of the volatility of a fund relative to the overall market. Forward Price/Earnings ratio is a valuation metric that compares a stock’s share price to its forecasted earnings per share. EV/EBITDA is a ratio that compares a company’s Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA). Enterprise Value-to-Sales (EV/Sales) is a ratio that measures a company’s total value (in enterprise value terms) to its total sales revenue. P/B ratio, or the price-to-book ratio, is a valuation metric that compares a company’s market value to the value of its assets. Spread refers to the difference or gap between two prices, rates, or yields. Standard deviation is a statistical measure of the historic volatility of a portfolio

 

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 Paralel Distributors LLC. FINRA Member Firm

 

Cullen International High Dividend Fund - Retail Class

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (12/15/2005)
Cullen International High Dividend Fund - Retail			7.92	%			17.43	%			7.70	%			2.56	%			3.59	%
MSCI EAFE Index			6.00	%			18.85	%			8.69	%			4.78	%			4.94	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

Cullen International High Dividend Fund - Class C

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (12/15/2005)
Cullen International High Dividend Fund - Class C			7.44	%			16.52	%			6.88	%			1.80	%			2.84	%
MSCI EAFE Index			6.00	%			18.85	%			8.69	%			4.78	%			4.94	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

Cullen International High Dividend Fund - Class I

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $1,000,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (12/15/2005)
Cullen International High Dividend Fund - Class I			8.01	%			17.67	%			7.96	%			2.83	%			3.87	%
MSCI EAFE Index			6.00	%			18.85	%			8.69	%			4.78	%			4.94	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $1,000,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

Cullen International High Dividend Fund - Class R2

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (3/4/2010)
Cullen International High Dividend Fund - Class R2			8.07	%			17.49	%			7.54	%			2.39	%			4.14	%
MSCI EAFE Index			6.00	%			18.85	%			8.69	%			4.78	%			6.15	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen High Dividend Equity Fund - Retail Class

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (8/1/2003)
Cullen High Dividend Equity Fund - Retail			1.97	%			2.67	%			7.42	%			6.95	%			7.57	%
S&P 500 Index			8.04	%			26.29	%			15.69	%			12.03	%			10.21	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen High Dividend Equity Fund - Class C

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (10/7/2004)
Cullen High Dividend Equity Fund - Class C			1.62	%			1.92	%			6.62	%			6.16	%			6.23	%
S&P 500 Index			8.04	%			26.29	%			15.69	%			12.03	%			9.93	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen High Dividend Equity Fund - Class I

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $1,000,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (10/7/2004)
Cullen High Dividend Equity Fund - Class I			2.17	%			2.99	%			7.69	%			7.22	%			7.29	%
S&P 500 Index			8.04	%			26.29	%			15.69	%			12.03	%			9.93	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $1,000,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen High Dividend Equity Fund - Class R1

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (3/3/2010)
Cullen High Dividend Equity Fund - Class R1			1.71	%			2.14	%			6.88	%			6.42	%			8.32	%
S&P 500 Index			8.04	%			26.29	%			15.69	%			12.03	%			13.24	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen High Dividend Equity Fund - Class R2

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (3/4/2010)
Cullen High Dividend Equity Fund - Class R2			1.88	%			2.46	%			7.16	%			6.69	%			8.63	%
S&P 500 Index			8.04	%			26.29	%			15.69	%			12.03	%			13.21	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen Small Cap Value Fund - Retail Class

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (10/1/2009)
Cullen Small Cap Value Fund - Retail			9.48	%			5.43	%			11.94	%			4.52	%			7.71	%
Russell 2000 Value Index			11.85	%			14.65	%			10.00	%			6.76	%			9.93	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen Small Cap Value Fund - Class C

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (10/1/2009)
Cullen Small Cap Value Fund - Class C			8.99	%			4.66	%			11.10	%			3.74	%			6.92	%
Russell 2000 Value Index			11.85	%			14.65	%			10.00	%			6.76	%			9.93	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen Small Cap Value Fund - Class I

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $1,000,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (10/1/2009)
Cullen Small Cap Value Fund - Class I			9.58	%			5.75	%			12.23	%			4.75	%			7.97	%
Russell 2000 Value Index			11.85	%			14.65	%			10.00	%			6.76	%			9.93	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $1,000,000 made on 12/31 /2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen Value Fund - Retail Class

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (8/31/2012)
Cullen Value Fund - Retail			2.58	%			5.17	%			8.54	%			7.38	%			9.07	%
S&P 500 Index			8.04	%			26.29	%			15.69	%			12.03	%			13.53	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen Value Fund - Class C

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (8/31/2012)
Cullen Value Fund - Class C			2.22	%			4.46	%			7.73	%			6.58	%			8.26	%
S&P 500 Index			8.04	%			26.29	%			15.69	%			12.03	%			13.53	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31 /2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen Value Fund - Class I

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $1,000,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (8/31/2012)
Cullen Value Fund - Class I			2.71	%			5.44	%			8.80	%			7.64	%			9.34	%
S&P 500 Index			8.04	%			26.29	%			15.69	%			12.03	%			13.53	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $1,000,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen Emerging Markets High Dividend Fund - Retail Class

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (8/31/2012)
Cullen Emerging Markets High Dividend Fund - Retail			11.00	%			26.11	%			8.58	%			4.22	%			4.84	%
MSCI Emerging Markets Index			4.71	%			9.83	%			3.68	%			2.66	%			3.13	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen Emerging Markets High Dividend Fund - Class C

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (8/31/2012)
Cullen Emerging Markets High Dividend Fund - Class C			10.57	%			25.17	%			7.77	%			3.45	%			4.05	%
MSCI Emerging Markets Index			4.71	%			9.83	%			3.68	%			2.66	%			3.13	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $10,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen Emerging Markets High Dividend Fund - Class I

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $1,000,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				10 Year				Annualized Since Inception (8/31/2012)
Cullen Emerging Markets High Dividend Fund - Class I			11.13	%			26.39	%			8.85	%			4.50	%			5.12	%
MSCI Emerging Markets Index			4.71	%			9.83	%			3.68	%			2.66	%			3.13	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

This chart assumes an initial gross investment of $1,000,000 made on 12/31/2013. Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that you may pay on fund distributions or redemption of shares.

 

 

Cullen Enhanced Equity Income Fund - Retail Class

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				Annualized Since Inception (12/15/2015)
Cullen Enhanced Equity Income Fund - Retail			1.55	%			0.79	%			7.96	%			6.82	%
Cboe S&P 500 BuyWrite Index			1.23	%			11.82	%			6.08	%			5.60	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

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

 

 

Cullen Enhanced Equity Income Fund - Class C

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $10,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				Annualized Since Inception (12/15/2015)
Cullen Enhanced Equity Income Fund - Class C			1.08	%			-0.05	%			7.16	%			6.03	%
Cboe S&P 500 BuyWrite Index			1.23	%			11.82	%			6.08	%			5.60	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

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

 

 

Cullen Enhanced Equity Income Fund - Class I

 

FUND PERFORMANCE

December 31, 2023 (Unaudited)

 

Growth of $1,000,000 Investment

 

 

 

Average Annual Total Return as of December 31, 2023

 

		6 Months				1 Year				5 Year				Annualized Since Inception (12/15/2015)
Cullen Enhanced Equity Income Fund - Class I			1.61	%			0.96	%			8.23	%			7.09	%
Cboe S&P 500 BuyWrite Index			1.23	%			11.82	%			6.08	%			5.60	%

 

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.

 

Graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

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

 

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

 

Cullen Funds

 

DISCLOSURE OF FUND EXPENSES 

December 31, 2023

 

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; service fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2023 to December 31, 2023.

 

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 July 1, 2023				Ending Account Value December 31, 2023				Expenses Paid During Period July 1, 2023 to December 31, 2023(b)
Cullen International High Dividend Fund
Retail
Actual			1.25	%		$	1,000.00			$	1,079.20			$	6.53
Hypothetical (5% return before expenses)			1.25	%		$	1,000.00			$	1,018.85			$	6.34
Class C
Actual			2.00	%		$	1,000.00			$	1,074.40			$	10.43
Hypothetical (5% return before expenses)			2.00	%		$	1,000.00			$	1,015.08			$	10.13
Class I
Actual			1.00	%		$	1,000.00			$	1,080.10			$	5.23
Hypothetical (5% return before expenses)			1.00	%		$	1,000.00			$	1,020.11			$	5.08
Class R2
Actual			1.50	%		$	1,000.00			$	1,080.70			$	7.85
Hypothetical (5% return before expenses)			1.50	%		$	1,000.00			$	1,017.60			$	7.61

 

Cullen Funds

 

DISCLOSURE OF FUND EXPENSES 

December 31, 2023

 

		Net Expense Ratio(a)				Beginning Account Value July 1, 2023				Ending Account Value December 31, 2023				Expenses Paid During Period July 1, 2023 to December 31, 2023(b)
Cullen High Dividend Equity Fund
Retail
Actual			1.00	%		$	1,000.00			$	1,019.70			$	5.08
Hypothetical (5% return before expenses)			1.00	%		$	1,000.00			$	1,020.11			$	5.08
Class C
Actual			1.75	%		$	1,000.00			$	1,016.20			$	8.87
Hypothetical (5% return before expenses)			1.75	%		$	1,000.00			$	1,016.34			$	8.87
Class I
Actual			0.75	%		$	1,000.00			$	1,021.70			$	3.81
Hypothetical (5% return before expenses)			0.75	%		$	1,000.00			$	1,021.37			$	3.81
Class R1
Actual			1.50	%		$	1,000.00			$	1,017.10			$	7.61
Hypothetical (5% return before expenses)			1.50	%		$	1,000.00			$	1,017.60			$	7.61
Class R2
Actual			1.25	%		$	1,000.00			$	1,018.80			$	6.34
Hypothetical (5% return before expenses)			1.25	%		$	1,000.00			$	1,018.85			$	6.34
Cullen Small Cap Value Fund
Retail
Actual			1.25	%		$	1,000.00			$	1,094.80			$	6.58
Hypothetical (5% return before expenses)			1.25	%		$	1,000.00			$	1,018.85			$	6.34
Class C
Actual			2.00	%		$	1,000.00			$	1,089.90			$	10.51
Hypothetical (5% return before expenses)			2.00	%		$	1,000.00			$	1,015.08			$	10.13
Class I
Actual			1.00	%		$	1,000.00			$	1,095.80			$	5.27
Hypothetical (5% return before expenses)			1.00	%		$	1,000.00			$	1,020.11			$	5.08
Cullen Value Fund
Retail
Actual			1.00	%		$	1,000.00			$	1,025.80			$	5.09
Hypothetical (5% return before expenses)			1.00	%		$	1,000.00			$	1,020.11			$	5.08
Class C
Actual			1.75	%		$	1,000.00			$	1,022.20			$	8.95
Hypothetical (5% return before expenses)			1.75	%		$	1,000.00			$	1,016.29			$	8.92
Class I
Actual			0.75	%		$	1,000.00			$	1,027.10			$	3.82
Hypothetical (5% return before expenses)			0.75	%		$	1,000.00			$	1,021.37			$	3.81
Cullen Emerging Markets High Dividend Fund
Retail
Actual			1.25	%		$	1,000.00			$	1,110.00			$	6.63
Hypothetical (5% return before expenses)			1.25	%		$	1,000.00			$	1,018.85			$	6.34
Class C
Actual			2.00	%		$	1,000.00			$	1,105.70			$	10.59
Hypothetical (5% return before expenses)			2.00	%		$	1,000.00			$	1,015.08			$	10.13
Class I
Actual			1.00	%		$	1,000.00			$	1,111.30			$	5.31
Hypothetical (5% return before expenses)			1.00	%		$	1,000.00			$	1,020.11			$	5.08

 

Cullen Funds

 

DISCLOSURE OF FUND EXPENSES 

December 31, 2023

 

		Net Expense Ratio(a)				Beginning Account Value July 1, 2023				Ending Account Value December 31, 2023				Expenses Paid During Period July 1, 2023 to December 31, 2023(b)
Cullen Enhanced Equity Income Fund
Retail
Actual			1.00	%		$	1,000.00			$	1,015.50			$	5.07
Hypothetical (5% return before expenses)			1.00	%		$	1,000.00			$	1,020.11			$	5.08
Class C
Actual			1.75	%		$	1,000.00			$	1,010.80			$	8.85
Hypothetical (5% return before expenses)			1.75	%		$	1,000.00			$	1,016.34			$	8.87
Class I
Actual			0.75	%		$	1,000.00			$	1,016.10			$	3.80
Hypothetical (5% return before expenses)			0.75	%		$	1,000.00			$	1,021.37			$	3.81

 

(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 (184), divided by 366. Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Funds’ prospectuses for more information regarding waivers and/or reimbursements.

 

Cullen International High Dividend Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Unaudited)

 

 

See Notes to Financial Statements. 

Cullen International High Dividend Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Continued) (Unaudited)

 

 

See Notes to Financial Statements. 

Cullen High Dividend Equity Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Unaudited)

 

 

See Notes to Financial Statements. 

Cullen High Dividend Equity Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Continued) (Unaudited)

 

 

See Notes to Financial Statements.

 

Cullen Small Cap Value Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Unaudited)

 

 

See Notes to Financial Statements. 

 

Cullen Small Cap Value Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Continued) (Unaudited)

 

 

See Notes to Financial Statements. 

Cullen Value Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Unaudited)

 

 

See Notes to Financial Statements. 

Cullen Value Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Continued) (Unaudited)

 

See Notes to Financial Statements. 

 

Cullen Emerging Markets High Dividend Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Unaudited)

 

 

See Notes to Financial Statements.

 

Cullen Emerging Markets High Dividend Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Continued) (Unaudited)

 

 

See Notes to Financial Statements. 

 

Cullen Emerging Markets High Dividend Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Continued) (Unaudited)

 

 

See Notes to Financial Statements. 

Cullen Enhanced Equity Income Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Unaudited)

 

 

See Notes to Financial Statements. 

 

Cullen Enhanced Equity Income Fund

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 (Continued) (Unaudited)

 

 

See Notes to Financial Statements. 

Cullen Funds

 

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023 (Unaudited)

 

		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		$	264,239,705			$	763,237,630			$	11,752,042			$	21,832,496			$	603,266,630			$	164,942,277
Cash			303,614				7,328,632				77,403				—				8,195,189				2,620,002
Foreign currencies, at value			—				—				—				1,913				392,512				—
Receivable for investments sold			2,671,876				—				—				331,720				718,111				139,425
Receivable for fund shares sold			52,475				4,447,497				—				1,220				1,459,674				109,786
Dividends receivable			1,567,405				2,504,472				18,086				40,562				1,143,342				698,396
Receivable due from Investment Advisor			—				—				20,001				13,506				—				—
Prepaid expenses and other assets			52,252				71,874				29,298				30,138				56,952				45,345
Total Assets			268,887,327				777,590,105				11,896,830				22,251,555				615,232,410				168,555,231
LIABILITIES:
Bank overdraft			—				—				—				34,077				—				—
Written options, at value			—				—				—				—				—				780,191
Payable to Investment Advisor			159,878				429,223				—				—				377,397				63,051
Payable for investments purchased			1,588,248				—				—				—				3,664,673				1,367,001
Payable for shares redeemed			221,277				1,645,652				100				—				185,846				932,140
Distribution fees payable			1,689				39,547				196				874				4,881				9,219
Trustees’ fees and expenses payable			20,412				20,412				20,412				20,412				20,412				20,412
Professional fees payable			62,521				51,881				52,668				61,901				59,742				58,783
Capital gains tax payable			—				—				—				—				4,684,714				—
Accrued expenses and other liabilities			70,001				117,846				25,940				19,178				105,466				31,507
Total Liabilities			2,124,026				2,304,561				99,316				136,442				9,103,131				3,262,304
NET ASSETS		$	266,763,301			$	775,285,544			$	11,797,514			$	22,115,113			$	606,129,279			$	165,292,927
NET ASSETS CONSIST OF
Paid in capital		$	248,737,563			$	388,596,135			$	9,948,029			$	14,065,793			$	586,840,873			$	178,380,178
Total distributable earnings			18,025,738				386,689,409				1,849,485				8,049,320				19,288,406				(13,087,251	)
NET ASSETS		$	266,763,301			$	775,285,544			$	11,797,514			$	22,115,113			$	606,129,279			$	165,292,927
Investments, at cost		$	199,675,897			$	393,408,601			$	9,882,498			$	13,697,821			$	475,041,744			$	165,627,816
Foreign currencies, at cost			—				—				—				1,916				392,473				—
Premiums received on written options			—				—				—				—				—				464,665

 

See Notes to Financial Statements.

 

 

Cullen Funds

 

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023 (Continued) (Unaudited)

 

		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		$	10.73			$	13.54			$	13.61			$	12.88			$	11.77			$	10.10
Net Assets		$	4,701,018			$	83,333,890			$	436,020			$	1,855,220			$	18,238,234			$	8,304,978
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value)			438,106				6,154,043				32,038				144,026				1,550,123				822,463
Class C:
Net Asset Value, offering and redemption price per share		$	10.65			$	13.22			$	11.97			$	12.85			$	11.58			$	10.11
Net Assets		$	1,038,329			$	24,873,821			$	130,686			$	570,666			$	1,491,125			$	8,946,871
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value)			97,455				1,881,740				10,919				44,424				128,762				884,870
Class I:
Net Asset Value, offering and redemption price per share		$	10.85			$	13.56			$	14.23			$	12.82			$	11.87			$	10.18
Net Assets		$	261,023,193			$	665,762,847			$	11,230,808			$	19,689,227			$	586,399,920			$	148,041,078
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value)			24,047,044				49,115,007				789,258				1,535,308				49,394,123				14,541,854
Class R1:
Net Asset Value, offering and redemption price per share			—			$	10.35				—				—				—				—
Net Assets			—			$	807,926				—				—				—				—
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value)			—				78,055				—				—				—				—
Class R2:
Net Asset Value, offering and redemption price per share		$	12.70	*		$	10.66				—				—				—				—
Net Assets		$	761			$	507,060				—				—				—				—
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value)			60				47,583				—				—				—				—

 

*

Per share amounts may not recalculate due to rounding.

 

See Notes to Financial Statements.

 

 

Cullen Funds

 

STATEMENTS OF OPERATIONS

December 31, 2023 (Unaudited)

 

		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*		$	2,868,658			$	13,294,069			$	156,111			$	269,204			$	8,944,704			$	3,967,866
Interest and other income			145,330				258,288				4,455				4,390				375,859				117,774
Total Investment Income			3,013,988				13,552,357				160,566				273,594				9,320,563				4,085,640
EXPENSES:
Investment advisory fees (Note 6)			1,241,295				4,292,291				60,868				108,797				2,490,473				939,142
Administrative fees			58,687				148,669				12,303				9,082				99,799				39,116
Distribution fees (Note 7)
Retail			5,758				109,363				591				2,342				16,289				9,106
Class C			4,312				139,560				609				3,244				7,038				45,613
Class R1			—				1,922				—				—				—				—
Class R2			—				597				—				—				—				—
Registration and filing fees			38,013				33,399				15,113				16,601				31,530				27,644
Custody fees			43,496				15,973				2,556				1,607				219,467				6,445
Transfer agent fees			33,617				65,467				23,148				23,398				26,205				29,530
Legal fees			34,217				34,217				34,217				35,679				30,393				30,393
Professional fees			30,885				30,569				29,710				29,710				42,353				31,059
Trustees’ fees			40,412				40,412				40,412				40,412				40,412				40,412
Other expenses			24,455				65,161				11,595				9,965				32,746				23,437
Total Expenses			1,555,147				4,977,600				231,122				280,837				3,036,705				1,221,897
Less expenses reimbursed from
Investment Advisor (Note 6)
Retail			(5,659	)			(154,326	)			(6,542	)			(16,669	)			(13,380	)			(18,239	)
Class C			(1,048	)			(49,366	)			(1,705	)			(5,792	)			(1,459	)			(22,930	)
Class I			(296,519	)			(1,304,474	)			(160,839	)			(171,203	)			(503,121	)			(423,021	)
Class R1			—				(392	)			—				—				—				—
Class R2			—				(244	)			—				—				—				—
Net Expenses			1,251,921				3,468,798				62,036				87,173				2,518,745				757,707
NET INVESTMENT INCOME			1,762,067				10,083,559				98,530				186,421				6,801,818				3,327,933
Net realized gain/(loss) on:
Investments			(3,667,614	)			38,309,718				271,398				765,136				1,993,295				(4,866,608	)
Written options			—				—				—				—				—				2,056,646
Capital gains tax			—				—				—				—				(260,412	)			—
Foreign currency related transactions			(83,250	)			1,033				—				71				(309,103	)			291
Total Net realized gain/loss			(3,750,864	)			38,310,751				271,398				765,207				1,423,780				(2,809,671	)
Net change in unrealized appreciation/depreciation on:
Investments			21,801,984				(36,916,706	)			458,894				(395,554	)			53,340,124				1,792,340
Written options			—				—				—				—				—				(200,495	)
Capital gains tax			—				—				—				—				(4,172,191	)			—
Foreign currency related translations			58,450				(260	)			—				—				18,132				397
Total net change in unrealized appreciation/depreciation			21,860,434				(36,916,966	)			458,894				(395,554	)			49,186,065				1,592,242
NET REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS			18,109,570				1,393,785				730,292				369,653				50,609,845				(1,217,429	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	19,871,637			$	11,477,344			$	828,822			$	556,074			$	57,411,663			$	2,110,504
*Foreign taxes withheld on dividends		$	251,643			$	90,539			$	—			$	656			$	1,204,277			$	29,601

 

See Notes to Financial Statements.

 

 

Cullen Funds

 

STATEMENTS OF CHANGES IN NET ASSETS

December 31, 2023 (Unaudited)

 

		Cullen International High Dividend Fund								Cullen High Dividend Equity Fund
		Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30, 2023				Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30, 2023
OPERATIONS
Net investment income		$	1,762,067			$	6,891,007			$	10,083,559			$	25,731,047
Net realized gain/(loss)			(3,750,864	)			(10,900,304	)			38,310,751				59,325,031
Net change in unrealized appreciation/depreciation			21,860,434				32,322,975				(36,916,966	)			(2,723,116	)
Net Increase in net assets resulting from operations			19,871,637				28,313,678				11,477,344				82,332,962
DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings
Retail			(103,022	)			(129,178	)			(8,673,426	)			(8,442,117	)
Class C			(17,798	)			(20,807	)			(2,561,029	)			(2,445,946	)
Class I			(5,442,975	)			(6,571,030	)			(70,025,194	)			(72,658,297	)
Class R1			—				—				(100,951	)			(73,086	)
Class R2			(13	)			(16	)			(62,238	)			(40,208	)
Net (decrease) in net assets from distributions			(5,563,808	)			(6,721,031	)			(81,422,838	)			(83,659,654	)
CAPITAL SHARE TRANSACTIONS (NOTE 3)
Shares sold
Retail			1,462,463				3,072,075				31,900,606				12,471,663
Class C			210,000				92,080				1,127,633				2,925,023
Class I			32,659,831				138,828,222				71,975,989				159,672,791
Class R1			—				—				12,268				32,010
Class R2			—				685				25,954				297,583
Dividends reinvested
Retail			96,524				118,524				8,375,522				8,150,528
Class C			16,463				18,297				2,494,976				2,393,537
Class I			3,469,518				4,002,478				58,314,774				59,066,364
Class R1			—				—				100,952				73,086
Class R2			14				15				62,238				40,208
Shares redeemed
Retail			(1,871,389	)			(3,092,075	)			(43,973,699	)			(32,720,047	)
Class C			(213,091	)			(299,866	)			(6,996,928	)			(6,404,039	)
Class I			(29,975,960	)			(97,884,607	)			(206,921,607	)			(280,465,883	)
Class R1			—				—				(474	)			(4,747	)
Class R2			—				(673	)			(36,613	)			(481,284	)
Redemption fees
Retail			143				—				—				—
Class C			—				—				—				1,012
Class I			—				59				343				25
Class R1			—				—				—				—
Class R2			—				—				4				—
Net Increase/(Decrease) in net assets derived from capital share transactions			5,854,516				44,855,214				(83,538,062	)			(74,952,170	)
Net Increase/(Decrease) in net assets			20,162,345				66,447,861				(153,483,556	)			(76,278,862	)
NET ASSETS
Beginning of year			246,600,956				180,153,095				928,769,100				1,005,047,962
End of year		$	266,763,301			$	246,600,956			$	775,285,544			$	928,769,100

 

See Notes to Financial Statements.

 

 

Cullen Funds

 

STATEMENTS OF CHANGES IN NET ASSETS

December 31, 2023 (Unaudited)

 

		Cullen Small Cap Value Fund								Cullen Value Fund
		Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30, 2023				Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30, 2023
OPERATIONS
Net investment income		$	98,530			$	190,674			$	186,421			$	382,304
Net realized gain/(loss)			271,398				(147,927	)			765,207				923,895
Net change in unrealized appreciation/depreciation			458,894				483,691				(395,554	)			909,811
Net Increase in net assets resulting from operations			828,822				526,438				556,074				2,216,010
DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings
Retail			(6,558	)			(80,789	)			(142,974	)			(128,947	)
Class C			(1,368	)			(9,777	)			(42,406	)			(49,253	)
Class I			(175,743	)			(885,484	)			(1,549,565	)			(1,442,176	)
Net (decrease) in net assets from distributions			(183,669	)			(976,050	)			(1,734,945	)			(1,620,376	)
CAPITAL SHARE TRANSACTIONS (NOTE 3)
Shares sold
Retail			6,246				939,392				966,147				62,772
Class C			—				68,466				23,780				45,000
Class I			819,301				8,272,363				184,302				2,540,586
Dividends reinvested
Retail			6,558				80,789				142,974				128,948
Class C			1,368				9,777				42,406				49,253
Class I			175,356				883,647				1,549,566				1,442,176
Shares redeemed
Retail			(156,952	)			(808,237	)			(1,104,127	)			(239,936	)
Class C			(4,741	)			(6,838	)			(177,180	)			(189,977	)
Class I			(2,666,453	)			(4,303,557	)			(753,755	)			(5,540,265	)
Redemption fees
Retail			—				—				—				—
Class C			—				—				—				—
Class I			—				230				—				—
Net Increase/(Decrease) in net assets derived from capital share transactions			(1,819,317	)			5,136,032				874,113				(1,701,443	)
Net Increase/(Decrease) in net assets			(1,174,164	)			4,686,420				(304,758	)			(1,105,809	)
NET ASSETS
Beginning of year			12,971,678				8,285,258				22,419,871				23,525,680
End of year		$	11,797,514			$	12,971,678			$	22,115,113			$	22,419,871

 

See Notes to Financial Statements.

 

 

Cullen Funds

 

STATEMENTS OF CHANGES IN NET ASSETS

December 31, 2023 (Unaudited)

 

		Cullen Emerging Markets High Dividend Fund								Cullen Enhanced Equity Income Fund
		Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30, 2023				Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30, 2023
OPERATIONS
Net investment income		$	6,801,818			$	16,385,942			$	3,327,933			$	6,161,306
Net realized gain/(loss)			1,423,780				(27,147,239	)			(2,809,671	)			(4,853,149	)
Net change in unrealized appreciation			49,186,065				66,904,936				1,592,242				10,158,076
Net Increase in net assets resulting from operations			57,411,663				56,143,639				2,110,504				11,466,233
DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings
Retail			(440,953	)			(357,733	)			(276,817	)			(201,202	)
Class C			(34,195	)			(49,651	)			(267,469	)			(278,451	)
Class I			(14,731,238	)			(15,416,367	)			(5,530,570	)			(6,621,342	)
From tax return of capital
Retail			—				—				—				(97,776	)
Class C			—				—				—				(133,283	)
Class I			—				—				—				(3,463,743	)
Net (decrease) in net assets from distributions			(15,206,386	)			(15,823,751	)			(6,074,856	)			(10,795,797	)
CAPITAL SHARE TRANSACTIONS (NOTE 3)
Shares sold
Retail			9,804,286				3,175,041				4,838,625				5,681,472
Class C			5,000				37,200				474,161				4,158,245
Class I			184,262,708				180,676,768				24,685,965				123,798,122
Dividends reinvested
Retail			405,497				319,465				245,841				265,952
Class C			33,552				47,976				249,198				356,364
Class I			13,591,041				14,391,049				5,244,972				9,615,323
Shares redeemed
Retail			(2,957,436	)			(2,252,646	)			(1,819,280	)			(3,810,606	)
Class C			(62,607	)			(236,006	)			(1,599,822	)			(1,689,331	)
Class I			(68,422,771	)			(120,413,617	)			(95,843,483	)			(76,565,807	)
Redemption fees
Retail			598				—				—				—
Class C			—				—				—				41
Class I			550				2,051				11				3,928
Net Increase/(Decrease) in net assets derived from capital share transactions			136,660,418				75,747,281				(63,523,812	)			61,813,703
Net Increase/(Decrease) in net assets			178,865,695				116,067,169				(67,488,164	)			62,484,139
NET ASSETS
Beginning of year			427,263,584				311,196,415				232,781,091				170,296,952
End of year		$	606,129,279			$	427,263,584			$	165,292,927			$	232,781,091

 

See Notes to Financial Statements.

 

 

 

Cullen International High Dividend Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Retail
Net Asset Value, Beginning of Period		$	10.17			$	9.16			$	10.94			$	8.79			$	9.55			$	9.88
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.06				0.29				0.24				0.28				0.19				0.26
Net realized and unrealized gain/loss			0.72				1.00				(1.71	)			2.15				(0.66	)			(0.27	)
Total from Investment Operations			0.78				1.29				(1.47	)			2.43				(0.47	)			(0.01	)
DISTRIBUTIONS:
From distributable earnings			(0.22	)			(0.28	)			(0.31	)			(0.28	)			(0.29	)			(0.32	)
Total Distributions			(0.22	)			(0.28	)			(0.31	)			(0.28	)			(0.29	)			(0.32	)
Net Increase/(Decrease) in net asset value			0.56				1.01				(1.78	)			2.15				(0.76	)			(0.33	)
Net Asset Value, End of Period		$	10.73			$	10.17			$	9.16			$	10.94			$	8.79			$	9.55
TOTAL RETURN(b)			7.92	%			14.28	%			(13.71	%)			27.95	%			(4.99	%)			(0.04	%)
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	4,701			$	4,776			$	4,188			$	6,267			$	5,438			$	7,202
Ratio of operating expenses to average net assets excluding waivers			1.49	%(d)			1.56	%			1.51	%			1.52	%			1.55	%			1.54	%
Ratio of operating expenses to average net assets including waivers			1.25	%(d)			1.25	%			1.25	%			1.25	%			1.25	%			1.25	%
Ratio of net investment income to average net assets excluding waivers			0.95	%(d)			2.72	%			1.97	%			2.57	%			1.71	%			2.45	%
Ratio of net investment income to average net assets including waivers			1.19	%(d)			3.03	%			2.23	%			2.84	%			2.01	%			2.74	%
Portfolio turnover rate			27	%			63	%			75	%			57	%			64	%			39	%

 

(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.

(d)	Annualized.

 

See Notes to Financial Statements.

 

 

Cullen International High Dividend Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class C
Net Asset Value, Beginning of Period		$	10.12			$	9.11			$	10.90			$	8.78			$	9.53			$	9.85
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.02				0.20				0.20				0.22				0.11				0.20
Net realized and unrealized gain/loss			0.71				1.02				(1.75	)			2.12				(0.65	)			(0.27	)
Total from Investment Operations			0.73				1.22				(1.55	)			2.34				(0.54	)			(0.07	)
DISTRIBUTIONS:
From distributable earnings			(0.20	)			(0.21	)			(0.24	)			(0.22	)			(0.21	)			(0.25	)
Total Distributions			(0.20	)			(0.21	)			(0.24	)			(0.22	)			(0.21	)			(0.25	)
Net Increase/(Decrease) in net asset value			0.53				1.01				(1.79	)			2.12				(0.75	)			(0.32	)
Net Asset Value, End of Period		$	10.65			$	10.12			$	9.11			$	10.90			$	8.78			$	9.53
TOTAL RETURN(b)			7.44	%			13.50	%			(14.38	%)			26.92	%			(5.71	%)			(0.70	%)
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	1,038			$	985			$	1,071			$	1,387			$	1,084			$	2,556
Ratio of operating expenses to average net assets excluding waivers			2.24	%(d)			2.31	%			2.26	%			2.27	%			2.29	%			2.29	%
Ratio of operating expenses to average net assets including waivers			2.00	%(d)			2.00	%			2.00	%			2.00	%			2.00	%			2.00	%
Ratio of net investment income to average net assets excluding waivers			0.24	%(d)			1.83	%			1.64	%			1.93	%			0.92	%			1.80	%
Ratio of net investment income to average net assets including waivers			0.48	%(d)			2.14	%			1.90	%			2.20	%			1.21	%			2.09	%
Portfolio turnover rate			27	%			63	%			75	%			57	%			64	%			39	%

 

(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.
(d)	Annualized.

 

See Notes to Financial Statements.

 

 

Cullen International High Dividend Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class I
Net Asset Value, Beginning of Period		$	10.28			$	9.25			$	11.03			$	8.86			$	9.63			$	9.95
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.07				0.33				0.34				0.32				0.21				0.29
Net realized and unrealized gain/loss			0.73				1.00				(1.80	)			2.15				(0.67	)			(0.26	)
Total from Investment Operations			0.80				1.33				(1.46	)			2.47				(0.46	)			0.03
DISTRIBUTIONS:
From distributable earnings			(0.23	)			(0.30	)			(0.32	)			(0.30	)			(0.31	)			(0.35	)
Total Distributions			(0.23	)			(0.30	)			(0.32	)			(0.30	)			(0.31	)			(0.35	)
Net Increase/(Decrease) in net asset value			0.57				1.03				(1.78	)			2.17				(0.77	)			(0.32	)
Net Asset Value, End of Period		$	10.85			$	10.28			$	9.25			$	11.03			$	8.86			$	9.63
TOTAL RETURN(b)			8.01	%			14.63	%			(13.49	%)			28.24	%			(4.81	%)			0.34	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	261,023			$	240,839			$	174,893			$	188,481			$	137,044			$	148,416
Ratio of operating expenses to average net assets excluding waivers			1.24	%(d)			1.30	%			1.26	%			1.27	%			1.30	%			1.29	%
Ratio of operating expenses to average net assets including waivers			1.00	%(d)			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%
Ratio of net investment income to average net assets excluding waivers			1.18	%(d)			3.06	%			2.90	%			2.86	%			1.99	%			2.71	%
Ratio of net investment income to average net assets including waivers			1.42	%(d)			3.36	%			3.16	%			3.13	%			2.29	%			3.00	%
Portfolio turnover rate			27	%			63	%			75	%			57	%			64	%			39	%

 

(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.
(d)	Annualized.

 

See Notes to Financial Statements.

 

 

Cullen International High Dividend Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class R2
Net Asset Value, Beginning of Period		$	11.98			$	10.76			$	12.78			$	10.23			$	11.06			$	11.38
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.08				0.32				0.37				0.30				0.17				0.28
Net realized and unrealized gain/loss			0.86				1.17				(2.12	)			2.51				(0.75	)			(0.30	)
Total from Investment Operations			0.94				1.49				(1.75	)			2.81				(0.58	)			(0.02	)
DISTRIBUTIONS:
From distributable earnings			(0.22	)			(0.27	)			(0.27	)			(0.26	)			(0.25	)			(0.30	)
Total Distributions			(0.22	)			(0.27	)			(0.27	)			(0.26	)			(0.25	)			(0.30	)
Net Increase/(Decrease) in net asset value			0.72				1.22				(2.02	)			2.55				(0.83	)			(0.32	)
Net Asset Value, End of Period		$	12.70			$	11.98			$	10.76			$	12.78			$	10.23			$	11.06
TOTAL RETURN(b)			8.07	%			14.07	%			(13.85	%)			27.70	%			(5.24	%)			(0.19	%)
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	1			$	1			$	1			$	4			$	4			$	45
Ratio of operating expenses to average net assets excluding waivers			1.04	%(d)			1.46	%			1.25	%			1.54	%			1.54	%			1.54	%
Ratio of operating expenses to average net assets including waivers			1.04	%(d)			1.46	%			1.25	%			1.50	%			1.50	%			1.50	%
Ratio of net investment income to average net assets excluding waivers			1.36	%(d)			2.82	%			2.99	%			2.56	%			1.51	%			2.57	%
Ratio of net investment income to average net assets including waivers			1.36	%(d)			2.82	%			2.99	%			2.60	%			1.55	%			2.61	%
Portfolio turnover rate			27	%			63	%			75	%			57	%			64	%			39	%

 

(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.
(d)	Annualized.

 

See Notes to Financial Statements.

 

 

Cullen High Dividend Equity Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Retail
Net Asset Value, Beginning of Period		$	14.77			$	14.83			$	17.09			$	14.07			$	16.91			$	17.68
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.15				0.36				0.33				0.37				0.37				0.38
Net realized and unrealized gain/loss			0.12				0.84				(0.78	)			4.26				(2.13	)			1.08
Total from Investment Operations			0.27				1.20				(0.45	)			4.63				(1.76	)			1.46
DISTRIBUTIONS:
From distributable earnings			(1.50	)			(1.26	)			(1.81	)			(1.61	)			(1.08	)			(2.23	)
Total Distributions			(1.50	)			(1.26	)			(1.81	)			(1.61	)			(1.08	)			(2.23	)
Net Increase/(Decrease) in net asset value			(1.23	)			(0.06	)			(2.26	)			3.02				(2.84	)			(0.77	)
Net Asset Value, End of Period		$	13.54			$	14.77			$	14.83			$	17.09			$	14.07			$	16.91
TOTAL RETURN(b)			1.97	%			8.26	%			(3.53	%)			35.10	%			(11.27	%)			9.74	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	83,334			$	94,318			$	106,659			$	129,052			$	122,691			$	180,108
Ratio of operating expenses to average net assets excluding waivers			1.35	%(d)			1.36	%			1.34	%			1.34	%			1.33	%			1.32	%
Ratio of operating expenses to average net assets including waivers			1.00	%(d)			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%
Ratio of net investment income to average net assets excluding waivers			1.81	%(d)			2.04	%			1.62	%			2.04	%			1.99	%			1.88	%
Ratio of net investment income to average net assets including waivers			2.16	%(d)			2.40	%			1.96	%			2.38	%			2.32	%			2.20	%
Portfolio turnover rate			20	%			35	%			16	%			40	%			41	%			41	%

 

(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.
(d)	Annualized.

 

See Notes to Financial Statements.

 

 

Cullen High Dividend Equity Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class C
Net Asset Value, Beginning of Period		$	14.45			$	14.55			$	16.82			$	13.87			$	16.69			$	17.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.10				0.24				0.20				0.25				0.25				0.25
Net realized and unrealized gain/loss			0.11				0.83				(0.77	)			4.21				(2.10	)			1.05
Total from Investment Operations			0.21				1.07				(0.57	)			4.46				(1.85	)			1.30
DISTRIBUTIONS:
From distributable earnings			(1.44	)			(1.17	)			(1.70	)			(1.51	)			(0.97	)			(2.11	)
Total Distributions			(1.44	)			(1.17	)			(1.70	)			(1.51	)			(0.97	)			(2.11	)
Net Increase/(Decrease) in net asset value			(1.23	)			(0.10	)			(2.27	)			2.95				(2.82	)			(0.81	)
Net Asset Value, End of Period		$	13.22			$	14.45			$	14.55			$	16.82			$	13.87			$	16.69
TOTAL RETURN(b)			1.62	%			7.46	%			(4.30	%)			34.16	%			(11.94	%)			8.88	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	24,874			$	30,603			$	31,861			$	35,626			$	35,533			$	54,940
Ratio of operating expenses to average net assets excluding waivers			2.10	%(d)			2.11	%			2.09	%			2.09	%			2.08	%			2.07	%
Ratio of operating expenses to average net assets including waivers			1.75	%(d)			1.75	%			1.75	%			1.75	%			1.75	%			1.75	%
Ratio of net investment income to average net assets excluding waivers			1.06	%(d)			1.29	%			0.88	%			1.30	%			1.24	%			1.12	%
Ratio of net investment income to average net assets including waivers			1.41	%(d)			1.65	%			1.22	%			1.64	%			1.57	%			1.44	%
Portfolio turnover rate			20	%			35	%			16	%			40	%			41	%			41	%

 

(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.
(d)	Annualized.

 

See Notes to Financial Statements.

 

 

Cullen High Dividend Equity Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class I
Net Asset Value, Beginning of Period		$	14.78			$	14.84			$	17.11			$	14.07			$	16.92			$	17.69
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.17				0.40				0.37				0.41				0.41				0.42
Net realized and unrealized gain/loss			0.12				0.84				(0.79	)			4.28				(2.14	)			1.08
Total from Investment Operations			0.29				1.24				(0.42	)			4.69				(1.73	)			1.50
DISTRIBUTIONS:
From distributable earnings			(1.51	)			(1.30	)			(1.85	)			(1.65	)			(1.12	)			(2.27	)
Total Distributions			(1.51	)			(1.30	)			(1.85	)			(1.65	)			(1.12	)			(2.27	)
Net Increase/(Decrease) in net asset value			(1.22	)			(0.06	)			(2.27	)			3.04				(2.85	)			(0.77	)
Net Asset Value, End of Period		$	13.56			$	14.78			$	14.84			$	17.11			$	14.07			$	16.92
TOTAL RETURN(b)			2.17	%			8.52	%			(3.35	%)			35.58	%			(11.10	%)			10.02	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	665,763			$	802,559			$	865,159			$	995,683			$	915,992			$	1,364,116
Ratio of operating expenses to average net assets excluding waivers			1.10	%(d)			1.11	%			1.08	%			1.09	%			1.08	%			1.07	%
Ratio of operating expenses to average net assets including waivers			0.75	%(d)			0.75	%			0.75	%			0.75	%			0.75	%			0.75	%
Ratio of net investment income to average net assets excluding waivers			2.06	%(d)			2.29	%			1.88	%			2.29	%			2.24	%			2.13	%
Ratio of net investment income to average net assets including waivers			2.41	%(d)			2.65	%			2.21	%			2.63	%			2.57	%			2.45	%
Portfolio turnover rate			20	%			35	%			16	%			40	%			41	%			41	%

 

(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.
(d)	Annualized.

 

See Notes to Financial Statements.

 

 

Cullen High Dividend Equity Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class R1
Net Asset Value, Beginning of Period		$	11.64			$	11.94			$	14.07			$	11.79			$	14.34			$	15.35
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.09				0.23				0.20				0.24				0.24				0.26
Net realized and unrealized gain/loss			0.09				0.68				(0.62	)			3.53				(1.78	)			0.89
Total from Investment Operations			0.18				0.91				(0.42	)			3.77				(1.54	)			1.15
DISTRIBUTIONS:
From distributable earnings			(1.47	)			(1.21	)			(1.71	)			(1.49	)			(1.01	)			(2.16	)
Total Distributions			(1.47	)			(1.21	)			(1.71	)			(1.49	)			(1.01	)			(2.16	)
Net Increase/(Decrease) in net asset value			(1.29	)			(0.30	)			(2.13	)			2.28				(2.55	)			(1.01	)
Net Asset Value, End of Period		$	10.35			$	11.64			$	11.94			$	14.07			$	11.79			$	14.34
TOTAL RETURN(b)			1.71	%			7.76	%			(4.04	%)			34.49	%			(11.72	%)			9.14	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	808			$	782			$	700			$	733			$	560			$	646
Ratio of operating expenses to average net assets excluding waivers			1.60	%(d)			1.61	%			1.58	%			1.59	%			1.58	%			1.57	%
Ratio of operating expenses to average net assets including waivers			1.50	%(d)			1.50	%			1.50	%			1.50	%			1.50	%			1.50	%
Ratio of net investment income to average net assets excluding waivers			1.57	%(d)			1.81	%			1.38	%			1.79	%			1.76	%			1.70	%
Ratio of net investment income to average net assets including waivers			1.67	%(d)			1.92	%			1.46	%			1.88	%			1.84	%			1.77	%
Portfolio turnover rate			20	%			35	%			16	%			40	%			41	%			41	%

 

(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.
(d)	Annualized.

 

See Notes to Financial Statements.

 

 

Cullen High Dividend Equity Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class R2
Net Asset Value, Beginning of Period		$	11.94			$	12.21			$	14.35			$	11.99			$	14.57			$	15.55
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.11				0.26				0.24				0.28				0.28				0.29
Net realized and unrealized gain/loss			0.09				0.70				(0.64	)			3.60				(1.82	)			0.92
Total from Investment Operations			0.20				0.96				(0.40	)			3.88				(1.54	)			1.21
DISTRIBUTIONS:
From distributable earnings			(1.48	)			(1.23	)			(1.74	)			(1.52	)			(1.04	)			(2.19	)
Total Distributions			(1.48	)			(1.23	)			(1.74	)			(1.52	)			(1.04	)			(2.19	)
Net Increase/(Decrease) in net asset value			(1.28	)			(0.27	)			(2.14	)			2.36				(2.58	)			(0.98	)
Net Asset Value, End of Period		$	10.66			$	11.94			$	12.21			$	14.35			$	11.99			$	14.57
TOTAL RETURN(b)			1.88	%			8.05	%			(3.82	%)			34.83	%			(11.53	%)			9.45	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	507			$	507			$	669			$	1,036			$	920			$	1,191
Ratio of operating expenses to average net assets excluding waivers			1.35	%(d)			1.36	%			1.33	%			1.35	%			1.58	%			1.57	%
Ratio of operating expenses to average net assets including waivers			1.25	%(d)			1.25	%			1.25	%			1.25	%			1.25	%			1.25	%
Ratio of net investment income to average net assets excluding waivers			1.80	%(d)			2.03	%			1.58	%			2.04	%			1.75	%			1.64	%
Ratio of net investment income to average net assets including waivers			1.90	%(d)			2.14	%			1.66	%			2.14	%			2.08	%			1.96	%
Portfolio turnover rate			20	%			35	%			16	%			40	%			41	%			41	%

 

(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.
(d)	Annualized.

 

See Notes to Financial Statements.

 

 

Cullen Small Cap Value Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Retail
Net Asset Value, Beginning of Period		$	12.62			$	13.21			$	15.98			$	9.40			$	11.36			$	12.35
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)(a)			0.08				0.19				0.14				0.01				0.05				(0.02	)
Net realized and unrealized gain/loss			1.10				0.34				(1.06	)			6.57				(1.65	)			(0.36	)
Total from Investment Operations			1.18				0.53				(0.92	)			6.58				(1.60	)			(0.38	)
DISTRIBUTIONS:
From distributable earnings			(0.19	)			(1.12	)			(1.85	)			—				(0.36	)			(0.61	)
Total Distributions			(0.19	)			(1.12	)			(1.85	)			—				(0.36	)			(0.61	)
Net Increase/(Decrease) in net asset value			0.99				(0.59	)			(2.77	)			6.58				(1.96	)			(0.99	)
Net Asset Value, End of Period		$	13.61			$	12.62			$	13.21			$	15.98			$	9.40			$	11.36
TOTAL RETURN(b)			9.48	%			3.95	%			(6.35	%)			70.00	%			(14.79	%)			(2.28	%)
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	436			$	559			$	373			$	637			$	267			$	415
Ratio of operating expenses to average net assets excluding waivers			4.02	%(d)			4.88	%			4.25	%			4.87	%			7.38	%			7.67	%(e)(f)
Ratio of operating expenses to average net assets including waivers			1.25	%(d)			1.25	%			1.25	%			1.25	%			1.25	%			1.25	%
Ratio of net investment (loss) to average net assets excluding waivers			(1.42	%)(d)			(2.21	%)			(2.10	%)			(3.55	%)			(5.65	%)			(6.63	%)(e)(g)
Ratio of net investment income/(loss) to average net assets including waivers			1.35	%(d)			1.42	%			0.90	%			0.07	%			0.48	%			(0.21	%)
Portfolio turnover rate			44	%			70	%			31	%			70	%			111	%			140	%

 

(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.
(d)	Annualized.
(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

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class C
Net Asset Value, Beginning of Period		$	11.10			$	11.66			$	14.43			$	8.56			$	10.41			$	11.46
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)(a)			0.04				0.08				(0.00	)(b)			(0.08	)			(0.02	)			(0.10	)
Net realized and unrealized gain/loss			0.95				0.32				(0.92	)			5.95				(1.50	)			(0.34	)
Total from Investment Operations			0.99				0.40				(0.92	)			5.87				(1.52	)			(0.44	)
DISTRIBUTIONS:
From distributable earnings			(0.12	)			(0.96	)			(1.85	)			—				(0.33	)			(0.61	)
Total Distributions			(0.12	)			(0.96	)			(1.85	)			—				(0.33	)			(0.61	)
Net Increase/(Decrease) in net asset value			0.87				(0.56	)			(2.77	)			5.87				(1.85	)			(1.05	)
Net Asset Value, End of Period		$	11.97			$	11.10			$	11.66			$	14.43			$	8.56			$	10.41
TOTAL RETURN(c)			8.99	%			3.28	%			(7.11	%)			68.57	%			(15.32	%)			(3.01	%)
RATIOS/SUPPLEMENTAL DATA:(d)
Net Assets, End of Period (000s)		$	131			$	125			$	65			$	336			$	399			$	58
Ratio of operating expenses to average net assets excluding waivers			4.80	%(e)			5.62	%			5.04	%			5.96	%			7.22	%			8.30	%(f)(g)
Ratio of operating expenses to average net assets including waivers			2.00	%(e)			2.00	%			2.00	%			2.00	%			2.00	%			2.00	%
Ratio of net investment (loss) to average net assets excluding waivers			(2.11	%)(e)			(2.90	%)			(3.07	%)			(4.62	%)			(5.49	%)			(7.26	%)(f)(h)
Ratio of net investment income/(loss) to average net assets including waivers			0.69	%(e)			0.72	%			(0.03	%)			(0.66	%)			(0.27	%)			(0.96	%)
Portfolio turnover rate			44	%			70	%			31	%			70	%			111	%			140	%

 

(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.

(e)	Annualized.

(f)

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

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

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

 

See Notes to Financial Statements.

 

 

Cullen Small Cap Value Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class I
Net Asset Value, Beginning of Period		$	13.19			$	13.69			$	16.45			$	9.68			$	11.66			$	12.63
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.11				0.24				0.18				0.05				0.08				0.01
Net realized and unrealized gain/loss			1.14				0.35				(1.09	)			6.75				(1.69	)			(0.37	)
Total from Investment Operations			1.25				0.59				(0.91	)			6.80				(1.61	)			(0.36	)
DISTRIBUTIONS:
From distributable earnings			(0.21	)			(1.09	)			(1.85	)			(0.03	)			(0.37	)			(0.61	)
Total Distributions			(0.21	)			(1.09	)			(1.85	)			(0.03	)			(0.37	)			(0.61	)
Net Increase/(Decrease) in net asset value			1.04				(0.50	)			(2.76	)			6.77				(1.98	)			(0.97	)
Net Asset Value, End of Period		$	14.23			$	13.19			$	13.69			$	16.45			$	9.68			$	11.66
TOTAL RETURN(b)			9.58	%			4.25	%			(6.11	%)			70.34	%			(14.49	%)			(2.07	%)
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	11,231			$	12,288			$	7,848			$	7,817			$	3,570			$	3,810
Ratio of operating expenses to average net assets excluding waivers			3.77	%(d)			4.56	%			4.00	%			4.72	%			7.57	%			7.50	%(e)(f)
Ratio of operating expenses to average net assets including waivers			1.00	%(d)			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%
Ratio of net investment (loss) to average net assets excluding waivers			(1.14	%)(d)			(1.84	%)			(1.85	%)			(3.38	%)			(5.80	%)			(6.45	%)(e)(g)
Ratio of net investment income to average net assets including waivers			1.63	%(d)			1.72	%			1.15	%			0.34	%			0.77	%			0.05	%
Portfolio turnover rate			44	%			70	%			31	%			70	%			111	%			140	%

 

(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.

(d)	Annualized.

(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 Value Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Retail
Net Asset Value, Beginning of Period		$	13.61			$	13.27			$	15.85			$	13.87			$	16.56			$	15.35
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.10				0.19				0.20				0.25				0.26				0.23
Net realized and unrealized gain/loss			0.24				1.06				(1.10	)			3.99				(0.93	)			1.21
Total from Investment Operations			0.34				1.25				(0.90	)			4.24				(0.67	)			1.44
DISTRIBUTIONS:
From distributable earnings			(1.07	)			(0.91	)			(1.68	)			(2.26	)			(2.02	)			(0.23	)
Total Distributions			(1.07	)			(0.91	)			(1.68	)			(2.26	)			(2.02	)			(0.23	)
Net Increase/(Decrease) in net asset value			(0.73	)			0.34				(2.58	)			1.98				(2.69	)			1.21
Net Asset Value, End of Period		$	12.88			$	13.61			$	13.27			$	15.85			$	13.87			$	16.56
TOTAL RETURN(b)			2.58	%			9.67	%			(6.72	%)			33.12	%			(5.38	%)			9.48	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	1,855			$	1,953			$	1,947			$	2,231			$	1,358			$	792
Ratio of operating expenses to average net assets excluding waivers			2.77	%(d)			3.54	%			2.23	%			2.31	%			2.25	%			1.97	%(e)(f)
Ratio of operating expenses to average net assets including waivers			1.00	%(d)			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%
Ratio of net investment income/(loss) to average net assets excluding waivers			(0.26	%)(d)			(1.11	%)			0.07	%			0.34	%			0.50	%			0.49	%(e)(g)
Ratio of net investment income to average net assets including waivers			1.51	%(d)			1.43	%			1.30	%			1.65	%			1.75	%			1.46	%
Portfolio turnover rate			13	%			27	%			36	%			40	%			18	%			5	%

 

(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.

(d)	Annualized.

(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 2.18% for Retail class, 2.94% for Class C and 1.93% for Class I.

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

 

See Notes to Financial Statements.

 

 

Cullen Value Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class C
Net Asset Value, Beginning of Period		$	13.58			$	13.24			$	15.82			$	13.85			$	16.55			$	15.34
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.05				0.09				0.09				0.12				0.15				0.12
Net realized and unrealized gain/loss			0.25				1.06				(1.11	)			4.00				(0.93	)			1.20
Total from Investment Operations			0.30				1.15				(1.02	)			4.12				(0.78	)			1.32
DISTRIBUTIONS:
From distributable earnings			(1.03	)			(0.81	)			(1.56	)			(2.15	)			(1.92	)			(0.11	)
Total Distributions			(1.03	)			(0.81	)			(1.56	)			(2.15	)			(1.92	)			(0.11	)
Net Increase/(Decrease) in net asset value			(0.73	)			0.34				(2.58	)			1.97				(2.70	)			1.21
Net Asset Value, End of Period		$	12.85			$	13.58			$	13.24			$	15.82			$	13.85			$	16.55
TOTAL RETURN(b)			2.22	%			8.88	%			(7.45	%)			32.18	%			(6.11	%)			8.64	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	571			$	711			$	783			$	596			$	360			$	404
Ratio of operating expenses to average net assets excluding waivers			3.53	%(d)			4.28	%			3.01	%			3.05	%			2.93	%			2.65	%(e)(f)
Ratio of operating expenses to average net assets including waivers			1.75	%(d)			1.75	%			1.75	%			1.75	%			1.75	%			1.75	%
Ratio of net investment (loss) to average net assets excluding waivers			(1.00	%)(d)			(1.85	%)			(0.66	%)			(0.49	%)			(0.20	%)			(0.13	%)(e)(g)
Ratio of net investment income to average net assets including waivers			0.78	%(d)			0.68	%			0.60	%			0.81	%			0.98	%			0.77	%
Portfolio turnover rate			13	%			27	%			36	%			40	%			18	%			5	%

 

(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.

(d)	Annualized.

(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 2.18% for Retail class, 2.94% for Class C and 1.93% for Class I.

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

 

See Notes to Financial Statements.

 

 

Cullen Value Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class I
Net Asset Value, Beginning of Period		$	13.55			$	13.22			$	15.80			$	13.84			$	16.55			$	15.34
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.12				0.23				0.24				0.28				0.31				0.27
Net realized and unrealized gain/loss			0.24				1.05				(1.10	)			3.98				(0.93	)			1.21
Total from Investment Operations			0.36				1.28				(0.86	)			4.26				(0.62	)			1.48
DISTRIBUTIONS:
From distributable earnings			(1.09	)			(0.95	)			(1.72	)			(2.30	)			(2.09	)			(0.27	)
Total Distributions			(1.09	)			(0.95	)			(1.72	)			(2.30	)			(2.09	)			(0.27	)
Net Increase/(Decrease) in net asset value			(0.73	)			0.33				(2.58	)			1.96				(2.71	)			1.21
Net Asset Value, End of Period		$	12.82			$	13.55			$	13.22			$	15.80			$	13.84			$	16.55
TOTAL RETURN(b)			2.71	%			9.96	%			(6.51	%)			33.42	%			(5.12	%)			9.74	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	19,689			$	19,756			$	20,795			$	24,287			$	21,644			$	39,111
Ratio of operating expenses to average net assets excluding waivers			2.52	%(d)			3.29	%			1.98	%			2.08	%			1.88	%			1.74	%(e)(f)
Ratio of operating expenses to average net assets including waivers			0.75	%(d)			0.75	%			0.75	%			0.75	%			0.75	%			0.75	%
Ratio of net investment income/(loss) to average net assets excluding waivers			(0.02	%)(d)			(0.86	%)			0.31	%			0.59	%			0.84	%			0.73	%(e)(g)
Ratio of net investment income to average net assets including waivers			1.75	%(d)			1.68	%			1.54	%			1.92	%			1.97	%			1.72	%
Portfolio turnover rate			13	%			27	%			36	%			40	%			18	%			5	%

 

(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.

(d)	Annualized.

(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 2.18% for Retail class, 2.94% for Class C and 1.93% for Class I.

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

 

See Notes to Financial Statements.

 

 

Cullen Emerging Markets High Dividend Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Retail
Net Asset Value, Beginning of Period		$	10.90			$	9.74			$	12.30			$	8.95			$	10.26			$	10.55
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.13				0.46				0.36				0.29				0.27				0.42
Net realized and unrealized gain/loss			1.05				1.14				(2.54	)			3.30				(1.23	)			(0.35	)
Total from Investment Operations			1.18				1.60				(2.18	)			3.59				(0.96	)			0.07
DISTRIBUTIONS:
From distributable earnings			(0.31	)			(0.44	)			(0.38	)			(0.24	)			(0.35	)			(0.36	)
Total Distributions			(0.31	)			(0.44	)			(0.38	)			(0.24	)			(0.35	)			(0.36	)
Net Increase/(Decrease) in net asset value			0.87				1.16				(2.56	)			3.35				(1.31	)			(0.29	)
Net Asset Value, End of Period		$	11.77			$	10.90			$	9.74			$	12.30			$	8.95			$	10.26
TOTAL RETURN(b)			11.00	%			16.93	%			(17.95	%)			40.49	%			(9.47	%)			0.66	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	18,238			$	9,734			$	7,492			$	9,819			$	10,199			$	15,576
Ratio of operating expenses to average net assets excluding waivers			1.45	%(d)			1.54	%			1.49	%			1.52	%			1.49	%			1.43	%
Ratio of operating expenses to average net assets including waivers			1.25	%(d)			1.25	%			1.25	%			1.25	%			1.25	%			1.25	%
Ratio of net investment income to average net assets excluding waivers			2.20	%(d)			4.26	%			2.91	%			2.35	%			2.51	%			4.01	%
Ratio of net investment income to average net assets including waivers			2.40	%(d)			4.55	%			3.15	%			2.62	%			2.75	%			4.19	%
Portfolio turnover rate			31	%			65	%			87	%			80	%			70	%			77	%

 

(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.

(d)	Annualized.

 

See Notes to Financial Statements.

 

 

Cullen Emerging Markets High Dividend Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class C
Net Asset Value, Beginning of Period		$	10.73			$	9.59			$	12.14			$	8.84			$	10.14			$	10.45
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.10				0.37				0.28				0.21				0.19				0.34
Net realized and unrealized gain/loss			1.02				1.13				(2.51	)			3.26				(1.21	)			(0.35	)
Total from Investment Operations			1.12				1.50				(2.23	)			3.47				(1.02	)			(0.01	)
DISTRIBUTIONS:
From distributable earnings			(0.27	)			(0.36	)			(0.32	)			(0.17	)			(0.28	)			(0.30	)
Total Distributions			(0.27	)			(0.36	)			(0.32	)			(0.17	)			(0.28	)			(0.30	)
Net Increase/(Decrease) in net asset value			0.85				1.14				(2.55	)			3.30				(1.30	)			(0.31	)
Net Asset Value, End of Period		$	11.58			$	10.73			$	9.59			$	12.14			$	8.84			$	10.14
TOTAL RETURN(b)			10.57	%			16.10	%			(18.58	%)			39.51	%			(10.20	%)			(0.08	%)
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	1,491			$	1,405			$	1,405			$	1,869			$	1,467			$	2,039
Ratio of operating expenses to average net assets excluding waivers			2.21	%(d)			2.29	%			2.24	%			2.27	%			2.24	%			2.18	%
Ratio of operating expenses to average net assets including waivers			2.00	%(d)			2.00	%			2.00	%			2.00	%			2.00	%			2.00	%
Ratio of net investment income to average net assets excluding waivers			1.58	%(d)			3.46	%			2.20	%			1.65	%			1.75	%			3.22	%
Ratio of net investment income to average net assets including waivers			1.79	%(d)			3.75	%			2.44	%			1.92	%			1.99	%			3.40	%
Portfolio turnover rate			31	%			65	%			87	%			80	%			70	%			77	%

 

(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.

(d)	Annualized.

 

See Notes to Financial Statements.

 

 

Cullen Emerging Markets High Dividend Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class I
Net Asset Value, Beginning of Period		$	10.99			$	9.82			$	12.39			$	9.01			$	10.33			$	10.61
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.15				0.49				0.48				0.33				0.29				0.45
Net realized and unrealized gain/loss			1.05				1.14				(2.65	)			3.32				(1.23	)			(0.35	)
Total from Investment Operations			1.20				1.63				(2.17	)			3.65				(0.94	)			0.10
DISTRIBUTIONS:
From distributable earnings			(0.32	)			(0.46	)			(0.40	)			(0.27	)			(0.38	)			(0.38	)
Total Distributions			(0.32	)			(0.46	)			(0.40	)			(0.27	)			(0.38	)			(0.38	)
Net Increase/(Decrease) in net asset value			0.88				1.17				(2.57	)			3.38				(1.32	)			(0.28	)
Net Asset Value, End of Period		$	11.87			$	10.99			$	9.82			$	12.39			$	9.01			$	10.33
TOTAL RETURN(b)			11.13	%			17.18	%			(17.75	%)			40.91	%			(9.26	%)			0.93	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	586,400			$	416,125			$	302,300			$	289,113			$	237,242			$	332,377
Ratio of operating expenses to average net assets excluding waivers			1.20	%(d)			1.29	%			1.24	%			1.27	%			1.24	%			1.18	%
Ratio of operating expenses to average net assets including waivers			1.00	%(d)			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%
Ratio of net investment income to average net assets excluding waivers			2.53	%(d)			4.52	%			3.95	%			2.71	%			2.73	%			4.22	%
Ratio of net investment income to average net assets including waivers			2.73	%(d)			4.81	%			4.19	%			2.98	%			2.97	%			4.40	%
Portfolio turnover rate			31	%			65	%			87	%			80	%			70	%			77	%

 

(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.

(d)	Annualized.

 

See Notes to Financial Statements.

 

 

Cullen Enhanced Equity Income Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Retail
Net Asset Value, Beginning of Period		$	10.29			$	10.15			$	11.44			$	8.95			$	10.15			$	9.87
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.17				0.32				0.29				0.26				0.25				0.24
Net realized and unrealized gain/loss			(0.02	)			0.38				(0.60	)			2.77				(0.86	)			0.60
Total from Investment Operations			0.15				0.70				(0.31	)			3.03				(0.61	)			0.84
DISTRIBUTIONS:
From distributable earnings			(0.34	)			(0.39	)			(0.98	)			(0.54	)			(0.38	)			(0.56	)
From tax return of capital			—				(0.17	)			—				—				(0.21	)			—
Total Distributions			(0.34	)			(0.56	)			(0.98	)			(0.54	)			(0.59	)			(0.56	)
Net Increase/(Decrease) in net asset value			(0.19	)			0.14				(1.29	)			2.49				(1.20	)			0.28
Net Asset Value, End of Period		$	10.10			$	10.29			$	10.15			$	11.44			$	8.95			$	10.15
TOTAL RETURN(b)			1.55	%			7.11	%			(3.19	%)			34.77	%			(6.08	%)			8.69	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	8,305			$	5,154			$	3,078			$	2,395			$	1,899			$	2,243
Ratio of operating expenses to average net assets excluding waivers			1.50	%(d)			1.53	%			1.56	%			1.81	%			1.94	%			1.86	%(e)(f)
Ratio of operating expenses to average net assets including waivers			1.00	%(d)			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%
Ratio of net investment income to average net assets excluding waivers			3.00	%(d)			2.54	%			2.01	%			1.72	%			1.66	%			1.48	%(e)(g)
Ratio of net investment income to average net assets including waivers			3.50	%(d)			3.07	%			2.57	%			2.53	%			2.60	%			2.34	%
Portfolio turnover rate			59	%			176	%			93	%			139	%			170	%			192	%

 

(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.

(d)	Annualized.

(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 2.03% for Retail class, 2.78% for Class C and 1.78% for Class I.

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

 

See Notes to Financial Statements.

 

 

Cullen Enhanced Equity Income Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class C
Net Asset Value, Beginning of Period		$	10.31			$	10.16			$	11.47			$	8.98			$	10.17			$	9.89
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.13				0.24				0.20				0.18				0.17				0.16
Net realized and unrealized gain/loss			(0.03	)			0.39				(0.59	)			2.77				(0.85	)			0.60
Total from Investment Operations			0.10				0.63				(0.39	)			2.95				(0.68	)			0.76
DISTRIBUTIONS:
From distributable earnings			(0.30	)			(0.34	)			(0.92	)			(0.46	)			(0.33	)			(0.48	)
From tax return of capital			—				(0.14	)			—				—				(0.18	)			—
Total Distributions			(0.30	)			(0.48	)			(0.92	)			(0.46	)			(0.51	)			(0.48	)
Net Increase/(Decrease) in net asset value			(0.20	)			0.15				(1.31	)			2.49				(1.19	)			0.28
Net Asset Value, End of Period		$	10.11			$	10.31			$	10.16			$	11.47			$	8.98			$	10.17
TOTAL RETURN(b)			1.08	%			6.39	%			(3.88	%)			33.66	%			(6.72	%)			7.86	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	8,947			$	10,016			$	7,127			$	6,590			$	4,311			$	5,216
Ratio of operating expenses to average net assets excluding waivers			2.25	%(d)			2.29	%			2.32	%			2.55	%			2.67	%			2.56	%(e)(f)
Ratio of operating expenses to average net assets including waivers			1.75	%(d)			1.75	%			1.75	%			1.75	%			1.75	%			1.75	%
Ratio of net investment income to average net assets excluding waivers			2.16	%(d)			1.72	%			1.24	%			0.96	%			0.88	%			0.78	%(e)(g)
Ratio of net investment income to average net assets including waivers			2.66	%(d)			2.26	%			1.81	%			1.76	%			1.80	%			1.59	%
Portfolio turnover rate			59	%			176	%			93	%			139	%			170	%			192	%

 

(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.

(d)	Annualized.

(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 2.03% for Retail class, 2.78% for Class C and 1.78% for Class I.

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

 

See Notes to Financial Statements.

 

Cullen Enhanced Equity Income Fund

 

FINANCIAL HIGHLIGHTS

December 31, 2023

 

		For the Six Months Ended December 31, 2023 (Unaudited)				For the Year Ended June 30, 2023				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
Class I
Net Asset Value, Beginning of Period		$	10.38			$	10.23			$	11.51			$	9.00			$	10.21			$	9.92
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.18				0.35				0.31				0.29				0.28				0.26
Net realized and unrealized gain/loss			(0.03	)			0.39				(0.59	)			2.78				(0.88	)			0.61
Total from Investment Operations			0.15				0.74				(0.28	)			3.07				(0.60	)			0.87
DISTRIBUTIONS:
From distributable earnings			(0.35	)			(0.42	)			(1.00	)			(0.56	)			(0.39	)			(0.58	)
From tax return of capital			—				(0.17	)			—				—				(0.22	)			—
Total Distributions			(0.35	)			(0.59	)			(1.00	)			(0.56	)			(0.61	)			(0.58	)
Net Increase/(Decrease) in net asset value			(0.20	)			0.15				(1.28	)			2.51				(1.21	)			0.29
Net Asset Value, End of Period		$	10.18			$	10.38			$	10.23			$	11.51			$	9.00			$	10.21
TOTAL RETURN(b)			1.61	%			7.45	%			(2.90	%)			35.09	%			(5.92	%)			9.03	%
RATIOS/SUPPLEMENTAL DATA:(c)
Net Assets, End of Period (000s)		$	148,041			$	217,611			$	160,092			$	70,940			$	39,697			$	44,980
Ratio of operating expenses to average net assets excluding waivers			1.24	%(d)			1.28	%			1.28	%			1.54	%			1.68	%			1.64	%(e)(f)
Ratio of operating expenses to average net assets including waivers			0.75	%(d)			0.75	%			0.75	%			0.75	%			0.75	%			0.75	%
Ratio of net investment income to average net assets excluding waivers			3.12	%(d)			2.76	%			2.20	%			1.96	%			1.91	%			1.69	%(e)(g)
Ratio of net investment income to average net assets including waivers			3.61	%(d)			3.29	%			2.73	%			2.75	%			2.84	%			2.58	%
Portfolio turnover rate			59	%			176	%			93	%			139	%			170	%			192	%

 

(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.

(d)	Annualized.

(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 2.03% for Retail class, 2.78% for Class C and 1.78% for Class I.

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

 

See Notes to Financial Statements.

 

Cullen Funds

 

NOTES TO FINANCIAL STATEMENTS

December 31, 2023 (Unaudited)

 

NOTE 1 - ORGANIZATION

 

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

 

The Trust offers Retail Class, Class C, Class I, Class R1 and Class R2 Shares, except the Cullen Value Fund, the Cullen Emerging Markets High Dividend Fund and the Cullen Enhanced Equity Income Fund, which offer only Retail Class, Class C and Class I shares. However, the Cullen Small Cap Value Fund has not experienced any subscriptions in Class R1 and R2 shares since inception. As of December 31, 2023, the Cullen International High Dividend Fund Class R1 has no shares outstanding. Each class of shares differs principally in its respective distribution expenses and shareholder servicing expenses. Each class of shares has identical rights to earnings, assets, and voting privileges, except for the class specific expenses and exclusive rights to vote on matters affecting only individual classes.

 

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

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

 

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

 

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Funds’ adviser, Cullen Capital Management, LLC, as the valuation designee with respect to the fair valuation of each Fund’s portfolio securities, subject to oversight by and periodic reporting to the Board of Trustees. Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the valuation designee. The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates at the time of valuation. Exchange rates are provided daily by recognized independent pricing agents.

 

Option Contracts – Option contracts shall typically be valued using reliable market quotations from the primary exchange on which the respective options are traded on the day of valuation or, if there has been no trade on such day, at the mean between the bid and asked prices. Any options for which market quotations are not readily available are valued at fair value as determined in good faith by the valuation designee, which may include a Black-Scholes model, the Cox-Rubenstein Binomial Option Pricing Model, or other appropriate option pricing model deemed appropriate. As of December 31, 2023, all written option contracts held are exchange-traded.

 

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

 

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

 

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

 

 

Cullen Funds

 

NOTES TO FINANCIAL STATEMENTS 

December 31, 2023 (Continued) (Unaudited)

 

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

 

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

 

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

 

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

 

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

 

The following is a summary of the inputs used as of December 31, 2023 in valuing each Fund’s assets carried at fair value:

 

		Level 1 - Unadjusted Quoted				Level 2 - Other Significant				Level 3 - Significant
Investments in Securities at Value(a)		Prices				Observable Inputs				Unobservable Inputs				Total
Cullen International High Dividend Fund
Common Stocks		$	255,019,799			$	—			$	—			$	255,019,799
Preferred Stocks			9,219,906				—				—				9,219,906
Total		$	264,239,705			$	—			$	—			$	264,239,705

		Level 1 - Unadjusted Quoted				Level 2 - Other Significant				Level 3 - Significant
Investments in Securities at Value(a)		Prices				Observable Inputs				Unobservable Inputs				Total
Cullen High Dividend Equity Fund
Common Stocks		$	740,169,689			$	—			$	—			$	740,169,689
Exchange-Traded Funds			23,067,941				—				—				23,067,941
Total		$	763,237,630			$	—			$	—			$	763,237,630

		Level 1 - Unadjusted Quoted				Level 2 - Other Significant				Level 3 - Significant
Investments in Securities at Value(a)		Prices				Observable Inputs				Unobservable Inputs				Total
Cullen Small Cap Value Fund
Common Stocks		$	11,752,042			$	—			$	—			$	11,752,042
Total		$	11,752,042			$	—			$	—			$	11,752,042

		Level 1 - Unadjusted Quoted				Level 2 - Other Significant				Level 3 - Significant
Investments in Securities at Value(a)		Prices				Observable Inputs				Unobservable Inputs				Total
Cullen Value Fund
Common Stocks		$	21,420,992			$	—			$	—			$	21,420,992
Exchange-Traded Funds			411,504				—				—				411,504
Total		$	21,832,496			$	—			$	—			$	21,832,496

		Level 1 - Unadjusted Quoted				Level 2 - Other Significant				Level 3 - Significant
Investments in Securities at Value(a)		Prices				Observable Inputs				Unobservable Inputs				Total
Cullen Emerging Markets High Dividend Fund
Common Stocks		$	572,783,373			$	—			$	—			$	572,783,373
Participatory Notes(b)			—				15,498,191				—				15,498,191
Preferred Stocks			14,985,066				—				—				14,985,066
Total		$	587,768,439			$	15,498,191			$	—			$	603,266,630

		Level 1 - Unadjusted Quoted				Level 2 - Other Significant				Level 3 - Significant
Investments in Securities at Value(a)		Prices				Observable Inputs				Unobservable Inputs				Total
Cullen Enhanced Equity Income Fund
Common Stocks		$	164,942,277			$	—			$	—			$	164,942,277
Total		$	164,942,277			$	—			$	—			$	164,942,277
Other Financial Instruments(c)
Written Options		$	(780,191	)		$	—			$	—			$	(780,191	)
Total		$	(780,191	)		$	—			$	—			$	(780,191	)

 

(a)

For detailed descriptions and other security classifications, see the accompanying Schedule of Investments.

(b)

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.

(c)

Other financial instruments are derivative instruments reflected in the Schedule of Investments.

 

 

Cullen Funds

 

NOTES TO FINANCIAL STATEMENTS 

December 31, 2023 (Continued) (Unaudited)

 

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

 

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

 

As of and during the six months ended December 31, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

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

 

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

 

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

 

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

 

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

 

The effect of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2023:

 

		Asset Derivatives Statement of Assets and					Liability Derivatives Statement of Assets
		Liabilities Location					and Liabilities Location
		Location		Fair Value			Location			Fair Value
Cullen Enhanced Equity Income Fund
Equity Contracts (Written Options)		N/A		$	—		Written Options, at value			$	(780,191	)
Total				$	—					$	(780,191	)

 

The effect of derivatives instruments on the Statements of Operations for the six months ended December 31, 2023:

 

								Change in
								Unrealized
				Realized Gain/				Appreciation/
				(Loss) on				Depreciation on
Risk Exposure		Statement of Operations Location		Derivatives				Derivatives
Cullen Enhanced Equity Income Fund
Equity Contracts (Written Options)		Net realized gain on written options/Net change in unrealized depreciation on written options		$	2,056,646			$	(200,495	)
Total				$	2,056,646			$	(200,495	)

 

The Cullen Enhanced Equity Income Fund had the following monthly average written call option notional value during the six months ended December 31, 2023:

 

 

Cullen Enhanced Equity Income Fund	Monthly Average Written Option Notional Value
		$	29,850,725

 

 

Cullen Funds

 

NOTES TO FINANCIAL STATEMENTS 

December 31, 2023 (Continued) (Unaudited)

NOTE 3 - CAPITAL SHARE TRANSACTIONS

 

Share transactions were as follows:

 

		Six Months Ended				Year Ended
		December 31, 2023				June 30, 2023
Cullen International High Dividend Fund
Retail
Shares sold			144,316				323,505
Dividends reinvested			9,900				12,408
Shares redeemed			(185,651	)			(323,636	)
Net increase/decrease in shares outstanding			(31,435	)			12,277
Class C
Shares sold			20,000				9,551
Dividends reinvested			1,697				1,935
Shares redeemed			(21,627	)			(31,648	)
Net increase/decrease in shares outstanding			70				(20,162	)
Class I
Shares sold			3,219,901				14,397,230
Dividends reinvested			351,878				412,035
Shares redeemed			(2,953,561	)			(10,287,282	)
Net increase in shares outstanding			618,218				4,521,983
Class R2
Shares sold			—				59
Dividends reinvested			1				1
Shares redeemed			—				(57	)
Net increase in shares outstanding			1				3
Cullen High Dividend Equity Fund
Retail
Shares sold			2,209,818				834,077
Dividends reinvested			622,605				553,390
Shares redeemed			(3,064,526	)			(2,195,231	)
Net decrease in shares outstanding			(232,103	)			(807,764	)
Class C
Shares sold			81,460				198,272
Dividends reinvested			190,259				165,882
Shares redeemed			(507,625	)			(436,486	)
Net decrease in shares outstanding			(235,906	)			(72,332	)
Class I
Shares sold			5,084,510				10,639,000
Dividends reinvested			4,328,444				4,006,374
Shares redeemed			(14,586,141	)			(18,665,538	)
Net decrease in shares outstanding			(5,173,187	)			(4,020,164	)
Class R1
Shares sold			1,092				2,720
Dividends reinvested			9,808				6,271
Shares redeemed			(42	)			(386	)
Net increase in shares outstanding			10,859				8,605
Class R2
Shares sold			2,248				24,471
Dividends reinvested			5,873				3,366
Shares redeemed			(3,016	)			(40,187	)
Net increase/decrease in shares outstanding			5,105				(12,350	)

 

 

Cullen Funds

 

NOTES TO FINANCIAL STATEMENTS 

December 31, 2023 (Continued) (Unaudited)

 

		Six Months Ended				Year Ended
		December 31, 2023				June 30, 2023
Cullen Small Cap Value Fund
Retail
Shares sold			509				67,891
Dividends reinvested			505				6,278
Shares redeemed			(13,266	)			(58,107	)
Net increase/decrease in shares outstanding			(12,252	)			16,062
Class C
Shares sold			—				5,380
Dividends reinvested			116				865
Shares redeemed			(432	)			(544	)
Net increase/decrease in shares outstanding			(316	)			5,701
Class I
Shares sold			61,319				595,513
Dividends reinvested			12,906				66,076
Shares redeemed			(216,555	)			(303,249	)
Net increase/decrease in shares outstanding			(142,330	)			358,340
Cullen Value Fund
Retail
Shares sold			71,821				4,765
Dividends reinvested			11,186				9,746
Shares redeemed			(82,456	)			(17,803	)
Net increase/decrease in shares outstanding			551				(3,292	)
Class C
Shares sold			1,907				3,403
Dividends reinvested			3,327				3,725
Shares redeemed			(13,203	)			(13,898	)
Net decrease in shares outstanding			(7,969	)			(6,770	)
Class I
Shares sold			13,611				184,004
Dividends reinvested			121,791				109,477
Shares redeemed			(57,753	)			(408,409	)
Net increase/decrease in shares outstanding			77,649				(114,928	)
Cullen Emerging Markets High Dividend Fund
Retail
Shares sold			886,480				313,088
Dividends reinvested			36,305				32,180
Shares redeemed			(265,749	)			(221,656	)
Net increase in shares outstanding			657,036				123,612
Class C
Shares sold			471				3,578
Dividends reinvested			3,058				4,977
Shares redeemed			(5,667	)			(24,089	)
Net decrease in shares outstanding			(2,138	)			(15,534	)
Class I
Shares sold			16,471,309				17,688,528
Dividends reinvested			1,207,075				1,434,511
Shares redeemed			(6,133,557	)			(12,066,099	)
Net increase in shares outstanding			11,544,827				7,056,940

 

 

Cullen Funds

 

NOTES TO FINANCIAL STATEMENTS 

December 31, 2023 (Continued) (Unaudited)

 

		Six Months Ended				Year Ended
		December 31, 2023				June 30, 2023
Cullen Enhanced Equity Income Fund
Retail
Shares sold			479,745				540,649
Dividends reinvested			25,074				26,065
Shares redeemed			(183,001	)			(369,269	)
Net increase in shares outstanding			321,818				197,445
Class C
Shares sold			48,285				395,974
Dividends reinvested			25,405				34,901
Shares redeemed			(160,568	)			(160,610	)
Net increase/decrease in shares outstanding			(86,878	)			270,265
Class I
Shares sold			2,456,144				11,627,341
Dividends reinvested			531,281				936,881
Shares redeemed			(9,411,223	)			(7,246,706	)
Net increase/decrease in shares outstanding			(6,423,798	)			5,317,516

 

NOTE 4 - INVESTMENT TRANSACTIONS

 

Purchases and sales of investments, excluding short-term investments, for the six months ended December 31, 2023 were as follows:

 

						Proceeds from Sales of
Fund		Purchases of Securities				Securities
Cullen International High Dividend Fund		$	73,724,280			$	64,101,101
Cullen High Dividend Equity Fund			174,358,029				332,471,270
Cullen Small Cap Value Fund			5,220,732				6,142,168
Cullen Value Fund			3,006,697				3,757,615
Cullen Emerging Markets High Dividend Fund			279,551,016				151,541,767
Cullen Enhanced Equity Income Fund			108,432,415				168,530,203

 

NOTE 5 - FEDERAL TAX INFORMATION

 

As of June 30, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:

 

		Undistributed Net				Accumulated Net				Unrealized
		Investment				Realized				Appreciation/
		Income/(Loss)				Gain/(Loss)				(Depreciation)				Total
Cullen International High Dividend Fund		$	3,998,775			$	(37,174,227	)		$	36,893,361			$	3,717,909
Cullen High Dividend Equity Fund			—				50,804,359				405,830,544				456,634,903
Cullen Small Cap Value Fund			—				(31,343	)			1,235,675				1,204,332
Cullen Value Fund			—				883,124				8,345,067				9,228,191
Cullen Emerging Markets High Dividend Fund			3,387,264				(91,129,629	)			64,825,494				(22,916,871	)
Cullen Enhanced Equity Income Fund			—				(1,345,392	)			(7,777,507	)			(9,122,899	)

 

As of December 31, 2023 the costs of investments for federal tax purposes and accumulated net unrealized appreciation/ (depreciation) in investments were as follows:

 

		Gross				Gross				Net								Cost of
		Appreciation				Depreciation				Appreciation/				Net Unrealized				Investments for
		(excess of value				(excess of tax				(Depreciation)				Appreciation/				Income Tax
		over tax cost)				cost over value)				of Foreign Currency				(Depreciation)				Purposes(a)
Cullen International High Dividend Fund		$	34,406,274			$	(3,386,447	)		$	(22,705	)		$	30,997,122			$	205,463,230
Cullen High Dividend Equity Fund			406,085,680				(719,444	)			2,271				405,368,507				514,606,240
Cullen Small Cap Value Fund			1,444,915				(421,107	)			—				1,023,808				10,925,413
Cullen Value Fund			8,347,697				(187,807	)			—				8,159,890				14,053,995
Cullen Emerging Markets High Dividend Fund			67,113,602				(12,484,619	)			(522,832	)			54,106,151				365,309,450
Cullen Enhanced Equity Income Fund			4,957,761				(17,769,751	)			(114,596	)			(12,926,586	)			240,926,323

 

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

  

 

Cullen Funds

 

NOTES TO FINANCIAL STATEMENTS 

December 31, 2023 (Continued) (Unaudited)

 

						Total Distributable
Fund		Paid-in Capital				Earnings
Cullen High Dividend Equity Fund		$	7,638,881			$	(7,638,881	)
Cullen Emerging Markets High Dividend Fund			(422	)			422

 

At June 30, 2023, 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:

 

		No Expiration				No Expiration
Fund		Short-Term				Long-Term				Total
Cullen International High Dividend Fund		$	(33,033,646	)		$	(4,140,581	)		$	(37,174,227	)
Cullen Emerging Markets High Dividend Fund			(85,543,737	)			(5,585,892	)			(91,129,629	)

 

The tax composition of dividends paid during the year ended June 30, 2023 was as follows:          

 

		Long-Term Capital
Fund		Ordinary Income				Gain				Return of Capital
Cullen International High Dividend Fund		$	6,721,031			$	—			$	—
Cullen High Dividend Equity Fund			25,764,066				57,895,588				—
Cullen Small Cap Value Fund			286,078				689,972				—
Cullen Value Fund			382,296				1,238,080				—
Cullen Emerging Markets High Dividend Fund			15,823,751				—				—
Cullen Enhanced Equity Income Fund			7,100,995				—				3,694,802

 

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

 

						Long-Term
		Ordinary				Capital
Fund		Income				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				—

 

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, 2024, the Investment Advisor has agreed to absorb expenses to the extent that the Cullen International High Dividend Fund’s total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.25%, 2.00%, 1.00%, 1.75% and 1.50% of the average daily net assets of the Retail Class, Class C, Class I, Class R1 and Class R2, respectively; the Cullen High Dividend Equity Fund’s total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.00%, 1.75%, 0.75%, 1.50% and 1.25% of the average daily net assets of the Retail Class, Class C, Class I, Class R1 and Class R2 , respectively; and the Cullen Small Cap Value Fund’s total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.25%, 2.00%, 1.00%, 1.75% and 1.50% of the average daily net assets of the Retail Class, Class C, Class I, Class R1 and Class R2, respectively; the Cullen Value Fund’s total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.00%, 1.75% and 0.75% of the average daily net assets of the Retail Class, Class C and Class I, respectively; the Cullen Emerging Markets High Dividend Fund’s total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.25%, 2.00% and 1.00% of the average daily net assets of the Retail Class, Class C, and Class I, respectively; and the Cullen Enhanced Equity Income Fund’s total annual operating expenses (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) exceed 1.00%, 1.75% and 0.75% of the average daily net assets of the Retail Class, Class C and Class I, respectively. To the extent that the Investment Advisor reimburses a Fund or waives fees otherwise payable by a Fund to the Investment Advisor during any year with respect to a class of the Fund, and the total expenses borne by such respective class, (including the Investment Advisor’s fee and any such reimbursement but excluding all acquired fund fees and expenses, interest, taxes, and extraordinary expenses) does not exceed the limits described above, the Fund agrees to reimburse the Investment Adviser for such reimbursements or fee waivers, provided that such do not exceed the lesser of (i) the expense limitation in effect at the time of the waiver, and (ii) the expense limitation in effect at the time of the reimbursement. Any amounts that may be payable by a Fund to the Investment Advisor after the third year following the time the expenses were initially incurred by the Fund or waived/reimbursed by the Investment Advisor to the Fund, whichever is later, shall be extinguished and the Fund shall have no further obligation to pay the Investment Advisor for such reimbursement or fee waiver.

 

 

Cullen Funds

 

NOTES TO FINANCIAL STATEMENTS 

December 31, 2023 (Continued) (Unaudited)

 

As of December 31, 2023, reimbursed expenses for each Fund subject to potential recovery by year of expiration are as follows:

 

		Expiring
		June 30, 2024				June 30, 2025				June 30, 2026				December 31, 2026
Cullen International High Dividend Fund
Retail		$	14,679			$	13,727			$	14,020			$	5,659
Class C			3,109				3,235				3,149				1,048
Class I			450,232				468,124				610,285				296,519
Class R2			2				—				—				—
Total		$	468,022			$	485,086			$	627,454			$	303,226
Cullen High Dividend Equity Fund
Retail		$	417,669			$	417,900			$	365,599			$	154,326
Class C			117,996				119,314				112,052				49,366
Class I			3,143,828				3,273,352				3,051,411				1,304,474
Class R1			564				636				784				392
Class R2			945				763				593				244
Total		$	3,681,002			$	3,811,965			$	3,530,439			$	1,508,802
Cullen Small Cap Value Fund
Retail		$	24,890			$	18,685			$	30,988			$	6,542
Class C			14,222				5,954				3,859				1,705
Class I			227,747				233,171				368,384				160,839
Total		$	266,859			$	257,810			$	403,231			$	169,086
Cullen Value Fund
Retail		$	24,262			$	28,452			$	50,641			$	16,669
Class C			4,266				8,470				19,665				5,792
Class I			309,438				300,843				527,536				171,203
Total		$	337,966			$	337,765			$	597,842			$	193,664
Cullen Emerging Markets High Dividend Fund
Retail		$	26,960			$	21,366			$	23,719			$	13,380
Class C			4,441				4,115				4,046				1,459
Class I			701,345				730,005				967,747				503,121
Total		$	732,746			$	755,486			$	995,512			$	517,960
Cullen Enhanced Equity Income Fund
Retail		$	16,642			$	16,115			$	28,870			$	18,239
Class C			40,315				40,651				47,118				22,930
Class I			405,839				533,880				937,747				423,021
Total		$	462,796			$	590,646			$	1,013,735			$	464,190

 

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

 

Paralel Technologies LLC (“PRT”) serves as the Funds’ administrator and transfer agent and provides all administrative, fund accounting and transfer agency services to the Funds. Paralel Distributors LLC, an affiliate of PRT, serves as the Funds’ distributor. An employee of PRT is named Chief Compliance Officer of the Funds pursuant to a compliance agreement with PRT. 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. This may include, but is not limited to, advertising, compensation for sales and marketing activities of financial institutions and others such as dealers and distributors, shareholder account servicing, the printing and mailing of prospectuses to other than current shareholders and the printing and mailing of sales literature. The expenses of the Plan are reflected as distribution fees in the Statement of Operations.

 

NOTE 8 - SHAREHOLDER SERVICES FEE

 

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

 

 

Cullen Funds

 

NOTES TO FINANCIAL STATEMENTS 

December 31, 2023 (Continued) (Unaudited)

 

NOTE 9 - FOREIGN INVESTMENT RISK

 

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

 

NOTE 10 - SIGNIFICANT SHAREHOLDERS

 

At December 31, 2023, the Cullen Small Cap Value Fund had two affiliated shareholders who held 40.13% and 6.40% of the Fund’s outstanding shares and the Cullen Value Fund had an affiliated shareholders who held 43.60% of the Fund’s outstanding shares. Investment activities of these shareholders could have a material effect on the respective Funds.

 

 

Cullen Funds

 

ADDITIONAL INFORMATION 

December 31, 2023 (Unaudited)

 

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report may be distributed to others only if preceded or accompanied by a current prospectus. The Funds are distributed by Paralel Distributors LLC, 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 without charge upon request by calling 1-877-485-8586; and 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.

 

 

 

 

INVESTMENT ADVISOR 

Cullen Capital Management LLC 

645 Fifth Avenue 

New York, NY 10022

 

DISTRIBUTOR 

Paralel Distributors LLC 

1700 Broadway, Suite 1850 

Denver, CO 80290

 

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

PricewaterhouseCoopers LLP 

1900 16th Street, Suite 1600 

Denver, CO 80202

 

LEGAL COUNSEL 

Sidley Austin LLP 

One South Dearborn Street 

Chicago, IL 60603

 

ADMINISTRATOR AND ACCOUNTANT 

Paralel Technologies LLC 

1700 Broadway, Suite 1850 

Denver, CO 80290

 

TRANSFER AGENT AND DIVIDEND DISBURSING AGENT 

Paralel Technologies LLC 

1700 Broadway, Suite 1850 

Denver, CO 80290

 

CUSTODIAN 

Brown Brothers Harriman 

50 Post Office Square 

Boston, MA 02110

 

Must be accompanied or preceded by a prospectus. 

Paralel Distributors LLC is the Distributor for the Cullen Funds.

 

 

(b)

Not Applicable.

 

Item 2.

Code of Ethics.

 

Not applicable to semi-annual report.

 

Item 3.

Audit Committee Financial Expert.

 

Not applicable to semi-annual report.

 

Item 4.

Principal Accountant Fees and Services.

 

Not applicable to semi-annual report.

 

Item 5.

Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6.

Schedule of Investments.

 

(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)

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

 

 

(b)

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

 

Item 12.

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

 

Not applicable to the Registrant.

 

Item 13.

Exhibits.

 

(a)(1)

Not applicable to semi-annual report.

 

(a)(2)

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

 

(b)

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

 

 

SIGNATURES

 

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

 

CULLEN FUNDS TRUST

 

By:	/s/ James P. Cullen
	James P. Cullen
	Chief Executive Officer
Date:	March 7, 2024

 

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

 

By:	/s/ James P. Cullen
	James P. Cullen
	Chief Executive Officer
Date:	March 7, 2024

By:	/s/ Stephen O’Neil
	Stephen O’Neil
	Treasurer
Date:	March 7, 2024